Gestetner of Ceylon : Interim Financial Statements as at 30-09-2022

Gestetner of Ceylon Plc

PROVISIONAL FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

30TH SEPTEMBER 2022

REGISTERED OFFICE

GESTETNER OF CEYLON PLC

248, VAUXHALL STREET,

COLOMBO 02

GESTETNER OF CEYLON PLC

Interim Financial Statements

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

All amounts in Sri Lankan Rupees

					GROUP
For the	Quarter		Quarter	Change	Period		Period	Change	Year Ended
Ended		Ended	Ended		Ended	(Audited)
	30.09.2022	30.09.2021	%	30.09.2022	30.09.2021	%	31.03.2022
Revenue	388,683,497	194,678,862	100%	757,837,748	356,887,074	112%	1,054,284,432
Cost of Sales	(246,039,072)		(133,556,760)	84%	(495,723,318)		(253,268,954)	96%	(727,719,240)
Gross Profit	142,644,426	61,122,101	133%	262,114,430	103,618,120	153%	326,565,192
Other Income	356,210	9,705,177	-96%	20,550,760	9,965,187	106%	13,654,234
Administrative Expenses	(49,820,147)	(47,510,302)	5%	(121,256,326)	(93,420,410)	30%	(188,822,063)
Selling & Distribution Expenses	(24,580,429)	(16,530,736)	49%	(48,356,899)	(30,592,011)	58%	(88,111,263)
Impairment (Charge) / Reversal of Trade Receivable	1,877,349	(1,567,746)	-220%	(167,998)	(4,049,429)	-96%	(785,648)
Other Operating Expenses	(5,355,762)		(9,125,320)		(17,185,924)		(11,972,040)	44%	(6,284,690)
Operating Profit	65,121,647	(3,906,825)	-1767%	95,698,044	(26,450,582)	-462%	56,215,761
Net Finance Income / (Expenses)	(19,862,288)		(6,333,274)	214%	(55,900,530)		(10,890,341)	413%	(69,599,297)
Profit Before Tax	45,259,359	(10,240,098)	-542%	39,797,514	(37,340,924)	-207%	(13,383,535)
Income Tax Expense	(4,783,163)	-		(4,872,125)	-		3,841,675
Profit for the Period	40,476,196	(10,240,098)	-495%	34,925,389	(37,340,924)	-194%	(9,541,860)
Other Comprehensive Income	-	-
Remeasurement of Defined Benefit Liability					-	-		1,506,097
									-
Tax on Other Comprehensive Income	-	-		-	-		(204,738)
Other Comprehensive Income for the Year , net of
-	-		-	-		1,301,359
Tax
Total Comprehensive Income Attributable to	40,476,196	(10,240,098)	-495%	34,925,389	(37,340,924)	-194%	(8,240,501)
Owners of the Company
Earning Per Share (Rs.)	15.23	(3.85)		13.14	(14.05)		(3.59)
					COMPANY
For the	Quarter		Quarter	Change	Period		Period	Change	Year Ended
Ended		Ended	Ended		Ended	(Audited)
	30.09.2022	30.09.2021	%	30.09.2022	30.09.2021	%	31.03.2022
Revenue	303,069,487	142,171,986	113%	601,781,082	254,640,222	136%	782,782,651
Cost of Sales	(198,808,854)		(96,525,535)	106%	(413,801,987)		(181,778,886)	128%	(540,282,586)
Gross Profit	104,260,633	45,646,451	128%	187,979,096	72,861,336	158%	242,500,066
Other Income	123,554	9,695,177	-99%	20,311,604	9,783,264	108%	13,808,234
Administrative Expenses	(34,281,447)	(34,797,799)	-1%	(91,328,688)	(68,807,036)	33%	(142,674,034)
Selling & Distribution Expenses	(19,035,112)	(11,216,850)	70%	(35,528,720)	(20,997,495)	69%	(62,343,443)
Impairment (Charge) / Reversal of Trade Receivable	1,279,437	(1,936,157)	-166%	(197,499)	(3,473,398)	-94%	134,328
Other Operating Income / (Expenses)	(2,645,969)		(5,560,350)	-52%	(12,794,434)		(8,997,827)	42%	(1,716,211)
Operating Profit	49,701,097	1,830,472	2615%	68,441,358	(19,631,155)	-449%	49,708,940
Net Finance Income / (Expenses)	(14,301,020)		(3,709,947)	285%	(48,800,756)		(5,640,391)	765%	(50,579,452)
Profit Before Tax	35,400,077	(1,879,475)	-1984%	19,640,602	(25,271,546)	-178%	(870,513)
Income Tax Expense	(4,872,125)	-		(4,872,125)	-		2,097,519
Profit for the Period	30,527,952	(1,879,475)	-1724%	14,768,477	(25,271,546)	-158%	1,227,006
Other Comprehensive Income
Remeasurement of Defined Benefit Liability	-	-		-	-		1,179,586
									-
Tax on Other Comprehensive Income	-	-		-	-		(283,101)
Other Comprehensive Income for the Year , net of
-	-		-	-		896,485
Tax
Total Comprehensive Income Attributable to	30,527,952	(1,879,475)	-1724%	14,768,477	(25,271,546)	-158%	2,123,491
Owners of the Company
Earning Per Share (Rs.)	11.49	(0.71)		5.56	(9.51)		0.46

