Lanka Walltiles : LWL-Interim Financial Statements as at 31-12-2021

Lanka WallTiles PLC

Provisional Financial Statements

For the nine months ended 31st December 2021

Lanka Walltiles PLC

Provisional Financial Statements

For the Nine months ended 31st December 2021

Statement of Financial Position

As at

ASSETS

Non-current assets

Property, plant & equipment

Consumable biological assets

Investment properties

Intangible assets

Investments in subsidiaries

Investments in associates

Right of use assets

Total non-current assets

Current assets

Inventories

Trade and other receivables Contract assets

Amounts due from related parties Income tax receivable

Short term investments Cash and cash equivalents Total current assets

Total assets

EQUITY AND LIABILITIES

Stated capital

Reserves

Retained earnings

Shareholders' funds

Non controlling interest

Total equity

Non-current liabilities

Interest bearing liabilities Deferred tax liabilities Retirement benefit liability Deferred income & capital grants Total non-current liabilities

Current liabilities

Trade and other payables Contract liability Income tax liabilities Amounts due to related parties

Current portion of interest bearing liabilities Total current liabilities

Total equity and liabilities

GROUP		COMPANY
31.12.2021		31.03.2021	31.12.2021	31.03.2021
(Unaudited)		(Audited)	(Unaudited)	(Audited)
Rs.'000		Rs.'000	Rs.'000	Rs.'000
18,675,312		17,798,601	4,956,740	4,603,885
592,893		630,578	-	-
813,619		813,619	-	-
35,543		35,814	-	-
-		-	1,276,096	1,276,096
171,564		170,000	-	-
326,328		338,971	50,816	33,785
20,615,259		19,787,583	6,283,652	5,913,766
8,203,769		6,484,986	1,484,740	1,410,768
5,048,839		4,246,624	782,104	792,031
40,343		40,164	-	-
58,108		63,324	201,293	70,690
54,389		49,231	-	-
3,969		3,877	3,969	3,877
5,293,463		3,034,216	562,473	279,697
18,702,880		13,922,422	3,034,579	2,557,063
39,318,139		33,710,005	9,318,230	8,470,829
787,765		787,765	787,765	787,765
3,541,400		3,541,400	2,057,891	2,057,891
11,802,998		10,242,050	3,956,469	3,645,057
16,132,163		14,571,215	6,802,125	6,490,713
5,372,013		4,823,606	-	-
21,504,176		19,394,821	6,802,125	6,490,713
2,619,997		2,572,712	9,534	39,922
1,891,689		1,879,638	616,290	623,783
1,126,608		1,071,475	192,517	173,041
110,527		118,995	-	-
5,748,821		5,642,820	818,341	836,746
5,738,993		4,034,728	858,480	635,763
51,355		85,407	10,502	30,350
762,593		497,320	283,900	201,192
253,787		85,957	117,967	79,878
5,258,414		3,968,952	426,914	196,187
12,065,142		8,672,364	1,697,763	1,143,370
39,318,139		33,710,005	9,318,230	8,470,829

Adjusted Net Assets Value Per Share ( Rs.)

59.09

53.37

24.92

23.78

The notes to the financial statements on page 05 form an integral part of the financial statements. The figures in brackets indicate deductions

It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No.7 of 2007.

