Laugfs Gas : Interim financials for the quarter ended 31.03.2024

LAUGFS GAS PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the Quarter ended 31 March 2024

		Quarter ended 31 March			Year ended 31 March
		Unaudited					Unaudited		Audited
		2024			2023		Change	2024	2023	Change
Continuing Operations:	Rs.'000	Rs.'000	%		Rs.'000		Rs.'000	%
Revenue	10,648,097			6,633,589		61	31,199,517	22,526,750	38
Cost of Sales		(10,056,382)			(4,524,230)		122		(26,693,702)		(16,097,195)	66
Gross Profit/(Loss)	591,715			2,109,359		(72)	4,505,814	6,429,555	(30)
Other Operating Income	34,936			57,505		(39)	110,092	273,217	(60)
Selling and Distribution Expenses	(161,967)			(86,581)		87	(669,771)	(380,154)	76
Administrative Expenses	(296,279)			(474,860)		(38)	(1,056,008)	(1,072,714)	(2)
Foreign Currency Exchange Gains/(Losses)	47,577			(54,669)		(187)	146,158	(705,642)	121
Fair Value Gain on Investment Properties		180,100			245,000		(26)		180,100		245,000	(26)
Operating Profit/(Loss)	396,081			1,795,753		(78)	3,216,386	4,789,263	(33)
Finance Costs	(1,293,001)			(1,362,029)		(5)	(4,005,583)	(5,719,297)	(30)
Finance Income		(207)			23,919		(101)		12,068		45,934	(74)
Profit /(Loss) Before Tax	(897,126)			457,643		296	(777,129)	(884,100)	(12)
Income Tax Expense	(45,600)			(181,342)		(75)	(181,629)	(316,615)	(43)
Profit /(Loss) for the Period from Continuing
Operations		(942,726)			276,301		(441)		(958,759)		(1,200,715)	(20)
Discontinued Operations:
Profit/(Loss) after Tax for the Period from
Discontinued Operations	-			-		-	-	3,439,245	-
Profit /(Loss) for the Period		(942,726)			276,301		(441)		(958,759)		2,238,530	(143)
Attributable to:
Equity Holders of the Parent	(955,749)			242,096		(495)	(975,640)	2,221,679	(144)
Non-Controlling Interests	13,023			34,205		(62)	16,881	16,851	0
		(942,726)			276,301		(441)		(958,759)		2,238,530	(143)
Earnings/(Loss) Per Share :
Basic/Diluted Earnings/(Loss) Per Share	(2.47)			0.63		(495)	(2.52)	5.74	(144)
Earnings/(Loss) Per Share from Continuing Operations
Basic/Diluted Earnings/(Loss) Per Share	(2.47)			0.63		(495)	(2.52)	(3.15)	(20)
Attributable to Ordinary Equity Holders of the Parent

Note : Change % column represents the percentage change in current period's results compared to previous period

The above figures are subject to audit.

Figures in brackets indicate deductions.

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

1

LAUGFS GAS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the Quarter ended 31 March 2024

	Quarter ended 31 March		Year ended 31 March
	Unaudited				Unaudited		Audited
	2024			2023		Change	2024	2023		Change
	Rs.'000	Rs.'000	%	Rs.'000		Rs.'000	%
Profit /(Loss) for the Period	(942,726)			276,301		(441)	(958,759)	2,238,530		(143)
Other Comprehensive Income
Other Comprehensive Income to be Reclassified to Profit or Loss in
Subsequent Periods (Net of Tax) :
Transfer of Translation Reserve on Disposed Foreign Subsidiary	-			-		-	-	(4,066,313)		-
Foreign Exchange Translation Differences	128,026			(45,593)		(381)	64,409	234,499		(73)
Net Other Comprehensive Income to be Reclassified to Profit or Loss	128,026			(45,593)		(381)	64,409	(3,831,814)		(102)
in Subsequent Periods
Other Comprehensive Income not to be Reclassified to Profit or Loss in
Subsequent Periods (Net of Tax) :
Gains/(Losses) on Financial Assets at FVTOCI	(877)			3,737		(123)	(343)	686		(150)
Actuarial Gains/(Losses) on Defined Benefit Liability	(21,398)			12,324		(274)	(21,398)	80,880		(126)
Income Tax Effect	4,401			(241,234)		102	4,401	(222,350)		102
Net Other Comprehensive Income not to be Reclassified to Profit or	(17,873)			(225,173)		(92)	(17,339)	(140,783)		(88)
Loss in Subsequent Periods
Other Comprehensive Income/(Loss) for the Period, Net of Tax	110,153			(270,767)		141	47,070	(3,972,597)		(101)
Total Comprehensive Income/(Loss) for the Period Net of Tax	(832,573)			5,534		(15,144)	(911,689)	(1,734,067)		(47)
Attributable to:
Equity Holders of the Parent	(845,556)			(28,658)		2,850	(928,530)	(1,750,906)		(47)
Non-Controlling Interests	12,983			34,192		(62)	16,842	16,839		0
	(832,573)			5,534		(15,144)	(911,689)	(1,734,067)		(47)

