Lanka Tiles : TILE-Interim Financial Statements as at 30-09-2022

LANKA TILES PLC

Provisional Financial Statements

For the Six months ended 30th September 2022

LANKA TILES PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022

STATEMENT OF FINANCIAL POSITION

As at

ASSETS

Non-current assets

Property, plant and equipment

Capital work-in-progress

Right of use assets

Intangible assets

Investment properties

Investment in subsidiary

Investment in associates

Current assets

Inventories

Receivables & prepayments

Amounts due from related companies

Cash & cash equivalents

Total assets

EQUITY AND LIABILITIES

Capital and reserves

Stated capital (Note 3)

Reserves

Shareholders' funds

Non controlling interest

Total Equity

Non-current liabilities

Lease liabilities

Interest bearing liabilities

Deferred tax liabilities

Retirement benefit obligations

Current liabilities

Lease liabilities

Trade & other payables

Contract liability

Amounts due to related companies

Current tax liabilities

Interest bearing liabilities

Bank overdrafts

Total liabilities

Total equity and liabilities

Net asset value per share (Rs.)

Group	Company
30.09.2022	31.03.2022	30.09.2022	31.03.2022
Unaudited	Adjusted	Unaudited	Adjusted
Rs.'000	Rs.'000	Rs.'000	Rs.'000
5,942,190	6,147,169	5,942,190	6,147,169
459,139	324,010	459,139	324,010
42,382	65,378	42,382	65,378
8,460	8,970	8,460	8,970
483,091	483,091	-	-
-	-	270,242	270,242
1,500,440	1,563,428	1,437,794	1,501,249
8,435,702	8,592,046	8,160,207	8,317,018
4,012,298	2,473,794	4,012,298	2,473,794
2,665,931	910,523	2,655,666	910,523
573,798	14,109	626,936	65,168
2,790,581	4,936,501	2,778,084	4,919,853
10,042,608	8,334,927	10,072,984	8,369,338
18,478,310	16,926,973	18,233,191	16,686,356
900,968	900,968	900,968	900,968
12,604,804	10,714,433	12,425,454	10,539,132
13,505,772	11,615,401	13,326,422	11,440,100
11,105	8,095	-	-
13,516,877	11,623,496	13,326,422	11,440,100
24,757	38,753	24,757	38,753
540,843	666,667	540,843	666,667
948,749	907,441	895,105	853,796
176,202	158,999	176,202	158,999
1,690,551	1,771,860	1,636,907	1,718,215
31,023	36,753	31,023	36,753
1,329,339	1,548,896	1,328,703	1,548,770
175,295	90,233	175,295	90,233
668,520	232,352	668,363	228,902
385,033	897,744	384,806	897,744
250,000	250,000	250,000	250,000
431,672	475,639	431,672	475,639
3,270,882	3,531,617	3,269,862	3,528,041
4,961,433	5,303,477	4,906,769	5,246,256
18,478,310	16,926,973	18,233,191	16,686,356
50.92	43.79	50.24	43.13

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

It is certified that the interim financial statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007

Sgd.

General Manager (Finance)

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Signed for and on behalf of the board by

