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 : Interim financial statements for the period ended 31 March 2022

May 31, 2022 at 12:50 am EDT

INTERIM FINANCIAL STATEMENTS

For the Period Ended 31 March 2022

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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
	Year	Year		3 Months	3 Months		Year	Year		3 Months	3 Months
	ended	ended		ended	ended		ended	ended		ended	ended
	31.03.2022	31.03.2021		31.03.2022	31.03.2021		31.03.2022	31.03.2021		31.03.2022	31.03.2021

Revenue from contracts with customers	12,884,249	13,537,657	-4.8%	2,247,044	4,003,361	-43.9%	5,268,274	7,187,553	-26.7%	1,606,056	1,469,953	9.3%
Cost of sales	(10,081,012)	(10,832,471)	6.9%	(1,677,569)	(3,353,262)	50.0%	(3,603,030)	(5,101,072)	29.4%	(1,116,526)	(1,085,888)	-2.8%
Gross profit	2,803,237	2,705,186	3.6%	569,475	650,099	-12.4%	1,665,244	2,086,481	-20.2%	489,530	384,065	27.5%
Distribution expenses	(421,510)	(415,467)	-1.5%	(151,140)	(120,071)	-25.9%	(248,341)	(217,356)	-14.3%	(112,550)	(49,281)	-128.4%
Administrative and other expenses	(2,077,845)	(1,546,766)	-34.3%	(749,476)	(335,324)	-123.5%	(1,493,613)	(1,215,081)	-22.9%	(517,451)	(198,039)	-161.3%
Other income	135,469	153,572	-11.8%	31,057	64,943	-52.2%	281,661	321,752	-12.5%	136,063	219,862	-38.1%
Profit/(loss) from operating activities	439,351	896,525	-51.0%	(300,084)	259,647	-215.6%	204,951	975,796	-79.0%	(4,408)	356,607	-101.2%
Finance income	86,613	93,349	-7.2%	26,500	29,974	-11.6%	180,115	148,870	21.0%	84,144	45,508	84.9%
Finance cost	(76,729)	(343,482)	77.7%	(30,453)	(35,393)	14.0%	(32,540)	(218,790)	85.1%	(4,608)	(29,481)	84.4%
Net finance income/(cost)	9,884	(250,133)	104.0%	(3,953)	(5,419)	27.1%	147,575	(69,920)	311.1%	79,536	16,027	396.3%
Profit/(loss) before income tax expense	449,235	646,392	-30.5%	(304,037)	254,228	-219.6%	352,526	905,876	-61.1%	75,128	372,634	-79.8%
Income tax expense	(134,217)	(142,717)	6.0%	48,105	937	-5033.9%	(79,720)	(139,237)	42.7%	(7,425)	2,947	-351.9%
Profit/(loss) for the year/period	315,018	503,675	-37.5%	(255,932)	255,165	-200.3%	272,806	766,639	-64.4%	67,703	375,581	-82.0%
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	27,872	123,891		(1,358)	(8,886)		27,204	97,414		8,731	(7,536)
Re-measurements of post employment benefit obligations	60,128	(23,663)		60,128	(23,663)		52,175	(20,502)		52,175	(20,502)
Deferred tax on re-measurements of post employment benefit
obligations	(13,136)	4,301		(13,136)	4,301		(11,686)	3,662		(11,686)	3,662
Revaluation of land	490,740	135,210		490,740	135,210		454,000	126,000		454,000	126,000
Deferred tax on gains on revaluation of land	(49,074)	(13,521)		(49,074)	(13,521)		(45,400)	(12,600)		(45,400)	(12,600)
Other comprehensive income for the year/period	516,530	226,218		487,300	93,441		476,293	193,974		457,820	89,024

Total comprehensive income for the year/period	831,548	729,893		231,368	348,606		749,099	960,613		525,523	464,605
Profit attributable to:
Owners of United Motors Lanka PLC	315,018	503,675		(255,932)	255,165		272,806	766,639		67,703	375,581
Profit/(loss) for the year/period	315,018	503,675		(255,932)	255,165		272,806	766,639		67,703	375,581
Total comprehensive income attributable to:
Owners of United Motors Lanka PLC	831,548	729,893		231,368	348,606		749,099	960,613		525,523	464,605
Total comprehensive income for the year/period	831,548	729,893		231,368	348,606		749,099	960,613		525,523	464,605
Basic earnings per share (LKR.)	3.12	4.99		(2.54)	2.53		2.70	7.60		0.67	3.72
Note:
All amounts are in LKR.'000s, unless otherwise stated.
Figures in brackets indicate deductions.

