Lanka Ceramic : CERA-Interim Financial Statements as at 30-09-2022

LANKA CERAMIC PLC

Provisional Financial Statements

For the period ended 30th September 2022

LANKA CERAMIC PLC

Statement of Financial Position

As at

ASSETS

Non-current assets

Property, plant & equipment

Investment property

Other equity investments

Investment in subsidiary

Total non-current assets

Current assets

Inventories

Trade and other receivables

Cash and cash equivalents

Total current assets

Total assets

EQUITY AND LIABILITIES

Stated capital

Reserves

Retained earnings

Total equity

Non-current liabilities

Interest bearing loans and borrowings Deferred tax liabilities

Retirement benefit liability Other non-current liabilities Total non-current liabilities

Current liabilities

Trade and other payables

Interest bearing loans and borrowings Total current liabilities

Total equity and liabilities

Net Assets Value Per Share ( Rs.)

Company	Group
30.09.2022	31.03.2022	30.09.2022	31.03.2022
(Unaudited)	(Audited)	(Unaudited)	(Audited)
Rs.	Rs.	Rs.	Rs.
277,510,605	160,143,046	277,510,605	160,143,046
995,688,200	995,688,200	995,688,200	995,688,200
-	-	56,666,760	56,666,760
56,666,760	56,666,760	-	-
1,329,865,565	1,212,498,006	1,329,865,565	1,212,498,006
6,026,548	4,197,053	6,026,548	4,197,053
334,917,287	99,344,668	334,724,403	99,200,428
2,222,401	135,251,279	2,222,401	135,251,279
343,166,236	238,793,000	342,973,352	238,648,760
1,673,031,801	1,451,291,006	1,672,838,917	1,451,146,766
300,000,000	300,000,000	300,000,000	300,000,000
269,279,025	269,279,025	269,279,025	269,279,025
477,069,473	480,948,481	476,876,589	480,804,241
1,046,348,498	1,050,227,506	1,046,155,614	1,050,083,266
19,417,000	33,480,000	19,417,000	33,480,000
219,134,972	214,991,666	219,134,972	214,991,666
5,726,632	5,731,507	5,726,632	5,731,507
15,000,000	15,000,000	15,000,000	15,000,000
259,278,604	269,203,173	259,278,604	269,203,173
140,911,471	104,261,727	140,911,471	104,261,727
226,493,228	27,598,600	226,493,228	27,598,600
367,404,699	131,860,327	367,404,699	131,860,327
1,673,031,801	1,451,291,006	1,672,838,917	1,451,146,766
174.39	175.04	174.36	175.01

These Financial Statements are in compliance with the requirements of the Companies Act No 7 of 2007.

Sgd

Group Finance Controller

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
October 31, 2022

Lanka Ceramic PLC

Statement of Profit or Loss and Other Comprehensive Income

			Company					Group
	Six Months			Quarter		Six Months			Quarter
For the period ended	30.09.2022	30.09.2021	Variance	30.09.2022	30.09.2021	Variance	30.09.2022	30.09.2021	Variance	30.09.2022	30.09.2021	Variance
	Rs.	Rs.	%	Rs.	Rs.	%	Rs.	Rs.	%	Rs.	Rs.	%
Revenue	312,417,916	131,293,736	138	178,823,466	75,445,556	137	312,417,916	131,293,736	138	178,823,466	75,445,556	137
Cost of sales	(248,448,731)	(85,093,261)	192	(146,700,884)	(53,721,414)	173	(248,448,731)	(85,093,261)	192	(146,700,884)	(53,721,414)	173
Gross profit	63,969,185	46,200,475	38	32,122,582	21,724,142	48	63,969,185	46,200,475	38	32,122,582	21,724,142	48
Other income	24,271,228	36,862,101	(34)	11,917,968	24,710,943	(52)	24,271,228	36,862,101	(34)	11,917,968	24,710,943	(52)
Distribution cost	(7,034,956)	(4,239,819)	66	(4,215,406)	(1,712,025)	146	(7,034,956)	(4,239,819)	66	(4,215,406)	(1,712,025)	146
Administrative expenses	(34,576,173)	(29,594,499)	17	(17,731,425)	(14,041,397)	26	(34,624,816)	(29,594,499)	17	(17,759,886)	(14,041,397)	26
Foreign currency exchange gain/(loss)	(16,191,071)	-	100	(5,302,298)	-	100	(16,191,071)	-	100	(5,302,298)	-	100
Finance cost	(16,446,186)	(3,054,878)	438	(13,031,564)	(1,498,759)	769	(16,446,186)	(3,054,878)	438	(13,031,564)	(1,498,759)	769
Finance income	1,872,567	335,924	457	529	299,320	(100)	1,872,567	335,924	457	529	299,320	(100)
Profit before tax	15,864,594	46,509,304	(66)	3,760,387	29,482,224	(87)	15,815,951	46,509,304	(66)	3,731,926	29,482,224	(87)
Income tax expense	(4,143,602)	(14,168,217)	(71)	(1,023,550)	(9,723,087)	(89)	(4,143,602)	(14,168,217)	(71)	(1,023,550)	(9,723,087)	(89)
Profit for the period	11,720,992	32,341,087	(64)	2,736,837	19,759,137	(86)	11,672,349	32,341,087	(64)	2,708,376	19,759,137	(86)
Other comprehensive income - deferred tax reversal
-	865,452		-	865,452	-	-	865,452		-	865,452
on disposal of land			-
Total comprehensive income for the period	11,720,992	33,206,539	(65)	2,736,837	20,624,589	(87)	11,672,349	33,206,539	(65)	2,708,376	20,624,589	(87)
Earnings Per Share -from continuing operations (Rs.)	1.95	5.39		0.46	3.29		1.95	5.39		0.45	3.29

