Lanka Ashok Leyland : Interim Financial Statements for the Quarter Ended 31.12.2022

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST DECEMBER 2022

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF FINANCIAL POSITION

31-Mar-22	As at	31-Dec-22		31-Dec-21
Rs.		Rs.		Rs.
Audited	ASSETS
	Non Current Assets
647,642,072	Property, Plant & Equipment	683,298,702	562,651,639
42,894,834	Right-of-Use Asset	40,037,401	46,147,175
3,054,331	Intangible Assets	1,527,956	3,877,354
11,550,475	Financial Investments	11,190,646	11,197,289
864,856,471	Rental Receivable from Trade Debtors	463,476,228	985,079,163
213,558,928	Deferred Tax Asset	351,578,744		220,950,816
1,783,557,111	Total Non Current Assets	1,551,109,677	1,829,903,436
	Current Assets
2,952,421,165	Inventories	2,786,222,304	3,025,418,379
217,401,901	Trade and Other Receivables	199,707,847	288,993,054
514,945,517	Rental Receivable from Trade Debtors	451,110,676	482,026,809
107,435,055	Deposits and Prepayments	106,271,420	106,546,569
2,067,069,039	Cash & Cash Equivalents	139,781,304		580,175,429
5,859,272,677	Total Current Assets	3,683,093,551	4,483,160,240
7,642,829,788	Total Assets	5,234,203,228	6,313,063,676
	EQUITY & LIABILITIES
	Equity
49,375,150	Stated Capital	49,375,150	49,375,150
887,347,500	General Reserve	887,347,500	887,347,500
2,759,922,036	Retained Earnings	2,818,086,345		2,818,611,668
3,696,644,686	Equity Attributable to Owners of the Company	3,754,808,995	3,755,334,318
	Non Current Liabilities
96,937,072	Employee Benefit	106,641,572	103,935,769
44,740,501	Lease Liability	28,636,343		43,176,586
141,677,573	Total Non Current Liabilities	135,277,915	147,112,355
	Current Liabilities
1,143,611,311	Trade & Other Payables	408,144,052	1,059,288,265
2,146,013,053	Amounts due to Related Party	797,867,999	1,111,020,780
39,528,436	Current Tax Liabilities	23,552,726	132,496,309
3,479,532	Provision for Warranty	1,017,990	3,061,757
378,205,767	Short Term Borrowings	-	-
23,232,000	Lease Liability	41,971,200	23,232,000
70,437,430	Bank Overdraft	71,562,351	81,517,892
3,804,507,529	Total Current Liabilities	1,344,116,318		2,410,617,003
	Total Liabilities
3,946,185,102	1,479,394,233		2,557,729,358
7,642,829,788	Total Equity & Liabilities	5,234,203,228	6,313,063,676
1,020.93	Net Assets per Share	1,037.00	1,037.14

The above figures are provisional and subject to audit.

The same Accounting Policies and methods of computation are followed in this Interim Financial Statements as compared with the most recent audited Financial Statements.

A R T Ranasinghe	U Gautam
Chief Financial Officer	Chief Executive Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and signed for and on behalf of the Board of Directors of Lanka Ashok Leyland PLC;

