KELANI TYRES PLC KELANI TYRES PLC
(Reg: No. PQ 123)
INTERIM FINANCIAL STATEMENTS
FOR TWELVE MONTHS ENDED MARCH 31, 2022
Corporate Office
203, Union Place
Colombo 02.
KELANI TYRES PLC AND ITS GROUP
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
(all amounts in Sri Lankan Rupees thousands)
Group | Company | Group | Company | ||||||||
Apr. -Mar | Apr. - Mar. | Jan. -Mar. | Jan. - Mar. | ||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||
(Un audited) | (Audited) | (Un audited) | (Audited) | ||||||||
Revenue | |||||||||||
314,062 | 60,333 | 313,257 | 59,438 | 116,076 | 208 | 115,877 | - | ||||
Direct costs | (292,480) | (54,423) | (291,605) | (53,548) | (107,512) | (219) | (107,293) | - | |||
Gross margin | |||||||||||
21,582 | 5,910 | 21,652 | 5,890 | 8,563 | (12) | 8,583 | - | ||||
Other operating income | 7,065 | 8,872 | 587,565 | 159,372 | 1,715 | 3,277 | 1,715 | 3,276 | |||
Net gain from fair value adjustment on | 71,400 | 48,276 | 71,400 | 48,276 | 71,400 | 48,276 | 71,400 | 48,276 | |||
Investment Property | |||||||||||
Administrative costs | (68,830) | (50,503) | (68,444) | (50,093) | (10,828) | (11,880) | (10,547) | (11,543) | |||
Management Expenses | (47,230) | (41,586) | (47,230) | (41,586) | (10,640) | (9,538) | (10,640) | (9,538) | |||
Depriciation | (17,452) | (8,278) | (17,452) | (8,278) | (4,370) | (2,076) | (4,370) | (2,076) | |||
Operating profit | |||||||||||
(33,464) | (37,309) | 547,491 | 113,581 | 55,840 | 28,047 | 56,141 | 28,395 | ||||
Finance Income | 24,936 | 34,545 | 24,936 | 34,545 | 7,700 | 5,832 | 7,700 | 5,832 | |||
Finance costs | (7,391) | (7,957) | (7,391) | (7,957) | (2,318) | (1,569) | (2,318) | (1,569) | |||
Profit/(Loss) before tax | |||||||||||
(15,920) | (10,722) | 565,035 | 140,169 | 61,222 | 32,310 | 61,523 | 32,658 | ||||
Tax | - | 1,348 | - | 1,348 | - | 1,348 | - | 1,348 | |||
Profit/(Loss) after tax | |||||||||||
(15,920) | (9,374) | 565,035 | 141,517 | 61,222 | 33,658 | 61,523 | 34,006 | ||||
Share of results of JV | 846,419 | 974,098 | - | - | 240,191 | 234,005 | - | - | |||
Profit/(Loss) for the period | |||||||||||
830,499 | 964,724 | 565,035 | 141,517 | 301,413 | 267,662 | 61,523 | 34,006 | ||||
Other comprehensive income: | - | - | - | - | - | - | - | - | |||
Items that will not be reclasified | |||||||||||
to profit or (loss) | |||||||||||
Acturial gain/(loss) on retairment | 180 | 697 | 180 | 697 | 180 | 697 | 180 | 697 | |||
-benefit obligation | |||||||||||
Gain on revaluation of Property Plant | - | 23,720 | - | 23,720 | - | 23,720 | - | 23,720 | |||
- & Equipment | |||||||||||
Items that may be subsequently | |||||||||||
reclasified to profit or (loss) | |||||||||||
Share of other comprehensive - | (9,328) | 312,481 | - | - | (7,297) | 314,052 | - | - | |||
-Income/expenses from Joint Venture | |||||||||||
Total comprehensive income - | |||||||||||
-for the period, net of tax | 821,350 | 1,301,622 | 565,215 | 165,934 | 294,296 | 606,131 | 61,703 | 58,423 | |||
Earning per share (for the period) | 10.33 | 12.00 | 7.03 | 1.76 | 3.75 | 3.33 | 0.77 | 0.42 | |||
KELANI TYRES PLC AND ITS GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSSITION
(all amounts in Sri Lankan Rupees thousands) | |||||
Group | Company | ||||
31-03-2022 | 31-03-2021 | 31-03-2022 | 31-03-2021 | ||
ASSETS | (un-audited) | (Audited) | (un-audited) | Audited) | |
Non-current assets | |||||
Property, plant and equipment | 38,118 | 55,987 | 40,391 | 57,386 | |
Investment Property | 559,500 | 488,100 | 559,500 | 488,100 | |
Investments in subsidiaries | - | - | 10 | 10 | |
Investment in JV | 5,291,205 | 5,034,615 | 139,607 | 139,607 | |
5,888,823 | 5,578,702 | 739,508 | 685,103 | ||
Current assets | |||||
Trade and other receivables | 432,962 | 139,833 | 432,763 | 139,764 | |
Income Tax Refund | 4,315 | 4,315 | 3,712 | 3,712 | |
Financial assets at fair value through profit or loss | 242,402 | 242,402 | 242,402 | 242,402 | |
Cash and cash equivalents | 99,065 | 156,973 | 95,787 | 153,995 | |
778,744 | 543,523 | 774,665 | 539,874 | ||
Total assets | 6,667,567 | 6,122,225 | 1,514,173 | 1,224,976 | |
EQUITY AND LIABILITIES | |||||
Equity attributable to equity holders | |||||
Stated capital | 402,000 | 402,000 | 402,000 | 402,000 | |
Revaluation reserves | 24,691 | 24,691 | 24,691 | 24,691 | |
Other reserves | 801,127 | 801,127 | - | - | |
Retained earnings | 5,181,436 | 4,762,085 | 829,286 | 666,072 | |
Total equity | 6,409,255 | 5,989,904 | 1,255,977 | 1,092,763 | |
Non - current liabilities | |||||
Borrowings | 833 | 10,833 | 833 | 10,833 | |
Retirement benefit obligations | 7,265 | 7,208 | 7,265 | 7,208 | |
8,098 | 18,041 | 8,098 | 18,041 | ||
Current liabilities | |||||
Trade and other payables | 152,611 | 44,122 | 152,495 | 44,014 | |
Borrowings | 10,000 | 10,000 | 10,000 | 10,000 | |
Bank Overdraft | 87,603 | 60,158 | 87,603 | 60,158 | |
250,214 | 114,280 | 250,098 | 114,172 | ||
Total liabilities | |||||
258,312 | 132,321 | 258,196 | 132,213 | ||
Total equity and liabilities | 6,667,567 | 6,122,225 | 1,514,173 | 1,224,976 | |
Net Asset Value Per share | 79.72 | 74.50 | 15.62 | 13.59 |
I certify that these financial statements have been prepared in compliance with requirements of the Companies
Act, No. 07 of 2007.
