Sathosa Motors : SMOT-Interim Financial Statements as at 31-12-2022

Sathosa Motors PLC

Interim Financial Statements

For the Period Ended 31st December 2022

SATHOSA MOTORS PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER 2022

For the Period Ended 31st December	Quarter Ended 31st December	9 Months ended 31st December	Quarter Ended 31st December	9 Months ended 31st December
			2022	2021	2022	2021	2022	2021	2022	2021
Revenue		499,934,827	496,974,064	1,441,145,721	2,488,626,174	219,414,434	251,030,272	587,467,461	1,475,422,615
Cost of Sales		(298,987,442)	(330,876,353)	(910,645,104)	(2,003,193,557)	(101,724,220)	(154,356,252)	(283,495,985)	(1,168,010,465)
Gross	Profit		200,947,385	166,097,711	530,500,617	485,432,617	117,690,214	96,674,020	303,971,476	307,412,150
Other	Income		7,537,821	17,343,027	32,681,993	58,862,019	1,331,018	5,403,365	12,690,883	8,544,995
Administrative Expenses	(162,699,511)	(163,940,600)	(486,641,718)	(462,324,114)	(80,626,977)	(91,952,762)	(246,329,687)	(259,688,566)
Selling & Distribution	Expenses	(7,860,145)	(9,550,201)	(19,268,234)	(21,106,165)	(4,105,846)	(5,109,419)	(8,377,855)	(11,407,117)
Other expenses		-	-	(45,719,306)	-	-	-	-	-
Operating Profit		37,925,550	9,949,937	11,553,352	60,864,357	34,288,409	5,015,204	61,954,817	44,861,462
Finance Income		990,955	1,139,343	4,466,540	2,586,939	1,000,777	615,532	2,033,930	1,448,160
Finance Costs		(62,484,849)	(27,218,575)	(162,804,335)	(72,723,486)	(52,422,653)	(18,188,661)	(130,008,864)	(45,185,480)
Net Finance Costs		(61,493,894)	(26,079,232)	(158,337,795)	(70,136,547)	(51,421,876)	(17,573,129)	(127,974,934)	(43,737,320)
Profit/ (Loss) before	Tax	(23,568,344)	(16,129,295)	(146,784,443)	(9,272,190)	(17,133,467)	(12,557,925)	(66,020,117)	1,124,142
Income Tax Reversal		7,472,599	1,342,642	33,276,727	4,694,615	4,094,973	485,513	14,417,577	2,199,495
Net Profit/ (Loss) for the period	(16,095,745)	(14,786,653)	(113,507,716)	(4,577,575)	(13,038,494)	(12,072,412)	(51,602,540)	3,323,637
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
Re-measurements of defined benefit liability	180,289	625,705	591,961	1,877,117	(38,026)	381,844	(114,077)	1,145,533
Related tax		(43,269)	(150,169)	(142,071)	(450,508)	9,126	(91,643)	27,378	(274,928)
Other Comprehensive Income for the Period net of ta	137,020	475,536	449,890	1,426,609	(28,900)	290,201	(86,699)	870,605
Total Comprehensive Income for the period	(15,958,725)	(14,311,117)	(113,057,826)	(3,150,966)	(13,067,394)	(11,782,211)	(51,689,239)	4,194,242
Net profit/ (loss) attributable to;
Owners of the company	(14,567,134)	(13,429,533)	(82,555,124)	(626,969)	(13,038,494)	(12,072,412)	(51,602,540)	3,323,637
Non -controlling interest	(1,528,611)	(1,357,120)	(30,952,592)	(3,950,606)	-	-	-	-
Net profit/ (loss) for the period	(16,095,745)	(14,786,653)	(113,507,716)	(4,577,575)	(13,038,494)	(12,072,412)	(51,602,540)	3,323,637
Total comprehensive income attributable to;
Owners of the company	(14,513,073)	(13,046,665)	(82,373,528)	521,638	(13,067,394)	(11,782,211)	(51,689,239)	4,194,242
Non -controlling interest	(1,445,652)	(1,264,452)	(30,684,298)	(3,672,604)	-	-	-	-
Total comprehensive income for the period	(15,958,725)	(14,311,117)	(113,057,826)	(3,150,966)	(13,067,394)	(11,782,211)	(51,689,239)	4,194,242
Basic earnings/ (loss) per share	(2.67)	(2.45)	(18.81)	(0.76)	(2.16)	(2.00)	(8.55)	0.55

