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%		+2.49%	+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 : Interim Financial statement for the period ended 31 December 2022

February 06, 2023 at 08:50 am EST

INTERIM FINANCIAL STATEMENTS

For the Period Ended 31 December 2022

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 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
		9 Months	9 Months		3 Months	3 Months		9 Months	9 Months		3 Months	3 Months
	Note	ended	ended		ended	ended		ended	ended		ended	ended
		31.12.2022	31.12.2021		31.12.2022	31.12.2021		31.12.2022	31.12.2021		31.12.2022	31.12.2021

Revenue from contracts with customers	5	8,159,518	10,637,205	-23.3%	1,937,913	3,397,992	-43.0%	3,694,361	3,662,218	0.9%	1,297,602	1,858,627	-30.2%
Cost of sales		(5,986,900)	(8,403,443)	28.8%	(1,331,481)	(2,466,342)	46.0%	(2,432,782)	(2,486,504)	2.2%	(816,853)	(1,220,487)	33.1%
Gross profit		2,172,618	2,233,762	-2.7%	606,432	931,650	-34.9%	1,261,579	1,175,714	7.3%	480,749	638,140	-24.7%
Distribution expenses		(267,200)	(270,370)	1.2%	(106,940)	(108,864)	1.8%	(135,456)	(135,791)	0.2%	(49,192)	(59,372)	17.1%
Administrative expenses		(2,015,721)	(1,372,827)	-46.8%	(860,174)	(495,754)	-73.5%	(1,331,733)	(1,068,431)	-24.6%	(452,947)	(387,587)	-16.9%
Net impairment (losses)/gains on trade and other receivables		(75,099)	776	-9777.7%	(21,043)	19,930	-205.6%	(20,739)	3,879	-634.7%	(32,454)	19,963	-262.6%
Other gains/(losses)-net	6	167,317	43,682	283.0%	(27,898)	45,293	-161.6%	224,165	88,390	153.6%	57,174	58,552	-2.4%
Other income		75,383	104,412	-27.8%	29,207	22,333	30.8%	168,510	145,598	15.7%	61,799	38,578	60.2%
Profit/(loss) from operations		57,298	739,435	-92.3%	(380,416)	414,588	-191.8%	166,326	209,359	-20.6%	65,129	308,274	-78.9%
Finance income		66,248	60,113	10.2%	34,435	15,487	122.3%	352,750	95,971	267.6%	114,531	12,646	805.7%
Finance cost		(467,183)	(46,277)	-909.5%	(200,284)	(10,684)	-1774.6%	(11,776)	(27,932)	57.8%	(4,626)	(5,051)	8.4%
Net finance (cost)/income		(400,935)	13,836	-2997.8%	(165,849)	4,803	-3553.0%	340,974	68,039	401.1%	109,905	7,595	1347.1%
(Loss)/Profit before income tax expense		(343,637)	753,271	-145.6%	(546,265)	419,391	-230.3%	507,300	277,398	82.9%	175,034	315,869	-44.6%
Income tax expense	7.1	168,276	(182,322)	192.3%	257,882	(96,170)	368.2%	(187,999)	(72,295)	-160.0%	(110,796)	(74,486)	-48.7%
Profit/(loss) for the period		(175,361)	570,949	-130.7%	(288,383)	323,221	-189.2%	319,301	205,103	55.7%	64,238	241,383	-73.4%
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		(19,445)	29,230		11,229	3,722		(21,357)	18,473		(10,211)	11,854
Deferred tax on gains on revaluation of land	7.2	(281,375)	-		-	-		(262,975)	-		(262,975)	-
Other Comprehensive Income for the period		(300,820)	29,230		11,229	3,722		(284,332)	18,473		(273,186)	11,854

Total Comprehensive Income for the period		(476,181)	600,179		(277,154)	326,943		34,969	223,576		(208,948)	253,237
Profit attributable to:
Owners of United Motors Lanka PLC		(175,361)	570,949		(288,383)	323,221		319,301	205,103		64,238	241,383
Profit/(loss) for the period		(175,361)	570,949		(288,383)	323,221		319,301	205,103		64,238	241,383
Total Comprehensive Income attributable to:
Owners of United Motors Lanka PLC		(476,181)	600,179		(277,154)	326,943		34,969	223,576		(208,948)	253,237
Total Comprehensive Income for the period		(476,181)	600,179		(277,154)	326,943		34,969	223,576		(208,948)	253,237
Earnings per share-basic and diluted (LKR)		(1.74)	5.66		(2.86)	3.20		3.16	2.03		0.64	2.39
Note:
All amounts are in LKR.'000s, unless otherwise stated.
Figures in brackets indicate deductions.