Lanka Ceramic PLC

Statement of Changes in Equity

		Company
	Stated	Revaluation	Retained	Total
	capital	reserve	earnings
	Rs.	Rs.	Rs.	Rs.
Balance as at 01st April 2021	300,000,000	285,087,460	385,001,515	970,088,975
Profit for the period	-	-	32,341,087	32,341,087
Other comprehensive income	-	865,452	-	865,452
Total comprehensive income	-	865,452	32,341,087	33,206,539
Dividend payment	-	-	(5,400,000)	(5,400,000)
Transfer of revaluation reserve on disposal of land		(3,606,050)	3,606,050	-
Balance as at 30th September 2021	300,000,000	282,346,862	415,548,652	997,895,514
Balance as at 01st April 2022	300,000,000	269,279,025	480,948,481	1,050,227,506
Profit for the period	-	-	11,720,992	11,720,992
Dividend Payment			(15,600,000)	(15,600,000)
Other comprehensive income	-	-	-	-
Total comprehensive income	-	-	(3,879,008)	(3,879,008)
Balance as at 30th September 2022	300,000,000	269,279,025	477,069,473	1,046,348,498

Statement of Changes in Equity

		Group
	Stated	Revaluation	Retained	Total
	capital	reserve	earnings
	Rs.	Rs.	Rs.	Rs.
Balance as at 01st April 2021	300,000,000	285,087,460	385,001,515	970,088,975
Profit for the period	-	-	32,341,087	32,341,087
Other comprehensive income	-	865,452	-	865,452
Total comprehensive income	-	865,452	32,341,087	33,206,539
Dividend payment	-	-	(5,400,000)	(5,400,000)
Transfer of revaluation reserve on disposal of land	-	(3,606,050)	3,606,050	-
Balance as at 30th September 2021	300,000,000	282,346,862	415,548,652	997,895,514
Balance as at 01st April 2022	300,000,000	269,279,025	480,804,241	1,050,083,266
Profit for the period	-	-	11,672,349	11,672,349
Dividend payment			(15,600,000)	(15,600,000)
Other comprehensive income	-	-	-	-
Total comprehensive income	-	-	(3,927,652)	(3,927,651)
Balance as at 30th September 2022	300,000,000	269,279,025	476,876,589	1,046,155,614

Lanka Ceramic PLC

Cash Flow Statement

	Company	Group
For the period ended	30.09.2022	30.09.2021	30.09.2022	30.09.2021
	Rs.	Rs.	Rs.	Rs.
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before income tax	15,864,594	46,509,304	15,815,951	46,509,304
Adjustments for;
Depreciation & amortization	7,771,819	6,224,581	7,771,819	6,224,581
Finance costs	16,212,210	3,054,878	16,212,210	3,054,878
(Gain)/loss on sale of property, plant & equipment	-	(11,915,000)	-	(11,915,000)
Interest Income	(1,872,567)	(335,924)	(1,872,567)	(335,924)
Provision for retirement benefit obligations	703,274	605,040	703,274	605,040
Operating profit before working capital changes	38,679,331	44,142,879	38,630,689	44,142,879
(Increase)/ decrease in inventories	(1,829,495)	(17,266,087)	(1,829,495)	(17,266,087)
(Increase)/ decrease in trade and other receivables	(235,574,364)	(37,854,690)	(235,525,721)	(37,854,690)
Increase/ (decrease) in trade and other payables	36,656,701	24,372,395	36,656,701	24,372,395
Cash generated from operations	(162,067,826)	13,394,497	(162,067,825)	13,394,497
Finance costs paid	(16,212,210)	(3,054,878)	(16,212,210)	(3,054,878)
Retirement benefit costs paid	(708,400)	(898,938)	(708,400)	(898,938)
Net cash from/ (used in) operating activities	(178,988,435)	9,440,681	(178,988,435)	9,440,681
CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES
Acquisition of property, plant & equipment	(125,142,548)	(628,187)	(125,142,548)	(628,187)
Proceeds from sale of property,plant & equipment	-	17,475,000	-	17,475,000
Interest Income	1,872,567	335,924	1,872,567	335,924
Net cash flows from / (used in) investing activities	(123,269,982)	17,182,737	(123,269,982)	17,182,737
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from interest bearing borrowings	100,000,000	-	100,000,000	-
Repayment of interest bearing borrowings	(15,120,000)	(15,648,000)	(15,120,000)	(15,648,000)
Dividend paid	(15,600,000)	(5,400,000)	(15,600,000)	(5,400,000)
Net cash flows from financing activities	69,280,000	(21,048,000)	69,280,000	(21,048,000)
Net increase / (decrease) in cash and cash equivalents	(232,978,418)	5,575,418	(232,978,418)	5,575,418
MOVEMENT IN CASH & CASH EQUIVALENTS
Cash and cash equivalents at the beginning of the period	135,251,279	3,177,563	135,251,279	3,177,563
Cash and cash equivalents at the end of the period	(97,727,139)	8,752,981	(97,727,139)	8,752,981