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

STATEMENT OF FINANCIAL POSITION

		Group		Company
	Un-audited			Audited	Un-audited	Audited
As at	31.03.2022	31.03.2021	31.03.2022	31.03.2021
Assets
Non-current assets
Property, plant & equipment	8,232,589	7,836,020	7,581,106	7,190,990
Investment property	-	-	558,000	521,260
Intangible assets	191,218	220,119	188,330	216,992
Right-of-use assets	307,543	265,208	211,958	212,415
Investments in subsidiaries	-	-	222,400	222,400
Financial assets at fair value through other comprehensive income	140,562	258,864	106,369	211,519
Reimbursable right	34,833	46,833	29,346	41,885
Deferred tax assets	461,794			507,080	170,195	189,714
Total non-current assets	9,368,539	9,134,124	9,067,704	8,807,175
Current assets
Inventories	6,228,438	3,383,961	1,959,600	1,427,937
Trade and other receivables	3,114,831	2,065,783	1,074,459	764,046
Amounts due from related parties	-	-	65,501	380,206
Current tax receivables	28,729	8,657	-	-
Other financial assets at amortised cost	-	-	2,014,797	-
Financial assets at fair value through profit or loss	1,129,393	3,309,783	1,129,393	3,309,783
Cash and cash equivalents	528,889			851,744	304,071	644,512
Total current assets	11,030,280	9,619,928	6,547,821	6,526,484
Total assets	20,398,819			18,754,052	15,615,525	15,333,659
Equity and liabilities
Equity
Stated capital	336,335	336,335	336,335	336,335
Capital reserve	5,822,198	5,380,532	5,426,258	5,017,658
Other components of equity	1,383,641	1,364,572	1,426,618	1,405,852
Retained earnings	6,337,108			6,218,547	6,622,299	6,554,818
Total equity attributable to the equity holders of the parent	13,879,282	13,299,986	13,811,510	13,314,663
Non-current liabilities
Interest bearing borrowings	-	3,150	-	-
Employee benefit obligations	224,438	282,299	200,136	251,995
Lease liabilities	218,740	180,985	81,961	74,651
Deferred tax liabilities	366,080			315,655	330,652	291,749
Total non-current liabilities	809,258	782,089	612,749	618,395
Current liabilities
Interest bearing borrowings	1,856,611	2,103,829	-	500,411
Trade and other payables	3,514,778	2,319,162	907,548	619,915
Lease liabilities	93,205	100,363	133,346	152,423
Amounts due to related parties	-	-	11,768	2,841
Current tax liabilities	59,514	76,941	55,219	76,454
Bank overdrafts	186,171			71,682	83,385	48,557
Total current liabilities	5,710,279			4,671,977	1,191,266	1,400,601
Total liabilities	6,519,537	5,454,066	1,804,015	2,018,996
Total equity and liabilities	20,398,819			18,754,052	15,615,525	15,333,659
Net assets per share -LKR	137.55	131.81	136.88	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

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
30-May-2022
Colombo

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 01.04.2020	336,335	5,258,843	785,400	308,900	466,250	(315,323)	5,881,039	12,721,444
Profit for the year							503,675	503,675
Other Comprehensive Income
Items that will not be reclassified to profit or loss
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						123,891	-	123,891
Net gains on disposal of equity investments at fair value through Other Comprehensive Income						(4,546)	4,546	-
Revaluation of land		135,210					-	135,210
Deferred tax on revaluation of land			(13,521)					-	(13,521)
Total comprehensive income for the year		-	121,689	-	-	-	119,345	488,859	729,893
Transactions with owners in their capacity as owners :
Interim dividend paid for 2020 / 2021								(151,351)	(151,351)
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 year							315,018	315,018
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						27,872	-	27,872
Net gains on disposal of equity investments at fair value through Other Comprehensive Income						(8,803)	8,803	-
Revaluation of land		490,740						490,740
Deferred tax on revaluation of land			(49,074)					-	(49,074)
Total comprehensive income for the year		-	441,666	-	-	-	19,069	370,813	831,548

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

Notes:

All amounts are in LKR.'000s, unless otherwise stated. Figures in the brackets indicate deduction.

						(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

UNITED MOTORS LANKA PLC

INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 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 01.04.2020	336,335	4,904,258	785,400	308,900	466,250	(248,338)	5,952,596	12,505,401
Profit for the year							766,639	766,639
Other Comprehensive Income
Items that will not be reclassified to profit or loss
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	-	-	-	-	-	97,414	-	97,414
Net gains 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 year		-	113,400	-	-	-	93,640	753,573	960,613
Transactions with owners, recognised directly in equity
Interim dividend paid for 2020 / 2021								(151,351)	(151,351)
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 year							272,806	272,806
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						27,204	-	27,204
Net gains on disposal of equity investments at fair value through Other Comprehensive Income						(6,438)	6,438	-
Revaluation of land		454,000						454,000
Deferred tax on revaluation of land			(45,400)					-	(45,400)
Total comprehensive income for the year		-	408,600	-	-	-	20,766	319,733	749,099

Transactions with owners in their capacity as owners :

Final dividend paid for 2020 / 2021 Interim dividend paid 2021 / 2022 Total Dividend

						(100,901)	(100,901)
						(151,351)	(151,351)
-	-	-	-	-	-	(252,252)	(252,252)

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

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 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 04:49:07 UTC.

Latest news about United Motors Lanka PLC

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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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