KELANI TYRES PLC
(Reg: No. PQ 123)
INTERIM FINANCIAL STATEMENTS FOR THREE MONTHS ENDED JUNE 30, 2024
Corporate Office
203, Union Place
Colombo 02.
KELANI TYRES PLC AND ITS GROUP
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
(all amounts in Sri Lankan Rupees thousands)
Group | Company | ||||
Apr. -Jun. | Apr. - Jun. | ||||
2024 | 2023 | 2024 | 2023 | ||
(Un audited) | (Audited) | (Un audited) | (Audited) | ||
Revenue | |||||
- | - | - | - | ||
Direct costs | - | - | - | - | |
Gross margin | |||||
- | - | - | - | ||
Operating income | 15,650 | 18,228 | 15,650 | 518,228 | |
15,650 | 18,228 | 15,650 | 518,228 | ||
Administrative costs | (8,361) | (7,879) | (8,354) | (7,872) | |
Management Expenses | (19,299) | (14,419) | (19,299) | (14,419) | |
Depriciation | (272) | (272) | (272) | (272) | |
Operating profit | |||||
(12,283) | (4,342) | (12,276) | 495,665 | ||
Finance Income | 16,506 | 46,182 | 16,506 | 46,182 | |
Finance costs | (261) | (1,670) | (261) | (1,670) | |
Profit/(Loss) before tax | |||||
3,962 | 40,170 | 3,969 | 540,176 | ||
Tax | - | - | - | - | |
Profit/(Loss) after tax | |||||
3,962 | 40,170 | 3,969 | 540,176 | ||
Share of results of JV | 186,643 | (36,305) | - | - | |
Profit/(Loss) for the period | |||||
190,605 | 3,864 | 3,969 | 540,176 | ||
Other comprehensive income: | - | - | - | - | |
Items that will not be reclasified | |||||
to profit or (loss) | |||||
Share of other comprehensive - | (5,890) | (20,465) | - | - | |
-Income/expenses from Joint Venture | |||||
Total comprehensive income - | |||||
-for the period, net of tax | 184,715 | (16,600) | 3,969 | 540,176 | |
Earning per share (for the period) | 2.37 | 0.05 | 0.05 | 6.72 | |
KELANI TYRES PLC AND ITS GROUP
CONSOLIDATED STATEMENT OF FINANCIAL POSSITION
(all amounts in Sri Lankan Rupees thousands)
ASSETS
Non-current assets
Property, plant and equipment
Investment Property
Investments in subsidiaries
Investment in JV
Current assets
Trade and other receivables
Amounts due from related parties
Income Tax Refund
Other Investments
Cash and cash equivalents
Total assets
EQUITY AND LIABILITIES
Equity attributable to equity holders
Stated capital
Revaluation reserves
Retained earnings
Total equity
Non - current liabilities
Retirement benefit obligations
Deferred tax liability
Current liabilities
Trade and other payables
Bank Overdraft
Total liabilities
Total equity and liabilities
Net Asset Value Per share
Group | |
30-06-2024 | 31-03-2024 |
(un-audited) | (audited) |
32,714 | 32,986 |
697,500 | 697,500 |
- | - |
5,410,203 | 5,229,450 |
6,140,417 | 5,959,936 |
5,272 | 4,413 |
43,241 | 39,600 |
4,315 | 4,315 |
872,986 | 874,952 |
295,572 | 279,152 |
1,221,386 | 1,202,432 |
7,361,803 | 7,162,368 |
402,000 | 402,000 |
753,289 | 753,290 |
6,018,451 | 5,833,735 |
7,173,740 | 6,989,025 |
11,156 | 11,156 |
79,634 | 79,634 |
90,790 | 90,790 |
78,097 | 73,097 |
19,176 | 9,456 |
97,273 | 82,553 |
188,063 | 173,343 |
7,361,803 | 7,162,368 |
89.23 | 86.93 |
Company
30-06-202431-03-2024
(un-audited) (audited)
32,71432,986
697,500697,500
1010
139,607139,607
869,831870,103
5,2724,413
43,24139,600
3,7123,712
872,986874,952
291,716275,240
1,216,928 1,197,917
2,086,759 2,068,020
402,000402,000
22,04822,049
1,474,648 1,470,678
1,898,696 1,894,727
11,15611,156
79,63479,634
90,79090,790
78,09773,047
19,1769,456
97,27382,503
188,063 173,293
2,086,759 2,068,020
23.6223.57
I certify that these financial statements have been prepared in compliance with requirements of the Companies Act, No. 07 of 2007.