sgd

General Manager- Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by

sgd	sgd
Director	Director
February 09, 2022
	Page-01

Lanka Walltiles PLC

Provisional Financial Statements

For the Nine months ended 31st December 2021

Statement of Comprehensive Income

			GROUP					COMPANY
	Quarter		Nine Month		Quarter	Nine Month
Period ended	31.12.2021	31.12.2020	31.12.2021	31.12.2020	Variance	31.12.2021	31.12.2020	31.12.2021	31.12.2020	Variance
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%
Revenue	10,995,367	9,073,923	27,749,702	20,180,946	37.5	2,268,281	1,978,987	5,470,418	4,068,159	34.5
Cost of sales	(7,062,101)	(6,013,551)	(18,298,747)	(14,225,226)	(28.6)	(1,366,105)	(1,263,914)	(3,312,723)	(2,737,317)	(21.0)
Gross profit	3,933,266	3,060,372	9,450,955	5,955,720	58.7	902,176	715,073	2,157,695	1,330,842	62.1
Other income	26,450	30,091	120,814	69,771	73.2	650,236	206,801	1,143,044	220,037	419.5
Other operating expenses	-	-	-	(132,422)	-	-	-	-	(40,989)	-
Distribution cost	(964,042)	(867,022)	(2,401,461)	(1,925,067)	(24.7)	(281,970)	(228,373)	(694,299)	(539,499)	(28.7)
Administrative expenses	(462,831)	(377,667)	(1,232,173)	(875,727)	(40.7)	(81,768)	(60,703)	(210,254)	(141,821)	(48.3)
Finance income	50,876	2,127	109,613	4,929	2,123.8	955	263	2,432	484	402.4
Finance cost	(143,522)	(115,878)	(430,769)	(636,947)	32.4	985	(6,957)	(25,564)	(99,301)	74.3
Share of net profit of associate	1,459	-	1,564	-	-	-		-		-
Profit/(Loss) before tax	2,441,656	1,732,023	5,618,544	2,460,258	128.4	1,190,613	626,104	2,373,055	729,753	225.2
Income tax expense	(527,597)	(345,359)	(1,258,585)	(569,783)	(120.9)	(178,053)	(76,681)	(369,043)	(106,703)	(245.9)
Profit/(Loss) for the period	1,914,059	1,386,664	4,359,958	1,890,475	130.6	1,012,560	549,423	2,004,012	623,050	221.6
Other comprehensive income/(loss)
Actuarial Gain/ (Loss) on retirement benefit liability	-	(1,431)	-	(4,293)	-	-	-	-	-	-
Deferred tax release on components of other comprehensive income	-	200	-	601	-	-	-	-	-	-
Foreign currency translation differences of foreign operations	250	151	618	289	-	-	-	-	-	-
Total comprehensive income/(loss) for the period	1,914,309	1,385,584	4,360,577	1,887,072	131.1	1,012,560	549,423	2,004,012	623,050	221.6
Profit/(Loss) attributable to:
Equity holders of Lanka Walltiles PLC	1,354,756	1,035,805	3,162,541	1,418,719	122.9	1,012,560	549,423	2,004,012	623,050	221.6
Non controlling interest	559,303	350,859	1,197,417	471,756	153.8	-	-	-	-	-
Profit/(Loss) for the period	1,914,059	1,386,664	4,359,958	1,890,475	130.6	1,012,560	549,423	2,004,012	623,050	221.6
Total comprehensive income/(loss) attributable to:
Equity holders of Lanka Walltiles PLC	1,354,843	1,035,230	3,162,756	1,416,936	123.2	1,012,560	549,423	2,004,012	623,050	221.6
Non controlling interest	559,466	350,354	1,197,821	470,136	154.8	-	-	-	-	-
Total comprehensive income/(loss) for the period	1,914,309	1,385,584	4,360,577	1,887,072	131.1	1,012,560	549,423	2,004,012	623,050	221.6
Adjusted Earnings Per Share - Basic (Rs.)	4.96	3.79	11.58	5.20		3.71	2.01	7.34	2.28

Segmental Information

		GROUP			COMPANY
Period ended	31.12.2021	31.12.2020	Variance	31.12.2021	31.12.2020	Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Revenue
Tiles & associated items	16,968,986	13,303,468	27.6	5,470,418	4,068,159	34.5
Plantation products	1,858,101	1,514,288	22.7	-	-	-
Packing materials	4,807,821	3,052,041	57.5	-	-	-
Aluminium products	4,574,100	2,488,207	83.8	-	-	-
Inter segment sales	(459,306)	(177,058)	(159.4)	-	-	-
Consolidated revenue	27,749,702	20,180,946	37.5	5,470,418	4,068,159	34.5
Profit/(Loss) before tax
Tiles & associated items	4,704,878	2,074,077	126.8	2,373,055	729,753	225.2
Plantation products	8,545	(74,421)	111.5	-	-	-
Packing materials	370,283	245,401	50.9	-	-	-
Aluminium products	534,837	215,201	148.5	-	-	-
Consolidated profit/(loss) before tax	5,618,544	2,460,258	128.4	2,373,055	729,753	225.2

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

Page-02

Lanka Walltiles PLC

Provisional Financial Statements

For the Nine months ended 31st December 2021

Statement of Changes in Equity

	Attributable to equity holders of the parent
	Stated	Reserves	Retained	Total	Non controlling	Total
	capital		profit		Interest	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
GROUP
Balance as at 1st April 2020	787,765	2,850,974	7,982,331	11,621,070	3,936,582	15,557,652
Profit/(Loss) for the period	-	-	1,418,719	1,418,719	471,756	1,890,475
Other comprehensive income /(loss)	-	-	(1,782)	(1,782)	(1,621)	(3,403)
Dividend paid	-	-	(196,560)	(196,560)	-	(196,560)
Dividend to non controlling interest	-	-	11,021	11,021	(105,472)	(94,451)
Balance as at 31st December 2020	787,765	2,850,974	9,213,728	12,852,468	4,301,246	17,153,714
Balance as at 1st April 2021	787,765	3,541,400	10,242,050	14,571,215	4,823,606	19,394,821
Profit/(Loss) for the period	-	-	3,162,541	3,162,541	1,197,417	4,359,958
Other comprehensive income /(loss)	-	-	215	215	403	618
Dividend paid	-	-	(1,692,600)	(1,692,600)	-	(1,692,600)
Dividend to non controlling interest	-	-	90,792	90,792	(649,414)	(558,622)
Balance as at 31st December 2021	787,765	3,541,400	11,802,998	16,132,163	5,372,013	21,504,175
COMPANY
Balance as at 1st April 2020	787,765	1,812,082	2,770,701	5,370,548	-	5,370,548
Profit/(Loss) for the period	-	-	623,050	623,050	-	623,050
Other comprehensive income	-	-	-	-	-	-
Dividend paid	-	-	(196,560)	(196,560)	-	(196,560)
Balance as at 31st December 2020	787,765	1,812,082	3,197,191	5,797,038	-	5,797,038
Balance as at 1st April 2021	787,765	2,057,891	3,645,057	6,490,713	-	6,490,713
Profit/(Loss) for the period	-	-	2,004,012	2,004,012	-	2,004,012
Other comprehensive income	-	-	-	-	-	-
Dividend paid	-	-	(1,692,600)	(1,692,600)	-	(1,692,600)
Balance as at 31st December 2021	787,765	2,057,891	3,956,469	6,802,125	-	6,802,125