GESTETNER OF CEYLON PLC

Interim Financial Statements

STATEMENT OF FINANCIAL POSITION
All amounts in Sri Lankan Rupees
			GROUP						COMPANY
As at	30.09.2022	30.09.2021	31.03.2022	30.09.2022	30.09.2021	31.03.2022
					(Audited)						(Audited)
ASSETS
Non-Current Assets
Property, Plant & Equipment	142,810,623	153,798,673	182,867,805	91,982,172	81,392,490	112,266,696
Intangible Assets	44,388,577	40,459,063	44,520,122	6,227,804	2,699,350	6,102,969
Investments In Subsidiary Companies	-	-	-	145,260,485	117,260,485	145,260,485
Other Investment	-	40,687,746	-	-	40,687,746	-
Amounts Due from Related Companies	-	-	-	6,000,000	25,000,000	6,000,000
Rights to use the Lease hold Property	10,192,962	17,073,390	13,658,713	10,192,962	17,073,390	13,658,713
Deferred Tax Assets	26,883,239		20,366,828		26,883,236		7,831,248		3,644,087		7,831,246
	224,275,402	272,385,701	267,929,877	267,494,671	287,757,548	291,120,109
Current Assets
Inventories	147,805,924	109,674,499	207,627,688	122,806,708	80,306,306	175,782,344
Trade and Other Receivables	223,086,535	209,824,339	338,810,289	134,415,522	147,694,208	256,828,459
Amounts Due From Related Companies	-	-	1,807,911	30,276,051	-	5,842,981
Cash & Cash Equivalents	24,490,698		6,913,977		78,852,108		22,554,729		4,639,314		77,663,441
Total Current Assets	395,383,156		326,412,816		627,097,996		310,053,010		232,639,828		516,117,226
Total Assets	619,658,558	598,798,517	895,027,874	577,547,682	520,397,376	807,237,335
EQUITY
Stated Capital (No of Shares 2,657,812)	91,965,565	91,965,575	91,965,565	91,965,565	91,965,565	91,965,565
General Reserve	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000	5,000,000
Retained Earnings	254,735,737	190,709,914	219,810,349	219,640,981	177,477,467	204,872,504
Total Equity Attributable to Equity
Holders of the Company	351,701,302	287,675,489	316,775,914	316,606,546	274,443,032	301,838,069
LIABILITIES
Non-Current Liabilities
Deferred Tax Liabilities	-	-	-	-	-	-
Lease Creditor	5,227,907	12,676,929	8,724,907	5,227,907	12,676,929	8,724,907
Amounts Due to Related Companies	26,000,000	7,500,000	15,000,000	-	-	-
Employee Benefit	12,991,864		16,690,816		16,175,654		11,859,531		15,613,806		14,970,321
Total Non Current Liabilities	44,219,771	36,867,745	39,900,561	17,087,438	28,290,735	23,695,228
Current Liabilities
Lease Creditor	7,449,022	7,168,092	7,653,428	7,449,022	7,168,092	7,653,428
Trade & Other Payables	77,060,424	96,297,403	309,534,830	65,391,481	65,098,670	267,822,269
Short-Term Borrowings	104,709,746	120,696,005	144,348,993	82,938,318	73,859,825	110,863,279
Amounts Due to Related Companies	-	-	-	62,804,669	50,303,361	58,674,899
Income Tax Payable	4,872,125	-	2,418,309	-	-	2,372,742
Bank Overdrafts	29,646,168		50,093,783		74,395,837		25,270,208		21,233,662		34,317,421
Total Current Liabilities	223,737,485		274,255,283		538,351,398		243,853,698		217,663,610		481,704,038
Total Liabilities	267,957,256		311,123,028		578,251,960		260,941,136		245,954,344		505,399,266
Total Equity & Liabilities	619,658,558		598,798,517		895,027,874		577,547,682		520,397,376		807,237,335
	0.00		-0.00		-0.51		0.00		-0.00		0.20
Net Assets Value Per Share (Rs.)	132.33	108.24	119.19	119.12	103.26	113.57
	0.00	-0.00	-0.51	0.00	-0.00	0.20

