United Motors Lanka PLC

Equities

UML.N0000

LK0183N00000

Auto Vehicles, Parts & Service Retailers

End-of-day quote Colombo S.E. Other stock markets 06:00:00 2024-05-02 pm EDT			5-day change	1st Jan Change
65.9 ^LKR	-0.15%		+3.94%	+13.43%

Feb. 09	United Motors Lanka PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	CI
2023	United Motors Lanka PLC (COSE:UML.N0000) completed the acquisition of Dutch Lanka Trailer Manufacturers Ltd from TRF Singapore Pte. Ltd.	CI

United Motors Lanka : Financial Statements as of 30 September 2022

November 10, 2022 at 11:12 pm EST

INTERIM FINANCIAL STATEMENTS

For the Period Ended 30 September 2022

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2022

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
		6 Months	6 Months		3 Months	3 Months		6 Months	6 Months		3 Months	3 Months
	Note	ended	ended		ended	ended		ended	ended		ended	ended
		30.09.2022	30.09.2021		30.09.2022	30.09.2021		30.09.2022	30.09.2021		30.09.2022	30.09.2021

Revenue from contracts with customers	5	6,221,605	7,239,213	-14.1%	3,183,388	3,819,616	-16.7%	2,396,759	1,803,591	32.9%	1,116,402	1,024,546	9.0%
Cost of sales		(4,655,419)	(5,937,101)	21.6%	(2,400,879)	(3,066,414)	21.7%	(1,615,929)	(1,266,017)	-27.6%	(679,385)	(720,185)	5.7%
Gross profit		1,566,186	1,302,112	20.3%	782,509	753,202	3.9%	780,830	537,574	45.3%	437,017	304,361	43.6%
Distribution expenses		(160,260)	(161,506)	0.8%	(70,034)	(89,541)	21.8%	(86,264)	(76,419)	-12.9%	(32,112)	(45,662)	29.7%
Administrative expenses		(1,155,547)	(877,073)	-31.8%	(594,996)	(449,260)	-32.4%	(878,786)	(680,844)	-29.1%	(451,975)	(351,571)	-28.6%
Net impairment (losses)/gains on trade and other receivables		(54,056)	(19,154)	-182.2%	(7,329)	2,899	-352.8%	11,715	(16,084)	172.8%	7,341	5,095	44.1%
Other gains/(losses)-net	6	195,215	(1,611)	12217.6%	336,338	(5,273)	6478.5%	166,991	29,838	459.7%	72,816	20,576	253.9%
Other income		46,176	82,079	-43.7%	31,488	61,767	-49.0%	106,711	107,020	-0.3%	60,287	84,594	-28.7%
Profit/(loss) from operations		437,714	324,847	34.7%	477,976	273,794	74.6%	101,197	(98,915)	202.3%	93,374	17,393	436.9%
Finance income		31,813	44,626	-28.7%	14,052	24,513	-42.7%	238,219	83,325	185.9%	192,207	40,200	378.1%
Finance cost		(266,899)	(35,593)	-649.9%	(154,665)	(12,636)	-1124.0%	(7,150)	(22,881)	68.8%	(2,916)	(7,489)	61.1%
Net finance (cost)/income		(235,086)	9,033	-2702.5%	(140,613)	11,877	-1283.9%	231,069	60,444	282.3%	189,291	32,711	478.7%
Profit/(loss) before income tax expense		202,628	333,880	-39.3%	337,363	285,671	18.1%	332,266	(38,471)	963.7%	282,666	50,104	464.2%
Income tax expense		(89,606)	(86,152)	-4.0%	(86,116)	(51,236)	-68.1%	(77,203)	2,191	-3623.7%	(59,371)	(1,713)	-3365.9%
Profit/(loss) for the period		113,022	247,728	-54.4%	251,247	234,435	7.2%	255,063	(36,280)	803.0%	223,294	48,391	361.4%
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		(6,889)	9,568		23,785	3,722		(11,146)	6,619		15,192	3,835
Other Comprehensive Income for the period		(6,889)	9,568		23,785	3,722		(11,146)	6,619		15,192	3,835

Total Comprehensive Income for the period		106,133	257,296		275,032	238,157		243,917	(29,661)		238,487	52,226
Profit attributable to:
Owners of United Motors Lanka PLC		113,022	247,728		251,247	234,435		255,063	(36,280)		223,294	48,391
Profit/(loss) for the period		113,022	247,728		251,247	234,435		255,063	(36,280)		223,294	48,391
Total Comprehensive Income attributable to:
Owners of United Motors Lanka PLC		106,133	257,296		275,032	238,157		243,917	(29,661)		238,487	52,226
Total Comprehensive Income for the period		106,133	257,296		275,032	238,157		243,917	(29,661)		238,487	52,226
Earnings per share-basic and diluted (LKR)		1.12	2.46		2.49	2.32		2.53	(0.36)		2.21	0.48
Note:

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

Figures in brackets indicate deductions.

