GROUP MANAGING DIRECTOR'S MESSAGE
Dear Shareholders,
Laugfs Gas PLC - Quarterly Accounts for the year to 31st March 2022
We wish to highlight to our shareholders' the main factors that have led to the significant increase in the Loss Before Tax for the year to 31st March 2022, which are mentioned below;
- The Government of Sri Lanka maintained a price control over the LPG prices till October 2021 leading to the Company being unable to recover the costs involved in the purchase and distribution of LPG in the Country.
- During the second half of the financial year to 31st March 2022, the Company was unable to continuously supply LPG due to constraints encountered with the establishment of Letters of Credit, as a result of the foreign exchange constraints in the Sri Lankan banking system.
- The floating of the exchange rate by the Government of Sri Lanka and the ensuing sharp depreciation of the LKR against the USD resulted in a substantial foreign currency exchange loss due to the translation of the usance LCs carried in the accounts of the Company that were to mature after the balance sheet date.
Further details of each of these factors will be made available to the Shareholders' in the Annual Report of the Company for the year to 31st March 2022.
sgd.
Piyadasa Kudabalage
Group Managing Director
06th July 2022
LAUGFS GAS PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the Quarter ended 31 March 2022
Quarter ended 31 March | Year ended 31 March | |||||||||
Unaudited | Unaudited | Audited | ||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | |||||
Revenue | 5,915,532 | 10,384,600 | (43) | 34,596,521 | 35,533,768 | (3) | ||||
Cost of Sales | (5,650,000) | (10,592,703) | (47) | (34,257,247) | (31,799,186) | 8 | ||||
Gross Profit/(Loss) | 265,532 | (208,103) | (228) | 339,274 | 3,734,582 | (91) | ||||
Other Operating Income | 87,327 | 178,379 | (51) | 501,280 | 703,048 | (29) | ||||
Selling and Distribution Expenses | (483,197) | (498,431) | (3) | (1,783,655) | (2,209,579) | (19) | ||||
Administrative Expenses | (260,528) | (311,588) | (16) | (1,020,022) | (1,065,445) | (4) | ||||
Foreign Currency Exchange Gains/(Losses) | (867,162) | (16,316) | 5,215 | (913,596) | 33,371 | 2,838 | ||||
Operating Profit/(Loss) | (1,258,029) | (856,059) | 47 | (2,876,719) | 1,195,977 | (341) | ||||
Finance Costs | (702,214) | (393,771) | 78 | (2,298,071) | (2,234,921) | 3 | ||||
Fair Value Gain on Investment Properties | 600,508 | 117,444 | 411 | 600,508 | 117,444 | 411 | ||||
Finance Income | 1,066 | (66,142) | (102) | 4,223 | 6,773 | (38) | ||||
Loss Before Tax | (1,358,669) | (1,198,528) | 13 | (4,570,060) | (914,726) | 400 | ||||
Income Tax Expense | 207,371 | 243,569 | (15) | 587,587 | 256,440 | (129) | ||||
Loss for the Period | (1,151,298) | (954,959) | 21 | (3,982,473) | (658,286) | 505 | ||||
Attributable to: | ||||||||||
Equity Holders of the Parent | (1,239,891) | (971,232) | 28 | (4,077,068) | (685,533) | 495 | ||||
Non-Controlling Interests | 88,592 | 16,274 | 444 | 94,595 | 27,246 | 247 | ||||
(1,151,298) | (954,959) | 21 | (3,982,473) | (658,286) | 505 | |||||
Earnings Per Share : | ||||||||||
Basic/Diluted | (3.20) | (2.51) | 28 | (10.54) | (1.77) | 495 | ||||
Attributable to Ordinary Equity Holders of the Parent |
Note : Change % column represents the percentage change in current period's results compared to previous period The above figures are subject to audit.
Figures in brackets indicate deductions.
The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.
