Lanka Ceramic : Interim Financial Statements as at 31-12-2022

LANKA CERAMIC PLC

Provisional Financial Statements

For the period ended 31st December 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
31.12.2022	31.03.2022	31.12.2022	31.03.2022
(Unaudited)	(Audited)	(Unaudited)	(Audited)
Rs.	Rs.	Rs.	Rs.
308,799,565	160,143,046	308,799,565	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	-	-
1,361,154,525	1,212,498,006	1,361,154,525	1,212,498,006
7,912,117	4,197,053	7,912,117	4,197,053
260,989,117	99,344,668	260,780,961	99,200,428
1,970,796	135,251,279	1,970,796	135,251,279
270,872,030	238,793,000	270,663,874	238,648,760
1,632,026,555	1,451,291,006	1,631,818,399	1,451,146,766
300,000,000	300,000,000	300,000,000	300,000,000
248,020,325	269,279,025	248,020,325	269,279,025
441,000,391	480,948,481	440,792,235	480,804,241
989,020,716	1,050,227,506	988,812,560	1,050,083,266
39,719,704	33,480,000	39,719,704	33,480,000
273,663,020	214,991,666	273,663,020	214,991,666
5,741,074	5,731,507	5,741,074	5,731,507
15,000,000	15,000,000	15,000,000	15,000,000
334,123,798	269,203,173	334,123,798	269,203,173
49,948,943	104,261,727	49,948,943	104,261,727
258,933,098	27,598,600	258,933,098	27,598,600
308,882,041	131,860,327	308,882,041	131,860,327
1,632,026,555	1,451,291,006	1,631,818,399	1,451,146,766
164.84	175.04	164.80	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
January 23, 2023

Lanka Ceramic PLC

Statement of Profit or Loss and Other Comprehensive Income

			Company					Group
	Nine Months			Quarter		Nine Months			Quarter
For the period ended	31.12.2022	31.12.2021	Variance	31.12.2022	31.12.2021	Variance	31.12.2022	31.12.2021	Variance	31.12.2022	31.12.2021	Variance
	Rs.	Rs.	%	Rs.	Rs.	%	Rs.	Rs.	%	Rs.	Rs.	%
Revenue	369,103,570	332,924,397	11	56,685,654	201,630,661	(72)	369,103,570	332,924,397	11	56,685,654	201,630,661	(72)
Cost of sales	(298,526,839)	(260,121,095)	15	(39,592,585)	(164,366,327)	(76)	(298,526,839)	(260,121,095)	15	(39,592,585)	(164,366,327)	(76)
Gross profit	70,576,731	72,803,302	(3)	17,093,069	37,264,334	(54)	70,576,731	72,803,302	(3)	17,093,069	37,264,334	(54)
Other income	38,353,338	50,692,239	(24)	14,082,110	13,830,138	2	38,353,338	50,692,239	(24)	14,082,110	13,830,138	2
Distribution cost	(11,428,803)	(6,415,985)	78	(4,393,847)	(2,176,167)	102	(11,428,803)	(6,415,985)	78	(4,393,847)	(2,176,167)	102
Administrative expenses	(36,650,854)	(28,867,512)	27	(12,560,204)	(9,934,520)	26	(36,714,770)	(28,867,512)	27	(12,575,477)	(9,934,520)	27
Foreign currency exchange gain/(loss)	(15,576,248)	-	100	614,823	-	100	(15,576,248)	-	100	614,823	-	100
Finance cost	(34,082,884)	(4,648,504)	633	(17,636,698)	(1,593,626)	1,007	(34,082,884)	(4,648,504)	633	(17,636,698)	(1,593,626)	1,007
Finance income	1,873,285	499,070	275	719	163,146	(100)	1,873,285	499,070	275	719	163,146	(100)
Profit before tax	13,064,565	84,062,610	(84)	(2,800,029)	37,553,305	(107)	13,000,650	84,062,610	(85)	(2,815,301)	37,553,305	(107)
Income tax expense	(37,259,435)	(22,114,083)	68	(33,115,833)	(7,945,866)	317	(37,259,435)	(22,114,083)	68	(33,115,833)	(7,945,866)	317
Profit for the period	(24,194,870)	61,948,527	(139)	(35,915,862)	29,607,439	(221)	(24,258,785)	61,948,527	(139)	(35,931,134)	29,607,439	(221)
Other comprehensive income - increase in deferred
(21,411,920)	890,452		(21,411,920)	25,000	-	(21,411,920)	890,452		(21,411,920)	25,000
tax provision			-
Total comprehensive income for the period	(45,606,790)	62,838,979	(173)	(57,327,782)	29,632,439	(293)	(45,670,706)	62,838,979	(173)	(57,343,054)	29,632,439	(294)
Earnings Per Share -from continuing operations (Rs.)	(4.03)	10.32		(5.99)	4.93		(4.04)	10.32		(5.99)	4.93