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 2022

STATEMENT OF FINANCIAL POSITION

		Group		Company
	Un-audited			Audited	Un-audited	Audited
As at	31.12.2022	31.03.2022	31.12.2022	31.03.2022
Assets
Non-current assets
Property, plant & equipment	8,133,036	8,232,589	7,493,356	7,581,106
Investment property	-	-	558,000	558,000
Intangible assets	175,217	191,218	172,329	188,330
Right-of-use assets	252,209	307,543	129,618	211,958
Investments in subsidiaries	-	-	222,400	222,400
Financial assets at fair value through other comprehensive income	90,448	140,562	68,884	106,369
Reimbursable right	34,833	34,833	29,346	29,346
Deferred tax assets	859,441			461,794	201,816	170,195
Total non-current assets	9,545,184	9,368,539	8,875,749	9,067,704
Current assets
Inventories	5,494,322	6,228,438	1,772,084	1,959,600
Trade and other receivables	2,575,778	3,114,831	1,245,109	1,074,459
Amounts due from related parties	-	-	115,960	65,501
Current tax receivables	17,851	28,729	-	-
Other financial assets at amortised cost	-	-	2,305,177	2,014,797
Financial assets at fair value through profit or loss	223,540	1,129,393	223,540	1,129,393
Cash and cash equivalents	922,017			528,889	738,468	304,071
Total current assets	9,233,508	11,030,280	6,400,338	6,547,821
Total assets	18,778,692			20,398,819	15,276,087	15,615,525
Equity and liabilities
Equity
Stated capital	336,335	336,335	336,335	336,335
Capital reserve	5,540,823	5,822,198	5,163,283	5,426,258
Other components of equity	1,358,162	1,383,641	1,400,999	1,426,618
Retained earnings	6,117,331			6,337,108	6,895,412	6,622,299
Total equity attributable to the equity holders of the parent	13,352,651	13,879,282	13,796,029	13,811,510
Non-current liabilities
Employee benefit obligations	259,146	224,438	228,645	200,136
Lease liabilities	134,164	218,740	91,935	81,961
Deferred tax liabilities	703,596			366,080	658,514	330,652
Total non-current liabilities	1,096,906	809,258	979,094	612,749
Current liabilities
Interest bearing borrowings	2,789,348	1,856,611	24,042	-
Trade and other payables	1,212,706	3,514,778	206,959	907,548
Lease liabilities	116,482	93,205	46,632	133,346
Amounts due to related parties	-	-	69,024	11,768
Current tax liabilities	102,104	59,514	94,991	55,219
Bank overdrafts	108,495			186,171	59,316	83,385
Total current liabilities	4,329,135			5,710,279	500,964	1,191,266
Total liabilities	5,426,041	6,519,537	1,480,058	1,804,015
Total equity and liabilities	18,778,692			20,398,819	15,276,087	15,615,525
Net assets per share -LKR	132.33	137.55	136.73	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
6-Feb-2023	2
Colombo

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 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 nine months ended 31.12.2021							570,949	570,949
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						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 for 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
Loss for the three months ended 31.03.2022							(255,931)	(255,931)
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						(1,358)		(1,358)
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(6,492)	6,492	-
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	-	-	-	(7,850)	(202,447)	231,369
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 nine months ended 31.12.2022							(175,361)	(175,361)
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						(19,445)	-	(19,445)
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(6,034)	6,034	-
Deferred tax on revaluation of land (Note 7)		(281,375)					-	(281,375)
Total comprehensive income for the period	-	(281,375)	-	-	-	(25,479)	(169,327)	(476,181)
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 31.12.2022	336,335	5,540,823	785,400	308,900	466,250	(202,388)	6,117,331	13,352,651

Notes:

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

Figures in the brackets indicate deduction.

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR NINE MONTHS ENDED 31 DECEMBER 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
Profit for the nine months ended 31.12.2021							205,103	205,103
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	-	-	-	-	-	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, recognised directly in equity
Final dividend paid for 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
Profit for the three months ended 31.03.2022							67,703	67,703
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						8,731	-	8,731
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(6,431)	6,431	-
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	-	-	-	2,300	114,623	525,523
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 nine months ended 31.12.2022							319,301	319,301
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						(21,357)	-	(21,357)
Net gain on disposal of equity investments at fair value through Other Comprehensive Income						(4,262)	4,262	-
Deferred tax on revaluation of land (Note 7)		(262,975)					-	(262,975)
Total comprehensive income for the period	-	(262,975)	-	-	-	(25,619)	323,563	34,969
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 31.12.2022	336,335	5,163,283	785,400	308,900	466,250	(159,551)	6,895,412	13,796,029

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 06 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 February 2023 13:49:10 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 Approves Final Dividend for the Year Ended March 31, 2022	22-06-05	CI
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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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

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UNITED MOTORS LANKA PLC	+13.43%	22.44M
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TUHU CAR INC.	-17.08%	2.39B
EAGERS AUTOMOTIVE LIMITED	-17.68%	2.03B

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