Autodrome PlcCSELK: AUTO.N0000

Interim accounts for the quarter ending 30th september 2024

Oct 29, 2024 at 9:45 AM UTC · Issued by Autodrome Plc

THE AUTODROME PLC

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER

ENDED 30.09.2024

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 September 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 (formerly known as Accounting Systems and Secretarial 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								2
Interim Financial Statements for the quarter ended 30 September 2024

Statement of Financial Position
			Company	Group
Company	Group		Unaudited		Unaudited	Unaudited	Unaudited
Audited	Audited		as at		as at	as at	as at
31.03.2024	31.03.2024		30.09.2024	30.09.2023	30.09.2024			30.09.2023
			Rs.ʹ000		Rs.ʹ000	Rs.ʹ000	Rs.ʹ000
		Assets

		Non‐current assets
2,100,253	2,100,253	Property, Plant & Equipment	2,100,879	2,023,080	2,100,879			2,023,080
663	663	Intangible Assets	351	2	351			2
500	‐	Investments	500	500	‐	‐
95,604	102,204	Other Financial Assets	94,969	95,025	107,069			101,625

2,197,020	2,203,120		2,196,699	2,118,606	2,208,299			2,124,706
		Current Assets

47,258	47,258	Inventories	133,034	26,566	133,034			26,566
19,087	19,141	Trade Receivables & Other Receivables	75,286	16,518	76,256			16,001
393,088	404,153	Other Financial Assets	289,654	377,161	297,709			386,613
‐	‐	Amount Due from related party	241	76	‐	‐
5,702	8,037	Cash and Cash Equivalents	1,631	1,497	2,235			3,137

465,135	478,589		499,846		421,818	509,233			432,318
		Total Assets
2,662,155	2,681,709	2,696,545	2,540,424	2,717,532			2,557,024
		Equity and Liabilities

		Capital and Reserves
12,440	12,440	Stated Capital	12,440	12,440	12,440			12,440
1,361,829	1,361,829	Revaluation Reserve	1,358,737	1,309,983	1,358,737			1,309,983
565,087	583,246	Revenue Reserves	587,099	580,043	607,096			595,850
		Shareholdersʹ Funds
1,939,356	1,957,515	1,958,275		1,902,466	1,978,273			1,918,272
		Non‐current Liabilities

616,340	616,340	Deferred Taxation	616,340	579,540	616,340			579,540
34,795	34,795	Retirement Benefit Obligations	36,751	25,106	36,751			25,106

651,135	651,135	Current Liabilities	653,091	604,645	653,091			604,645

67,258	68,199	Trade and Other Payables	39,553	28,704	40,675			29,145
1,578	2,031	Current Tax Liability	5,013	4,603	4,881			4,956
2,828	2,828	Bank Overdraft	40,612	5	40,612			5