A K S A Jayasena	D A Abeyawardene
Chairman	Director
Colombo
17th January 2023

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the	For the Period Ended 31 st December	2022/23	2021/22		2022/23	2021/22
Year Ended		Interim Periord		Interim Periord		Quarter 03		Quarter 03
31-Mar-22		09 Months		09 Months
			Rs.		Rs.
Rs.		Rs.		Rs.
Audited
	Revenue
6,329,561,251	New Vehicle Sales	2,256,579,617	4,167,319,491	-46%	317,678,427	2,185,469,576	-85%
62,408,676	Diesel Generator Set Sales	63,322,086	32,698,954	94%	6,475,000	4,934,620	31%
171,144,000	Vehicle Repair Income	161,599,740	111,401,457	45%	55,614,295	48,103,488	16%
211,063,613	Spare Parts Sales	159,091,960	149,229,767	7%	54,317,160	54,003,860	1%
86,785,449	Vehicle Hiring Income	185,294,572	27,463,954	575%	61,847,267	13,804,173	348%
-	Local Agency Commission	28,210,772		18,972,222	49%	-		-	-
6,860,962,989	Total Revenue	2,854,098,747	4,507,085,845	-37%	495,932,149	2,306,315,717	-78%
(6,046,697,333)	Cost of Sales	(2,552,460,331)	(3,678,817,859)	-31%	(400,443,779)	(1,784,868,562)	-78%
814,265,656	Gross Profit	301,638,416	828,267,986	-64%	95,488,370	521,447,155	-82%
367,472,452	Other Income	225,062,760		279,097,284	-19%	65,148,012		90,167,245	-28%
1,181,738,108		526,701,176	1,107,365,270		160,636,382	611,614,400
	Less :
27,844,602	Selling and Distribution Expenses	14,737,236	18,803,538	-22%	5,884,748	9,181,328	-36%
467,084,284	Administrative Expenses	418,632,057	341,699,858	23%	123,606,052	125,343,988	-1%
146,571,496	Impairment Charge on Trade Receivables	69,087,410	137,637,140	-50%	20,273,811	93,225,041	-78%
88,619,802	Other Operating Expenses	85,373,410		58,147,560	47%	27,388,626		24,015,063	14%
451,617,924	Profit / (Loss) before Interest and Tax	(61,128,937)	551,077,174	-111%	(16,516,855)	359,848,980	-105%
21,059,478	Finance Income	65,942,912	3,735,762	1665%	12,998,518	1,370,621	848%
(24,029,140)	Finance Cost	(22,002,472)		(22,283,797)	-1%	(4,179,332)		(15,292,414)	-73%
(2,969,662)	Net Finance Income / (Cost)	43,940,440		(18,548,035)	337%	8,819,186		(13,921,793)	-163%
448,648,262	Profit / (Loss) before Tax	(17,188,497)	532,529,139	-103%	(7,697,669)	345,927,187	-102%
(105,673,247)	Income Tax Reversal / (Expense)	112,191,236		(125,584,840)	189%	99,186,374		(66,576,057)	249%
342,975,015	Profit for the Period	95,002,739	406,944,299	-77%	91,488,705	279,351,130	-67%
	Other Comprehensive Income
	Items that will Never be Reclassified to Profit and Loss
4,121,909	Defined Benefit Plan - Actuarial Gain	(900,000)	(900,000)	0%	(300,000)	(300,000)	0%
(865,601)	Deferred Tax Charge on Defined Benefit Plan	270,000		189,000	43%	144,000		63,000	129%
3,256,308		(630,000)		(711,000)		(156,000)		(237,000)
3,256,308	Total Other Comprehensive Income, net of Tax	(630,000)		(711,000)	-11%	(156,000)		(237,000)	-34%
346,231,323	Total Comprehensive Income for the period	94,372,739		406,233,299	-77%	91,332,705		279,114,130	-67%
94.72	Basic and Diluted Earnings per Share	26.24	112.39		25.27	77.15

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF CHANGES IN EQUITY

	Stated	General	Retained	Total
	Capital	Reserve	Earnings	Equity
	Rs.	Rs.	Rs.	Rs.
Balance as at 01st April 2021	49,375,150	887,347,500	2,419,620,055	3,356,342,705
Total Comprehencive Income
Profit for the period	-	-	406,944,299	406,944,299
Other Comprehensive Income, net of Tax	-	-	(711,000)	(711,000)
Total Comprehencive Income	-	-	406,233,299	406,233,299
Transactions with owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed			-	-
Dividends	-	-	(7,241,686)	(7,241,686)
Total Transactions with Owners of the Company	-	-	(7,241,686)	(7,241,686)
Balance as at 31st December 2021
49,375,150	887,347,500	2,818,611,668	3,755,334,318
Balance as at 01st April 2022
49,375,150	887,347,500	2,759,922,036	3,696,644,686
Total Comprehencive Income
Profit for the period	-	-	95,002,739	95,002,739
Other Comprehensive Income, net of Tax	-	-	(630,000)	(630,000)
Total Comprehencive Income	-	-	94,372,739	94,372,739
Transactions with Owners of the Company
Contribution / Distribution
Unclaimed Dividend Reversed	-	-	-	-
Dividends	-	-	(36,208,430)	(36,208,430)
Total Transactions with Owners of the Company	-	-	(36,208,430)	(36,208,430)
Balance as at 31st December 2022
49,375,150	887,347,500	2,818,086,345	3,754,808,995
Figures in brackets indicate deductions.

