Odel : Quarterly Financial Statement for the period ended 31st December 2021

ODEL PLC

Interim Report

3rd Quarter - 2021/2022

ODEL PLC | Interim Report | 2021/2022Page ~ 1 ~

STATEMENT OF INCOME

Nine months ended 31st December 2021
GROUP		Quarter ended 31st December		Nine months ended 31st December
		Unaudited	Unaudited		Unaudited	Unaudited
		2021/22	2020/21		2021/22	2020/21
		LKR	LKR		LKR	LKR
Revenue from contracts with customers		2,818,708,568	1,288,951,925		5,012,873,849	3,646,790,838
Cost of sales		(1,417,359,043)	(836,421,721)		(2,544,089,972)	(2,185,070,453)
Gross profit		1,401,349,524	452,530,204		2,468,783,877	1,461,720,385
Other income		6,593,293	18,493,110		(12,935,108)	11,485,565
Distribution expenses		(90,464,354)	(56,087,420)		(165,085,048)	(127,401,704)
Administrative expenses		(885,387,091)	(668,402,539)		(2,263,339,375)	(2,196,150,826)
Operating Profit/(Loss)		432,091,372	(253,466,645)		27,424,346	(850,346,581)
Finance costs		(340,859,457)	(270,644,237)		(898,978,583)	(921,485,268)
Finance income		3,724,294	2,136,925		11,559,246	6,642,745
Profit/(Loss) before tax		94,956,210	(521,973,958)		(859,994,990)	(1,765,189,103)
Income tax expense		(7,676,027)	154,425,031		151,737,293	424,969,234
Profit/(Loss) for the period	87,280,183	(367,548,926)	(708,257,698)	(1,340,219,868)
Attributable to:
Owners of the parent		87,280,183	(367,548,926)		(708,257,698)	(1,340,219,868)
Non controlling interest		-	-		-	-
	87,280,183	(367,548,926)	(708,257,698)	(1,340,219,868)
Earning per share
Basic, profit/(loss) for the period attributable to	0.32	(1.35)	(2.60)	(4.92)
ordinary equity holders of the parent

ODEL PLC | Interim Report | 2021/2022

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STATEMENT OF COMPREHENSIVE INCOME

Nine months ended 31st December 2021

Group

Quarter ended 31st December

Nine months ended 31st December

UnauditedUnaudited

2021/222020/21

LKRLKR

UnauditedUnaudited

2021/222020/21

LKRLKR

Profit/(Loss) for the period		87,280,183	(367,548,926)		(708,257,698)	(1,340,219,868)
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	87,280,183	(367,548,926)	(708,257,698)	(1,340,219,868)
of tax
Attributable to:
Equity holders of the parent	87,280,183	(367,548,926)	(708,257,698)	(1,340,219,868)
Non-controlling interests		-	-		-	-

ODEL PLC | Interim Report | 2021/2022							Page ~ 3 ~
STATEMENT OF FINANCIAL POSITION
As at 31st December 2021
Group
		Unaudited		Unaudited		Audited
		31-12-2021		31-12-2020		31-03-2021
		LKR		LKR		LKR
ASSETS
Non Current Assets
Property, plant & equipment		9,640,065,658		9,878,234,806		10,197,922,766
Investment property		1,730,000,000		1,638,000,000		1,730,000,000
Right of use assets		1,396,056,166		1,157,150,118		1,231,523,012
Other non current assets		6,594,356,067		5,086,818,523		4,840,703,339
Intangible assets		228,974,139		283,241,607		269,717,603
Other financial assets		251,725,726		189,426,736		416,964,755
Goodwill		445,565,053		445,565,053		445,565,053
Deferred tax asset		546,325,760		534,869,925		333,262,276
		20,833,068,569		19,213,306,766		19,465,658,804
Current Assets
Inventories		3,610,867,325		2,539,601,082		3,536,769,403
Trade and other receivables		1,203,641,572		608,926,903		807,608,201
Amounts due from related parties		415,303,690		140,738,783		128,844,000
Income Tax Refund Due		110,499,471		153,019,528		130,964,713
Other current assets		47,151,454		89,443,542		8,498,522
Other financial assets		8,196,019		15,512,913		23,188,243
Cash and bank balances		177,643,659		169,907,007		232,345,650
		5,573,303,191		3,717,149,758		4,868,218,733
Total Assets		26,406,371,760		22,930,456,524		24,333,877,537
EQUITY AND LIABILITIES
Equity
Stated capital		2,795,513,620		2,795,513,620		2,795,513,620
Revaluation surplus		3,825,368,099		3,289,720,919		3,825,368,099
Retained earnings		(1,159,631,216)		(96,795,143)		(451,373,518)
		5,461,250,504		5,988,439,396		6,169,508,201
Non Current Liabilities
Interest bearing borrowings		6,311,459,290		5,260,121,493		6,149,410,608
Deferred tax liabilities		459,092,757		654,837,247		422,258,086
Other non current liabilities		404,346,468		373,873,994		677,497,100
Operating lease liability		1,192,550,718		1,075,688,550		1,103,142,862
Retirement benefit liability		141,534,716		115,720,326		132,192,893
		8,508,983,949		7,480,241,609		8,484,501,549
Current Liabilities
Trade and other payables		1,611,851,268		1,227,279,406		1,474,561,601
Amounts due to related parties		1,180,713,141		704,577,535		753,290,226
Income tax payable		1,170,979		2,904,477		5,573,485
Interest bearing borrowings	S	9,103,639,319	S	7,037,968,914	S	6,974,010,961
Operating lease liability		538,762,600		489,045,187		472,431,514
		12,436,137,307		9,461,775,519		9,679,867,787
Total Equity and Liabilities		26,406,371,760		22,930,456,524		24,333,877,537
		-		-		-
Net asset per share		20.07		22.01		22.67
These financial statements are in compliance with the requirements of the Companies Act No 7 of 2007
Sgd.
……………………………
Senior Manager Finance Operations & Compliance
The board of directors is responsible for these Financial Statements.
Signed for and on behalf of the board by
Sgd.						Sgd.
……………………………					…………………………….
Chairman						Director
Date : 8 February 2022
Colombo

ODEL PLC | Interim Report | 2021/2022

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STATEMENT OF CHANGES IN EQUITY

Nine months ended 31st December 2021

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 2020	3,289,720,919	2,795,513,620	1,243,424,726	7,328,659,265
Net profit/(loss) for the period			(1,340,219,868)	(1,340,219,868)
Other comprehensive income	-		-	-
		3,289,720,919	2,795,513,620	(96,795,143)	5,988,439,396
Balance as at 31	December 2020	3,289,720,919	2,795,513,620	(96,795,143)	5,988,439,396
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
Balance as at 31	December 2021	3,825,368,099	2,795,513,620	(1,159,631,216)	5,461,250,504