GROUP MANAGING DIRECTOR'S MESSAGE
Dear Shareholders,
We are pleased to submit with you the unaudited financial statements of LAUGFS Gas PLC for the quarter ended 31st December 2022 with a positive note. The Group achieved a profit after tax of LKR 2,050 million for the quarter under review in spite of adverse macro-economic environment. This is a remarkable achievement almost after 07 years, with the maximum retail price (MRP) was in place have been lifted since October 2021.
However, the financial result of LAUGFS Gas PLC for the period under review was impacted with further escalation of interest rates charged by the respective banks with the corresponding policy rate increased from time to time. The aggregate finance cost incurred by the LAUGFS Gas PLC during the 2nd quarter ended 30th September 2022 was LKR 1,570 million has increased to LKR 1,717 million during the quarter ended 31st December 2022.
However, you will note that the significant reduction in loan portfolio by the group during the period under review by way of settlement of bank debts from the sale proceeds received from LAUGFS Gas (Bangladesh) Limited with its ownership disposal. Nevertheless, a Dollar against Rupee depreciation resulted an increase in rupee liability by LKR 4.6 billion (4,600 Mn) during the period under current financial year.
The management of the company is actively engaged with, in pursuance of strategic options for the reduction of debt exposure towards the financial institutions and is confident of achieving positive outcomes in the coming months.
(Sgd).
Piyadasa Kudabalage
Group Managing Director/GCEO
13th February 2023
LAUGFS GAS PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
For the Quarter ended 31 December 2022
Quarter ended 31 December | Nine Months ended 31 December | Year ended 31 | |||||||||
March | |||||||||||
Unaudited | Unaudited | Audited | |||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | |||||
Continuing Operations | Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | Rs.'000 | ||||
Revenue | 7,808,350 | 5,641,322 | 38 | 15,893,161 | 21,340,330 | (26) | 24,023,408 | ||||
Cost of Sales | (5,256,864) | (5,675,559) | (7) | (11,572,965) | (22,205,631) | (48) | (24,975,767) | ||||
Gross Profit/ (Loss) | 2,551,486 | (34,237) | (7,552) | 4,320,196 | (865,301) | (599) | (952,359) | ||||
Other Operating Income | 93,087 | 89,044 | 5 | 215,713 | 316,661 | (32) | 392,933 | ||||
Selling and Distribution Expenses | (120,069) | (72,117) | 66 | (293,573) | (262,191) | 12 | (341,292) | ||||
Administrative Expenses | (202,291) | (212,859) | (5) | (597,854) | (599,722) | (0) | (778,503) | ||||
Foreign Currency Exchange Gain/(Loss) | (34,822) | 196 | > (100) | (650,973) | (25,117) | 2,492 | (841,498) | ||||
Fair Value Gain on Investment Properties | - | - | - | - | - | - | 600,508 | ||||
Operating Profit/ (Loss) | 2,287,391 | (229,973) | (1,095) | 2,993,510 | (1,435,670) | (309) | (1,920,212) | ||||
Finance Cost | (1,716,896) | (564,226) | 204 | (4,357,268) | (1,527,907) | 185 | (2,201,805) | ||||
Finance Income | 10,953 | 560 | (1,857) | 22,014 | 1,968 | 1,018 | 2,946 | ||||
Gain on Disposal of Investment in Subsidiary | 4,180,763 | - | > 100 | 4,180,763 | - | > 100 | - | ||||
Profit /(Loss) Before Tax | 4,762,211 | (793,639) | (700) | 2,839,020 | (2,961,609) | (196) | (4,119,070) | ||||
Income Tax Expense | (285,405) | 38,222 | 847 | (135,272) | 329,281 | (141) | 498,074 | ||||
Profit/(Loss) for the Period from Continuing Operations | 4,476,806 | (755,417) | 693 | 2,703,747 | (2,632,327) | 203 | (3,620,996) | ||||
Discontinued Operations: | |||||||||||
Profit After Tax for the Period from Discontinued Operations | 79,888 | (223,225) | 136 | (654,077) | (198,847) | (229) | (361,477) | ||||
Profit/(Loss) for the Period | 4,556,695 | (978,642) | (566) | 2,049,670 | (2,831,174) | (172) | (3,982,473) | ||||
Attributable to: | |||||||||||
Equity Holders of the Parent | 4,582,397 | (980,694) | (567) | 2,072,123 | (2,837,177) | (173) | (4,077,068) | ||||
Non-Controlling Interests | (25,703) | 2,052 | (1,353) | (22,453) | 6,003 | (474) | 94,595 | ||||
4,556,695 | (978,642) | (566) | 2,049,670 | (2,831,174) | (172) | (3,982,473) | |||||
Earnings Per Share : | |||||||||||
Basic/Diluted (Rs.) | 11.84 | (2.53) | (567) | 5.35 | (7.33) | (173) | (10.54) | ||||
attributable to Ordinary Equity Holders of the Parent |
Note : Change % column represents the percentage change in current period's results compared to previous period
The above figures are subject to audit.
