Sathosa Motors : Interim Financial Statements as at 31-12-2021

Sathosa Motors PLC

Interim Financial Statements

For the Period Ended 31st December 2021

SATHOSA MOTORS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER 2021

Amounts in LKR		Group				Company
		Quarter Ended 31st December	9 months ended 31st December	Quarter Ended 31st December	9 months ended 31st December
		2021	2020		2021	2020	2021	2020	2021	2020
Revenue	496,974,064			2,488,626,174		251,030,272		1,475,422,615
465,889,237		3,177,761,282	312,441,617	2,032,583,936
Cost of Sales	(330,876,353)	(307,059,981)		(2,003,193,557)	(2,675,129,285)	(154,356,252)	(231,742,579)	(1,168,010,465)	(1,709,344,702)
Gross	Profit	166,097,711	158,829,256		485,432,617	502,631,997	96,674,020	80,699,038	307,412,150	323,239,234
Other	Income	17,343,027	26,027,379		58,862,019	58,829,763	5,403,365	1,265,015	8,544,995	7,366,814
Administrative Expenses	(163,940,600)	(159,564,730)		(462,324,114)	(448,918,435)	(91,952,762)	(83,476,997)	(259,688,566)	(239,541,195)
Selling & Distribution Expenses	(9,550,201)	(6,518,786)		(21,106,165)	(25,924,216)	(5,109,419)	(1,046,553)	(11,407,117)	(11,933,877)
Operating Profit
9,949,937	18,773,119		60,864,357	86,619,109	5,015,204	(2,559,497)	44,861,462	79,130,976
Finance Income	1,139,343	9,738,922		2,586,939	35,468,509	615,532	8,193,229	1,448,160	33,497,173
Finance Costs	(27,218,575)	(25,464,944)		(72,723,486)	(162,449,401)	(18,188,661)	(16,520,135)	(45,185,480)	(113,192,570)
Net Finance Costs	(26,079,232)	(15,726,022)		(70,136,547)	(126,980,892)	(17,573,129)	(8,326,906)	(43,737,320)	(79,695,397)
Profit/ (Loss) before Tax	(16,129,295)	3,047,097		(9,272,190)	(40,361,783)	(12,557,925)	(10,886,403)	1,124,142	(564,421)
Income Tax (Expenses)/ Reversal	1,342,642	(1,484,163)		4,694,615	11,203,218	485,513	2,417,217	2,199,495	59,957
Net Profit/ (Loss) for the period	(14,786,653)	1,562,934		(4,577,575)	(29,158,565)	(12,072,412)	(8,469,186)	3,323,637	(504,464)
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
Re-measurements of defined benefit liability	625,705	(155,173)		1,877,117	2,316,732	381,844	(399,034)	1,145,533	1,260,000
Related tax	(150,169)	43,448		(450,508)	(648,685)	(91,643)	111,730	(274,928)	(352,800)
Other Comprehensive Income for the Period net of tax	475,536	(111,725)		1,426,609	1,668,047	290,201	(287,304)	870,605	907,200
Total Comprehensive Income for the period	(14,311,117)	1,451,209		(3,150,966)	(27,490,518)	(11,782,211)	(8,756,490)	4,194,242	402,736
Net profit/ (loss) attributable to;
Owners of the company	(13,429,533)	(3,453,124)		(626,969)	(14,831,514)	(12,072,413)	(8,469,186)	3,323,637	(504,464)
Non -controlling interest	(1,357,120)	5,016,060		(3,950,606)	(14,327,051)	-	-	-	-
Net profit/ (loss) for the period	(14,786,653)	1,562,934		(4,577,575)	(29,158,565)	(12,072,412)	(8,469,186)	3,323,637	(504,464)
Total comprehensive income attributable to;
Owners of the company	(13,046,665)	(3,652,640)		521,638	(13,543,891)	(11,782,215)	(8,756,490)	4,194,242	402,736
Non -controlling interest	(1,264,452)	5,103,849		(3,672,604)	(13,946,627)	-	-	-	-
Total comprehensive income for the period	(14,311,117)	1,451,209		(3,150,966)	(27,490,518)	(11,782,211)	(8,756,490)	4,194,242	402,736
Basic earnings/(loss) per share	(2.45)	(0.57)		(0.76)	(2.46)	(2.00)	(1.40)	0.55	(0.08)

The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

Above Figures are Subject to Audit.

SATHOSA MOTORS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST DECEMBER 2021

Amount in LKR

	Attributable to Equity Holders of the Parent		Non controlling
Group	Stated Capital		Retained		Total			Total Equity
	Earnings			interest
Balance as at 1st April 2020	115,924,290	1,537,360,494	1,653,284,784	517,731,746	2,171,016,530
Profit/ (Loss) for the Period	-	(14,831,514)	(14,831,514)	(14,327,051)	(29,158,564)
Other comprehensive income for the period net of tax	-	1,287,623	1,287,623	380,424	1,668,046
Total comprehensive income for the period	-		(13,543,891)		(13,543,891)		(13,946,627)		(27,490,518)
Balance as at 31st December 2020	115,924,290		1,523,816,603		1,639,740,893		503,785,119		2,143,526,012
Balance as at 1st April 2021	115,924,290	1,535,197,038	1,651,121,328	508,959,772	2,160,081,100
Profit/ (Loss) for the Period	-	(626,969)	(626,969)	(3,950,606)	(4,577,575)
Other comprehensive income for the period net of tax	-	1,148,607	1,148,607	278,002	1,426,609
Total comprehensive income for the period	-		521,638		521,638		(3,672,604)		(3,150,966)
Balance as at 31st December 2021	115,924,290		1,535,718,676		1,651,642,966		505,287,168		2,156,930,134
Company					Stated Capital		Retained Earnings		Total Equity

