Sathosa Motors : Interim Financial Statements for the Quarter Ended 30.09.2022

Sathosa Motors PLC

Interim Financial Statements

For the Period Ended 30th September 2022

SATHOSA MOTORS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

Amounts in LKR			Group				Company
			Quarter Ended 30th September	6 Months ended 30th September	Quarter Ended 30th September 2022	6 Months ended 30th September
			2022	2021		2022	2021	2022	2021	2022	2021
Revenue		402,644,226	962,361,810		941,210,894	1,991,652,110	205,930,961	462,755,561	368,053,027	1,224,392,343
Cost	of Sales		(225,485,225)	(786,485,585)		(611,657,663)	(1,672,317,204)	(97,641,522)	(362,246,603)	(181,771,766)	(1,013,654,213)
Gross Profit		177,159,001	175,876,225		329,553,231	319,334,906	108,289,439	100,508,958	186,281,261	210,738,130
Other	Income		23,540,896	30,188,678		25,144,171	41,518,992	12,138,801	2,779,040	11,359,864	3,141,630
Administrative Expenses	(157,956,063)	(156,085,569)		(323,942,222)	(298,383,514)	(80,959,667)	(86,365,452)	(165,702,707)	(167,735,803)
Selling & Distribution	Expenses	(5,602,293)	(6,030,964)		(11,408,089)	(11,555,964)	(2,440,925)	(3,020,059)	(4,272,009)	(6,297,698)
Other expenses		(45,719,306)	-		(45,719,306)	-	-	-	-	-
Operating Profit		(8,577,765)	43,948,370		(26,372,215)	50,914,420	37,027,648	13,902,487	27,666,409	39,846,259
Finance Income		2,835,808	891,294		3,475,585	1,447,596	549,473	348,314	1,033,153	832,628
Finance Costs		(64,525,914)	(22,397,499)		(100,319,486)	(45,504,911)	(52,222,869)	(14,142,434)	(77,586,211)	(26,996,819)
Net Finance Costs		(61,690,106)	(21,506,205)		(96,843,901)	(44,057,315)	(51,673,396)	(13,794,120)	(76,553,058)	(26,164,191)
Profit/ (Loss) before	Tax	(70,267,871)	22,442,165		(123,216,116)	6,857,106	(14,645,748)	108,367	(48,886,649)	13,682,068
Income Tax (Expenses)/ Reversal	10,310,210	(163,196)		25,804,128	3,351,973	1,849,443	5,196,916	10,322,604	1,713,982
Net Profit/ (Loss) for the period	(59,957,661)	22,278,969		(97,411,988)	10,209,080	(12,796,305)	5,305,283	(38,564,045)	15,396,050
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
Re-measurements of defined benefit liability	205,836	625,706		411,672	1,251,412	(38,026)	381,844	(76,051)	763,689
Related tax		(49,401)	(140,415)		(98,802)	(300,339)	9,126	(91,643)	18,252	(183,285)
Other Comprehensive Income for the Period net of tax	156,435	485,291		312,870	951,073	(28,900)	290,201	(57,799)	580,403
Total Comprehensive Income for the period	(59,801,226)	22,764,260		(97,099,118)	11,160,153	(12,825,205)	5,595,484	(38,621,844)	15,976,453
Net profit/ (loss) attributable to;
Owners of the company	(36,376,981)	13,792,127		(67,988,007)	12,802,564	(12,796,305)	5,305,283	(38,564,045)	15,396,050
Non -controlling interest	(23,580,680)	8,486,842		(29,423,981)	(2,593,484)	-	-	-	-
Net profit/ (loss) for the period	(59,957,661)	22,278,969		(97,411,988)	10,209,080	(12,796,305)	5,305,283	(38,564,045)	15,396,050
Total comprehensive income attributable to;
Owners of the company	(36,313,213)	14,179,875		(67,860,472)	13,568,303	(12,825,205)	5,595,485	(38,621,844)	15,976,453
Non -controlling interest	(23,488,013)	8,584,385		(29,238,646)	(2,408,150)	-	-	-	-
Total comprehensive income for the period	(59,801,226)	22,764,260		(97,099,118)	11,160,153	(12,825,205)	5,595,484	(38,621,844)	15,976,453
Basic earnings/ (loss) per share	(9.94)	3.69		(16.14)	1.69	(2.12)	0.88	(6.39)	2.55

The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

Above Figures are Subject to Audit.

SATHOSA MOTORS PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

Amount in LKR

Attributable to Equity Holders of the Parent

Group	Stated Capital	Retained
Earnings
Balance as at 1st April 2021	115,924,290	1,535,197,038
Profit/ (Loss) for the Period	-	12,802,564
Other comprehensive income for the period net of tax	-	765,739
Total comprehensive income for the period	-	13,568,303
Balance as at 30th September 2021	115,924,290	1,548,765,341

Balance as at 01st April 2022	115,924,290	1,555,691,420
Profit/ (Loss) for the Period	-	(67,988,007)
Other comprehensive income for the period net of tax	-	127,535
Total comprehensive income for the period	-	(67,860,472)
Balance as at 30th September 2022	115,924,290	1,487,830,948

Company

Balance as at 1st April 2021

Profit/ (Loss) for the Period

Other comprehensive income for the period net of tax

Total comprehensive income for the period

Balance as at 30th September 2021

Balance as at 01st April 2022

Profit/ (Loss) for the Period

Other comprehensive income for the period net of tax

Total comprehensive income for the period

Balance as at 30th September 2022

The Accounting Policies and Notes form an integral part of these Financial Statements. Figures in brackets indicate deductions.

