Odel : Interim Financial Statment for the period ended 30th June 2022

ODEL PLC

Interim Report

1st Quarter - 2022/2023

ODEL PLC | Interim Report | 2022/2023Page ~ 1 ~

STATEMENT OF INCOME

Three months ended 30th June 2022
GROUP		Quarter ended 30th June
		Unaudited	Unaudited
		2022/23	2021/22
		LKR	LKR
Revenue from contracts with customers		2,193,925,412	1,029,658,363
Cost of sales		(916,429,445)	(467,813,098)
Gross profit		1,277,495,967	561,845,265
Other income		2,371,642	(6,220,924)
Distribution expenses		(59,087,503)	(39,712,390)
Administrative expenses		(934,578,534)	(707,586,823)
Operating Profit/(Loss)		286,201,571	(191,674,872)
Finance costs		(577,858,468)	(266,198,330)
Finance income		2,092,219	2,267,402
Profit/(Loss) before tax		(289,564,678)	(455,605,800)
Income tax expense		(7,421,008)	59,935,000
Profit/(Loss) for the period	(296,985,686)	(395,670,800)
Attributable to:
Owners of the parent		(296,985,686)	(395,670,800)
Non controlling interest		-	-
	(296,985,686)	(395,670,800)
Earning per share
Basic, profit/(loss) for the period attributable to	(1.09)	(1.45)
ordinary equity holders of the parent

ODEL PLC | Interim Report | 2022/2023

Page ~ 2 ~

STATEMENT OF COMPREHENSIVE INCOME

Three months ended 30th June 2022
Group	Quarter ended 30th June
		Unaudited	Unaudited
		2022/23	2021/22
		LKR	LKR
Profit/(Loss) for the period		(296,985,686)	(395,670,800)
Other comprehensive income not to be reclassified
to income statement in subsequent periods
Actuarial gain/(loss) on defined benefit plans		-	-
Income tax effect	-	-
		-	-
Revaluation of land and buildings		-	-
Income tax effect	-	-
		-	-
Other comprehensive profit/(loss) for the period, net	-	-
Total comprehensive profit/loss for the period, net	(296,985,686)	(395,670,800)
of tax
Attributable to:
Equity holders of the parent	(296,985,686)	(395,670,800)
Non-controlling interests		-	-

ODEL PLC | Interim Report | 2022/2023							Page ~ 3 ~
STATEMENT OF FINANCIAL POSITION
As at 30th June 2022
Group
		Unaudited	Unaudited		Unaudited
		30-06-2022		30-06-2021		31-03-2022
		LKR	LKR		LKR
ASSETS
Non Current Assets
Property, plant & equipment		10,486,436,327		10,029,847,139		10,464,213,288
Investment property		1,870,100,000		1,730,000,000		1,870,100,000
Right of use assets		2,568,398,273		1,113,278,583		2,693,339,001
Other non current assets		7,212,065,261		5,215,231,784		6,825,995,997
Intangible assets		202,256,951		256,137,584		215,409,804
Other financial assets		249,839,401		181,180,194		471,465,572
Goodwill		445,565,053		445,565,053		445,565,053
Deferred tax asset		785,147,584		530,053,035		346,519,456
		23,819,808,849		19,501,293,372		23,332,608,171
Current Assets
Inventories		3,480,542,033		3,778,820,370		3,565,360,609
Trade and other receivables		1,542,662,070		921,907,622		1,259,516,607
Amounts due from related parties		380,130,441		199,387,851		150,531,536
Income Tax Refund Due		84,129,611		130,964,709		89,205,498
Other current assets		232,787,127		17,620,890		24,050,166
Other financial assets		14,981,486		27,468,037		23,188,243
Cash and bank balances		86,407,983		92,891,038		175,220,586
		5,821,640,749		5,169,060,517		5,287,073,246
Total Assets		29,641,449,598		24,670,353,889		28,619,681,417
EQUITY AND LIABILITIES
Equity
Stated capital		2,795,513,620		2,795,513,620		2,795,513,620
Revaluation surplus		4,515,449,679		3,820,062,092		4,515,449,679
Retained earnings		(1,885,862,057)		(859,610,673)		(1,588,876,371)
		5,425,101,242		5,755,965,039		5,722,086,928
Non Current Liabilities
Interest bearing borrowings		7,008,641,880		6,223,932,525		6,872,394,837
Deferred tax liabilities		790,259,156		577,700,125		351,631,029
Other non current liabilities		741,432,511		373,873,994		738,829,095
Operating lease liability		2,060,098,117		976,749,693		2,255,526,405
Retirement benefit liability		130,055,365		136,097,409		126,844,356
		10,730,487,029		8,288,353,747		10,345,225,722
Current Liabilities
Trade and other payables		2,228,966,799		1,563,321,209		2,251,562,186
Amounts due to related parties		1,251,000,127		810,828,978		877,361,666
Income tax payable		2,992,681		7,877,668		2,734,734
Interest bearing borrowings	S	9,442,532,069 S	7,763,329,058	S	8,893,285,122
Operating lease liability		560,369,651		480,678,189		527,425,058
		13,485,861,327		10,626,035,103		12,552,368,766
Total Equity and Liabilities		29,641,449,598		24,670,353,889		28,619,681,416
		-		-		-
Net asset per share		19.94		21.15		21.03
These financial statements are in compliance with the requirements of the Companies Act No 7 of 2007
Sgd.
……………………………
Chief Financial Officer
The board of directors is responsible for these Financial Statements.
Signed for and on behalf of the board by
Sgd.						Sgd.
……………………………					…………………………….
Chairman						Director
Date : 15 August 2022
Colombo

ODEL PLC | Interim Report | 2022/2023

Page ~ 4 ~

STATEMENT OF CHANGES IN EQUITY

Three months ended 30th June 2022

Group			Attributable to equity holders of the parent
		Revaluation	Stated	Retained	Total
		Reserve	Capital	Earnings	Equity
		LKR	LKR	LKR	LKR
Balance as at 01 Apr 2021	3,820,062,092	2,795,513,620	(463,939,873)	6,151,635,839
Net profit/(loss) for the period			(395,670,800)	(395,670,800)
Other comprehensive income	-		-	-
		3,820,062,092	2,795,513,620	(859,610,673)	5,755,965,039
Balance as at 30	June 2021	3,820,062,092	2,795,513,620	(859,610,673)	5,755,965,039
Balance as at 01	Apr 2022	4,515,449,679	2,795,513,620	(1,588,876,371)	5,722,086,928
Net profit/(loss) for the period			(296,985,686)	(296,985,686)
Other comprehensive income	-		-	-
		4,515,449,679	2,795,513,620	(1,885,862,057)	5,425,101,242
Balance as at 30	June 2022	4,515,449,679	2,795,513,620	(1,885,862,057)	5,425,101,242