United Motors Lanka : Interim Financial Statement as of 31 December 2021

INTERIM FINANCIAL STATEMENTS

For the Period Ended 31 December 2021

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 2021

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

			Group						Company
	Un-audited	Un-audited	Variance		Un-audited	Un-audited	Variance	Un-audited	Un-audited	Variance	Un-audited	Un-audited	Variance
	9 Months	9 Months			3 Months	3 Months		9 Months	9 Months		3 Months	3 Months
	ended	ended			ended	ended		ended	ended		ended	ended
	31.12.2021	31.12.2020			31.12.2021	31.12.2020		31.12.2021	31.12.2020		31.12.2021	31.12.2020
Revenue from contracts with customers	10,637,205	9,534,296	11.6%		3,397,992	3,326,957	2.1%	3,662,218	5,717,600	-35.9%	1,858,627	1,896,847	-2.0%
Cost of sales	(8,403,443)	(7,479,209)	-12.4%		(2,466,342)	(2,692,809)	8.4%	(2,486,504)	(4,015,184)	38.1%	(1,220,487)	(1,434,938)	14.9%
Gross profit	2,233,762	2,055,087	8.7%		931,650	634,148	46.9%	1,175,714	1,702,416	-30.9%	638,140	461,909	38.2%
Distribution expenses	(270,370)	(295,396)	8.5%		(108,864)	(99,220)	-9.7%	(135,791)	(168,075)	19.2%	(59,372)	(48,684)	-22.0%
Administrative and other expenses	(1,372,051)	(1,249,268)	-9.8%		(475,824)	(430,382)	-10.6%	(1,064,552)	(1,052,715)	-1.1%	(367,623)	(362,703)	-1.4%
Other income	93,469	81,905	14.1%		17,356	28,739	-39.6%	136,889	95,519	43.3%	33,875	33,093	2.4%
Profit from operating activities	684,810	592,328	15.6%		364,318	133,285	173.3%	112,260	577,145	-80.5%	245,020	83,615	193.0%
Finance income	119,604	109,114	9.6%		48,012	60,951	-21.2%	192,214	145,535	32.1%	74,133	71,433	3.8%
Finance cost	(51,143)	(309,278)	83.5%		7,061	(51,815)	113.6%	(27,076)	(189,438)	85.7%	(3,284)	(38,608)	91.5%
Net finance income/(cost)	68,461	(200,164)	134.2%		55,073	9,136	502.8%	165,138	(43,903)	476.1%	70,849	32,825	115.8%
Profit before income tax expense	753,271	392,164	92.1%		419,391	142,421	194.5%	277,398	533,242	-48.0%	315,869	116,440	171.3%
Income tax expense	(182,322)	(143,654)	-26.9%		(96,170)	(34,572)	-178.2%	(72,295)	(142,184)	49.2%	(74,486)	(34,082)	-118.6%
Profit for the period	570,949	248,510	129.7%		323,221	107,849	199.7%	205,103	391,058	-47.6%	241,383	82,358	193.1%
Other comprehensive income
Items that will never be reclassified to profit or loss
Changes in the fair value of equity investments at fair value
through other comprehensive income	29,230	132,777			19,662	55,600		18,473	104,950		11,854	47,401
Other comprehensive income for the period	29,230	132,777			19,662	55,600		18,473	104,950		11,854	47,401
Total comprehensive income for the period	600,179	381,287			342,883	163,449		223,576	496,008		253,237	129,759
Profit attributable to:
Owners of United Motors Lanka PLC	570,949	248,510			323,221	107,849		205,103	391,058		241,383	82,358
Profit for the period	570,949	248,510			323,221	107,849		205,103	391,058		241,383	82,358
Total comprehensive income attributable to:
Owners of United Motors Lanka PLC	600,179	381,287			342,883	163,449		223,576	496,008		253,237	129,759
Total comprehensive income for the period	600,179	381,287			342,883	163,449		223,576	496,008		253,237	129,759
Basic earnings per share (LKR.)	5.66	2.46			3.20	1.07		2.03	3.88		2.39	0.82

Note:

All amounts are in LKR.'000s, unless otherwise stated.

Figures in brackets indicate deductions.