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

2

LAUGFS GAS PLC	0.20	0.00
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
	Unaudited		Audited
	As at		As at
	31.03.2024	31.03.2023
ASSETS	Rs.'000		Rs.'000
Non-Current Assets
Property, Plant and Equipment	31,427,641	34,576,116
Right of use Assets	1,155,723	1,365,082
Investment Properties	3,905,607	3,725,507
Other Non-Current Financial Assets	18,838		19,181
	36,517,867	39,700,408
Current Assets
Inventories	2,502,610	2,312,319
Trade and Other Receivables	5,115,436	2,394,134
Prepayments	149,271	116,756
Income Tax Recoverable	184,311	176,460
Other Current Financial Assets	10,748	11,834
Cash and Short-Term Deposits	427,215		991,765
	8,389,591		6,003,268
Total Assets	44,907,458	45,703,676
EQUITY AND LIABILITIES
Equity
Stated Capital	1,000,000	1,000,000
Fair value Reserve of financial assets at FVTOCI	(21,475)	(21,132)
Revaluation Reserve	4,955,079	5,608,275
Foreign Currency Translation Reserve	526,581	462,171
Accumulated Losses	(3,524,141)		(3,184,740)
Equity attributable to Equity Holders of the Parent	2,936,044	3,864,575
Non-Controlling Interests	607,293		590,451
Total Equity	3,543,337	4,455,025
Non-Current Liabilities
Interest Bearing Loans and Borrowings	15,075,735	16,224,681
Employee Benefit Liability	100,753	70,631
Refundable Deposits	2,115,015	2,019,460
Deferred Tax Liabilities	1,232,354		1,071,077
	18,523,857	19,385,849
Current Liabilities
Trade and Other Payables	6,519,734	4,596,262
Interest Bearing Loans and Borrowings	16,085,529	17,042,155
Refundable Deposits	235,002		224,384
	22,840,264		21,862,801
Total Equity and Liabilities	44,907,458	45,703,676
Net Assets Per Share (Rs.)	7.59	9.99
Note: The above figures are subject to audit.

I certify that these financial statements are in compliance with the requirements of the Companies Act No :07 of 2007.

(Sgd).

Kamantha Lukshika

AGM - Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by:

(Sgd).	(Sgd).
W. K. H. Wegapitiya	U. K. Thilak De Silva
Director	Director
29 May 2024
Colombo

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

3

LAUGFS Gas PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Year ended 31 March 2024