Sgd
P. R. Mann
Finance Officer
The Board of Directors is responsible for the preparation and presentation of these Financial statements.
Sgd | Sgd |
Rohan T. Fernando | (Mrs) S. S. Jayatilaka |
Managing Director | Director |
12th August 2024 |
KELANI TYRES PL AND ITS GROUP
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(all amounts in Sri Lanka Rupees Thousands) | |||||
Company | |||||
Stated | Revaluation | Retained | |||
capital | Reserve | Earnings | Total | ||
Balance at 1 April 2023 (audited) | 402,000 | 22,048 | 1,297,796 | 1,721,845 | |
Profit for the Period | - | - | 540,176 | 540,176 | |
Balance at 30th Jun. 2023 (audited) | 402,000 | 22,048 | 1,837,972 | 2,262,021 | |
Balance at 1 April 2024 (audited) | 402,000 | 22,048 | 1,470,678 | 1,894,727 | |
Profit for the Period | - | -‐ | 3,969 | 3,969 | |
Balance at 30th Jun. 2024 (Un-audited) | 402,000 | 22,048 | 1,474,648 | 1,898,696 | |
KELANI TYRES PL AND ITS GROUP | |||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | |||||
(all amounts in Sri Lanka Rupees Thousands) | |||||
Group | |||||
Stated | Revaluation | Retained | |||
capital | Reserve | Earnings | Total | ||
Balance at 1 April 2023 (audited) | 402,000 | 753,290 | 5,341,208 | 6,496,498 | |
Profit for the Period | - | - | 3,864 | 3,864 | |
Other comprehensive income | - | - | (20,465) | (20,465) | |
Balance at 30th Jun. 2023 (audited) | 402,000 | 753,290 | 5,324,608 | 6,479,898 | |
Balance at 1 April 2024 (audited) | 402,000 | 753,290 | 5,833,735 | 6,989,025 | |
Profit for the Period | - | - | 190,605 | 190,605 | |
Other comprehensive income | - | - | (5,890) | (5,890) | |
Balance at 30th Jun. 2024 (Un-audited) | 402,000 | 753,290 | 6,018,451 | 7,173,740 |
KELANI TYRES PLC AND ITS GROUP
Cash flow statement
(all amounts in Sri Lankan Rupees thousands)
Cash flows from operating activities
Cash generated from (used in) operations
Interest received
Interest paid
Net cash generated from (used in) operating activities Cash flows from investing activities
Three months ended | Three months ended | ||
30th Jun. 2024 | 30th Jun. 2023 | ||
Group | Company | Group | Company |
(11,510) | (11,454) | (1,374) | (1,268) |
16,506 | 16,506 | 46,180 | 46,180 |
(261) | (261) | (1,670) | (1,670) |
4,735 | 4,791 | 43,136 | 43,242 |
Dividend received | - | - | 500,000 | 500,000 |
Investment in government securities | - | - | (624,000) | (624,000) |
Purchases of Units | 1,965 | 1,965 | (48,130) | (48,130) |
Net cash (used in)/generated from investing activities | 1,965 | 1,965 | (172,130) | (172,130) |
Cash flows from financing activities | ||||
Change in Bank borrowings | - | - | (833) | (833) |
Net cash (used in)generated from financing activities | - | - | (833) | (833) |
Net (decrease)/increase in cash and cash equivalents | 6,700 | 6,757 | (129,828) | (129,721) |
Movement in cash and cash equivalents | ||||
At the start of period | 269,696 | 265,784 | 133,833 | 129,667 |
(Decrease)/increase | 6,700 | 6,757 | (129,828) | (129,721) |
At the end of period | ||||
276,396 | 272,540 | 4,005 | (54) |
KELANI TYRES PLC AND ITS GROUP
NOTES TO THE INTERIM FINANCIAL STATEMENTS:
(all amounts are in Sri Lanka Rupees thousands)
1 General Information Company
The company is a limited liability company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The address of its registered office is P.O.Box 8, Nungamugoda, Kelaniya.