Sgd
P. R. Mann
Finance Officer
The Board of Directors is responsible for the preparation and presentation of these Financial statements.
Sgd | Sgd |
Rohan T. Fernando | D. S. K. Amarasekera |
Managing Director | Director |
24th May 2022 |
KELANI TYRES PL AND ITS GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(all amounts in Sri Lanka Rupees Thousands) | ||||||
Company | ||||||
Stated | Revaluation | Other | Retained | |||
capital | Reserve | Reserve | Earnings | Total | ||
Balance at 1 April 2020 (audited) | 402,000 | 971 | - | 925,858 | 1,328,829 | |
Profit for the Period | - | - | - | 141,517 | 141,517 | |
Other comprehensive income | - | 23,720 | - | 697 | 24,417 | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Mar. 2021 (audited) | 402,000 | 24,691 | - | 666,072 | 1,092,763 | |
Balance at 1 April 2021 (audited) | 402,000 | 24,691 | - | 666,072 | 1,092,763 | |
Profit for the Period | - | -‐ | -‐ | 565,035 | 565,035 | |
Other comprehensive income | -‐ | 180 | 180 | |||
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Mar. 2022 (Un-audited) | 402,000 | 24,691 | - | 829,286 | 1,255,977 | |
KELANI TYRES PL AND ITS GROUP | ||||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | ||||||
(all amounts in Sri Lanka Rupees Thousands) | ||||||
Group | ||||||
Stated | Revaluation | Other | Retained | |||
capital | Reserve | Reserve | Earnings | Total | ||
Balance at 1 April 2020 (audited) | 402,000 | 971 | 486,636 | 4,200,675 | 5,090,282 | |
Profit for the Period | - | - | - | 964,725 | 964,725 | |
Other comprehensive income | - | - | 338,212 | (1,315) | 336,897 | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Mar. 2021 (audited) | 402,000 | 971 | 824,848 | 4,762,085 | 5,989,904 | |
Balance at 1 April 2021 (audited) | 402,000 | 24,691 | 801,127 | 4,762,085 | 5,989,904 | |
Profit for the Period | - | - | 830,499 | 830,499 | ||
Other comprehensive income | - | - | - | (9,147) | (9,147) | |
Dividend paid | - | - | - | (402,000) | (402,000) | |
Balance at 31st Mar. 2022 (Un-audited) | 402,000 | 24,691 | 801,127 | 5,181,436 | 6,409,255 |
KELANI TYRES PLC AND ITS GROUP
Cash flow statement
(all amounts in Sri Lankan Rupees thousands)
Cash flows from operating activities
Cash generated from (used in) operations
Interest received
Interest paid
Gratuity paid
Net cash generated from (used in) operating activities Cash flows from investing activities
Twelve months ended | Twelve months ended | ||
31st Mar. 2022 | 31st Mar. 2021 | ||
Group | Company | Group | Company |
(270,563) | (270,809) | 210,371 | 209,349 |
24,989 | 24,936 | 34,545 | 34,545 |
(7,391) | (7,391) | (7,956) | (7,956) |
(404) | (404) | - | - |
(253,370) | (253,670) | 236,960 | 235,938 |
Purchases of property, plant and equipment | (483) | (483) | (210) | (210) |
Dividend received | 580,500 | 580,500 | 150,500 | 150,500 |
Net cash (used in)/generated from investing activities | 580,018 | 580,017 | 150,290 | 150,290 |
Cash flows from financing activities | ||||
Dividend payment | (402,000) | (402,000) | (402,000) | (402,000) |
Change in Bank borrowings | (10,000) | (10,000) | (10,000) | (10,000) |
Net cash (used in)generated from financing activities | (412,000) | (412,000) | (412,000) | (412,000) |
Net (decrease)/increase in cash and cash equivalents | (85,352) | (85,653) | (24,750) | (25,772) |
Movement in cash and cash equivalents | ||||
At the start of period | 96,815 | 93,837 | 121,565 | 119,609 |
(Decrease)/increase | (85,352) | (85,653) | (24,750) | (25,772) |
At the end of period | ||||
11,462 | 8,184 | 96,815 | 93,837 |
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Kelani Tyres plc published this content on 25 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 May 2022 16:11:13 UTC.