Attributable to Equity Holders of the Parent

	Stated		Fair value		Revaluation		Foreign		Accumulated		Total			Non-Controlling		Total
	Capital		Reserve of		Reserve		Currency		Losses
									Interests		Equity
			financial assets				Translation
			at FVTOCI				Reserve
	Rs.'000		Rs.'000		Rs.'000		Rs.'000		Rs.'000		Rs.'000			Rs.'000		Rs.'000
As at 01 April 2022	1,000,000	(21,818)	7,474,519	4,293,985	(7,131,205)	5,615,481	573,612	6,189,093
Profit for the Year	-	-	-	-	2,221,679	2,221,679	16,851	2,238,530
Other Comprehensive Income	-		686		(201,231)		(3,831,814)		59,773		(3,972,585)		(12)		(3,972,597)
Total Comprehensive Income	-	686	(201,231)	(3,831,814)	2,281,452	(1,750,906)	16,839	(1,734,067)
Transfer of Depreciation on Revaluation of
Property, Plant & Equipments	-	-	(653,196)	-	653,196	-	-	-
Realisation of Revaluation Reserve on Disposal	-	-	(1,011,817)	-	1,011,817	-	-	-
As at 31 March 2023	1,000,000	(21,132)	5,608,275	462,171	(3,184,740)	3,864,575	590,451	4,455,025
Profit /(Loss) for the Year	-	-	-	-	(975,640)	(975,640)	16,881	(958,759)
Other Comprehensive Income	-		(343)		-		64,409		(16,956)		47,110		(40)		47,070
Total Comprehensive Income	-	(343)	-	64,409	(992,597)	(928,530)	16,842	(911,689)
Transfer of Depreciation on Revaluation of
Property, Plant & Equipments	-	-	(653,196)	-	653,196	-	-	-
As at 31 March 2024	1,000,000		(21,475)		4,955,079		526,581		(3,524,141)		2,936,044		607,293		3,543,337

Note : The above figures are subject to audit.

Figures in brackets indicates deductions.

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

4

LAUGFS Gas PLC

CONSOLIDATED STATEMENT OF CASH FLOWS

For the Year ended 31 March 2024

	Unaudited		Audited
	2024	2023
	Rs.'000		Rs.'000
Cash Flows Generated from/(Used in) Operating Activities
Cash Flows from Operating Activities
Profit /(Loss) Before Tax from Continuing Operations	(777,129)	(884,100)
Profit /(Loss) Before Tax from Discontinued Operations	-		3,672,854
Profit /(Loss) Before Tax	(777,129)	2,788,753
Non-Cash Adjustment to Reconcile Profit Before Tax to Net Cash Flows:
Amortisation of Intangible Assets	4,329	30,451
Decrease/(Increase)in Fair Value of Quoted Equity Securities	1,086	2,062
Depreciation of Property, Plant and Equipment	1,784,757	2,191,771
Amortisation of Right of Use Assets	78,618	132,543
Fair Value Gain on Investment Properties	(180,100)	(245,000)
Finance Costs	4,005,583	5,865,331
Finance Income	(12,068)	(46,773)
Disposal Gain/(Loss) on Disposal of Quoted Equity Securities	-	(20)
Dividend Income	(166)	(178)
Provision for Employee Benefit Liability	23,418	49,788
Transfer of Employee Benefit Liability	(5,053)	339
(Profit)/Loss on Disposal of Property, Plant and Equipment	(5,609)	113
Gain on Disposal of Investment in subsidiary	-	(4,498,098)
Exchange Differences	572,244		(595,769)
Operating Profit Before Working Capital Changes	5,489,908	5,675,312
Working Capital Adjustments:
(Increase)/Decrease in Inventories	(190,291)	(371,656)
(Increase)/Decrease in Trade and Other Receivables and Prepayments	(2,753,817)	1,079,840
Increase/(Decrease) in Trade and Other Payables	1,923,471		(1,758,809)
Cash Generated from Operating Activities	4,469,272	4,624,687
Employee Benefit Liability Costs Paid	(8,969)	(19,276)
Finance Costs Paid	(4,005,583)	(5,865,331)
Income Tax Paid	(23,802)	(1,318)
Refund/Transfers of Refundable Deposits	(76,877)	(263,621)
Refundable Deposits Received	183,050		118,754
Net Cash Flows Generated from / (Used in) Operating Activities	537,091	(1,406,106)
Cash Flows from / (Used in) Investing Activities
Acquisition of Intangible Assets	-	(78)
Acquisition of Property, Plant and Equipment	(300,719)	(30,289)
Dividends Income	166	178
Finance Income	12,068	46,773
Proceeds from Disposal of Property, Plant and Equipment	8,220	500
Proceeds from Disposal of Quoted Equity Securities	-	8,191,961
Proceeds from Disposal of Investment in Subsidiary	-		378
Net Cash Flows from /(Used in) Investing Activities	(280,265)	8,209,424
Cash Flows from / (Used in) Financing Activities
Proceeds from Interest Bearing Loans and Borrowings	14,050,005	21,274,238
Repayment of Lease Liabilities	(157,140)	(171,291)
Repayment of Interest Bearing Loans and Borrowings	(14,993,752)		(27,496,450)
Net Cash Flows From/ (Used) in Financing Activities	(1,100,887)	(6,393,502)
Net Increase/(Decrease) in Cash and Cash Equivalent	(844,061)	409,816
Cash and Cash Equivalent at the Beginning of the Year	(619,855)		(1,029,671)
Cash and Cash Equivalent at the End of the Year	(1,463,916)	(619,855)