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LAUGFS GAS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the Quarter ended 31 March 2022
Quarter ended 31 March | Year ended 31 March | ||||||||||
Unaudited | Unaudited | Audited | |||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||||||
Loss for the Period | (1,151,298) | (954,959) | 21 | (3,982,473) | (658,286) | 505 | |||||
Other Comprehensive Income | |||||||||||
Other Comprehensive Income to be Reclassified to Profit or Loss in | |||||||||||
Subsequent Periods (Net of Tax) : | |||||||||||
Exchange Differences in Translation of Foreign Operations | 2,809,520 | 339,186 | 728 | 2,816,067 | 315,071 | 794 | |||||
Net Other Comprehensive Income to be Reclassified to Profit or Loss | 2,809,520 | 339,186 | 728 | 2,816,067 | 315,071 | 794 | |||||
in Subsequent Periods | |||||||||||
Other Comprehensive Income not to be Reclassified to Profit or Loss in | |||||||||||
Subsequent Periods (Net of Tax) : | |||||||||||
Gains/(Losses) on Financial Assets at FVTOCI | 1,335 | 16,866 | (92) | (7) | 76,239 | (100) | |||||
Actuarial Gains/(Losses) on Defined Benefit Plans | 22,422 | (21,697) | (203) | 22,422 | (21,697) | (203) | |||||
Surplus on Revaluation of Property, Plant & Equipments | 8,491,187 | - | - | 8,491,187 | - | - | |||||
Income Tax Effect | (1,703,728) | 46,158 | 3,791 | (1,703,728) | 46,158 | 3,791 | |||||
Net Other Comprehensive Income not to be Reclassified to Profit or | 6,811,216 | 41,327 | 16,381 | 6,809,875 | 100,700 | 6,663 | |||||
Loss in Subsequent Periods | |||||||||||
Other Comprehensive Income/(Loss) for the Period, Net of Tax | 9,620,736 | 380,513 | (2,428) | 9,625,941 | 415,772 | 2,215 | |||||
Total Comprehensive Income/(Loss) for the Period Net of Tax | 8,469,438 | (574,446) | (1,574) | 5,643,468 | (242,515) | (2,427) | |||||
Attributable to: | |||||||||||
Equity Holders of the Parent | 8,380,527 | (590,712) | (1,519) | 5,548,555 | (269,754) | (2,157) | |||||
Non-Controlling Interests | 88,910 | 16,267 | 447 | 94,913 | 27,240 | 248 | |||||
8,469,438 | (574,446) | (1,574) | 5,643,468 | (242,515) | (2,427) | ||||||
The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.
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LAUGFS GAS PLC | (0.00) | 0 | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
As at 31 March 2022 | ||||
Unaudited | Audited | |||
As at | As at | |||
31.03.2022 | 31.03.2021 | |||
ASSETS | Rs.'000 | Rs.'000 | ||
Non-Current Assets | ||||
Property, Plant and Equipment | 42,010,483 | 27,110,241 | ||
Investment Properties | 3,480,507 | 2,877,707 | ||
Intangible Assets | 4,356,541 | 2,888,471 | ||
Right of use Assets | 1,296,282 | 983,770 | ||
Other Non-Current Financial Assets | 18,495 | 10,458 | ||
51,162,308 | 33,870,646 | |||
Current Assets | ||||
Inventories | 1,940,664 | 2,956,237 | ||
Trade and Other Receivables | 3,419,979 | 4,482,353 | ||
Prepayments | 170,752 | 95,652 | ||
Income Tax Recoverable | 183,213 | 188,766 | ||
Other Current Financial Assets | 14,254 | 140,357 | ||
Cash and Short-Term Deposits | 811,427 | 312,137 | ||
6,540,288 | 8,175,502 | |||
Total Assets | 57,702,596 | 42,046,148 | ||
EQUITY AND LIABILITIES | ||||
Equity | ||||
Stated Capital | 1,000,000 | 1,000,000 | ||
Fair value Reserve of financial assets at FVTOCI | (21,818) | (22,730) | ||
Revaluation Reserve | 7,474,519 | 804,479 | ||
Foreign Currency Translation Reserve | 4,293,206 | 1,477,139 | ||
Accumulated Losses | (7,130,413) | (3,191,949) | ||
Equity attributable to Equity Holders of the Parent | 5,615,494 | 66,939 | ||
Non-Controlling Interests | 573,612 | 478,699 | ||
Total Equity | 6,189,106 | 545,637 | ||
Non-Current Liabilities | ||||
Interest Bearing Loans and Borrowings | 16,842,132 | 14,614,054 | ||
Deferred Tax Liabilities | 1,386,233 | 205,710 | ||
Employee Benefit Liability | 197,499 | 172,868 | ||
Refundable Deposits | 2,514,995 | 2,682,570 | ||
20,940,859 | 17,675,202 | |||
Current Liabilities | ||||
Trade and Other Payables | 6,355,059 | 6,018,163 | ||
Interest Bearing Loans and Borrowings | 23,326,574 | 16,947,556 | ||
Refundable Deposits | 241,162 | 274,888 | ||
Income Tax Payable | 649,837 | 584,702 | ||
30,572,632 | 23,825,309 | |||
Total Equity and Liabilities | 57,702,596 | 42,046,148 | ||
Net Assets Per Share (Rs.) | 14.51 | 0.17 | ||
Note: The above figures are subject to audit. |
I certify that these financial statements are in compliance with the requirements of the Companies Act No :07 of 2007.
(Ssgd)..
Channa Gunasekara Director - Group 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:
(Ssgd).. | (Sgd)sgd.. |
W. K. H. Wegapitiya | U. K. Thilak De Silva |
Director | Director |
06 July 2022 | |
Colombo |
The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.
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LAUGFS Gas plc published this content on 06 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 July 2022 10:53:01 UTC.