Figures in brackets indicates deductions.
The accounting policies and notes on pages 12 to 17 form an integral part of these financial statements.
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LAUGFS GAS PLC
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the Quarter ended 31 December 2022
Quarter ended 31 December | Nine Months ended 31 December | Year ended 31 | |||||||||
March | |||||||||||
Unaudited | Unaudited | Audited | |||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | 2022 | |||||
Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | Rs.'000 | |||||
Profit/(Loss) for the Period | 4,556,695 | (978,642) | (566) | 2,049,670 | (2,831,174) | (172) | (3,982,473) | ||||
Other Comprehensive Income | |||||||||||
Other Comprehensive Income to be Reclassified to Profit or Loss in | |||||||||||
Subsequent Periods (Net of Tax) : | |||||||||||
Transfer of Translation Reserve on Disposed Foreign Subsidiary | (4,022,535) | - | > (100) | (4,022,535) | - | > (100) | - | ||||
Foreign Exchange Translation Differences | 344,166 | 22,856 | 1,406 | 236,314 | 6,547 | (3,510) | 2,816,846 | ||||
Net Other Comprehensive Income to be Reclassified to Profit or | (3,678,369) | 22,856 | > (100) | (3,786,221) | 6,547 | > (100) | 2,816,846 | ||||
Loss in Subsequent Periods | |||||||||||
Other Comprehensive Income not to be Reclassified to Profit or Loss | |||||||||||
in Subsequent Periods (Net of Tax) : | |||||||||||
Gains/(Losses) on Financial Assets at FVTOCI | (763) | 19 | (4,100) | (3,051) | (1,341) | 127 | (7) | ||||
Actuarial Gains/(Losses) on Defined Benefit Plans | - | - | - | - | - | - | 21,630 | ||||
Gain on Revaluation of Property, Plant & Equipments | - | - | - | - | - | - | 8,491,187 | ||||
Income Tax Effect | - | - | - | - | - | - | (1,703,728) | ||||
Net Other Comprehensive Income not to be Reclassified to Profit | (763) | 19 | (4,100) | (3,051) | (1,341) | 127 | 6,809,082 | ||||
or Loss in Subsequent Periods | |||||||||||
Other Comprehensive Income for the Period Net of Tax | (3,679,132) | 22,876 | > (100) | (3,789,271) | 5,205 | > (100) | 9,625,928 | ||||
Total Comprehensive Income for the Period Net of Tax | 877,563 | (955,767) | (192) | (1,739,601) | (2,825,969) | (38) | 5,643,455 | ||||
Attributable to: | |||||||||||
Equity Holders of the Parent | 903,266 | (957,818) | (194) | (1,717,148) | (2,831,972) | (39) | 5,548,542 | ||||
Non-Controlling Interests | (25,703) | 2,052 | (1,353) | (22,453) | 6,003 | (474) | 94,913 | ||||
877,563 | (955,767) | (192) | (1,739,601) | (2,825,969) | (38) | 5,643,455 | |||||
The accounting policies and notes on pages 12 to 17 form an integral part of these financial statements.