Note : The above figures are subject to audit.

Figures in brackets indicate deductions.

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

5

LAUGFS Gas PLC

COMPANY STATEMENT OF PROFIT OR LOSS

For the Quarter ended 31 March 2024

	Quarter ended 31 March			Year ended 31 March
	Unaudited					Unaudited		Audited
	2024			2023		Change	2024	2023	Change
	Rs.'000	Rs.'000	%		Rs.'000		Rs.'000	%
Revenue	5,453,767			5,435,748		0	22,475,780	18,533,538	21
Cost of Sales	(4,694,500)			(3,884,850)		21		(18,396,930)		(13,343,709)	38
Gross Profit/(Loss)	759,267			1,550,898		(51)	4,078,850	5,189,829	(21)
Other Operating Income	34,269			57,076		(40)	106,775	271,457	(61)
Selling and Distribution Expenses	(161,772)			(86,581)		87	(669,576)	(380,154)	76
Administrative Expenses	(202,079)			(107,717)		88	(751,469)	(406,532)	85
Foreign Currency Exchange Gains/(Losses)	92,329			1,987		4,547	261,800	(668,118)	(139)
Fair Value Gain on Investment Properties	126,800			91,000		39		126,800		91,000	39
Operating Profit/(Loss)	648,814			1,506,662		(57)	3,153,180	4,097,482	(23)
Finance Costs	(511,172)			(934,489)		(45)	(2,533,107)	(4,055,704)	(38)
Finance Income	(601)			2,496		(124)		2,290		12,611	(82)
Protit /(Loss) Before Tax	137,040			574,670		(76)	622,363	54,388	1,044
Income Tax Expense	(50,367)			(171,786)		(71)	(158,728)	(169,492)	(6)
Profit /(Loss) for the Period	86,673			402,883		(78)	463,634	(115,104)	(503)
Earnings /Loss) Per Share :
Basic/Diluted	0.22			1.04		(78)	1.20	(0.30)	(503)
Attributable to Ordinary Equity Holders of the Parent

Note : Change % column represents the percentage change in current period's results compared to previous period

The above figures are subject to audit.

Figures in brackets indicates deductions.

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

6

LAUGFS Gas PLC

COMPANY STATEMENT OF COMPREHENSIVE INCOME

For the Quarter ended 31 March 2024

	Quarter ended 31 March		Year ended 31 March
	Unaudited				Unaudited		Audited
	2024			2023		Change	2024	2023	Change
	Rs.'000	Rs.'000	%	Rs.'000		Rs.'000	%
Profit /(Loss) for the Period	86,673			402,883		(78)	463,634	(115,104)	(503)
Other Comprehensive Income
Other Comprehensive Income not to be Reclassified to Profit or Loss in
Subsequent Periods (Net of Tax) :
Gains/(Losses) on Financial Assets at FVTOCI	(1,563,906)			(846,181)		85	(1,563,372)	(2,978,991)	(48)
Actuarial Gains/(Losses) on Defined Benefit Liability	(15,786)			12,962		(222)	(15,786)	12,962	(222)
Income Tax Effect	544,312			(1,990,556)		(127)	544,312	(1,990,556)	(127)
Net Other Comprehensive Income not to be Reclassified to Profit or	(1,035,380)			(2,823,775)		(63)	(1,034,846)	(4,956,584)	(79)
Loss in Subsequent Periods
Other Comprehensive Income/(Loss) for the Period, Net of Tax	(1,035,380)			(2,823,775)		(63)	(1,034,846)	(4,956,584)	(79)
Total Comprehensive Income/(Loss) for the Period Net of Tax	(948,707)			(2,420,891)		(61)	(571,212)	(5,071,688)	(89)