Above Figures are Subject to Audit

Total	Non controlling		Total Equity
interest
1,651,121,328	508,959,772	2,160,081,100
12,802,564	(2,593,485)	10,209,079
765,739	185,334		951,073
13,568,303	(2,408,151)		11,160,152
1,664,689,631	506,551,621		2,171,241,252

1,671,615,710	487,069,661	2,158,685,371
(67,988,007)	(29,423,981)	(97,411,988)
127,535	185,335		312,870
(67,860,472)	(29,238,646)		(97,099,118)
1,603,755,238	457,831,015	2,061,586,253
Stated Capital	Retained		Total Equity
Earnings
115,924,290	1,491,177,333	1,607,101,623
-	15,396,050	15,396,050
-	580,404		580,404
-	15,976,454		15,976,454
115,924,290	1,507,153,787	1,623,078,077
115,924,290	1,533,561,822	1,649,486,112
-	(38,564,045)	(38,564,045)
-	(57,799)		(57,799)
-	(38,621,844)		(38,621,844)
115,924,290	1,494,939,978	1,610,864,268

SATHOSA MOTORS PLC	0					0
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30TH SEPTEMBER 2022
Amount in LKR
	Group			Company
For the Period Ended 30th September	2022			2021		2022			2021
CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES
Profit/ (Loss) before tax	(123,216,116)			6,857,106		(48,886,649)			13,682,068
Adjustments to reconcile profit before tax to net cash flows
generated from operations:
Depreciation and amortization	98,736,331			93,016,337		39,066,973			31,311,538
Provision for employee benefits	3,618,912			3,764,733		2,255,877			2,401,698
Provision for /(reversal of) inventories	3,176,844			-		3,176,844			-
write off/ (write back) debtors & customer advances	560,584			-		(747,107)			-
Amortization of grants received	(109,691)			(109,694)		(109,690)			(109,694)
Loss on disposal of lease hold right	(30,926,236)			-		-			-
Profit on disposal of property, plant & equipment	(11,161,548)			(6,279,680)		(11,161,548)			-
Net finance costs	96,843,901			44,057,315		76,553,058			26,164,191
	37,522,981			141,306,116		60,147,758			73,449,801
Working Capital Adjustments:
(Increase)/ Decrease in inventories	(118,860,749)			312,436,079		(134,617,205)			323,079,198
(Increase)/ Decrease in trade and other receivables	215,067,851			(412,692,905)		250,020,877			(397,430,900)
(Increase)/ Decrease in amount due from related parties.	21,909,219			(46,031,878)		22,550,141			(43,320,553)
Increase/ (Decrease) in trade and other payables	(202,314,223)			24,867,510		(180,346,615)			81,142,745
Decrease in amount due to related party payables	(19,425,479)			(33,862,867)		(20,741,868)			(34,727,700)
Cash Flows from/ (used in) Operating activities	(66,100,400)			(13,977,945)		(2,986,912)			2,192,592
Interest Paid	(78,327,816)			(25,412,736)		(57,103,831)			(25,363,754)
Gratuity Paid	(4,749,195)			(4,716,597)		(3,310,946)			(3,451,598)
Net Cash Flows used in Operating Activities	(149,177,411)			(44,107,278)		(63,401,689)			(26,622,760)
CASH FLOWS FROM/ (USED IN ) INVESTING ACTIVITIES
Purchase of property, plant & equipment	(23,429,645)			(79,321,890)		(20,227,540)			(74,804,021)
Proceeds from disposal of property, plant & equipment	87,835,998			22,000,000		11,190,456			-
Interest received	3,475,585			1,447,596		1,033,153			832,628
Net Cash Flows from/ (used in) Investing Activities	67,881,938			(55,874,294)		(8,003,931)			(73,971,393)
CASH FLOWS FROM / (USED IN ) FINANCING ACTIVITIES
Net proceeds from/ (repayment) of borrowings	(12,624,924)			152,000,000		(12,624,924)			152,000,000
Repayment of leases	(31,859,458)			(30,720,367)		(6,432,264)			(3,219,902)
Net Cash Flows from/(used in) Financing Activities	(44,484,382)			121,279,633		(19,057,188)			148,780,098
Net increase/ (decrease) in Cash and Cash Equivalents	(125,779,855)			21,298,061		(90,462,808)			48,185,944
Cash & Cash Equivalents at the beginning of the period	175,876,500			122,745,769		123,651,265			36,702,970
Cash & Cash Equivalents at the end of the period	50,096,645			144,043,830		33,188,457			84,888,914

Cash and Cash equivalents includes bank overdraft that are repayable on demand and form an integral part of the Group's Cash management. The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions. Above Figures are Subject to Audit.