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

ODEL PLC

Interim Report

2nd Quarter - 2022/2023

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

STATEMENT OF INCOME

Six months ended 30th September 2022
GROUP		Quarter ended 30th September		Six months ended 30th September
		Unaudited	Unaudited		Unaudited	Unaudited
		2022/23	2021/22		2022/23	2021/22
		LKR	LKR		LKR	LKR
Revenue from contracts with customers		1,811,897,300	1,164,506,918		4,005,822,711	2,194,165,281
Cost of sales		(708,565,088)	(658,917,831)		(1,624,994,533)	(1,126,730,929)
Gross profit		1,103,332,211	505,589,088		2,380,828,178	1,067,434,353
Other income		13,760,019	(13,307,477)		16,131,661	(19,528,402)
Distribution expenses		(59,937,738)	(34,908,303)		(119,025,241)	(74,620,694)
Administrative expenses		(834,700,403)	(670,365,461)		(1,769,278,937)	(1,377,952,284)
Operating Profit/(Loss)		222,454,090	(212,992,154)		508,655,661	(404,667,026)
Finance costs		(861,713,798)	(291,920,796)		(1,439,572,266)	(558,119,126)
Finance income		2,691,549	5,567,551		4,783,768	7,834,953
Profit/(Loss) before tax		(636,568,159)	(499,345,400)		(926,132,838)	(954,951,200)
Income tax expense		(7,862,745)	99,478,320		(15,283,753)	159,413,320
Profit/(Loss) for the period	(644,430,905)	(399,867,080)	(941,416,591)	(795,537,880)
Attributable to:
Owners of the parent		(644,430,905)	(399,867,080)		(941,416,591)	(795,537,880)
Non controlling interest		-	-		-	-
	(644,430,905)	(399,867,080)	(941,416,591)	(795,537,880)
Earning per share
Basic, profit/(loss) for the period attributable to	(2.37)	(1.47)	(3.46)	(2.92)
ordinary equity holders of the parent

ODEL PLC | Interim Report | 2022/2023

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STATEMENT OF COMPREHENSIVE INCOME

Six months ended 30th September 2022

Group

Quarter ended 30th September

Six months ended 30th September

UnauditedUnaudited

2022/232021/22

LKRLKR

UnauditedUnaudited

2022/232021/22

LKRLKR

Profit/(Loss) for the period		(644,430,905)	(399,867,080)		(941,416,591)	(795,537,880)
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	(644,430,905)	(399,867,080)	(941,416,591)	(795,537,880)
of tax
Attributable to:
Equity holders of the parent	(644,430,905)	(399,867,080)	(941,416,591)	(795,537,880)
Non-controlling interests		-	-		-	-

ODEL PLC | Interim Report | 2022/2023							Page ~ 3 ~
STATEMENT OF FINANCIAL POSITION
As at 30th September 2022
Group
		Unaudited	Unaudited		Unaudited
		30-09-2022		30-09-2021		31-03-2022
		LKR	LKR		LKR
ASSETS
Non Current Assets
Property, plant & equipment		9,804,768,906		9,853,575,384		9,648,998,681
Investment property		1,870,100,000		1,730,000,000		1,870,100,000
Right of use assets		2,054,376,638		1,529,635,167		2,693,339,001
Other non current assets		7,595,821,371		5,997,857,385		6,825,995,997
Intangible assets		188,702,679		242,555,862		215,409,804
Other financial assets		275,257,428		232,204,045		471,465,572
Goodwill		445,565,053		445,565,053		445,565,053
Deferred tax asset		779,079,472		546,325,760		340,451,344
		23,013,671,547		20,577,718,655		22,511,325,452
Current Assets
Inventories		4,273,864,187		3,826,705,780		4,290,170,550
Trade and other receivables		1,435,274,588		1,038,218,826		1,175,431,544
Amounts due from related parties		69,764,892		375,504,043		150,531,536
Income Tax Refund Due		78,480,949		118,175,498		89,231,544
Other current assets		295,808,354		55,792,475		24,050,166
Other financial assets		14,556,531		20,853,487		23,188,243
Cash and bank balances		77,440,190		118,315,136		167,385,315
		6,245,189,690		5,553,565,245		5,919,988,898
Total Assets		29,258,861,238		26,131,283,900		28,431,314,350
EQUITY AND LIABILITIES
Equity
Stated capital		2,795,513,620		2,795,513,620		2,795,513,620
Revaluation surplus		4,426,663,199		3,825,368,099		4,426,663,199
Retained earnings		(2,682,389,828)		(1,246,911,398)		(1,740,973,238)
		4,539,786,990		5,373,970,321		5,481,203,581
Non Current Liabilities
Interest bearing borrowings		7,157,425,347		6,353,570,140		6,874,337,004
Deferred tax liabilities		790,259,156		459,092,757		351,631,029
Other non current liabilities		741,014,780		391,777,818		738,829,095
Operating lease liability		1,499,994,274		1,332,484,710		2,239,626,405
Retirement benefit liability		129,338,496		140,936,140		126,844,356
		10,318,032,052		8,677,861,565		10,331,267,889
Current Liabilities
Trade and other payables		2,749,235,846		1,541,386,072		2,302,962,848
Amounts due to related parties		1,185,821,707		900,299,793		873,239,624
Income tax payable		4,942,527		7,514,873		2,469,270
Interest bearing borrowings	S	9,960,161,616 S	9,090,112,653	S	8,912,746,079
Operating lease liability		500,880,498		540,138,623		527,425,058
		14,401,042,195		12,079,452,014		12,618,842,880
Total Equity and Liabilities		29,258,861,238		26,131,283,900		28,431,314,350
		-		-		-
Net asset per share		16.68		19.75		20.14
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 : 11 November 2022
Colombo

ODEL PLC | Interim Report | 2022/2023

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STATEMENT OF CHANGES IN EQUITY

Six months ended 30th September 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	3,825,368,099	2,795,513,620	(451,373,518)	6,169,508,201
Net profit/(loss) for the period			(795,537,880)	(795,537,880)
Other comprehensive income	-		-	-
		3,825,368,099	2,795,513,620	(1,246,911,398)	5,373,970,321
Balance as at 30	September 2021	3,825,368,099	2,795,513,620	(1,246,911,398)	5,373,970,321
Balance as at 01	Apr 2022	4,426,663,199	2,795,513,620	(1,740,973,238)	5,481,203,581
Net profit/(loss) for the period			(941,416,591)	(941,416,591)
Other comprehensive income	-		-	-
		4,426,663,199	2,795,513,620	(2,682,389,828)	4,539,786,990
Balance as at 30	September 2022	4,426,663,199	2,795,513,620	(2,682,389,828)	4,539,786,990