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

7

LAUGFS Gas PLC	(0.00)	(0.00)
COMPANY STATEMENT OF FINANCIAL POSITION
As at 31 March 2024
	Unaudited		Audited
	As at		As at
	31.03.2024	31.03.2023
	Rs.'000		Rs.'000
ASSETS
Non-Current Assets
Property, Plant and Equipment	12,087,961	13,000,339
Right of Use Assets	24,211	40,768
Investment Properties	1,294,000	1,167,200
Intangible Assets	54	74
Investments in Subsidiaries	24,804,529	26,367,558
Other Non-Current Financial Assets	18,838		19,181
	38,229,592	40,595,121
Current Assets
Inventories	605,828	2,040,217
Trade and Other Receivables	1,655,794	1,532,910
Prepayments	25,988	24,598
Income Tax Recoverable	157,052	159,463
Other Current Financial Assets	10,748	11,834
Cash and Short-Term Deposits	116,807		333,384
	2,572,215		4,102,406
Total Assets	40,801,808	44,697,527
EQUITY AND LIABILITIES
Equity
Stated Capital	1,000,000	1,000,000
Fair Value Reserve of Financial Assets at FVTOCI	15,814,985	16,837,202
Revaluation Reserve	4,210,225	4,596,803
Accumulated Losses	(1,047,099)		(1,884,682)
Equity attributable to Equity Holders of the Parent	19,978,111		20,549,323
Total Equity	19,978,111	20,549,323
Non-Current Liabilities
Interest Bearing Loans and Borrowings	4,559,411	3,439,897
Employee Benefit Liability	78,896	54,910
Refundable Deposits	2,115,015	2,019,460
Deferred Tax Liabilities	2,634,731		3,036,265
	9,388,053	8,550,532
Current Liabilities
Trade and Other Payables	1,642,658	1,623,042
Interest Bearing Loans and Borrowings	9,557,984	13,750,245
Refundable Deposits	235,002		224,384
	11,435,644		15,597,671
Total Equity and Liabilities	40,801,808	44,697,527
Net Assets Per Share (Rs.)	51.62	53.10
Note: The above figures are subject to audit.

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

(Sgd).

Kamantha Lukshika

AGM - Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board by:

(Sgd).	(Sgd).
W. K. H. Wegapitiya	U. K. Thilak De Silva
Director	Director

29 May 2024

Colombo

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

8

LAUGFS Gas PLC

COMPANY STATEMENT OF CHANGES IN EQUITY

For the Year ended 31 March 2024

	Stated Capital		Fair value		Revaluation		Accumulated		Total Equity
			Reserve of		Reserve		Lossess
			financial assets at
			FVTOCI
	Rs.'000		Rs.'000		Rs.'000		Rs.'000		Rs.'000
As at 01 April 2022	1,000,000	24,863,277	4,983,381	(5,225,646)	25,621,012
Loss for the Year	-	-	-	(115,104)	(115,104)
Other Comprehensive Income	-		(4,966,954)		-		10,370		(4,956,584)
Total Comprehensive Income	-	(4,966,954)	-	(104,734)	(5,071,688)
Transfer of Depreciation on Revaluation of Property, Plant & Equipments	-	-	(386,578)	386,578	-
Disposal of financial assets at FVTOCI	-	(3,059,120)	-	3,059,120	-
As at 31 March 2023	1,000,000	16,837,202	4,596,803	(1,884,682)	20,549,323
Profit for the Year	-	-	-	463,634	463,634
Other Comprehensive Income	-		(1,022,217)		-		(12,629)		(1,034,846)
Total Comprehensive Income	-	(1,022,217)	-	451,005	(571,212)
Transfer of Depreciation on Revaluation of Property, Plant & Equipments	-	-	(386,578)	386,578	-
As at 31 March 2024	1,000,000		15,814,985		4,210,225		(1,047,099)		19,978,111

Note : The above figures are subject to audit.

Figures in brackets indicates deductions.

The accounting policies and notes on pages 12 to 16 form an integral part of these financial statements.

9