Autodrome PlcCSELK: AUTO.N0000

Interim accounts for the quarter ending 30th june 2024

Jul 26, 2024 at 10:21 AM UTC · Issued by Autodrome Plc

THE AUTODROME PLC

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER

ENDED 30.06.2024

The Autodrome PLC

304 Union Place,

Colombo 02. Sri Lanka

www.autodrome.lk/financial

The Autodrome PLC	1
Interim Financial Statements for the quarter ended 30 June 2024

Corporate Information

Name of the Company

The Autodrome PLC

Legal Form

A Quoted Public Company with Limited Liability, incorporated in Sri Lanka in 1953.

Company Registration Number

PQ84

Stock Exchange

AUTO.N0000. GICS Industry Group: Retailing

Head Office/ Registered Office

304, Union Place, Colombo 02. Sri Lanka.

Board of Directors

Mrs. Bernadette Aloysius BA‐ Chairperson

Mr. Jeremy Aloysius MBA (USA) ‐ Jt. Managing Director

Mr. Rajeev Aloysius FCMA, FCMA(UK), CGMA, MBA ‐ Jt. Managing Director

Mrs. Joanne Aloysius Rajiyah BSc (Lon.), MBA ‐ Marketing Director

Prof. John Aloysius BSc, PhD (USA)

Ms. Julie A. Aloysius BA (USA)

Mr. Raviraj Ratnasabapathy FCMA(UK), CGMA, MBA

Mr. Brihadisvara Ponnambalam

Mr. Ranil de Silva ACA, FCMA(UK), MCIM

Company Secretaries

Deloitte Corporate Services (Pvt) Ltd

Lawyers

M/s. D. L. & F De Saram

Auditors

Ernst and Young Sri Lanka, Chartered Accountants

Bankers

Hatton National Bank PLC, Head Office Branch

Commercial Bank of Ceylon PLC, City Office

People's Bank, Union Place Branch

Sampath Bank, Colombo Super Branch

The Autodrome PLC

Interim Financial Statements for the quarter ended 30 June 2024

Statement of Financial Position

Company Group (Unaudited) (Unaudited)

31.03.2024 31.03.2024

Rs.ʹ000 Rs.ʹ000

Assets

Non‐current assets

2,019,814 2,019,814 Property, Plant & Equipment

282 282 Intangible Assets

500	‐	Investments
95,670	102,770	Other Financial Assets

2,116,266	2,122,866
		Current Assets

48,161	48,161	Inventories
12,190	11,970	Trade Receivables & Other Receivables
208	‐	Amount Due from related party
393,090	404,155	Other Financial Assets
5,728	8,061	Cash and Cash Equivalents

459,376	472,347
		Total Assets
2,575,642	2,595,213
		Equity and Liabilities


		Capital and Reserves
12,440	12,440	Stated Capital
1,308,265	1,308,265	Revaluation Reserve
582,963	601,136	Revenue Reserves
		Shareholdersʹ Funds
1,903,669	1,921,842

				2
Company	Group
(Unaudited)		(Unaudited)	(Unaudited)		(Unaudited)
30.06.2024	30.06.2023	30.06.2024	30.06.2023
Rs.ʹ000		Rs.ʹ000	Rs.ʹ000		Rs.ʹ000

2,017,290	2,026,022	2,017,290	2,026,022
309	8	309	8
500	500	‐		‐
96,012	96,044	102,612	102,644

2,114,111		2,122,574	2,120,211		2,128,674

12,901	32,441	12,901	32,441
23,141	18,091	25,049	18,130
‐	69
407,339	353,200	418,250	361,315
879	21,470	4,389	23,871

444,261		425,272	460,589		435,757

2,558,372		2,547,846	2,580,800	2,564,432


12,440	12,440	12,440	12,440
1,307,378	1,311,510	1,307,378	1,311,510
590,359	571,008	609,077	586,375

1,910,177		1,894,958	1,928,895	1,910,324

580,192	580,192
26,066	26,066

606,258	606,258
61,139	61,555
	‐
1,723	2,705
2,853	2,853

65,715	67,113

Non‐current Liabilities

Deferred Taxation

Retirement Benefit Obligations

Current Liabilities

Trade and Other Payables Amount Due to related party Current Tax Liability

Bank Overdraft

580,192	581,811	580,192	581,811
27,157	22,933	27,157	22,933

607,349		604,745	607,349	604,745
36,431	34,776	39,653	35,324
2		‐	‐	‐
4,412	13,367	4,903	14,039
‐		‐	‐	‐

40,846		48,143	44,556	49,362

671,973 673,372 Total Liabilities

2,575,642 2,595,213 Total Equity and Liabilities

648,195	652,888	651,905	654,107

2,558,371	2,547,846	2,580,800	2,564,431

It is certified that the Financial Statements have been prepared in accordance with the requirment of the Companies Act No.07 of 2007.

