Odel : Interim Financial Statment for the period ended 31st December 2022

ODEL PLC

Interim Report

3rd Quarter - 2022/2023

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

STATEMENT OF INCOME

Nine months ended 31st December 2022
GROUP		Quarter ended 31st December		Nine months ended 31st December
		Unaudited	Unaudited		Unaudited	Unaudited
		2022/23	2021/22		2022/23	2021/22
		LKR	LKR		LKR	LKR
Revenue from contracts with customers		2,407,146,998	2,818,708,568		6,412,969,709	5,012,873,849
Cost of sales		(1,095,211,774)	(1,417,359,043)		(2,720,206,307)	(2,544,089,972)
Gross profit		1,311,935,224	1,401,349,524		3,692,763,402	2,468,783,877
Other income		12,290,911	6,593,293		28,422,572	(12,935,108)
Distribution expenses		(110,495,722)	(90,464,354)		(229,520,964)	(165,085,048)
Administrative expenses		(927,989,946)	(885,387,091)		(2,697,268,883)	(2,263,339,375)
Operating Profit/(Loss)		285,740,467	432,091,372		794,396,127	27,424,346
Finance costs		(1,021,359,887)	(340,859,457)		(2,460,932,153)	(898,978,583)
Finance income		(3,838,092)	3,724,294		945,676	11,559,246
Profit/(Loss) before tax		(739,457,512)	94,956,210		(1,665,590,350)	(859,994,990)
Income tax expense		(12,208,668)	(7,676,027)		(27,492,421)	151,737,293
Profit/(Loss) for the period	(751,666,180)	87,280,183	(1,693,082,771)	(708,257,698)
Attributable to:
Owners of the parent		(751,666,180)	87,280,183		(1,693,082,771)	(708,257,698)
Non controlling interest		-	-		-	-
	(751,666,180)	87,280,183	(1,693,082,771)	(708,257,698)
Earning per share
Basic, profit/(loss) for the period attributable to	(2.76)	0.32	(6.22)	(2.92)
ordinary equity holders of the parent

ODEL PLC | Interim Report | 2022/2023

Page ~ 2 ~

STATEMENT OF COMPREHENSIVE INCOME

Nine months ended 31st December 2022

Group

Quarter ended 31st December

Nine months ended 31st December

UnauditedUnaudited

2022/232021/22

LKRLKR

UnauditedUnaudited

2022/232021/22

LKRLKR

Profit/(Loss) for the period		(751,666,180)	87,280,183		(1,693,082,771)	(708,257,698)
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	(751,666,180)	87,280,183	(1,693,082,771)	(708,257,698)
of tax
Attributable to:
Equity holders of the parent	(751,666,180)	87,280,183	(1,693,082,771)	(708,257,698)
Non-controlling interests		-	-		-	-

ODEL PLC | Interim Report | 2022/2023							Page ~ 3 ~
STATEMENT OF FINANCIAL POSITION
As at 31st December 2022
Group
		Unaudited	Unaudited		Unaudited
		31-12-2022		31-12-2021		31-03-2022
		LKR	LKR		LKR
ASSETS
Non Current Assets
Property, plant & equipment		9,753,862,834		9,640,065,658		9,648,998,681
Investment property		1,870,100,000		1,730,000,000		1,870,100,000
Right of use assets		2,081,182,569		1,396,056,166		2,693,339,001
Other non current assets		8,725,030,925		6,594,356,067		6,825,995,997
Intangible assets		175,554,680		228,974,139		215,409,804
Other financial assets		240,272,779		251,725,726		472,705,738
Goodwill		445,565,053		445,565,053		445,565,053
Deferred tax asset		711,162,629		546,325,760		272,534,502
		24,002,731,469		20,833,068,569		22,444,648,776
Current Assets
Inventories		4,441,484,364		3,610,867,325		4,290,170,550
Trade and other receivables		1,371,127,096		1,203,641,572		1,175,431,544
Amounts due from related parties		93,094,222		415,303,690		150,531,536
Income Tax Refund Due		98,666,624		110,499,471		89,231,544
Other current assets		203,572,369		47,151,454		24,050,166
Other financial assets		29,852,759		8,196,019		21,948,077
Cash and bank balances		241,001,002		177,643,659		167,385,315
		6,478,798,436		5,573,303,191		5,918,748,731
Total Assets		30,481,529,904		26,406,371,760		28,363,397,507
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		(3,501,972,851)		(1,159,631,216)		(1,808,890,080)
		3,720,203,968		5,461,250,504		5,413,286,738
Non Current Liabilities
Interest bearing borrowings		7,082,806,276		6,311,459,290		6,874,337,004
Deferred tax liabilities		790,259,155		459,092,757		351,631,029
Other non current liabilities		739,874,141		404,346,468		738,829,095
Operating lease liability		1,569,943,391		1,192,550,718		2,239,626,405
Retirement benefit liability		126,527,896		141,534,716		126,844,356
		10,309,410,858		8,508,983,949		10,331,267,889
Current Liabilities
Trade payables		961,946,007		598,850,958		1,286,988,104
Other payables		3,029,245,858		1,013,000,310		1,015,974,744
Amounts due to related parties		1,407,058,435		1,180,713,141		873,239,624
Income tax payable		10,255,834		1,170,979		2,469,270
Interest bearing borrowings	S	10,604,793,734 S	9,103,639,319	S	8,912,746,079
Operating lease liability		438,615,209		538,762,600		527,425,058
		16,451,915,079		12,436,137,307		12,618,842,880
Total Equity and Liabilities		30,481,529,904		26,406,371,760		28,363,397,507
		-		-		-
Net asset per share		13.67		20.07		19.89
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 : 13 February 2023
Colombo

ODEL PLC | Interim Report | 2022/2023

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STATEMENT OF CHANGES IN EQUITY

Nine months ended 31st December 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			(708,257,698)	(708,257,698)
Other comprehensive income	-		-	-
	3,825,368,099	2,795,513,620	(1,159,631,216)	5,461,250,504
Dividends			-	-
Balance as at 31 December 2021	3,825,368,099	2,795,513,620	(1,159,631,216)	5,461,250,504
Balance as at 01 Apr 2022	4,426,663,199	2,795,513,620	(1,808,890,080)	5,413,286,738
Net profit/(loss) for the period			(1,693,082,771)	(1,693,082,771)
Other comprehensive income	-		-	-
	4,426,663,199	2,795,513,620	(3,501,972,851)	3,720,203,968
Dividends			-	-
Balance as at 30 Decemberr 2022	4,426,663,199	2,795,513,620	(3,501,972,851)	3,720,203,968