71,664	73,058		85,178		33,313	86,168			34,107

722,799 724,193 Total Liabilities

2,662,155 2,681,709 Total Equity and Liabilities

738,269	637,958	739,259	638,752

2,696,545	2,540,424	2,717,532	2,557,024

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
25 October 2024

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

Company Statement of Profit or Loss and Other Comprehensive Income

Y/E 31 March 2024		Quarter ended 30 September	Six Months ended 30 September
(Audited)		Note	(Unaudited)	(Unaudited)		(Unaudited)		(Unaudited)
			2024	2023		2024	2023
LKR 000			LKR 000		LKR 000	Change	LKR 000		LKR 000	Change
168,616	Turnover		104,791	22,982	356.0%	178,304	85,772	107.9%
(121,119)	Cost of Sales		(81,514)	(14,069)	479.4%	(137,872)	(58,968)	133.8%
	Gross Profit					161.2%				50.8%
47,498		23,277	8,913	40,432	26,804
30,748	Other Income and Gains		13,947	7,582	84.0%	23,509	15,092	55.8%
78,246			37,224		16,494	125.7%	63,941		41,896	52.6%
	Less :Expenses
(134,995)	Administrative Expenses		(35,001)	(29,911)	17.0%	(67,267)	(60,276)	11.6%
(3,120)	Marketing Expenses		(309)	(1,079)	(71.3%)	(309)	(3,948)	(92.2%)
						13.9%				5.2%
(138,115)			(35,310)	(30,990)	(67,576)	(64,224)
(59,869)	Operating Profit		1,914		(14,496)	(113.2%)	(3,635)		(22,328)	(83.7%)
88,024	Finance Income	7a	16,597	24,762	(33.0%)	32,014	48,601	(34.1%)
(967)	Finance Cost	7b	(181)	(43)	324.0%	(192)	(270)	(28.8%)
	Profit before taxation					79.3%				8.4%
27,188		18,330	10,223	28,187	26,003
(25,589)	Taxation		(6,126)	(2,912)	110.4%	(9,681)	(9,076)	6.7%
	Profit after taxation					66.9%				9.3%
1,599		12,204	7,311	18,506	16,926

Other Comprehensive Income

80,277	Revaluation of Property,Plant & Equipment
(24,083)	Deferred Tax on Property Revaluation
(5,115)	Defined Benefit Plan actuarial gain/ (losses)
	Deferred tax on Defined Benefit Plan actuarial
1,535	gain/(losses)
	Other comprehensive income net of tax
52,613
54,212	Total Comprehensive Income

0.13 Earnings Per Share (Rs.)

‐		‐		‐		‐
‐		‐		‐		‐
295	283	4.1%	591	567	4.3%
(88)	(85)	3.6%	(177)	(170)	4.3%
			4.3%				4.2%
207	198	414	397
12,411		7,510	65.3%	18,920		17,324	9.2%
		66.9%				9.3%
1.02		0.61	1.54		1.41

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

The Autodrome PLC										4
Interim Financial Statements for the quarter ended 30 September 2024
Group Statement of Profit or Loss and Other Comprehensive Income
Y/E 31 March 2024			Quarter ended 30 September	Six Months ended 30 September
(Audited)		Note	(Unaudited)	(Unaudited)		(Unaudited)		(Unaudited)
				2024	2023		2024		2023
LKR 000				LKR 000		LKR 000	Change	LKR 000		LKR 000	Change
172,743	Turnover			105,868	22,926	361.8%	180,241	#	86,756	107.8%
(121,119)	Cost of Sales			(81,514)	(14,069)	479.4%	(137,872)	#	(58,968)	133.8%
	Gross Profit						175.0%		#		52.5%
51,624			24,354	8,857	42,369	27,788
30,348	Other Income and Gains			13,847	7,482	85.1%	23,309		14,892	56.5%
				38,201		16,339	133.8%	65,678		42,680	53.9%
	Less :Expenses
(136,208)	Administrative Expenses			(35,290)	(30,177)	16.9%	(67,942)		(60,749)	11.8%
(3,165)	Marketing Expenses			(354)	(1,094)	(67.6%)	(354)		(3,963)	(91.1%)
							14.0%				5.5%
(139,373)				(35,644)	(31,271)	(68,296)		(64,712)
(57,400)	Operating Profit			2,557		(14,932)	(117.1%)	(2,618)		(22,032)	(88.1%)
90,654	Finance Income	7a	17,804	25,825	(31.1%)	33,625		50,036	(32.8%)
(972)	Finance Cost	7b	(181)	(43)	324.0%	(192)		(270)	(28.8%)
	Profit before taxation						86.0%				11.1%
32,282			20,180	10,850	30,815		27,734
(27,118)	Taxation			(6,680)	(3,100)	115.5%	(10,469)		(9,595)	9.1%
	Profit after taxation						74.2%				12.2%
5,164			13,500	7,750	20,346		18,139

