Lanka Walltiles : LWL-Interim Financial Statements as at 30-09-2022

Lanka Walltiles PLC

Provisional Financial Statements

For the Six months ended 30th September 2022

Lanka Walltiles PLC

Provisional Financial Statements

For the Six months ended 30th September 2022

Statement of Financial Position

As at

ASSETS

Non-current assets

Property, plant & equipment

Consumable biological assets

Investment properties

Intangible assets

Investments in subsidiaries

Investments in associates

Right of use assets

Total non-current assets

Current assets

Inventories

Trade and other receivables Contract assets

Amounts due from related parties Income tax receivable

Short term investments Cash and cash equivalents Total current assets

Total assets

EQUITY AND LIABILITIES

Stated capital

Reserves

Retained earnings

Shareholders' funds

Non controlling interest

Total equity

Non-current liabilities

Interest bearing liabilities Deferred tax liabilities Retirement benefit liability Deferred income & capital grants Total non-current liabilities

Current liabilities

Trade and other payables

Contract liability Income tax liabilities Amounts due to related parties

Current portion of interest bearing liabilities Total current liabilities

Total equity and liabilities

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
19,594,780	18,973,756	5,443,827	4,950,952
597,522	595,643	-	-
813,619	813,619	-	-
53,950	57,721	-	-
-	-	1,562,096	1,562,096
180,029	177,920	-	-
293,718	309,436	32,888	45,658
21,533,617	20,928,095	7,038,811	6,558,706
16,090,516	8,388,233	3,085,191	1,479,947
9,091,551	6,767,705	1,968,626	792,407
36,498	29,342	-	-
49,464	52,533	263,759	119,378
129,696	17,586	-	-
4,209	4,008	4,209	4,008
4,407,222	7,346,071	543,847	1,029,771
29,809,156	22,605,478	5,865,632	3,425,511
51,342,773	43,533,573	12,904,443	9,984,217
787,765	787,765	787,765	787,765
3,536,480	3,536,480	2,057,891	2,057,891
15,317,488	12,802,729	4,776,013	4,342,355
19,641,733	17,126,974	7,621,670	7,188,011
6,089,869	5,441,659	-	-
25,731,602	22,568,634	7,621,670	7,188,011
2,207,482	2,363,591	7,577	6,586
2,088,285	1,996,380	627,412	628,461
940,434	912,379	135,899	123,617
110,311	113,324	-	-
5,346,513	5,385,674	770,889	758,664
5,621,782	5,526,697	1,995,827	1,094,960
253,946	113,660	90,204	19,591
638,395	1,660,751	128,120	616,199
89,367	121,365	587,512	20,784
13,661,170	8,156,793	1,710,221	286,008
20,264,660	15,579,265	4,511,884	2,037,542
51,342,773	43,533,573	12,904,443	9,984,217

Net Assets Value Per Share ( Rs.)

71.95

62.74

27.92

26.33

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.7 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
November 01, 2022