Group
Joint Venture (JV):
The JV's principal activity is the manufacture of tyres and tubs locally and its sale thereof locally and internationaly.
Subsidiary company:
The principal business activity is to hire out motor vehicles.
-
Basis of preparation
The Interim Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard (LKAS-34) Interim Financial reporting .These interim financial statements should be read in conjunction with the annual financial statement for the year ended 31 Mar. 2024, - Significant Accounting Policies
The Company has adopted consistent accounting policies and method applied for the year ended
31st March 2024 and the presentation and classification of the financial statements of the previous year
have been ammended where relevent for better presentation and to be comparable with those of the current year. - Stated Capital
Stated Capital represented by issued shares is given below:
6/30/24 | 6/30/23 | 3/31/24 | |
Ordinery shares as at | 80,400 | 80,400 | 80,400 |
- There have been no other events subsequent to the Balance Sheet date, which require disclosure in the Interim Financial Statements.
- Provision was made for taxation by joint venture CEAT SRI LANKA as follows:
Rs. | |
Profit before Tax JV | 561,220 |
Less: Provision for Tax | (187,934) |
Profit after Tax | 373,286 |
- There were no Contingent Liabilities or Contingent Assets since the Balance Sheet date.
- There were no Liability towards Management fee or any similar expenditure not provided for in the Interim Financial Statements.
- Dividend per share
Group | Company | ||||
6/30/24 | 6/30/23 | 6/30/24 | 6/30/23 | ||
Dividend received from the JV | Nill | 500,000 | Nill | 500,000 | |
Dividend declared & paid to shareholders | Nill | Nill | Nill | Nill | |
Number of shares in issue (thousands) | 80,400 | 80,400 | 80,400 | 80,400 | |
Dividend per share - (Rs.) | Nill | Nill | Nill | Nill |
- The figures have been presented in these financial statements are provisional and subject to audit, and also comparative figures have been reclasified where necessary.
-
Market price per share:
for the Three months ended 30th Jun.
2024 | 2023 | |
Rs. | Rs. | |
Highest Price (10/06/24 & 28/06/23) | 82.50 | 62.00 |
Lowest Price (01/04/24 & 29/05/23) | 69.00 | 53.60 |
Closing Price | 78.00 | 61.70 |
KELANI TYRES PLC
TOP 20 SHARE HOLDERS LIST
AS AT 30-06-2024
No. | Name | No of Shares | % | |
1 | SILVERSTOCK LIMITED | 38,595,028 | 48.004 | |
2 | BANCK OF CEYLON A/C CEYBANK UNIT TRUST | 6,123,886 | 7.617 | |
3 | MR. H. M. UDESHI | 5,050,000 | 6.281 | |
4 | EMPLOYEES TRUST FUND BOARD | 2,835,639 | 3.527 | |
5 | MR. R. C. D. DE SILVA | 2,000,000 | 2.488 | |
6 | EMPLOYEE'S PROVIDENT FUND | 1,553,800 | 1.933 | |
7 | BANK OF CEYLON ACCOUNT CEYBANK - CENTURY GROWTH FUND | 1,011,585 | 1.258 | |
8 | J. B. COCOSHELL (PVT) LTD | 724,327 | 0.901 | |