Other Comprehensive Income

80,277 Revaluation of Property,Plant & Equipment

(24,083) Deferred Tax on Property Revaluation

(5,115) Defined Benefit Plan actuarial gain/ (losses) Deferred tax on Defined Benefit Plan actuarial

1,535 gain/(losses)

52,614 Other Comprehensive Income net of tax

57,778 Total Comprehensive Income

0.43 Earnings Per Share (Rs.)

‐		‐		‐		‐
‐		‐		‐		‐
295	283	4.1%	591	567	4.3%
(88)	(85)	3.6%	(177)	(170)	4.3%

207	198	4.3%	414	397	4.2%
			72.5%				12.0%
13,706	7,948	20,759	18,536
			74.2%				12.2%
1.12	0.65	1.70	1.51

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

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

Statement of Changes in Equity
Group
	Stated		Revaluation		Retained		Total
	Capital		Reserves		Profit
	Rs.ʹ000		Rs.ʹ000		Rs.ʹ000		Rs.ʹ000

Balance as at 1st April 2023	12,440	1,311,815	575,482	1,899,737
Net Profit for the period	‐		‐	18,139	18,139
Other comprehensive income
Depreciation Transfer		(1,832)	1,832		‐
Defined benefit plan actuarial (loss)/gain net of tax				397	397
Balance as at 30 September 2023
12,440	1,309,983	595,850	1,918,273
Net Profit for the period
‐		‐	(12,975)	(12,975)
Other comprehensive income	‐	56,194		‐	56,194
Defined benefit plan actuarial (loss)/gain net of tax	‐			(3,978)	(3,978)
Depreciation Transfer	‐	(4,348)	4,348		‐
Dividend paid	‐				‐		‐
Balance as at 31 March 2024
12,440	1,361,829	583,245	1,957,514
Net Profit for the period
‐		‐	20,346	20,346
Other comprehensive income	‐		‐		‐		‐
Defined benefit plan actuarial (loss)/gain net of tax	‐		‐	414	414
Depreciation Transfer	‐	(3,092)	3,092		‐
Balance as at 30 September 2024
12,440	1,358,737	607,096	1,978,273
Company

	Stated		Revaluation		Retained		Total
	Capital		Reserves		Profit
	Rs.ʹ000		Rs.ʹ000		Rs.ʹ000		Rs.ʹ000

Balance as at 1st April 2023	12,440	1,311,815	560,888	1,885,143
Net Profit for the period	‐		‐	16,926	16,926
Other Comprehensive Income
Defined benefit plan actuarial (loss)/gain net of tax				397	397
Depreciation Transfer		(1,832)	1,832
Balance as at 30 September 2023
12,440	1,309,983	580,043	1,902,466
Net Profit for the period
‐		‐	(15,327)	(15,327)
Other Comprehensive Income	‐	56,194			56,194
Defined benefit plan actuarial (loss)/gain net of tax	‐			(3,978)	(3,978)
Depreciation Transfer	‐	(4,348)	4,348		‐
Dividend paid	‐				‐		‐
Balance as at 31 March 2024
12,440	1,361,829	565,087	1,939,355
Net Profit for the period
‐		‐	18,506	18,506
Depreciation Transfer	‐	(3,092)	3,092		‐
Defined benefit plan actuarial (loss)/gain net of tax	‐		‐	414	414
Balance as at 30 September 2024
12,440	1,358,737	587,099	1,958,274

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 September 2024

Statement of Cash Flows
Company	Group	Company		Company		Group	Group
Audited	Audited	Unaudited		Unaudited		Unaudited	Unaudited
as at	as at	as at		as at		as at	as at
31.03.24	31.03.24		30.09.24	30.09.23	30.09.24	30.09.23
Rs.ʹ000	Rs.ʹ000	Rs.ʹ000		Rs.ʹ000		Rs.ʹ000	Rs.ʹ000
		Cash Flow from Operating Activities

27,188 32,282

9,968 9,968

89 89

(737)
6,082 6,082

(88,024)	(90,654)
331	331
‐	‐
636	636
‐	‐
1,876	1,876

(42,591)	(40,127)

