Laugfs Gas : Financial statements as at 31st March 2022

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;

1. 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.
2. 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.
3. 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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