Balance as at 1st April 2020 Profit/ (Loss) for the Period

Other comprehensive income for the period net of tax Total comprehensive income for the period Balance as at 31st December 2020

115,924,290	1,563,186,198	1,679,110,488
-	(74,027,078)	(74,027,078)
-	-	-
-	(74,027,078)	(74,027,078)
115,924,290	1,489,159,120	1,605,083,410

Balance as at 1st April 2021	115,924,290	1,491,177,333	1,607,101,623
Profit/ (Loss) for the Period	-	3,323,637	3,323,637
Other comprehensive income for the period net of tax	-	870,605	870,605
Total comprehensive income for the period	-		4,194,242		4,194,242
Balance as at 31st December 2021	115,924,290		1,495,371,575		1,611,295,865

The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

Above Figures are Subject to Audit

SATHOSA MOTORS PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31ST DECEMBER 2021

Amount in LKR	Group			Company
For the Period Ended 31st December,
2021			2020		2021	2020
CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES
Profit/ (Loss) before tax	(9,272,190)			(40,361,783)		1,124,142	(564,421)
Adjustments to reconcile profit before tax to net cash flows
generated from operations:
Depreciation and Amortization	140,653,112			134,131,407		49,279,450	46,338,138
Provision for Employee Benefits	6,796,878			6,756,512		4,752,325	4,860,000
Reversal of Inventory Provision	(2,835,132)			(14,172,649)		(0)	(14,172,649)
Write off of bad debts	-			5,261,234		-	5,261,234
Net Finance Costs	70,136,547			126,980,892		43,737,320	79,695,397
Amortization of grants received	(164,541)			(164,542)		(164,541)	(164,542)
Profit on disposal of Property, Plant & Equipment	(6,680,918)			(10,457,970)		(510,918)	-
	198,633,756			207,973,102		98,217,778		121,253,158
Working Capital Adjustments:
Decrease in Inventories	273,085,779			1,981,610,300		283,908,099	1,243,924,707
Increase in Trade and Other Receivables	(252,000,943)			191,511,249		(252,644,884)	166,387,491
(Increase)/ Decrease in Related Party Receivables	(44,589,636)			87,867,520		(42,922,998)	84,066,861
Increase/ (Decrease) in Trade and Other Payables	89,691,712			(459,773,101)		135,445,631	(304,684,599)
Decrease in Related Party Payables	(47,593,576)			35,418,671		(49,742,489)	(20,353,368)
Cash Flows from/ (used in) Operating activities	217,227,092			2,044,607,741		172,261,137		1,290,594,250
Income Tax Paid	-			(4,594,525)		-	(4,594,525)
Interest Paid	(42,502,572)			(142,093,195)		(42,453,590)	(115,272,260)
Gratuity Paid	(7,009,003)			(7,307,532)		(5,534,004)	(6,116,773)
Net Cash Flows from/ (used in) Operating Activities	167,715,517			1,890,612,489		124,273,543		1,164,610,692
CASH FLOWS FROM/ (USED IN ) INVESTING ACTIVITIES
Purchase of Property, Plant & Equipment	(88,018,032)			(129,097,586)		(81,692,853)	(9,691,032)
Purchase of Intangible assets	(23,562)			(27,192)		-	-
Proceeds from disposal of Property, Plant & Equipment	22,679,489			46,686,527		789,169	-
Interest Received	2,586,939			51,918,474		1,448,160	49,947,155
Maturity of investment in debentures	-			380,790,000		-	380,790,000
Net Cash Flows from/ (used in) Investing Activities	(62,775,166)			350,270,224		(79,455,524)		421,046,124
CASH FLOWS FROM / (USED IN ) FINANCING ACTIVITIES
Net proceeds from/(repayment) of borrowings	(2,000,000)			(2,123,992,194)		(2,000,000)	(1,579,343,500)
Repayment of Leases	(46,833,309)			(26,241,896)		(5,412,566)	(4,473,040)
Net Cash Flows from/(used in) Financing Activities	(48,833,309)			(2,150,234,090)		(7,412,566)		(1,583,816,540)
Net Increase in Cash and Cash Equivalents	56,107,042			90,648,623		37,405,453	1,840,276
Cash & Cash Equivalents at the beginning of the period	122,745,769			(31,363,131)		36,702,970	34,790,927
Cash & Cash Equivalents at the end of the period	178,852,811			59,285,492		74,108,423		36,631,204

Cash and Cash equivalents includes bank overdraft that are repayable on demand and form an integral part of the Group's Cash management.

The Accounting Policies and Notes form an integral part of these Financial Statements. Figures in brackets indicate deductions.

Above Figures are Subject to Audit.