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

Page -03

Lanka Walltiles PLC

Provisional Financial Statements

For the Nine months ended 31st December 2021

Cash Flow Statement

Period ended

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(Loss) before income tax

Adjustments for;

Depreciation and amortisation Amortisation of right of use lease assets Income from investments

Change in fair value of biological assets Profit/(loss) on sale of property, plant & equipment Finance Income

Finance costs

Provision for retirement benefit obligations

Capital expenditure written off

Allowance for obsolete and slow moving inventories Allowance for impairment of trade receivable Deferred income/ capital grants amortisation Foreign exchange (gain)/ loss

Share of net profit of associate

Operating profit before working capital changes

(Increase)/ decrease in inventories

(Increase)/ decrease in trade and other receivables (Increase)/ decrease in dues from related parties Increase in dues to related parties

Increase/ (decrease) in trade and other payables

Cash generated/ (used in) from operations

Interest received

Finance costs paid

Retirement benefit costs paid

Income tax paid

Net cash from/ (used in) operating activities

CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES

Acquisition of property, plant & equipment Acquisition of Intangible assets Acquisition of plantation assets

Proceeds from sale of property, plant & equipment Income from investments

Net cash flows from / (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Interest bearing borrowings obtained

Repayment of interest bearing borrowings

Repayment of lease liability

Dividend paid - on ordinary shares

Dividend paid to non controlling interest

Capital grants received

Net cash flows from/(used in) financing activities

Net increase / (decrease) in cash and cash equivalents

MOVEMENT IN CASH & CASH EQUIVALENTS

Foreign currency translation differences of foreign operations

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

GROUP	COMPANY
31.12.2021	31.12.2020	31.12.2021	31.12.2020
Rs.'000	Rs.'000	Rs.'000	Rs.'000
5,618,544	2,460,258	2,373,055	729,753
805,295	748,689	142,196	137,011
50,672	58,205	15,481	18,122
-	-	(1,120,778)	-
41,076	20,268	-	-
(338)	1,287	(338)	39
(109,613)	(4,929)	-	-
430,769	636,947	19,224	99,301
140,407	118,725	19,913	19,068
15,910	12,720	-	-
27,992	13,040	4,200	12,268
11,022	12,448	3,600	1,750
(5,675)	(5,594)	-	-
25,337	(26,790)	6,339	(23,681)
(1,564)	-	-	-
7,049,831	4,045,274	1,462,893	993,631
(1,746,775)	3,437,841	(78,172)	1,052,494
(813,416)	(535,357)	6,327	(122,517)
5,216	27,905	(130,603)	22,710
167,830	85,373	38,089	(93,546)
1,640,324	980,313	202,769	174,763
6,303,010	8,041,349	1,501,302	2,027,535
109,613	4,929	-	-
(430,769)	(636,947)	(19,224)	(99,301)
(80,811)	(68,485)	(437)	(1,904)
(986,418)	(175,670)	(293,824)	(42,834)
4,914,625	7,165,176	1,187,817	1,883,496
(1,567,785)	(515,947)	(495,564)	(123,147)
(1,885)		-
(137,713)	(89,667)	-	-
852	402	852	342
-	-	1,120,778	-
(1,706,531)	(605,212)	626,066	(122,805)
11,897,334	9,635,343	400,000	1,735,922
(11,105,111)	(12,405,263)	(334,430)	(2,519,660)
(59,283)	(64,056)	(15,493)	(17,366)
(1,692,600)	(196,560)	(1,692,600)	(196,560)
(558,622)	(94,451)	-	-
-	2,599	-	-
(1,518,282)	(3,122,388)	(1,642,523)	(997,664)
1,689,811	3,437,576	171,359	763,027
368	289	-	-
2,270,477	(2,394,967)	223,510	(769,297)
3,960,656	1,042,898	394,869	(6,270)

The notes to the financial statements on page 05 form an integral part of the financial statements. The figures in brackets indicate deductions

Page-04