Gayan Joseph

Head of Finance

The Board of Directors is responsible for these Financial Statements.

Signed for and on behalf of the Board.

Rajeev Aloysius	Jeremy Aloysius
Jt. Managing Director	Jt. Managing Director
26 July 2024

The Autodrome PLC	3
Interim Financial Statements for the quarter ended 30 June 2024

Company Statement of Profit or Loss and Other Comprehensive Income

		Quarter ended 30 June		Year ended 31 March
		2024	2023 (Unaudited)		2024 (Unaudited)	2023
					Change				Change
Turnover		73,513	62,790	17.1%	168,616	229,790		(26.6%)
Cost of Sales		(56,358)	(44,899)	25.5%	(121,119)	(145,442)		(16.7%)
Gross Profit					(4.1%)				(43.7%)
	17,155	17,891	47,498	84,348
Other Operating Income	6	9,562	7,510	27.3%	30,628	28,424		7.8%
		26,717		25,401	5.2%	78,126	112,772		(30.7%)
Less :Expenses
Administrative Expenses		(32,266)	(30,365)	6.3%	(129,698)	(127,414)		1.8%
Marketing Expenses		(0)	(2,869)	(100.0%)	(3,881)	(2,106)		84.3%
				(2.9%)				3.1%
		(32,267)		(33,233)	(133,580)	(129,520)
Operating Profit		(5,549)		(7,833)	(29.2%)	(55,454)	(16,748)		231.1%
Finance Income	7a	15,417	23,839	(35.3%)	85,742	91,361		(6.2%)
Finance Cost	7b	(11)	(227)	(95.4%)	(1,933)	(36,623)		(94.7%)
Profit before taxation				(37.5%)				(25.4%)
	9,857		15,780	28,355	37,990
Taxation		(3,555)	(6,164)	(42.3%)	(10,658)	(9,739)		9.4%
Profit after taxation					(34.5%)				(37.4%)
	6,302	9,616	17,697	28,251
Other Comprehensive Income

Revaluation of Property,Plant & Equipment		‐		‐		‐
Reversal of Deferred tax on tax rate change						‐	(115,338)
Defined Benefit Plan actuarial gain/(loss)		296	284	4.2%	1,183	1,135		4.2%
Deferred Tax on Defined Benefit Plan actuarial
gain/(losses)		(89)	(85) 4.2%	(355)	(340)		4.4%
Other comprehensive income net of tax				(4.2%)				100.7%
	207		199	828	(114,543)
Total Comprehensive Income		6,509		9,815	(33.7%)	18,525	(86,293)		(121.5%)
Earnings Per Share (Rs.)				(34.5%)				(42.2%)
	0.53		0.80	1.47	2.55

Note: All values are in Rupees ʹ000s, unless otherwise stated.The above figures are subject to audit.

4	The Autodrome PLC										4
	Interim Financial Statements for the quarter ended 30 June 2024
Group Statement of Profit or Loss and Other Comprehensive Income
				Quarter ended 30 June		Year ended 31 March
				2024	2023 (Unaudited)		2024 (Unaudited)	2023
		Note				Change				Change
	Turnover			74,373	63,830	16.5%	172,742	232,282		(25.6%)
	Cost of Sales			(56,358)	(44,899)	25.5%	(121,119)	(145,442)		(16.7%)
	Gross Profit						(4.8%)				(40.6%)
			18,015	18,931	51,624	86,840
	Other Operating Income	6		9,462	7,410	27.7%	30,228	28,024		7.9%
							4.3%				(28.7%)
				27,477		26,341	81,852	114,864
	Less :Expenses
	Administrative Expenses			(32,652)	(30,572)	6.8%	(130,911)	(127,907)		2.3%
	Marketing Expenses			(0)	(2,869)	(100.0%)	(3,926)	(2,106)		86.4%
						(2.4%)				3.7%
				(32,652)		(33,441)	(134,837)	(130,013)
	Operating Profit			(5,175)		(7,100)	(27.1%)	(52,985)	(15,149)		249.8%
	Finance Income	7a	15,821	24,211	(34.7%)	88,392	93,537		(5.5%)
	Finance Cost	7b	(11)	(227)	(95.4%)	(1,938)	(36,624)		(94.7%)
	Profit before taxation					(37.0%)				(19.9%)
			10,636		16,883	33,469	41,764
	Taxation			(3,789)	(6,495)	(41.7%)	(12,193)	(10,758)		13.3%
	Profit after taxation						(34.1%)				(31.4%)
			6,847	10,389	21,276	31,006
	Other Comprehensive Income