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UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 2021

STATEMENT OF FINANCIAL POSITION

		Group		Company
	Un-audited			Audited		Un-audited		Audited
As at	31.12.2021	31.03.2021	31.12.2021	31.03.2021
Assets
Non-current assets
Property, plant & equipment	7,769,361	7,836,020	7,155,298	7,190,990
Investment property	-	-	521,260	521,260
Intangible assets	198,036	220,119	195,124	216,992
Right-of-use assets	305,841	265,208	113,737	212,415
Investments in subsidiaries	-	-	222,400	222,400
Financial assets at fair value through other comprehensive income	274,877	258,864	229,667	211,519
Reimbursable right	46,833	46,833	41,885	41,885
Deferred tax assets	400,461			507,080		172,335		189,714
Total non-current assets	8,995,409	9,134,124	8,651,706	8,807,175
Current assets
Inventories	4,427,651	3,383,961	1,717,759	1,427,937
Trade and other receivables	2,954,889	2,065,783	965,464	764,046
Amounts due from related parties	-	-	61,093	380,206
Current tax receivables	28,731	8,657	-	-
Other financial assets at amortised cost	-	-	1,839,000	-
Financial assets at fair value through profit or loss	1,226,065	3,309,783	1,156,050	3,309,783
Cash and cash equivalents	533,083			851,744		303,957		644,512
Total current assets	9,170,419	9,619,928	6,043,323	6,526,484
Total assets	18,165,828			18,754,052		14,695,029		15,333,659
Equity and liabilities
Equity
Stated capital	336,335	336,335	336,335	336,335
Capital reserve	5,380,532	5,380,532	5,017,658	5,017,658
Other components of equity	1,391,491	1,364,572	1,424,318	1,405,852
Retained earnings	6,690,906			6,218,547		6,659,027		6,554,818
Total equity attributable to the equity holders of the parent	13,799,264	13,299,986	13,437,338	13,314,663
Non-current liabilities
Interest bearing borrowings	-	3,150	-	-
Employee benefit obligations	312,267	282,299	275,663	251,995
Lease liabilities	176,790	180,985	57,844	74,651
Deferred tax liabilities	305,816			315,655		271,010		291,749
Total non-current liabilities	794,873	782,089	604,517	618,395
Current liabilities
Interest bearing borrowings	587,706	2,103,829	-	500,411
Trade and other payables	2,719,591	2,319,162	401,356	619,915
Lease liabilities	124,407	100,363	68,608	152,423
Amounts due to related parties	-	-	64,526	2,841
Current tax liabilities	69,764	76,941	67,593	76,454
Bank overdrafts	70,223			71,682		51,091		48,557
Total current liabilities	3,571,691			4,671,977		653,174		1,400,601
Total liabilities	4,366,564	5,454,066	1,257,691	2,018,996
Total equity and liabilities	18,165,828			18,754,052		14,695,029		15,333,659
Net assets per share -LKR	136.76	131.81	133.17	131.96

Note:

All amounts are in LKR.'000s, unless otherwise stated.

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

Thushara Jayasekara

Group Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these interim financial statements.

Devaka Cooray	Chanaka Yatawara
Chairman	Group Chief Executive Officer / Executive Director
10-Feb-2022
Colombo

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UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 2021