9 | MRS. T. T. A. DE SILVA WEERASOORIYA | 622,612 | 0.774 | |
10 | MOULDEX (PVT) LTD | 600,000 | 0.746 | |
11 | MR. A. M. WEERASINGHE | 520,000 | 0.647 | |
12 | MRS. K. PUSPARAJ | 472,417 | 0.588 | |
13 | MRS. R. J. VIDANAPATHIRANA | 470,567 | 0.585 | |
14 | ACUITY PARTERS (PVT) LTD/MR SUBRAMANIAM VASUDEVAN | 458,392 | 0.570 | |
15 | SAMPATH BANK PLC / ARUNA ENTERPRISES(PVT) LTD | 437,600 | 0.544 | |
16 | SANASA LIFE INSURANCE COMPANY PLC | 424,966 | 0.529 | |
17 | DR T. SENTHILVERL | 379,212 | 0.472 | |
18 | MR. B POBRAN | 350,240 | 0.436 | |
19 | RANSIRI ENTERPRISES (PRIVATE) LIMITED | 310,000 | 0.386 | |
20 | COMMERCIAL BANK OF CEYLON PLC A/C NO. 03 | 305,500 | 0.380 | |
PUBLIC HOLDING
The percentage of shares held by the public as at 30th June 2024 is 49.471% comprising of 9,461 shareholders
(30th June 2023 - 50.086% comprising of 9,534 shareholders)
FLOAT ADJUSTED MARKET CAPITALIZATION AS AT 30TH JUNE 2024 - RS. 3,102,421,842/-
The Company is in compliance with Option 4 of Rule 7.13.1.i (a) of the Listing Rule of the Colombo Stock Exchange pertaining to minimum public holding.
SHARE HOLDINGS BY THE DIRECTORS AS AT 30TH JUNE 2024 | ||
Names of Directors | No of Shares | % |
as at 30th Jun. 2024 | ||
Mr. Chanaka De Silva | 2,000,000 | 2.488% |
Mr. Rohan T. Fernando | Nil | Nil |
Mr. T. Bevan Perera | 1920 | 0.002% |
Mr. D. S. Kamantha Amarasekera | Nil | Nil |
Mrs. S. S. Jayatilaka | 240 | 0.000% |
Mr. Eraj T. Fernando | 24,553 | 0.031% |
Mr. R. P. Weerasooria | Nil | Nil |
KELANI TYRES PLC AND ITS GROUP
NOTES TO THE INTERIM FINANCIAL STATEMENTS (cont..):
Joint Venture Performance
The assets and liabilities and the income and the expenses of the Joint venture as follows:
Summarised Financial Position
30-06-2024 | 30-06-2023 | |
Non-Current Assets | 7,536,452 | 7,600,899 |
Current Assets | 8,427,607 | 7,717,489 |
Total Assets | ||
15,964,060 | 15,318,388 | |
Capital and Reserves | 10,820,406 | 8,705,665 |
Non-Current Liabilities | 1,066,243 | 909,230 |
Current Liabilities | 4,077,410 | 5,703,493 |
Total Equity & Liabilities | ||
15,964,060 | 15,318,388 | |
Summarised Income Statement
2024 | 2023 | |
Apr. to Jun. | Apr. to Jun. | |
Production (MT) | 2,976 | 2,177 |
Total Sales (MT) | 3,025 | 2,380 |
Domestic Sales | 3,732,915 | 2,991,227 |
Export Sales | 222,498 | 267,061 |
Total Sales | 3,955,413 | 3,258,289 |
Cost of Sales | (2,937,178) | (2,736,558) |
Gross Profit | 1,018,234 | 521,731 |
Distribution/Administrative Cost | (488,805) | (311,504) |
Finance Cost less income | 20,634 | (74,061) |
Other Operating Income | 11,156 | 5,818 |
Pofit BeforeTax | 561,220 | 141,983 |
Taxation | (187,934) | (214,594) |
Profit for the period | ||
373,286 | (72,611) | |
Other Comprehensive income/(Expenses) | (11,779) | (40,929) |
Total Comprehensive income | ||
361,507 | (113,540) | |