Sgd.	Sgd.
Director	Director
01st November 2022

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LANKA TILES PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
			Group					Company
	30.09.2022	30.09.2021		30.09.2022	30.09.2021
Period ended	Quarter	Six months	Quarter	Six months	Variance	Quarter	Six months	Quarter	Six months	Variance
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%
Export sales	178,191	333,506	193,529		377,755	(12)	178,191	333,506	193,529	377,755	(12)
Local sales	5,277,908	9,635,263	3,718,040		6,421,448	50	5,277,908	9,635,263	3,718,040	6,421,448	50
Gross sales (inclusive of tax)	5,456,099	9,968,769	3,911,569		6,799,203	47	5,456,099	9,968,769	3,911,569	6,799,203	47
Sales (net of tax)	4,851,209	8,971,531	3,636,734		6,324,501	42	4,851,209	8,971,531	3,636,734	6,324,501	42
Cost of sales	(2,687,025)	(4,720,709)	(1,987,705)		(3,510,309)	34	(2,687,025)	(4,720,709)	(1,987,705)	(3,510,309)	34
Gross profit	2,164,184	4,250,822	1,649,029		2,814,192	51	2,164,184	4,250,822	1,649,029	2,814,192	51
Other operating income	7,741	15,245	4,633		10,021	52	7,157	14,072	4,117	9,034	56
Distribution costs	(571,522)	(1,055,430)	(398,895)		(696,107)	52	(571,522)	(1,055,430)	(398,895)	(696,107)	52
Administrative expenses	(197,676)	(373,235)	(142,262)		(278,507)	34	(196,983)	(371,783)	(141,795)	(277,892)	34
Operating profit / (loss)	1,402,727	2,837,402	1,112,506		1,849,599	53	1,402,836	2,837,681	1,112,456	1,849,227	53
Net finance income / (cost)	96,950	201,256	3,313		2,668	7443	96,950	201,256	3,313	2,668	7443
Share of results of equity-accounted investees	14,642	(3,105)	91,802		123,626	(103)	13,769	(4,572)	91,822	123,553	(104)
Profit / (Loss) before taxation	1,514,319	3,035,553	1,207,621		1,975,893	54	1,513,555	3,034,365	1,207,591	1,975,448	54
Taxation	(278,416)	(644,065)	(232,025)		(383,253)	68	(278,416)	(644,065)	(219,425)	(370,654)	74
Profit / (Loss) after tax	1,235,903	2,391,488	975,596		1,592,640	50	1,235,139	2,390,300	988,166	1,604,795	49
Exchange gain / (loss) arising on translation of
foreign operations	(476)	5,871	(104)		368	1495	-	-	-	-	-
Total comprehensive income for the year
1,235,427	2,397,359	975,492		1,593,008	50	1,235,139	2,390,300	988,166	1,604,795	49
Profit attributable to:
Equity holders of the parent	1,235,794	2,391,355	975,515		1,592,475	50	1,235,139	2,390,300	988,166	1,604,795	49
Non Controlling Interest	109	133	81		165	(19)	-	-	-	-
Profit for the year	1,235,903	2,391,488	975,596		1,592,640	50	1,235,139	2,390,300	988,166	1,604,795	49
Total comprehensive income attributable to:
Equity holders of the parent	1,235,552	2,394,349	975,462		1,592,663	50	1,235,139	2,390,300	988,166	1,604,795	49
Non Controlling Interest	(125)	3,010	30		345	772	-	-	-	-
Total comprehensive income	1,235,427	2,397,359	975,492		1,593,008	50	1,235,139	2,390,300	988,166	1,604,795	49
Earnings per ordinary share-basic (Rs)	4.66	9.02	3.68		6.00	50	4.66	9.01	3.73	6.05	49

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

Page 2

LANKA TILES PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022

STATEMENT OF CHANGES IN EQUITY
Group
	Amalgamation	Revaluation	Exchange	Retained	Total	Non Controlling	Shareholders'
	Stated Capital
	Reserve	Reserve	Reserve	Earnings	Reserves	Interest	funds
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance at 01st April 2021	900,968	460,151	1,122,372	385	7,443,205	9,026,113	6,192	9,933,273
Charge relating to Surcharge Tax (Note 7)	-	-	-	-	(603,922)	(603,922)	-	(603,922)
Balance at 01st April 2021	900,968	460,151	1,122,372	385	6,839,283	8,422,191	6,192	9,329,351
Net profit / (loss) for the period	-	-	-	-	1,592,475	1,592,475	165	1,592,640
Other comprehensive income	-	-	-	188	-	188	180	368
Dividend for 2020/2021 (Interim 3)	-	-	-	-	(583,554)	(583,554)	-	(583,554)
Balance as at 30th september 2021	900,968	460,151	1,122,372	573	7,848,204	9,431,300	6,537	10,338,805
Balance at 01st April 2022	900,968	460,151	1,115,159	2,183	9,136,940	10,714,433	8,095	11,623,496
Net profit /(loss) for the period	-	-	-	-	2,391,355	2,391,355	133	2,391,488
Other comprehensive income	-	-	-	2,994	-	2,994	2,877	5,871
Dividend for 2020/2021 (Interim 3)	-	-	-	-	(503,978)	(503,978)	-	(503,978)
Balance as at 30th september 2022	900,968	460,151	1,115,159	5,177	11,024,317	12,604,804	11,105	13,516,877
Company	Stated Capital	Amalgamation	Revaluation	Exchange	Retained	Total	Non Controlling	Shareholders'
		Reserve	Reserve	Reserve	Earnings	Reserves	Interest	funds
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance at 01st April 2021	900,968	460,151	1,122,372	-	7,262,289	8,844,813	-	9,745,781
Charge relating to Surcharge Tax (Note 7)	-	-	-	-	(603,922)	(603,922)	-	(603,922)
Balance at 01st April 2021	900,968	460,151	1,122,372	-	6,658,367	8,240,891	-	9,141,859
Net profit / (loss) for the period	-	-	-	-	1,604,795	1,604,795	-	1,604,795
Dividend for 2020/2021 (Interim 3)	-	-	-	-	(583,554)	(583,554)	-	(583,554)
Balance as at 30th september 2021	900,968	460,151	1,122,372	-	7,679,608	9,262,132	-	10,163,100
Balance at 01st April 2022	900,968	460,151	1,115,159	-	8,963,822	10,539,132	-	11,440,100
Net profit / (loss) for the period	-	-	-	-	2,390,300	2,390,300	-	2,390,300
Dividend for 2021/2022 (Interim 3)					(503,978)	(503,978)		(503,978)
Balance as at 30th september 2022	900,968	460,151	1,115,159	-	10,850,144	12,425,454	-	13,326,423