	Revaluation of Property, Plant & Equipment			‐		‐		‐	‐
	Reversal of Deferred Tax on tax rate change			‐		‐		‐	(115,338)
	Defined Benefit Plan actuarial gain/ (losses)			296	284	4.2%	1,183	1,135		4.2%
	Deferred tax on Defined Benefit Plan actuarial
	gain/(losses)			(89)	(85)	4.2%	(355)	(340)		4.4%

	Other Comprehensive Income net of tax			207	199	4.2%	828	(114,543)		(100.7%)
	Total Comprehensive Income						(33.4%)				(126.5%)
			7,054	10,587	22,105	(83,538)
	Earnings Per Share (Rs.)						(34.1%)				(36.9%)

			0.57	0.87	1.77	2.81

Note: All values are in Rupees ʹ000s, unless otherwise stated. The above figures are subject to audit.

The Autodrome PLC				5
Interim Financial Statements for the quarter ended 30 June 2024

Statement of Changes in Equity
Group
	Stated	Revaluation	Retained	Total
	Capital	Reserves	Profit

Balance as at 1st April 2023	12,440	1,311,815	575,482	1,899,737
Net Profit for the period	‐	‐	10,389	10,389
Depreciation Transfer	‐	(305)	305	‐
Defined benefit plan actuarial (loss)/gain net of tax			199	199
Balance as at 30 June 2023
12,440	1,311,510	586,375	1,910,325
Net Profit for the period
		10,887	10,887
Total Other comprehensive Income	‐	‐	‐	‐
Depreciation Transfer	‐	(3,245)	3,245	‐
Defined benefit plan actuarial (loss)/gain net of tax	‐	‐	629	629
Dividend paid				‐
Balance as at 31 March 2024
12,440	1,308,265	601,136	1,921,842
Net Profit for the period
‐	‐	6,847	6,847
Total Other comprehensive Income	‐	‐	‐	‐
Depreciation Transfer	‐	(887)	887	‐
Defined benefit plan actuarial (loss)/gain net of tax			207	207
Balance as at 30 June 2024
12,440	1,307,378	609,077	1,928,896
Company

	Stated	Revaluation	Retained	Total
	Capital	Reserves	Profit

Balance as at 1st April 2023	12,440	1,311,815	560,888	1,885,143
Net Profit for the period	‐	‐	9,616	9,616
Depreciation Transfer	‐	(305)	305	‐
Defined benefit plan actuarial (loss)/gain net of tax	‐	‐	199	199
Net change in fair value in financial assets	‐	‐	‐	‐
Balance as at 30 June 2023
12,440	1,311,510	571,008	1,894,958
Net Profit for the period
‐	‐	8,081	8,081
Total Other Comprehensive Income	‐	‐	‐	‐
Net change in fair value in financial assets	‐	‐	‐	‐
Reversal of Deferred tax on tax rate change		‐		‐
Depreciation Transfer	‐	(3,245)	3,245	‐
Defined benefit plan actuarial (loss)/gain net of tax	‐	‐	629	629
Dividend Paid			‐	‐
Balance as at 31 March 2024
12,440	1,308,265	582,963	1,903,668
Net Profit for the period
‐	‐	6,302	6,302
Total Other Comprehensive Income	‐	‐	‐	‐
Depreciation Transfer	‐	(887)	887	‐
Defined benefit plan actuarial (loss)/gain net of tax			207	207
Balance as at 30 June 2024
12,440	1,307,378	590,359	1,910,177

Note: All values are in Rupees ʹ000s, unless otherwise stated. The above figures are subject to audit.

