UNITED MOTORS LANKA PLC INTERIM FINANCIAL STATEMENTS
For the Period Ended 30 June 2022
UNITED MOTORS LANKA PLC
INTERIM FINANCIAL STATEMENTS FOR THREE MONTHS ENDED 30 JUNE 2022
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | Company | ||||||
Un-audited | Un-audited | Variance | Un-audited | Un-audited | Variance | ||
3 Months | 3 Months | 3 Months | 3 Months | ||||
Note | ended | ended | ended | ended | |||
30.06.2022 | 30.06.2021 | 30.06.2022 | 30.06.2021 | ||||
Revenue from contracts with customers | 5 | 3,038,217 | 3,419,597 | -11.2% | 1,280,357 | 779,045 | 64.3% |
Cost of sales | (2,254,540) | (2,870,687) | 21.5% | (936,544) | (545,832) | -71.6% | |
Gross profit | 783,677 | 548,910 | 42.8% | 343,813 | 233,213 | 47.4% | |
Distribution expenses | (90,226) | (71,965) | -25.4% | (54,152) | (30,757) | -76.1% | |
Administrative expenses | (560,551) | (427,813) | -31.0% | (426,811) | (329,273) | -29.6% | |
Net impairment (losses)/gains on trade and other receivables | (46,727) | (22,053) | -111.9% | 4,374 | (21,179) | 120.7% | |
Other (losses)/gains-net | 6 | (141,123) | 3,662 | -3953.7% | 94,175 | 9,262 | 916.8% |
Other income | 14,688 | 20,312 | -27.7% | 46,424 | 22,426 | 107.0% | |
(Loss)/profit from operations | (40,262) | 51,053 | -178.9% | 7,823 | (116,308) | 106.7% | |
Finance income | 17,761 | 20,113 | -11.7% | 46,012 | 43,125 | 6.7% | |
Finance cost | (112,234) | (22,957) | -388.9% | (4,234) | (15,392) | 72.5% | |
Net finance (cost)/income | (94,473) | (2,844) | -3221.8% | 41,778 | 27,733 | 50.6% | |
(Loss)/profit before income tax expense | (134,735) | 48,209 | -379.5% | 49,601 | (88,575) | 156.0% | |
Income tax expense | (3,490) | (34,916) | 90.0% | (17,832) | 3,904 | -556.8% | |
(Loss)/profit for the period | (138,225) | 13,293 | -1139.8% | 31,769 | (84,671) | 137.5% | |
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 | (30,674) | 5,846 | (26,338) | 2,784 | |||
Other comprehensive income for the period | (30,674) | 5,846 | (26,338) | 2,784 | |||
Total comprehensive income for the period | (168,899) | 19,139 | 5,431 | (81,887) | |||
Profit attributable to: | |||||||
Owners of United Motors Lanka PLC | (138,225) | 13,293 | 31,769 | (84,671) | |||
(Loss)/profit for the period | (138,225) | 13,293 | 31,769 | (84,671) | |||
Total comprehensive income attributable to: | |||||||
Owners of United Motors Lanka PLC | (168,899) | 19,139 | 5,431 | (81,887) | |||
Total comprehensive income for the period | (168,899) | 19,139 | 5,431 | (81,887) | |||
Earnings per share-basic and diluted (LKR) | (1.37) | 0.13 | 0.31 | (0.84) | |||
Note: | |||||||
All amounts are in LKR.'000s, unless otherwise stated. | |||||||
Figures in brackets indicate deductions. |
1
UNITED MOTORS LANKA PLC
INTERIM FINANCIAL STATEMENTS FOR THREE MONTHS ENDED 30 JUNE 2022
STATEMENT OF FINANCIAL POSITION
Group | Company | |||||||
Un-audited | Audited | Un-audited | Audited | |||||
As at | 30.06.2022 | 31.03.2022 | 30.06.2022 | 31.03.2022 | ||||
Assets | ||||||||
Non-current assets | ||||||||
Property, plant & equipment | 8,200,066 | 8,232,589 | 7,550,803 | 7,581,106 | ||||
Investment property | - | - | 558,000 | 558,000 | ||||
Intangible assets | 184,380 | 191,218 | 181,492 | 188,330 | ||||
Right-of-use assets | 298,413 | 307,543 | 172,870 | 211,958 | ||||
Investments in subsidiaries | - | - | 222,400 | 222,400 | ||||
Financial assets at fair value through other comprehensive income | 109,887 | 140,562 | 80,031 | 106,369 | ||||
Reimbursable right | 34,833 | 34,833 | 29,346 | 29,346 | ||||
Deferred tax assets | 489,000 | 461,794 | 175,577 | 170,195 | ||||
Total non-current assets | 9,316,579 | 9,368,539 | 8,970,519 | 9,067,704 | ||||