LANKA ASHOK LEYLAND PLC

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2022

STATEMENT OF C STATEMENT OF CASH FLOWS

For the	For the Period Ended 31 st December	2022	2021
Year Ended
31-Mar-22
Rs.		Rs.		Rs.
Audited	Cash flows from Operating Activities
448,648,262	Profit / (Loss) before Tax	(17,188,497)	532,529,139
	Adjustment For :
97,535,233	Depreciation of Property, Plant and Equipment	80,442,905	72,905,525
13,190,065	Amortization of Intangible Assets	2,630,500	2,514,794
3,337,817	Depreciation of Right-of-Use Assets	9,766,499	9,937,720
9,438,039	Provision for Employee Benefits	9,000,000	10,800,000
146,571,496	Impairment Provision of Trade & Other Receivables	69,087,410	137,637,140
171,132,955	Charge / (Reversal) for Provision for Inventory	(716,625)	193,677,069
24,023,115	Finance Costs	22,002,472	22,283,796
(15,719,713)	Interest Income	(65,096,787)	(3,416,223)
(336,923,951)	Lease Interest Income	(196,429,377)	(260,158,887)
(4,007,019)	Gain on Sale of Property, Plant and Equipment	5,217	(4,007,019)
4,150,600	Charge / (Reversal) for Provision for Free Service	(3,043,623)	4,742,349
2,827,697	Charge / (Reversal) for Provision for Warranty	(2,461,542)	2,409,922
6,025	Fair Value Gain on Equity Investments	(28,527)		(27,386)
115,562,359		(74,841,478)	189,298,800
564,210,621	Operating Profit / (Loss) before Working Capital Changes	(92,029,975)	721,827,939
	Working Capital Changes in
1,201,011,322	Inventories	132,396,812	1,140,092,547
34,313,696	Trade and Other Receivables	73,276,282	83,876,484
177,335,083	Amounts due from Related Party	341,709,081	(21,300,000)
204,726,134	Trade and Other Payables	(732,424,418)	118,498,994
319,328,207	Amounts due to Related Party	(1,348,145,054)		(715,664,066)
1,936,714,442		(1,533,187,297)	605,503,959
2,500,925,063	Cash Generated from / (Used in) Operations	(1,625,217,272)	1,327,331,898
(19,308,006)	Interest Paid	(13,836,637)	(19,132,603)
(4,495,867)	Employee Benefit paid	(195,500)	(3,881,040)
(113,178,219)	Payments of Income Taxes	(41,534,292)		(46,459,226)
(136,982,092)		(55,566,429)	(69,472,869)
2,363,942,971	Net Cash Generated from / (Used in) Operating Activities	(1,680,783,701)	1,257,859,029
	Cash flows from Investing Activities
352,645,267	Interest Received	261,914,521	263,963,310
8,201,712	Proceeds from Sale of Property, Plant and Equipment	6,000	8,201,711
(179,569,538)	Acquisition of Property, Plant & Equipment	(82,695,416)		(104,571,944)
181,277,441	Net Cash Flows Generated from Investing Activities	179,225,105	167,593,077
	Cash Flows from Financing Activities
2,002,630,837	Short Term Loans obtained during the period	222,848,000	1,624,425,069
(2,488,149,228)	Short Term Loans repaid during the period	(601,053,767)	(2,488,149,227)
(19,172,790)	Payment of Lease Liability	(12,439,863)	(19,172,789)
(7,241,686)	Dividend Paid	(36,208,430)		(7,241,686)
(511,932,867)	Net Cash Flows Used in Financing Activities	(426,854,060)	(890,138,633)
2,033,287,545	Net Increase in Cash & Cash Equivalents	(1,928,412,656)	535,313,473
(36,655,936)	Net Cash & Cash Equivalents at the Beginning of the period	1,996,631,609		(36,655,936)
1,996,631,609	Net Cash & Cash Equivalents at the End of the period	68,218,953	498,657,537
	Analysis of Cash & Cash Equivalents at the end of the period
2,067,069,039	Cash & Cash Equivalents	139,781,304	580,175,429
(70,437,430)	Bank Overdraft	(71,562,351)		(81,517,892)
1,996,631,609		68,218,953	498,657,537

Figures in brackets indicate deductions.