Lanka Walltiles PLC

Provisional Financial Statements

For the Six months ended 30th September 2022

Statement of Comprehensive Income

			GROUP					COMPANY
	Quarter	Six Month		Quarter	Six Month
Period ended	30.09.2022	30.09.2021	30.09.2022	30.09.2021	Variance	30.09.2022	30.09.2021	30.09.2022	30.09.2021	Variance
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	Rs.'000	Rs.'000	%
Revenue	13,395,618	9,538,761	24,877,644	16,754,335	48.5	2,625,311	1,813,033	4,421,129	3,202,137	38.1
Cost of sales	(8,480,868)	(6,294,695)	(15,448,582)	(11,236,645)	(37.5)	(1,631,623)	(1,083,341)	(2,715,734)	(1,946,618)	(39.5)
Gross profit	4,914,750	3,244,066	9,429,061	5,517,690	70.9	993,688	729,692	1,705,395	1,255,519	35.8
Other income	112,996	43,542	574,058	94,364	508.3	(11,960)	6,681	558,492	492,809	13.3
Distribution cost	(1,165,787)	(820,970)	(2,136,423)	(1,437,419)	(48.6)	(313,952)	(231,001)	(541,709)	(412,329)	(31.4)
Administrative expenses	(505,698)	(401,311)	(1,023,702)	(769,343)	(33.1)	(91,237)	(70,868)	(175,037)	(128,486)	(36.2)
Finance income	162,172	30,371	304,741	58,737	418.8	2,549	1,200	5,672	1,477	284.1
Finance cost	(921,768)	(152,323)	(1,917,852)	(287,246)	(567.7)	(85,279)	(21,088)	(109,270)	(26,548)	(311.6)
Share of net profit of associate	1,254	(80)	2,109	105	-	-	-		-	-
Profit/(Loss) before tax	2,597,918	1,943,295	5,231,992	3,176,888	64.7	493,810	414,616	1,443,544	1,182,442	22.1
Income tax expense	(475,103)	(412,204)	(1,072,860)	(730,988)	(46.8)	(91,827)	(81,878)	(218,186)	(190,990)	(14.2)
Profit/(Loss) for the period	2,122,815	1,531,091	4,159,132	2,445,900	70.0	401,983	332,738	1,225,358	991,452	23.6
Other comprehensive income/(loss)
Actuarial Gain/ (Loss) on retirement benefit liability	-	-	-	-	-	-	-	-	-	-
Deferred tax release on components of other comprehensive income	-	-	-	-	-	-	-	-	-	-
Foreign currency translation differences of foreign operations	(477)	(104)	5,871	368	-	-	-	-	-	-
Total comprehensive income/(loss) for the period	2,122,339	1,530,987	4,165,003	2,446,268	70.3	401,983	332,738	1,225,358	991,452	23.6
Profit/(Loss) attributable to:
Equity holders of Lanka Walltiles PLC	1,628,392	1,124,752	3,285,701	1,807,785	81.8	1,225,358	332,738	1,225,358	991,452	23.6
Non controlling interest	494,424	406,339	873,431	638,115	36.9	-	-	-	-	-
Profit/(Loss) for the period	2,122,815	1,531,091	4,159,132	2,445,900	70.0	1,225,358	332,738	1,225,358	991,452	23.6
Total comprehensive income/(loss) attributable to:
Equity holders of Lanka Walltiles PLC	1,628,226	1,124,716	3,287,744	1,807,913	81.9	1,225,358	332,738	1,225,358	991,452	23.6
Non controlling interest	494,113	406,271	877,259	638,355	37.4	-	-	-	-	-
Total comprehensive income/(loss) for the period	2,122,339	1,530,987	4,165,003	2,446,268	70.3	1,225,358	332,738	1,225,358	991,452	23.6
Earnings Per Share - Basic (Rs.)	5.96	4.12	12.04	6.62		4.49	1.22	4.49	3.63
Segmental Information
	GROUP			COMPANY
Period ended	30.09.2022	30.09.2021	Variance	30.09.2022	30.09.2021	Variance
	Rs.'000	Rs.'000	%	Rs.'000	Rs.'000	%
Revenue
Tiles & associated items	14,051,270	10,127,953	38.7	4,421,129	3,202,137	38.1
Plantation products	1,946,221	1,260,574	54.4	-	-	-
Packing materials	5,794,475	3,113,285	86.1	-	-	-
Aluminium products	3,439,508	2,498,506	37.7	-	-	-
Inter segment sales	(353,830)	(245,983)	(43.8)	-	-	-
Consolidated revenue	24,877,644	16,754,335	48.5	4,421,129	3,202,137	38.1
Profit/(Loss) before tax
Tiles & associated items	4,299,869	2,716,581	58.3	1,443,544	1,182,442	22.1
Plantation products	396,236	14,779	2581.1	-	-	-
Packing materials	971,264	241,238	302.6	-	-	-
Aluminium products	(435,377)	204,290	(313.1)	-	-	-
Consolidated profit/(loss) before tax	5,231,992	3,176,888	64.7	1,443,544	1,182,442	22.1

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

The figures in brackets indicate deductions

Page-02

Lanka Walltiles PLC

Provisional Financial Statements

For the Six months ended 30th September 2022

Statement of Changes in Equity

	Attributable to equity holders of the parent
	Stated	Reserves	Retained	Total	Non controlling	Total
	capital		profit		Interest	Equity
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
GROUP
Balance as at 31st March 2021	787,765	3,541,400	10,242,050	14,571,215	4,823,606	19,394,821
Charge relating to Surcharge Tax (Note 8)			(690,156)	(690,156)	(191,926)	(882,082)
Adjusted Balance as at 1st April 2021	787,765	3,541,400	9,551,894	13,881,059	4,631,680	18,512,739
Profit/(Loss) for the period	-	-	1,807,785	1,807,785	638,115	2,445,900
Other comprehensive income /(loss)	-	-	128	128	240	368
Dividend paid	-	-	(846,300)	(846,300)	-	(846,300)
Dividend to non controlling interest	-	-	48,804	48,804	(301,624)	(252,820)
Adjusted Balance as at 30th September 2021	787,765	3,541,400	10,562,311	14,891,476	4,968,411	19,859,887
Adjusted Balance as at 1st April 2022
787,765	3,536,480	12,802,729	17,126,974	5,441,659	22,568,634
Profit/(Loss) for the period	-	-	3,285,701	3,285,701	873,431	4,159,132
Other comprehensive income /(loss)	-	-	2,043	2,043	3,828	5,871
Dividend paid	-	-	(791,700)	(791,700)	-	(791,700)
Dividend to non controlling interest	-	-	18,715	18,715	(229,049)	(210,335)
Balance as at 30th September 2022	787,765	3,536,480	15,317,488	19,641,733	6,089,869	25,731,602
COMPANY
Balance as at 31st March 2021	787,765	2,057,891	3,645,057	6,490,713	-	6,490,713
Charge relating to Surcharge Tax (Note 8)			(278,160)	(278,160)		(278,160)
Adjusted Balance as at 1st April 2021	787,765	2,057,891	3,366,897	6,212,553	-	6,212,553
Profit/(Loss) for the period	-	-	991,452	991,452	-	991,452
Other comprehensive income	-	-	-	-	-	-
Dividend paid	-	-	(846,300)	(846,300)	-	(846,300)
Adjusted Balance as at 30th September 2021	787,765	2,057,891	3,512,049	6,357,705	-	6,357,705
Adjusted Balance as at 1st April 2022
787,765	2,057,891	4,342,355	7,188,011	-	7,188,011
Profit/(Loss) for the period	-	-	1,225,358	1,225,358	-	1,225,358
Other comprehensive income	-	-	-	-	-	-
Dividend paid	-	-	(791,700)	(791,700)	-	(791,700)
Balance as at 30th September 2022	787,765	2,057,891	4,776,013	7,621,670	-	7,621,670