Current assets | ||||||||
Inventories | 6,434,311 | 6,228,438 | 1,940,316 | 1,959,600 | ||||
Trade and other receivables | 3,102,567 | 3,114,831 | 915,947 | 1,074,459 | ||||
Amounts due from related parties | - | - | 100,575 | 65,501 | ||||
Current tax receivables | 26,008 | 28,729 | - | - | ||||
Other financial assets at amortised cost | - | - | 2,834,766 | 2,014,797 | ||||
Financial assets at fair value through profit or loss | 361,657 | 1,129,393 | 361,657 | 1,129,393 | ||||
Cash and cash equivalents | 742,295 | 528,889 | 289,697 | 304,071 | ||||
Total current assets | 10,666,838 | 11,030,280 | 6,442,958 | 6,547,821 | ||||
Total assets | 19,983,417 | 20,398,819 | 15,413,477 | 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 | 1,352,967 | 1,383,641 | 1,400,280 | 1,426,618 | ||||
Retained earnings | 6,148,433 | 6,337,108 | 6,603,618 | 6,622,299 | ||||
Total equity attributable to the equity holders of the parent | 13,659,933 | 13,879,282 | 13,766,491 | 13,811,510 | ||||
Non-current liabilities | ||||||||
Employee benefit obligations | 235,969 | 224,438 | 209,639 | 200,136 | ||||
Lease liabilities | 194,175 | 218,740 | 79,138 | 81,961 | ||||
Deferred tax liabilities | 358,696 | 366,080 | 321,449 | 330,652 | ||||
Total non-current liabilities | 788,840 | 809,258 | 610,226 | 612,749 | ||||
Current liabilities | ||||||||
Interest bearing borrowings | 2,509,739 | 1,856,611 | - | - | ||||
Trade and other payables | 2,729,839 | 3,514,778 | 774,870 | 907,548 | ||||
Lease liabilities | 110,613 | 93,205 | 102,416 | 133,346 | ||||
Amounts due to related parties | - | - | 33,361 | 11,768 | ||||
Current tax liabilities | 54,938 | 59,514 | 48,836 | 55,219 | ||||
Bank overdrafts | 129,515 | 186,171 | 77,277 | 83,385 | ||||
Total current liabilities | 5,534,644 | 5,710,279 | 1,036,760 | 1,191,266 | ||||
Total liabilities | 6,323,484 | 6,519,537 | 1,646,986 | 1,804,015 | ||||
Total equity and liabilities | 19,983,417 | 20,398,819 | 15,413,477 | 15,615,525 | ||||
Net assets per share -LKR | 135.38 | 137.55 | 136.44 | 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 |
9-Aug-2022 | 2 |
Colombo | |
UNITED MOTORS LANKA PLC
INTERIM FINANCIAL STATEMENTS FOR THREE MONTHS ENDED 30 JUNE 2022 STATEMENT OF CHANGES IN EQUITY
Group
Balance as at 01.04.2021
Profit for the three months ended 30.06.2021
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
Net gain on disposal of equity investments at fair value through Other Comprehensive Income
Total comprehensive income for the year
Transactions with owners in their capacity as owners :
Balance as at 30.06.2021
Profit for the nine months ended 31.03.2022
Other Comprehensive Income
Items that will not be reclassified to profit or loss
Re-measurements of post employment benefit obligations
Deferred tax on re-measurements of post employment benefit obligations
Net change in equity investments at fair value through Other Comprehensive Income
Net gain on disposal of equity investments at fair value through Other Comprehensive Income Revaluation of land
Deferred tax on revaluation of land
Total comprehensive income for the period
Transactions with owners in their capacity as owners :
Final dividend paid for 2020 / 2021
Interim dividend paid 2021 / 2022
Total Dividend
Balance as at 31.03.2022
Loss for the three months ended 30.06.2022
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
Total comprehensive income for the period
Transactions with owners in their capacity as owners :
Final dividend payable for 2021 / 2022
Total Dividend
Balance as at 30.06.2022
Notes:
All amounts are in LKR.'000s, unless otherwise stated.
Figures in the brackets indicate deduction.