STATEMENT OF CHANGES IN EQUITY

	Stated Capital	Capital		Other Components of Equity		Retained	Total
		Reserve	Development	Property,	General	FVOCI	Earnings	Equity
			Reserve	Plant & Equipment	Reserves	Reserve
				Replacement Reserve
	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000
Group
Balance as at 01.04.2020	336,335	5,258,843	785,400	308,900	466,250	(315,323)	5,881,039	12,721,444
Profit for the nine months ended 31.12.2020							248,510	248,510
Other comprehensive income for the nine months period
Net change in equity investments at fair value through other comprehensive income						132,777	-	132,777
Net gain on disposal of equity investments at fair value through other comprehensive income						(1,199)	1,199	-
Total comprehensive income for the period	-	-	-	-	-	131,578	249,709	381,287
Transactions with owners in their capacity as owners :
Interim dividend paid 2020 / 2021							(151,351)	(151,351)
Balance as at 31.12.2020	336,335	5,258,843	785,400	308,900	466,250	(183,745)	5,979,397	12,951,380
Profit for the three months ended 31.03.2021							255,165	255,165
Other comprehensive income for the three months period
Re-measurements of post employment benefit obligations							(23,663)	(23,663)
Deferred tax on re-measurements of post employment benefit obligations							4,301	4,301
Net change in equity investments at fair value through other comprehensive income						(8,886)	-	(8,886)
Net gain on disposal of equity investments at fair value through other comprehensive income						(3,347)	3,347	-
Revaluation of land		135,210					-	135,210
Deferred tax on revaluation of land		(13,521)					-	(13,521)
Total comprehensive income for the period	-	121,689	-	-	-	(12,233)	239,150	348,606
Balance as at 31.03.2021	336,335	5,380,532	785,400	308,900	466,250	(195,978)	6,218,547	13,299,986
Profit for the nine months ended 31.12.2021							570,949	570,949
Other comprehensive income for the nine months period
Net change in equity investments at fair value through other comprehensive income						29,230	-	29,230
Net gain on disposal of equity investments at fair value through other comprehensive income						(2,311)	2,311	-
Total comprehensive income for the period	-	-	-	-	-	26,919	573,260	600,179
Transactions with owners in their capacity as owners :
Final dividend paid 2020 / 2021							(100,901)	(100,901)
Balance as at 31.12.2021	336,335	5,380,532	785,400	308,900	466,250	(169,059)	6,690,906	13,799,264

Notes:

All amounts are in LKR.'000s, unless otherwise stated.

Figures in the brackets indicate deduction.

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UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 2021

STATEMENT OF CHANGES IN EQUITY

	Stated Capital	Capital		Other Components of Equity		Retained	Total
		Reserve	Development	Property,	General	FVOCI	Earnings	Equity
			Reserve	Plant & Equipment	Reserves	Reserve
				Replacement Reserve
	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000	LKR '000
Company
Balance as at 01.04.2020	336,335	4,904,258	785,400	308,900	466,250	(248,338)	5,952,596	12,505,401
Profit for the nine months ended 31.12.2020							391,058	391,058
Other comprehensive income for the nine months period
Net change in equity investments at fair value through other comprehensive income						104,950	-	104,950
Total comprehensive income for the period	-	-	-	-	-	104,950	391,058	496,008
Transactions with owners in their capacity as owners :
Interim dividend paid 2020 / 2021							(151,351)	(151,351)
Balance as at 31.12.2020	336,335	4,904,258	785,400	308,900	466,250	(143,388)	6,192,303	12,850,058
Profit for the three months ended 31.03.2021							375,581	375,581
Other comprehensive income for the three months period
Re-measurements of post employment benefit obligations							(20,502)	(20,502)
Deferred tax on re-measurements of post employment benefit obligations							3,662	3,662
Net change in equity investments at fair value through other comprehensive income	-	-	-	-	-	(7,536)	-	(7,536)
Net gain on disposal of equity investments at fair value through other comprehensive income						(3,774)	3,774	-
Revaluation of land		126,000						126,000
Deferred tax on revaluation of land		(12,600)						(12,600)
Total comprehensive income for the period	-	113,400	-	-	-	(11,310)	362,515	464,605
Balance as at 31.03.2021	336,335	5,017,658	785,400	308,900	466,250	(154,698)	6,554,818	13,314,663
Profit for the nine months ended 31.12.2021							205,103	205,103
Other comprehensive income for the nine months period
Net change in equity investments at fair value through other comprehensive income						18,473	-	18,473
Net gain on disposal of equity investments at fair value through other comprehensive income						(7)	7	-
Total comprehensive income for the period	-	-	-	-	-	18,466	205,110	223,576
Transactions with owners in their capacity as owners :
Final dividend paid 2020 / 2021							(100,901)	(100,901)
Balance as at 31.12.2021	336,335	5,017,658	785,400	308,900	466,250	(136,232)	6,659,027	13,437,338

Notes:

All amounts are in LKR.'000s, unless otherwise stated.

Figures in the brackets indicate deduction.

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