The Autodrome PLC						6
Interim Financial Statements for the quarter ended 30 June 2024

Statement of Cash Flows
Company	Group		Note	Company	Company	Group	Group
Unaudited	Unaudited			Unaudited	Unaudited	Unaudited	Unaudited
				as at	as at	as at	as at
31.03.2024	31.03.2024			30.06.24	30.06.23	30.06.24	30.06.23
Rs.ʹ000	Rs.ʹ000			Rs.ʹ000	Rs.ʹ000	Rs.ʹ000	Rs.ʹ000
		Cash Flow from Operating Activities

28,355	33,469	Net profit before Taxation		9,857	15,780	10,636	16,883
		Adjustments for :
10,179	10,179	Depreciation		2,474	3,292	2,474	3,292
45	45	Amortisation		24	0	24	0
2,469	2,469	Provision for Defined Benefit Plan		1,091	617	1,091	617
(85,742)	(88,392)	Interest Income	7	(15,417)	(23,839)	(15,821)	(24,211)
311	311	Interest Expense		11	227	11	227
‐	‐	Gain on sale of Property, Plant and Equipment
1,609	1,609	Realised Exchange (Gain)/(Loss	5	(353)	‐	(353)

(42,774)	(40,311)	Operating Profit before Working Capital Changes		(2,314)	(3,923)	(1,940)	(3,191)

(3,740) (3,740) (Increase)/Decrease in Inventories

20,159 20,425 (Increase)/Decrease in Debtors & Receivables

‐ (Increase)/Decrease in Dues from related parties

‐	‐	(Increase)/Decrease in Dues to related parties
24,938	25,048	Increase/(Decrease) in Trade & other Payables

41,150	41,733

(1,625)	1,422	Cash generated from operations

(311) Interest paid
(18,753) (19,478) Income Tax paid

(778) Employee Benefits paid

(21,466) (19,145) Net Cash from Operating Activities

35,260	27,490	35,260	27,490
(10,951)	(2,653)	(13,079)	(1,787)
208	(69)	‐	‐
2		‐	‐
(24,354)	3,045	(22,065)	2,754

164	27,813	116	28,457

(2,150)	23,890	(1,823)	25,266
(11)	(227)	(11)	(227)
(662)	(3,559)	(870)	(3,718)
‐	‐	‐	‐

(2,822)	20,104	(2,704)	21,322

(2,394)	(2,394)	Purchase of Property,Plant & Equipments		‐	(1,046)	‐	(1,046)
14,937	14,937	Long term Investments (increase)/decrease		(342)	14,611	158	15,111
(69,400)	(72,922)	Short term Investments (increase)/decrease		(14,249)	(29,511)	(14,095)	(30,082)
85,742	88,392	Interest received		15,417	23,839	15,821	24,211
‐	‐	Disposal of Fixed Asset

28,885	28,013	Net Cash from/(Used) in Investing Activities		826	7,893	1,885	8,194
		Cash flow from Financing Activities

‐	‐	Dividend paid		‐	‐

‐	‐	Net Cash used in Finance Activities		‐	‐

7,418	8,868	Increase in Cash & Cash Equivalents		(1,996)	27,998	(819)	29,515
		Movement in Cash and Cash Equivalents
(4,543)	(3,661)	At the beginning of the period		2,875	(6,528)	5,208	(5,644)
7,418	8,869	Increase/(Decrease)		(1,996)	27,998	(819)	29,515
		At the end of the period
2,875	5,208		879	21,470	4,389	23,871
		Bank overdrafts	7
(2,853)	(2,853)	‐	‐
5,728	8,061	Cash and bank balances		879	21,470	4,389	23,871

2,875	5,208			879	21,470	4,389	23,871

The Autodrome PLC	7
Interim Financial Statements for the quarter ended 30 June 2024

Explanatory Notes

These Statements are prepared in accordance with the prevailing LKAS, and are subject to audit.
All known expenses have been provided for in these financial statements.
The Accounting Policies and methods of computation are consistent with those followed previously.
No circumstances have arisen since the Financial Position statement date, that requires further disclosure or adjustment in

these Statements. No contingent liabilities or assets exist as at the beginning, nor end, of any period.

5 The Cash Flow statement reflects the exchange gains/losses. The closing balance of USD liabilities has been translated at the weighted average bank rate published by Central Bank, as at the end of each period.

Other Operating Income
Rent Income
Income from Tyre Fitting Centre Others
Total Other Operating Income
Net Finance Income / (Cost)

7a Finance Income

Group			Company
2024	2023	2024		2023
8,581	27,590		8,681	7,355
79	372		79	123
803	62		803	32
9,462	28,024		9,562	7,510
Group			Company
2024	2023	2024		2023