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 |
336,335 | 5,380,532 | 785,400 | 308,900 | 466,250 | (195,978) | 6,218,547 | 13,299,986 |
13,293 | 13,293 | ||||||
5,846 | - | 5,846 | |||||
(14) | 14 | - | |||||
- | - | - | - | - | 5,832 | 13,307 | 19,139 |
336,335 | 5,380,532 | 785,400 | 308,900 | 466,250 | (190,146) | 6,231,854 | 13,319,125 |
301,725 | 301,725 | ||||||
60,128 | 60,128 | ||||||
(13,136) | (13,136) | ||||||
22,026 | 22,026 | ||||||
(8,789) | 8,789 | - | |||||
490,740 | 490,740 | ||||||
(49,074) | (49,074) | ||||||
- | 441,666 | - | - | - | 13,237 | 357,506 | 812,409 |
(100,901) | (100,901) | ||||||
(151,351) | (151,351) | ||||||
- | - | - | - | - | - | (252,252) | (252,252) |
336,335 | 5,822,198 | 785,400 | 308,900 | 466,250 | (176,909) | 6,337,108 | 13,879,282 |
(138,225) | (138,225) | ||||||
(30,674) | - | (30,674) | |||||
- | - | - | - | - | (30,674) | (138,225) | (168,899) |
(50,450) | (50,450) | ||||||
- | - | - | - | - | - | (50,450) | (50,450) |
336,335 | 5,822,198 | 785,400 | 308,900 | 466,250 | (207,583) | 6,148,433 | 13,659,933 |
3
UNITED MOTORS LANKA PLC
INTERIM FINANCIAL STATEMENTS FOR THREE MONTHS ENDED 30 JUNE 2022 STATEMENT OF CHANGES IN EQUITY
Company
Balance as at 01.04.2021
Loss for the three months ended 30.06.2021
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
Net gain on disposal of equity investments at fair value through Other Comprehensive Income
Total comprehensive income for the period
Transactions with owners, recognised directly in equity
Balance as at 30.06.2021
Profit for the nine months ended 31.03.2022
Other Comprehensive Income
Items that will not be reclassified to profit or loss Re-measurementsof post employment benefit obligations
Deferred tax on re-measurements of post employment benefit obligations
Net change in equity investments at fair value through Other Comprehensive Income
Net gain on disposal of equity investments at fair value through Other Comprehensive Income Revaluation of land
Deferred tax on revaluation of land
Total comprehensive income for the period
Transactions with owners in their capacity as owners :
Final dividend paid for 2020 / 2021
Interim dividend paid 2021 / 2022
Total Dividend
Balance as at 31.03.2022
Profit for the three months ended 30.06.2022
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
Total comprehensive income for the period
Transactions with owners in their capacity as owners :
Final dividend payable for 2021 / 2022
Total Dividend
Balance as at 30.06.2022
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 |
336,335 | 5,017,658 | 785,400 | 308,900 | 466,250 | (154,698) | 6,554,818 | 13,314,663 |
(84,671) | (84,671) | ||||||
- | - | - | - | - | 2,784 | - | 2,784 |
(14) | 14 | - | |||||
- | - | - | - | - | 2,770 | (84,657) | (81,887) |
336,335 | 5,017,658 | 785,400 | 308,900 | 466,250 | (151,928) | 6,470,161 | 13,232,776 |
357,477 | 357,477 | ||||||
52,175 | 52,175 | ||||||
(11,686) | (11,686) | ||||||
24,420 | - | 24,420 | |||||
(6,424) | 6,424 | - | |||||
454,000 | 454,000 | ||||||
(45,400) | - | (45,400) | |||||
- | 408,600 | - | - | - | 17,996 | 404,390 | 830,986 |
(100,901) | (100,901) | ||||||
(151,351) | (151,351) | ||||||
- | - | - | - | - | - | (252,252) | (252,252) |
336,335 | 5,426,258 | 785,400 | 308,900 | 466,250 | (133,932) | 6,622,299 | 13,811,510 |
31,769 | 31,769 | ||||||
(26,338) | - | (26,338) | |||||
- | - | - | - | - | (26,338) | 31,769 | 5,431 |
(50,450) | (50,450) | ||||||
- | - | - | - | - | - | (50,450) | (50,450) |
336,335 | 5,426,258 | 785,400 | 308,900 | 466,250 | (160,270) | 6,603,618 | 13,766,491 |
Notes: | |
All amounts are in LKR.'000s, unless otherwise stated. | |
Figures in the brackets indicate deduction. | 4 |
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United Motors Lanka plc published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 14:35:24 UTC.