The notes to the financial statements on page 05 form an integral part of the financial statements.

The figures in brackets indicate deductions

Page 3

LANKA TILES PLC

PROVISIONAL FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2022

CASH FLOW STATEMENT

Period ended

CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES

Profit before income tax

Adjustments for:

Depreciation on tangible fixed assets

Depreciation on lease assets

Amortization of intangible Assets

Net Finance (income) / cost

Provision for retirement benefit obligations

Exchange (Gain) / loss

Interest Expense on lease liability

Share of results of associate

Operating profit (loss) before working capital changes

Changes in working capital

(Increase)/Decrease in inventories (Increase)/Decrease in trade and other receivables (Increase)/Decrease in due from related parties Increase/(Decrease) in trade & other payables Increase/(Decrease) in due to related parties

Cash generated from operations

Finance income received / (cost paid)

Retirement benefit costs paid

Income tax / Surcharge Tax paid

Net cash flows from/(used in) operating activities

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES

Acquisition of property,plant,equipment

Dividend received

Net cash flows from /(used in) investing activities

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES

Dividend paid

Proceeds from borrowings

Repayment of borrowings

Payments of Lease rentals

Net cash flows from /(used in) financing activities

Net Increase/(Decrease) in cash and cash equivalents

Movement in cash and cash equivalents

Net foreign exchange difference arising on translation of foreign operations Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Group		Company
30.09.2022		30.09.2021	30.09.2022	30.09.2021
Unaudited		Unaudited	Unaudited	Unaudited
Rs.'000		Rs.'000	Rs.'000	Rs.'000
3,035,553		1,975,893	3,034,365	1,975,448
224,039		219,722	224,039	219,722
22,996		8,328	22,996	8,328
510		1,580	510	1,580
(149,903)		(16,354)	(149,903)	(16,354)
18,000		18,000	18,000	18,000
(51,353)		13,685	(51,353)	13,685
5,937		3,959	5,937	3,959
3,105		(123,626)	4,572	(123,553)
3,108,884		2,101,187	3,109,163	2,100,815
(1,538,504)		(146,355)	(1,538,504)	(146,355)
(1,755,408)		(147,204)	(1,745,143)	(147,189)
(559,689)		30,444	(561,768)	28,800
(73,938)		(335,144)	(75,674)	(335,110)
436,168		142,713	439,461	144,394
(382,487)		1,645,641	(372,465)	1,645,355
149,903		16,354	149,903	16,354
(797)		(6,664)	(797)	(6,664)
(1,115,622)		(405,743)	(1,115,622)	(405,743)
(1,349,003)		1,249,588	(1,338,981)	1,249,302
(154,190)		(147,721)	(154,190)	(147,721)
58,883		68,697	58,883	68,697
(95,307)		(79,024)	(95,307)	(79,024)
(503,978)		(583,554)	(503,978)	(583,554)
-		50,000	-	50,000
(125,824)		(175,000)	(125,824)	(175,000)
(33,711)		(10,127)	(33,711)	(10,127)
(663,513)		(718,681)	(663,513)	(718,681)
(2,107,823)		451,883	(2,097,801)	451,597
5,871		368	-	-
4,460,862		2,271,874	4,444,213	2,259,217
2,358,909		2,724,125	2,346,412	2,710,814

The notes to the financial statements on page 05 form an integral part of the financial statements. The figures in brackets indicate deductions

Page 4