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

The figures in brackets indicate deductions

Page -03

Lanka Walltiles PLC

Provisional Financial Statements

For the Six months ended 30th September 2022

Cash Flow Statement

Period ended

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(Loss) before income tax

Adjustments for;

Depreciation and amortisation Amortisation of right of use lease assets Income from investments

Change in fair value of biological assets Profit/(loss) on sale of property, plant & equipment Interest income

Finance costs

Provision for retirement benefit obligations Capital expenditure written off

Allowance for obsolete and slow moving inventories Allowance for impairment of trade receivable Deferred income/ capital grants amortisation Foreign exchange (gain)/ loss

Share of net profit of associate

Operating profit before working capital changes

(Increase)/ decrease in inventories

(Increase)/ decrease in trade and other receivables (Increase)/ decrease in dues from related parties Increase in dues to related parties

Increase/ (decrease) in trade and other payables

Cash generated/ (used in) from operations

Interest received

Finance costs paid

Retirement benefit costs paid

Income tax paid

Net cash from/ (used in) operating activities

CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES

Acquisition of property, plant & equipment Acquisition of plantation assets

proceeds from sale of property, plant & equipment Income from investments

Net cash flows from / (used in) investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Interest bearing borrowings obtained

Repayment of interest bearing borrowings

Repayment of lease liability

Dividend paid - on ordinary shares

Dividend paid to non controlling interest

Capital grants received

Net cash flows from/(used in) financing activities

Net increase / (decrease) in cash and cash equivalents

MOVEMENT IN CASH & CASH EQUIVALENTS

Foreign currency translation differences 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
Rs.'000	Rs.'000	Rs.'000	Rs.'000
5,231,992	3,176,888	1,443,544	1,182,442
564,937	534,330	114,192	93,513
49,917	33,510	12,769	10,323
-	-	(525,583)	(478,346)
(9,446)	6,226	-	-
(111)	-	-	-
(304,741)	(58,737)	-	-
1,917,852	287,246	109,270	11,426
106,979	92,808	13,303	13,276
14,685	12,823	-	-
12,908	10,192	-	-
16,863	7,889	-	2,400
(3,835)	(3,783)	-	-
624,656	26,976	(20,671)	15,122
(2,109)	(105)	-	-
8,220,547	4,126,263	1,146,825	850,156
(7,705,745)	(1,532,213)	(1,605,244)	106,968
(2,347,865)	(734,045)	(1,176,219)	82,912
3,069	26,657	(144,380)	(77,818)
(31,998)	15,145	566,728	(48,185)
(382,141)	631,887	992,152	68,316
(2,244,133)	2,533,694	(220,138)	982,349
304,741	58,737	-	-
(1,917,852)	(287,246)	(109,270)	(11,426)
(87,544)	(45,077)	(1,022)	(285)
(2,115,421)	(760,124)	(707,315)	(247,211)
(6,060,210)	1,499,984	(1,037,745)	723,427
(1,091,051)	(1,304,158)	(607,067)	(395,505)
(106,504)	(1,885)	-	-
187	(83,307)	-	-
-	-	525,583	478,346
(1,197,367)	(1,389,350)	(81,485)	82,841
11,891,126	8,239,995	1,076,194	400,000
(7,700,741)	(6,487,490)	(109,926)	(136,962)
(64,065)	(39,352)	(9,760)	(10,174)
(791,700)	(846,300)	(791,700)	(846,300)
(210,335)	(252,820)	-	-
821	-	-	-
3,125,106	614,033	164,809	(593,436)
(4,132,471)	724,667	(954,421)	212,832
5,871	368	-	-
5,604,209	2,270,477	794,291	223,510
1,477,609	2,995,512	(160,130)	436,342

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

Page-04