The above figures are provisional and subject to audit.

I certify that these Financial Statements are in compliance with the requirements of Companies Act No. 07 of 2007.

Sgd.

Head of Finance - A P G A P Geethanjalee

The Board of Directors are responsible for the preparation & presentation of these Financial Statements.

Signed for and on behalf of the Board by,

Sgd.	Sgd.
Director - A R Rasiah	Director - B C U Perera
28th October 2022

GESTETNER OF CEYLON PLC

Interim Financial Statements

STATEMENT OF CHANGES IN EQUITY

All amounts in Sri Lankan Rupees

GROUP	Stated		General		Retained		Total
	Capital		Reserve		Earnings		Equity
	Rs.		Rs.		Rs.		Rs.
Balance as at 1st April 2022	91,965,565	5,000,000	219,810,349	316,775,914
Profit for the period	-	-	34,925,389	34,925,389
Other Comprehensive Income (net of tax)	-	-	-	-
Balance as at 30th September 2022	91,965,565		5,000,000		254,735,738		351,701,303
Balance as at 1st April 2021	91,965,565	5,000,000	228,050,848	325,016,413
Profit for the period	-	-	(37,340,924)	(37,340,924)
Other Comprehensive Income (net of tax)	-	-	-	-
Balance as at 30th September 2021
91,965,565	5,000,000	190,709,924	287,675,489
COMPANY
	Stated		General		Retained		Total
	Capital		Reserve		Earnings		Equity
	Rs.		Rs.		Rs.		Rs.

Balance as at 1st April 2022

Profit for the period

Other Comprehensive Income (net of tax)

Balance as at 30th September 2022

Balance as at 1st April 2021

Profit for the period

Other Comprehensive Income (net of tax)

Balance as at 30th September 2021

91,965,565	5,000,000	204,872,504	301,838,069
-	-	14,768,477	14,768,477
-	-	-	-
91,965,565		5,000,000		219,640,981		316,606,546
91,965,565	5,000,000	202,749,013	299,714,578
-	-	(25,271,546)	(25,271,546)
-	-	-	-
91,965,565		5,000,000		177,477,467	274,443,032