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2022

STATEMENT OF FINANCIAL POSITION

		Group		Company
	Un-audited			Audited	Un-audited	Audited
As at	30.09.2022	31.03.2022	30.09.2022	31.03.2022
Assets
Non-current assets
Property, plant & equipment	8,166,014	8,232,589	7,522,556	7,581,106
Investment property	-	-	558,000	558,000
Intangible assets	182,248	191,218	179,359	188,330
Right-of-use assets	281,174	307,543	156,160	211,958
Investments in subsidiaries	-	-	222,400	222,400
Financial assets at fair value through other comprehensive income	103,004	140,562	79,096	106,369
Reimbursable right	34,833	34,833	29,346	29,346
Deferred tax assets	464,662			461,794	177,578	170,195
Total non-current assets	9,231,935	9,368,539	8,924,495	9,067,704
Current assets
Inventories	5,506,025	6,228,438	1,586,628	1,959,600
Trade and other receivables	2,806,869	3,114,831	933,443	1,074,459
Amounts due from related parties	-	-	87,436	65,501
Current tax receivables	21,931	28,729	-	-
Other financial assets at amortised cost	-	-	2,815,794	2,014,797
Financial assets at fair value through profit or loss	246,110	1,129,393	246,110	1,129,393
Cash and cash equivalents	1,079,319			528,889	772,709	304,071
Total current assets	9,660,254	11,030,280	6,442,120	6,547,821
Total assets	18,892,189			20,398,819	15,366,615	15,615,525
Equity and liabilities
Equity
Stated capital	336,335	336,335	336,335	336,335
Capital reserve	5,822,198	5,822,198	5,426,258	5,426,258
Other components of equity	1,370,718	1,383,641	1,411,210	1,426,618
Retained earnings	6,405,714			6,337,108	6,831,174	6,622,299
Total equity attributable to the equity holders of the parent	13,934,965	13,879,282	14,004,977	13,811,510
Non-current liabilities
Employee benefit obligations	247,495	224,438	219,142	200,136
Lease liabilities	180,574	218,740	89,414	81,961
Deferred tax liabilities	350,071			366,080	318,140	330,652
Total non-current liabilities	778,140	809,258	626,696	612,749
Current liabilities
Interest bearing borrowings	2,213,762	1,856,611	-	-
Trade and other payables	1,576,721	3,514,778	383,980	907,548
Lease liabilities	118,960	93,205	75,296	133,346
Amounts due to related parties	-	-	46,786	11,768
Current tax liabilities	74,886	59,514	69,193	55,219
Bank overdrafts	194,755			186,171	159,687	83,385
Total current liabilities	4,179,084			5,710,279	734,942	1,191,266
Total liabilities	4,957,224	6,519,537	1,361,638	1,804,015
Total equity and liabilities	18,892,189			20,398,819	15,366,615	15,615,525
Net assets per share -LKR	138.11	137.55	138.80	136.88

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

Executive Director - Finance

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-Nov-2022	2
Colombo

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2022

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 01.04.2021	336,335	5,380,532	785,400	308,900	466,250	(195,978)	6,218,547	13,299,986
Profit for the six months ended 30.09.2021							247,728	247,728
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Net change in equity investments at fair value through Other Comprehensive Income						9,568	-	9,568
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(14)	14	-
Total comprehensive income for the period	-	-	-	-	-	9,554	247,742	257,296
Transactions with owners in their capacity as owners :
Final dividend paid for 2020 / 2021							(100,901)	(100,901)
Balance as at 30.09.2021	336,335	5,380,532	785,400	308,900	466,250	(186,424)	6,365,388	13,456,381
Profit for the six months ended 31.03.2022							67,290	67,290
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Re-measurements of post employment benefit obligations							60,128	60,128
Deferred tax on re-measurements of post employment benefit obligations							(13,136)	(13,136)
Net change in equity investments at fair value through Other Comprehensive Income						18,304		18,304
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(8,789)	8,789	-
Revaluation of land		490,740						490,740
Deferred tax on revaluation of land		(49,074)						(49,074)
Total comprehensive income for the period	-	441,666	-	-	-	9,515	123,071	574,252
Transactions with owners in their capacity as owners :
Interim dividend paid for 2021 / 2022							(151,351)	(151,351)
Total Dividend	-	-	-	-	-	-	(151,351)	(151,351)

Balance as at 31.03.2022	336,335	5,822,198	785,400	308,900	466,250	(176,909)	6,337,108	13,879,282
Profit for the six months ended 30.09.2022							113,022	113,022
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Net change in equity investments at fair value through Other Comprehensive Income						(6,889)	-	(6,889)
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(6,034)	6,034	-
Total comprehensive income for the period	-	-	-	-	-	(12,923)	119,056	106,133
Transactions with owners in their capacity as owners :
Final dividend paid for 2021 / 2022							(50,450)	(50,450)
Total Dividend	-	-	-	-	-	-	(50,450)	(50,450)

Balance as at 30.09.2022	336,335	5,822,198	785,400	308,900	466,250	(189,832)	6,405,714	13,934,965

Notes:

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

Figures in the brackets indicate deduction.