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LAUGFS GAS PLC | 0.00 | 0.31 | (0.00) | |||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||||
As at 31 December 2022 | ||||||
Unaudited | Unaudited | Audited | ||||
As at | As at | As at | ||||
31.12.2022 | 31.12.2021 | 31.03.2022 | ||||
ASSETS | Rs.'000 | Rs.'000 | Rs.'000 | |||
Non-Current Assets | ||||||
Property, Plant and Equipment | 36,995,629 | 25,956,867 | 42,010,483 | |||
Right-of-use assets | 1,521,848 | 914,259 | 1,296,282 | |||
Investment Properties | 3,480,507 | 2,877,707 | 3,480,507 | |||
Intangible Assets | 19,238 | 2,863,153 | 4,356,541 | |||
Non-Current Financial Assets | 15,444 | 21,050 | 18,495 | |||
Deferred Tax Assets | - | 111,404 | - | |||
42,032,665 | 32,744,440 | 51,162,308 | ||||
Current Assets | ||||||
Inventories | 1,463,296 | 1,913,796 | 1,940,664 | |||
Trade and Other Receivables | 2,619,094 | 3,422,627 | 3,419,979 | |||
Prepayments | 301,599 | 79,393 | 170,752 | |||
Income Tax Recoverable | 183,686 | 184,530 | 183,213 | |||
Other Current Financial Assets | 9,948 | 61,028 | 14,254 | |||
Cash and Short-Term Deposits | 3,051,197 | 515,383 | 811,427 | |||
7,628,819 | 6,176,757 | 6,540,288 | ||||
Total Assets | 49,661,484 | 38,921,197 | 57,702,596 | |||
EQUITY AND LIABILITIES | ||||||
Capital and Reserves | ||||||
Stated Capital | 1,000,000 | 1,000,000 | 1,000,000 | |||
Fair value Reserve of financial assets at FVTOCI | (24,869) | (23,153) | (21,818) | |||
Foreign Currency Translation Reserve | 507,765 | 1,483,686 | 4,293,985 | |||
Revaluation Reserve | 6,010,048 | 711,968 | 7,474,519 | |||
Accumulated Losses | (3,594,611) | (5,937,534) | (7,131,205) | |||
Equity attributable to Equity Holders of the Parent | 3,898,332 | (2,765,033) | 5,615,481 | |||
Non-Controlling Interests | 551,159 | 484,702 | 573,612 | |||
Total Equity | 4,449,491 | (2,280,332) | 6,189,093 | |||
Non-Current Liabilities | ||||||
Interest Bearing Loans and Borrowings | 20,846,910 | 14,839,964 | 16,842,373 | |||
Employee Benefit Liability | 94,453 | 191,229 | 197,499 | |||
Refundable Deposits | 2,065,263 | 2,422,363 | 2,514,995 | |||
Deferred Tax Liability | 636,967 | - | 1,386,233 | |||
23,643,593 | 17,453,556 | 20,941,100 | ||||
Current Liabilities | ||||||
Trade and Other Payables | 5,288,898 | 3,883,494 | 6,355,072 | |||
Interest Bearing Loans and Borrowings | 16,030,406 | 19,227,359 | 23,326,333 | |||
Refundable Deposits | 229,474 | 245,478 | 241,162 | |||
Income Tax Payable | 19,622 | 391,643 | 649,837 | |||
21,568,400 | 23,747,973 | 30,572,404 | ||||
Total Equity and Liabilities | 49,661,484 | 38,921,197 | 57,702,596 | |||
Net Assets Per Share (Rs.) | 10.07 | (7.14) | 14.51 | |||
Note: The above figures are subject to audit. |
I certify that these financial statements are in compliance with the requirements of the Companies Act No :07 of 2007.
(Sgd).
Channa Gunasekera Director - Group 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). |
W. K. H. Wegapitiya | U. K. Thilak De Silva |
Director | Director |
13th February 2022 | |
Colombo | |
The accounting policies and notes on pages 12 to 17 form an integral part of these financial statements. |
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LAUGFS Gas plc published this content on 14 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2023 11:41:08 UTC.