GESTETNER OF CEYLON PLC
STATEMENT OF CASH FLOWS
All amounts in Sri Lankan Rupees
			GROUP						COMPANY
For the Period Ended ,	30.09.2022	30.09.2021	31.03.2022	30.09.2022	30.09.2021	31.03.2022
					(Audited)						(Audited)
Operating Activities (A)
Cash Generated from Operations	68,572,358	(24,387,140)	108,211,806	20,087,453	(29,259,860)	100,371,685
Exchange Loss	(28,091,730)	(4,705,908)	(52,316,893)	(28,091,730)	(2,441,412)	(39,954,176)
Interest Paid	(26,830,207)	(6,897,128)	(15,168,459)	(19,730,433)	(3,911,674)	(10,411,587)
Employee Benefits Paid	(5,216,632)	-	(365,750)	(4,693,632)	-	(365,750)
Tax Paid	(2,418,309)		(11,712,869)		(12,065,914)		(2,372,742)		(11,712,870)		(11,712,869)
Net Cash Generated From Operating Activities	6,015,480	(47,703,045)	28,294,790	(34,801,085)	(47,325,816)	37,927,302
Investing Activities
Purchase of Property, Plant & Equipment	(12,819,220)	(32,846,448)	(103,297,682)	(8,452,414)	(18,632,350)	(78,934,831)
Interest Received	-	712,695	445,174	-	712,695	2,345,430
Loans settlements	-	-	-	-	-	19,000,000
Proceeds from Disposal of Investment	-	-	47,036,996	-	-	47,036,996
Investment in Subsidiaries	-		-		-		-		-		(28,000,000)
Net Cash Used in Investing Activities	(12,819,220)	(32,133,753)	(55,815,512)	(8,452,414)	(17,919,655)	(38,552,405)
Financing Activities
Lease Rentals Paid	(2,808,000)		(2,340,000)		(7,020,000)		(2,808,000)		(2,340,000)		(7,020,000)
Net Cash Used in Financing Activities	(2,808,000)	(2,340,000)	(7,020,000)	(2,808,000)	(2,340,000)	(7,020,000)
Increase in Cash & Cash Equivalents	(9,611,740)	(82,176,798)	(34,540,722)	(46,061,499)	(67,585,471)	(7,645,103)
Movements in Cash & Cash Equivalents
As the Begining of the Year	4,456,271	38,996,993	38,996,993	43,346,020	50,991,123	50,991,123
Increase in Cash & Cash Equivalents	(9,611,740)		(82,176,798)		(34,540,722)		(46,061,499)		(67,585,471)		(7,645,103)
Cash & Cash Equivalents end of the Period	(5,155,470)		(43,179,806)		4,456,271		(2,715,479)		(16,594,348)		43,346,020
(A) CASH GENERATED FROM OPERATIONS	-0	-0	-0	(0)	0	0
For the Period Ended
			GROUP						COMPANY
	30.09.2022	30.09.2021	31.03.2022	30.09.2022	30.09.2021	31.03.2022
					(Audited)						(Audited)
Profit Before Tax	39,797,514	(37,340,924)	(13,383,535)	19,640,602	(25,271,546)	(870,513)
								-
Adjustments								-
Depreciation of PPE & Amortisation of Intangible Assets	42,810,800	40,832,424	79,065,444	21,867,977	26,914,310	51,694,572
Depreciation of Right-of-Use Assets	3,465,751	3,414,678	6,829,356	3,465,751	3,414,678	6,829,356
Gain on Disposal of Investment	-	-	(6,349,249)	-	-	(6,349,249)
Provision for Related Party Receivables	-	-	-	-	-	196,427
Exchange Loss	28,091,730	4,705,908	52,316,893	28,091,730	2,441,412	39,954,176
Interest Income	-	(712,695)	(445,174)	-	(712,695)	(2,345,430)
Interest Expenses	27,808,800	6,897,128	17,727,577	20,709,026	3,911,674	12,970,706
Impairment Charge / (Reversal) of Trade Receivables	167,998	4,049,429	785,648	197,499	3,473,398	(134,328)
Provision for Inventories	17,185,924	11,972,040	6,284,690	12,794,434	8,997,827	1,519,784
Negative Variable Lease rental Payments	-	(2,340,000)			-	(2,340,000)
Changes in Working Capital						-	-
- Trade & Other Receivables	115,555,757	(13,317,428)	(139,039,598)	122,215,439	(17,538,849)	(123,065,376)
- Inventories	42,635,840	15,297,746	(76,968,093)	40,181,202	12,239,839	(75,758,156)
- Trade & Other Payables	(224,149,261)	(70,954,497)	137,577,032	(202,430,788)	(64,326,472)	135,955,714
- Short Term Borrowings	(39,639,247)	20,749,022	44,402,011	(27,924,961)	26,479,825	63,483,279
- Related Party	12,807,911	(9,222,813)	(3,530,725)	(20,303,299)	(8,526,101)	(6,193,972)
Employee Benefits	2,032,842		1,582,842		2,939,527		1,582,842		1,582,842		2,484,693
Cash Generated from Operations	68,572,358	(24,387,140)	108,211,806	20,087,453	(29,259,860)	100,371,685
CASH & CASH EQUIVALENTS
For the purpose of the Statement of Cash Flows,the year end cash equivalents comprise the following Cash & Cash Equivalents
			GROUP						COMPANY
	30.09.2022	30.09.2021	31.03.2022	30.09.2022	30.09.2021	31.03.2022
					(Audited)						(Audited)
Cash & Bank Balances	24,490,698	6,913,977	78,852,108	22,554,729	4,639,314	77,663,441
Bank Overdrafts	(29,646,168)		(50,093,783)		(74,395,837)		(25,270,208)		(21,233,662)		(34,317,421)
	(5,155,469)		(43,179,806)		4,456,271		(2,715,479)		(16,594,348)		43,346,020