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR SIX MONTHS ENDED 30 SEPTEMBER 2022

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 01.04.2021	336,335	5,017,658	785,400	308,900	466,250	(154,698)	6,554,818	13,314,663
Loss for the six months ended 30.09.2021							(36,280)	(36,280)
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Net change in equity investments at fair value through Other Comprehensive Income	-	-	-	-	-	6,619	-	6,619
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(14)	14	-
Total comprehensive income for the period	-	-	-	-	-	6,605	(36,266)	(29,661)
Transactions with owners, recognised directly in equity
Final dividend paid for 2020 / 2021							(100,901)	(100,901)
Balance as at 30.09.2021	336,335	5,017,658	785,400	308,900	466,250	(148,093)	6,417,651	13,184,101
Profit for the six months ended 31.03.2022							309,086	309,086
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Re-measurements of post employment benefit obligations							52,175	52,175
Deferred tax on re-measurements of post employment benefit obligations							(11,686)	(11,686)
Net change in equity investments at fair value through Other Comprehensive Income						20,585	-	20,585
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(6,424)	6,424	-
Revaluation of land		454,000						454,000
Deferred tax on revaluation of land		(45,400)					-	(45,400)
Total comprehensive income for the period	-	408,600	-	-	-	14,161	355,999	778,760
Transactions with owners in their capacity as owners :
Interim dividend paid for 2021 / 2022							(151,351)	(151,351)
Total Dividend	-	-	-	-	-	-	(151,351)	(151,351)

Balance as at 31.03.2022	336,335	5,426,258	785,400	308,900	466,250	(133,932)	6,622,299	13,811,510
Profit for the six months ended 30.09.2022							255,063	255,063
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Net change in equity investments at fair value through Other Comprehensive Income						(11,146)	-	(11,146)
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(4,262)	4,262	-
Total comprehensive income for the period	-	-	-	-	-	(15,408)	259,325	243,917
Transactions with owners in their capacity as owners :
Final dividend paid for 2021 / 2022							(50,450)	(50,450)
Total Dividend	-	-	-	-	-	-	(50,450)	(50,450)

Balance as at 30.09.2022	336,335	5,426,258	785,400	308,900	466,250	(149,340)	6,831,174	14,004,977

Notes:

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

Figures in the brackets indicate deduction.

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United Motors Lanka plc published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 04:11:03 UTC.

Latest news about United Motors Lanka PLC

United Motors Lanka PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023	Feb. 09	CI
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United Motors Lanka PLC (COSE:UML.N0000) executed a share purchase agreement to acquire Dutch Lanka Trailer Manufacturers Ltd from TRF Singapore Pte. Ltd. for LKR 700 million.	23-10-16	CI
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United Motors Lanka PLC Approves Final Dividend for the Year Ended March 31, 2022	22-06-30	CI
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United Motors Lanka PLC Reports Earnings Results for the Full Year Ended March 31, 2022	22-05-29	CI
United Motors Lanka PLC Reports Earnings Results for the Fourth Quarter Ended March 31, 2022	22-05-29	CI
United Motors Lanka PLC Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2021	22-02-10	CI
United Motors Lanka PLC Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2021	21-11-10	CI
United Motors Lanka PLC Announces Board Changes	21-07-27	CI
United Motors Lanka PLC Approves Final Dividend for the Year Ended March 31, 2021	21-07-26	CI
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United Motors Lanka plc Reports Earnings Results for the Third Quarter Ended December 31, 2020	21-02-08	CI

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Company Profile

United Motors Lanka PLC is a Sri Lanka-based automobile company. Its segments include Spare parts and workshop, Vehicles, Equipment and machinery, 3D Printers and services, Tyres, Lubricants and car care products and Trailers. Spare parts and workshop segment is engaged in the repair and service of vehicles, machinery and equipment, sale of vehicle spare parts, accessories and related components. Vehicles segment is engaged in the sale of passenger vehicles, commercial vehicles, special purpose vehicles, pre-owned passenger vehicles and commercial vehicles. Provide vehicle sales facilitation and brokering services. Equipment and machinery segment is engaged in the sale of heavy equipment, generators and machinery. 3D Printers and services segment is engaged in the sale of 3D printers, filaments, spare parts and related services. Tyres segment is engaged in the sale of tires. Lubricants and car care products segment is engaged in the sale of lubricants and car care products.

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Auto Vehicles, Parts & Service Retailers

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Income Statement Evolution

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Sector Other Auto Vehicles, Parts & Service Retailers

	1st Jan change	Capi.
UNITED MOTORS LANKA PLC	+13.43%	22.44M
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AUTONATION, INC.	+9.99%	6.57B
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ASBURY AUTOMOTIVE GROUP, INC.	-4.99%	4.2B
RUSH ENTERPRISES, INC.	-13.12%	3.36B
TUHU CAR INC.	-17.08%	2.39B
EAGERS AUTOMOTIVE LIMITED	-17.68%	2.03B

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