(4,713)	(4,713)
13,999	13,991
‐	‐
‐
32,030	32,664

41,316	41,942

(1,275)	1,815

(331)
(21,164) (22,411)

(778)
(23,549) (21,705)

Net profit before Taxation		28,187	26,002	30,815	27,734
Depreciation		6,201	6,567	6,201	6,567
		63	1	63	1
Provision for bad debts		‐	‐		‐	‐
Provision for Defined Benefit Plan		2,182	1,234	2,182	1,234
Interest Income		(32,014)	(48,601)	(33,625)	(50,036)
Interest Expense		192	227	192	227
Gain on sale of Property, Plant and Equipment		(4,884)	‐	(4,884)	‐
Realised Exchange (Gain)/(Loss	5	(2,456)	‐	(2,456)
Unrealised Exchange (Gain)/Loss	5	‐	43		‐	43
Provision for slow moving inventries

Operating Profit before Working Capital Changes		(2,528)	(14,527)	(1,511)	(14,230)

(Increase)/Decrease in Inventories		(85,776)	17,855	(85,776)	17,855
(Increase)/Decrease in Debtors & Receivables		(56,199)	15,831	(57,115)	16,394
(Increase)/Decrease in Dues from related parties		(241)	(76)		‐	‐
(Increase)/Decrease in Dues to related parties		‐	‐		‐	‐
Increase/(Decrease) in Trade & other Payables		(25,249)	(5,930)	(25,067)	(5,797)

		(167,465)	27,679	(167,958)	28,452

Cash generated from operations		(169,993)	13,153	(169,470)	14,222
Interest paid		(192)	(227)	(192)	(227)
Income Tax paid		(5,831)	(15,480)	(7,207)	(15,818)
Employee Benefits paid		(226)	(504)	(226)	(504)

Net Cash from Operating Activities		(176,242)	(3,058)	(177,094)	(2,328)

(1,915)

(1,915) Purchase of Property,Plant & Equipments

(6,828)

(1,618)

(6,828)

(1,618)

(750) Acquisition of Intangible Asset

‐	‐	Disposal of Intangible Asset	250	‐	250	‐
15,003	15,503	Long term Investments (increase)/decrease	635	15,582	(4,865)	16,082
(69,397)	(72,919)	Short term Investments (increase)/decrease	103,434	(53,471)	106,444	(55,380)
‐	‐	Financial Assets Reserve	‐	‐	‐	‐
‐	‐	Dividend received	‐	‐	‐	‐
88,024	90,654	Interest received	32,014	48,601	33,625	50,036
‐	‐	Disposal of Fixed Asset	4,884	‐	4,884	‐

30,963	30,573	Net Cash from/(used) in Investing Activities	134,388	9,094	133,509	9,119
		Cash flow from Financing Activities

‐	‐	Dividend paid	‐	‐	‐	‐

‐	‐	Net Cash used in Finance Activities	‐	‐	‐	‐

7,416	8,868	Increase in Cash & Cash Equivalents	(41,855)	6,035	(43,585)	6,792
		Movement in Cash and Cash Equivalents

(4,543)	(3,661)	At the beginning of the period
7,416	8,870	Increase/(Decrease)
		At the end of the period
2,873	5,209
		Bank overdrafts
(2,828)	(2,828)
5,702	8,037	Cash and bank balances

2,873	5,209

2,873	(4,543)	5,209	(3,660)
(41,855)	6,035	(43,585)	6,792

(38,981)	1,492	(38,377)	3,132

(40,612)	(5)	(40,612)	(5)
1,631	1,497	2,235	3,137

(38,981)	1,492	(38,377)	3,132

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

Explanatory Notes

These Statements are prepared in accordance with the prevailing LKAS, & 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.