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 31ST DECEMBER 2022
Amount in LKR
	Attributable to Equity Holders of the Parent
		Retained		Non-
	Stated Capital	Total	controlling	Total Equity
	Earnings
Group			interest
Balance as at 1st April 2021	115,924,290	1,535,197,038	1,651,121,328	508,959,772	2,160,081,100
Profit/ (Loss) for the Period	-	(626,969)	(626,969)	(3,950,606)	(4,577,575)
Other comprehensive income for the period net
of tax	-	1,148,607	1,148,607	278,002	1,426,609
Total comprehensive income for the period	-	521,638	521,638	(3,672,604)	(3,150,966)
Balance as at 31st December 2021	115,924,290	1,535,718,676	1,651,642,966	505,287,168	2,156,930,134
Balance as at 01st April 2022	115,924,290	1,555,691,420	1,671,615,710	487,069,661	2,158,685,371
Profit/ (Loss) for the Period	-	(82,555,124)	(82,555,124)	(30,952,592)	(113,507,716)
Other comprehensive income for the period net
of tax	-	181,596	181,596	268,294	449,890
Total comprehensive income for the period	-	(82,373,528)	(82,373,528)	(30,684,298)	(113,057,826)
Balance as at 31st December 2022	115,924,290	1,473,317,892	1,589,242,182	456,385,363	2,045,627,545
			Stated Capital	Retained	Total Equity
Company			Earnings
Balance as at 1st April 2021			115,924,290	1,491,177,333	1,607,101,623
Profit/ (Loss) for the Period			-	3,323,637	3,323,637
Other comprehensive income for the period net
of tax			-	870,605	870,605
Total comprehensive income for the period			-	4,194,242	4,194,242
Balance as at 31st December 2021			115,924,290	1,495,371,575	1,611,295,865
Balance as at 01st April 2022			115,924,290	1,533,561,822	1,649,486,112
Profit/ (Loss) for the Period			-	(51,602,540)	(51,602,540)
Other comprehensive income for the period net
of tax			-	(86,699)	(86,699)
Total comprehensive income for the period			-	(51,689,239)	(51,689,239)
Balance as at 31st December 2022			115,924,290	1,481,872,583	1,597,796,873

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 CASH FLOWS
FOR THE PERIOD ENDED 31ST DECEMBER 2022
Amount in LKR
	Group		Company
For the Period Ended 31st December	2022	2021	2022	2021
CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES
Profit/ (Loss) before tax	(146,784,443)	(9,272,190)	(66,020,117)	1,124,142
Adjustments to reconcile profit before tax to net cash flows
generated from operations:
Depreciation and amortization	147,393,961	140,653,112	58,638,953	49,279,450
Provision for employee benefits	4,904,772	6,796,878	2,931,612	4,752,325
Provision for /(reversal of) inventories	2,130,530	-	2,130,530	-
write off/ (write back) debtors & customer advances	542,677	(2,835,132)	(765,014)	-
Amortization of grants received	(164,537)	(164,541)	(164,536)	(164,541)
Loss on disposal of lease hold right	(30,926,236)	-	-	-
Profit on disposal of property, plant & equipment	(11,234,949)	(6,680,918)	(11,234,949)	(510,918)
Net finance costs	158,337,795	70,136,547	127,974,934	43,737,320
	124,199,570	198,633,756	113,491,413	98,217,778
Working Capital Adjustments:
(Increase)/ Decrease in inventories	(182,813,118)	273,085,779	(157,208,773)	283,908,099
(Increase)/ Decrease in trade and other receivables	334,096,598	(252,000,943)	317,510,994	(252,644,884)
(Increase)/ Decrease in amount due from related parties.	18,890,360	(44,589,636)	21,471,836	(42,922,998)
Increase/ (Decrease) in trade and other payables	(220,196,615)	89,691,712	(199,699,847)	135,445,631
Decrease in amount due to related party payables	(20,267,814)	(47,593,576)	(20,693,853)	(49,742,489)
Cash Flows from/ (Used in) Operating activities	53,908,981	217,227,092	74,871,770	172,261,137
Interest Paid	(73,415,210)	(42,502,572)	(67,797,363)	(42,453,590)
Gratuity Paid	(7,110,765)	(7,009,003)	(4,940,136)	(5,534,004)
Net Cash Flows from/ (Used in) Operating activities	(26,616,994)	167,715,517	2,134,271	124,273,543
CASH FLOWS FROM/ (USED IN ) INVESTING ACTIVITIES
Purchase of property, plant & equipment	(59,072,203)	(88,018,032)	(20,468,400)	(81,692,853)
Purchase of Intangible assets	-	(23,562)	-	-
Proceeds from disposal of property, plant & equipment	87,987,521	22,679,489	11,341,979	789,169
Interest received	4,466,540	2,586,939	2,033,930	1,448,160
Net Cash Flows from/ (Used in) Investing Activities	33,381,858	(62,775,166)	(7,092,491)	(79,455,524)
CASH FLOWS FROM / (USED IN ) FINANCING ACTIVITIES
Net proceeds from/ (repayment) of borrowings	(68,247,853)	(2,000,000)	(68,247,853)	(2,000,000)
Repayment of leases	(50,326,664)	(46,833,309)	(9,777,948)	(5,412,566)
Net Cash Flows from/ (Used in) Financing Activities	(118,574,517)	(48,833,309)	(78,025,801)	(7,412,566)
Net increase/ (decrease) in Cash and Cash Equivalents	(111,809,653)	56,107,042	(82,984,021)	37,405,453
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	64,066,847	178,852,811	40,667,244	74,108,423

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.