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	-	-	61,948,526	61,948,526
Other comprehensive income	-	890,452	-	890,452
Total comprehensive income	-	890,452	61,948,526	62,838,978
Dividend payment	-	-	(5,400,000)	(5,400,000)
Transfer of revaluation reserve on disposal of land		(3,712,505)	3,712,505	-
Balance as at 31st December 2021	300,000,000	282,265,407	445,262,546	1,027,527,953
Balance as at 01st April 2022	300,000,000	269,279,025	480,948,481	1,050,227,506
Profit for the period	-	-	(24,194,870)	(24,194,870)
Dividend Payment			(15,600,000)	(15,600,000)
Other comprehensive income	-	(21,258,700)	(153,220)	(21,411,920)
Total comprehensive income	-	(21,258,700)	(39,948,090)	(61,206,790)
Balance as at 31st December 2022	300,000,000	248,020,325	441,000,391	989,020,716

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	-	-	61,948,526	61,948,526
Other comprehensive income	-	890,452	-	890,452
Total comprehensive income	-	890,452	61,948,526	62,838,978
Dividend payment	-	-	(5,400,000)	(5,400,000)
Transfer of revaluation reserve on disposal of land	-	(3,712,505)	3,712,505	-
Balance as at 31st December 2021	300,000,000	282,265,407	445,262,546	1,027,527,953
Balance as at 01st April 2022	300,000,000	269,279,025	480,804,241	1,050,083,266
Profit for the period	-	-	(24,258,785)	(24,258,785)
Dividend payment			(15,600,000)	(15,600,000)
Other comprehensive income	-	(21,258,700)	(153,220)	(21,411,920)
Total comprehensive income	-	(21,258,700)	(40,012,007)	(61,270,706)
Balance as at 31st December 2022	300,000,000	248,020,325	440,792,235	988,812,560

Lanka Ceramic PLC

Cash Flow Statement

	Company	Group
For the period ended	31.12.2022	31.12.2021	31.12.2022	31.12.2021
	Rs.	Rs.	Rs.	Rs.
CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) before income tax	13,064,565	84,062,609	13,000,650	84,062,609
Adjustments for;
Depreciation & amortization	14,319,218	9,073,165	14,319,218	9,073,165
Finance costs	34,082,884	4,428,887	34,082,884	4,428,887
(Gain)/loss on sale of property, plant & equipment	-	(12,390,000)	-	(12,390,000)
Interest Income	(1,873,285)	(499,070)	(1,873,285)	(499,070)
Provision for retirement benefit obligations	1,054,274	907,620	1,054,274	907,620
Operating profit before working capital changes	60,647,656	85,583,211	60,583,741	85,583,211
(Increase)/ decrease in inventories	(3,715,063)	(2,821,449)	(3,715,063)	(2,821,449)
(Increase)/ decrease in trade and other receivables	(161,644,449)	(104,765,921)	(161,580,533)	(104,765,921)
Increase/ (decrease) in trade and other payables	(54,312,784)	73,709,657	(54,312,784)	73,709,657
Cash generated from operations	(159,024,640)	51,705,498	(159,024,639)	51,705,498
Finance costs paid	(34,082,884)	(4,428,887)	(34,082,884)	(4,428,887)
Retirement benefit costs paid	(1,045,718)	(900,433)	(1,045,718)	(900,433)
Net cash from/ (used in) operating activities	(194,153,242)	46,376,180	(194,153,242)	46,376,180
CASH FLOWS FROM/ (USED IN) INVESTING ACTIVITIES
Acquisition of property, plant & equipment	(162,979,071)	(781,187)	(162,979,071)	(781,187)
Proceeds from sale of property,plant & equipment	-	18,075,000	-	18,075,000
Interest Income	1,873,285	499,070	1,873,285	499,070
Net cash flows from / (used in) investing activities	(161,105,786)	17,792,883	(161,105,786)	17,792,883
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from interest bearing borrowings	154,363,000	-	154,363,000	-
Repayment of interest bearing borrowings	(21,359,000)	(23,472,000)	(21,359,000)	(23,472,000)
Dividend paid	(15,600,000)	(5,400,000)	(15,600,000)	(5,400,000)
Net cash flows from financing activities	117,404,000	(28,872,000)	117,404,000	(28,872,000)
Net increase / (decrease) in cash and cash equivalents	(237,855,028)	35,297,061	(237,855,028)	35,297,061
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	(102,603,749)	38,474,624	(102,603,749)	38,474,624