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

7a Finance Income

Interest Income from Fixed Deposits Interest Income from Debentures

Interest Income from CAL Fixed Income opportunities Fund Exchange Gain

Total Finance Income

7b Finance Cost

Interest on Bank Overdrafts and other facilities

Exchange Loss

Total Finance Cost

Net Finance Income / (Finance Cost)

Group		Company
2024	2023	2024	2023
17,296	14,639	17,496	14,839
186	221	186	221
943	32	943	32
4,884	‐	4,884	‐
23,309	14,892	23,509	15,092
Group		Company
2024	2023	2024	2023
5,023	5,393	4,577	4,987
2,384	2,428	2,384	2,428
23,760	42,215	22,596	41,185
2,456	‐	2,456	‐

33,625	50,036	32,014	48,601
192	227	192	227
‐	43	‐	43

192	270	192	270

33,432	49,766	31,821	48,331

8 The AGM for the year ended 31 March 2024 was held virtually on 18 September 2024. All resolutions put before the shareholders were passed unanimously. No dividend was declared for the Y/E 31.03.2024.

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

Explanatory Notes

9	Directorsʹ Shareholdings as at 30th September		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
	Ms. J. Joanne B. Aloysius Rajiyah	‐	‐	877,340	7.31
	Prof. John A. Aloysius	1,127,360	9.39	877,340	7.31
	Mr. Shamindra V. Rajiyah and Ms. J. Joanne B. Aloysius Rajiyah	199,750	1.66	221,721	1.85
		8,303,990	69.20	8,203,221	68.37
10	Major Shareholdings as at 30th September		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
	Mr. Rajeev A.J. Aloysius (Jt. Managing Director/CEO)	1,127,360	9.39	877,340	7.31
	Ms. Julie A. Aloysius	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	1,127,360	9.39	877,340	7.31
	Tuckers(Pvt) Ltd	840,000	7.00	‐	‐
	Seylan Bank PLC / The Galle Face Hotel Co. Ltd	533,200	4.44	533,200	4.44
	Seventy Limited	410,100	3.42	410,100	3.42
	Mr. Shamindra V. Rajiyah and Ms. J. Joanne B. Aloysius Rajiyah	199,750	1.66	221,721	1.85
	Cyril Gardiner Limited	161,000	1.34	161,000	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
	PanAsia Bank Corporation PLC/W.S.S.Amarasooriya	38,276	0.32	42,221	0.35
	Mr. R Jehan M.F. Aloysius	30,400	0.25	30,400	0.25
	The Galle Face Hotel Co Ltd	20,000	0.17	20,000	0.17
	Shalsri Investments (Pvt) Ltd	15,800	0.13	15,800	0.13
	Mr.Ratna Gopal	14,200	0.12	14,200	0.12
	Mr.James Alwis Christoffel Rajasinghe (Deceased)	14,000	0.12	14,000	0.12
	Mr.S.C Weerasooria	13,600	0.11	13,600	0.11
		11,708,507	97.57	9,894,343	82.45

11 The percentage of Shares held by the Public as at 30 September 2024 was 20.38%. The number of shareholders as at 30.09. 2024 was 541. The number of public shareholders was 533. 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

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

Investor Information

MARKET VALUE OF SHARES

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

	Quarter ended			Year ended

	30.09.2024	30.09.2023	31.03.2024

	Rs.		Rs.		Rs.
Closing price	109.00	115.75	90.20
Highest price for the period	114.00	119.00	142.75
Lowest price for the period	90.00	76.70	76.70
No. of shares	12,000,000	12,000,000	12,000,000
Market Capitalization	1,308,000,000	1,389,000,000	1,082,400,000
Float Adjusted Market Capitalization	266,609,640	292,176,150	226,373,136
RATIOS
Net Assets per Share	163.19	158.54	163.31
Annualised Earning per Share	1.12	1.22	0.43
Annualised Price Earning Ratio (times)	96.89	94.99	209.60

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Autodrome: Annual Report 2023/24Aug 16, 2024

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