	Interest Income from Fixed Deposits	2,454	14,456	2,288	2,701
	Interest Income from Debentures	1,185	4,754	1,185	874
	Interest Income from CAL Fixed Income Opportunities Fund	11,828	69,188	11,590	20,264
	Exchange Gain	353		353
	Total Finance Income	15,821	93,537	15,417	23,839
7b	Finance Cost
	Interest on Bank Overdrafts and other facilities	11	227	11	227
	Exchange Loss	‐	‐	‐	‐
	Provision for Investment impairment	‐	‐	‐	‐
	Total Finance Cost	11	227	11	227
	Net Finance Income / (Finance Cost)	15,810	93,310	15,406	23,612
8	Directorsʹ Shareholdings as at 30th June 2024		No. of Shares
		2024	%	2023	%
	Mrs. Bernadette J. Aloysius	3,594,800	29.96	3,594,800	29.96
	Mr. Jeremy D. Aloysius (Jt. Managing Director/CEO)	1,127,360	9.39	877,340	7.31
	Mr. Rajeev A.J. Aloysius (Jt. Managing Director/CEO)	1,127,360	9.39	877,340	7.32
	Ms. Julie A. Aloysius	1,127,360	9.39	877,340	7.31
	Prof. John A. Aloysius	877,340	7.31	877,340	7.31
	Mr. Shamindra V. Rajiyah and Ms. J. Joanne B. Aloysius Rajiyah	258,684	2.16	221,721	1.85
	Ms. J. Joanne B. Aloysius Rajiyah	156,853	1.31	877,340	7.31
		8,269,757	68.91	8,203,221	68.37

The Autodrome PLC				8
Interim Financial Statements for the quarter ended 30 June 2024

Explanatory Notes
9 Major Shareholdings as at 31st March		No. of Shares
	2024	%	2023	%
Ms. Bernadette J. Aloysius	3,594,800	29.96	3,594,800	29.96
Mr. Sanjeev E.C. Gardiner	1,179,500	9.83	1,179,500	9.83
Ms. Julie A. Aloysius	1,127,360	9.39	877,340	7.31
Mr. Rajeev A.J. Aloysius (Jt. Managing Director/CEO)	1,127,360	9.39	877,340	7.31
Mr. Jeremy D. Aloysius (Jt. Managing Director/CEO)	1,127,360	9.39	877,340	7.31
Prof. John A. Aloysius	877,340	7.31	877,340	7.31
Mercury Limited	840,000	7.00	840,000	7.31
Galle Face Hotel Co. Ltd / Seylan Bank PLC	533,200	4.44	533,200	7.00
Seventy Limited	410,100	3.42	410,100	4.44
Mr.Shamindra V Rajiyah and Ms. J. Joanne B. Aloysius Rajiyah	258,684	2.16	221,721	3.42
Cyril Gardiner Limited	161,000	1.34	161,000	1.85
Ms. J. Joanne B. Aloysius Rajiyah	156,853	1.31	877,340	1.34
Hotel International (Pvt) Ltd.	78,741	0.66	78,741	0.66
Mr. Hiranjan C.W. Aloysius	55,700	0.46	55,700	0.46
Mr. W.W.S. Amarasooriya	37,677	0.31	42,984	0.36
Mr. R. Jehan M.F. Aloysius	30,400	0.25	30,400	0.25
Nikan (Private) Ltd.	29,800	0.25	29,800	0.25
The Galle Face Hotel Co. Ltd.	20,000	0.17	20,000	0.20
Shalsri Investment (Pvt)) Ltd.	15,800	0.13	15,800	0.17
Mr. R.Ratnagopal	14,200	0.12	14,200	0.17
	11,675,875	97.30	11,614,646	96.90

10 The percentage of Shares held by the Public as at 30 June 2024 was 20.67%. The number of shareholders as at 30.06.2024 was 554. The number of public shareholders was 545. Float Adjusted Market Capitalization disclosure is on Page 9.

Therefore, the Company complies with the Minimum Public Holding Requirement; under Main Board, Option Five, Rule 7.13.1 (a)

The Autodrome PLC	9
Interim Financial Statements for the quarter ended 30 June 2024

Investor Information

MARKET VALUE OF SHARES

The Market value of an ordinary share of The Autodrome PLC was as follows :

	Quarter ended		Quarter ended	Year ended

	30.06.2024	30.06.2023	31.03.2024

	Rs.		Rs.	Rs.
Closing price	100.00	115.75	90.20
Highest price for the period	110.00	119	142.75
Lowest price for the period	89.00	76.70	76.70
No. of shares	12,000,000	12000000	12,000,000
Market Capitalization	1,200,000,000	1,389,000,000	1,082,400,000
Float Adjusted Market Capitalization	248,016,000	292,467,840	226,373,136
RATIOS
Net Assets per Share	160.74	159.19	160.15
Annualised Earning per Share	0.57	0.87	1.77
Annualised Price Earning Ratio (times)	175.26	133.70	50.87