INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31ST MARCH 2024
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
STATEMENT OF FINANCIAL POSITION
As at | 31-Mar-24 | 31-Mar-23 | |
Rs. | Rs. | ||
Audited | Audited | ||
ASSETS | |||
Non Current Assets | |||
Property, Plant & Equipment | 1,051,332,875 | 697,391,472 | |
Right-of-Use Asset | 16,771,752 | 36,021,119 | |
Intangible Assets | 644,325 | 920,356 | |
Financial Investments | 131,904 | 11,542,980 | |
Rental Receivable from Trade Debtors | 41,795,691 | 314,633,296 | |
Deferred Tax Asset | 231,069,976 | 313,755,104 | |
Total Non Current Assets | 1,341,746,523 | 1,374,264,327 | |
Current Assets | |||
Inventories | 3,752,742,105 | 2,623,994,152 | |
Trade and Other Receivables | 619,357,222 | 459,839,299 | |
Rental Receivable from Trade Debtors | 374,071,721 | 524,178,650 | |
Deposits and Prepayments | 55,924,997 | 112,241,570 | |
Cash & Cash Equivalents | 1,441,114,057 | 27,050,059 | |
Total Current Assets | 6,243,210,102 | 3,747,303,730 | |
Total Assets | |||
7,584,956,625 | 5,121,568,057 | ||
EQUITY & LIABILITIES | |||
Equity | |||
Stated Capital | 49,375,150 | 49,375,150 | |
General Reserve | 887,347,500 | 887,347,500 | |
Retained Earnings | 3,652,674,229 | 2,877,612,617 | |
Equity Attributable to Owners of the Company | 4,589,396,879 | 3,814,335,267 | |
Non Current Liabilities | |||
Defined Benefit Obligation (Net) | 57,723,545 | 109,918,855 | |
Lease Liability | 11,112,605 | 30,420,490 | |
Total Non Current Liabilities | 68,836,150 | 140,339,345 | |
Current Liabilities | |||
Trade & Other Payables | 989,740,655 | 730,660,779 | |
Amounts due to Related Party | 1,655,721,179 | 333,303,000 | |
Current Tax Liabilities | 196,925,645 | 19,007,471 | |
Provision for Warranty | 9,773,122 | 594,547 | |
Lease Liability | 23,523,537 | 30,355,200 | |
Bank Overdraft | 51,039,458 | 52,972,448 | |
Total Current Liabilities | 2,926,723,596 | 1,166,893,445 | |
Total Liabilities | |||
2,995,559,746 | 1,307,232,790 | ||
Total Equity & Liabilities | 7,584,956,625 | 5,121,568,057 | |
Net Assets per Share | 1,267.49 | 1,053.44 |
The same Accounting Policies and methods of computation are followed in this Interim Financial Statements as compared with the most recent audited Financial Statements.
G R Jayalath | U Gautam |
Assistant General Manager - Finance | Chief Executive Officer |
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board of Directors of Lanka Ashok Leyland PLC;
K C L De Silva | D A Abeyawardene |
Chairman | Director |
Colombo | |
09th May 2024 |
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the Year / Period Ended 31 st March | 2024 | 2023 | 2023/24 | 2022/23 | ||||
Audited | Audited | Quarter 04 | Quarter 04 | |||||
Rs. | Rs. | Rs. | Rs. | |||||
Revenue | ||||||||
New Vehicle Sales | 4,229,076,849 | 2,684,395,489 | 58% | 1,431,785,916 | 427,815,872 | 235% | ||
Diesel Generator Set Sales | 44,486,891 | 80,451,586 | -45% | - | 17,129,500 | -100% | ||
Vehicle Repair Income | 290,180,441 | 211,997,961 | 37% | 62,871,529 | 50,398,222 | 25% | ||
Spare Parts Sales | 373,592,210 | 232,949,366 | 60% | 72,599,605 | 73,857,406 | -2% | ||
Vehicle Hiring Income | 467,051,383 | 249,699,443 | 87% | 182,309,164 | 64,404,871 | 183% | ||
Local Agency Commission | - | 28,210,772 | -100% | - | - | 0% | ||
Total Revenue | 5,404,387,774 | 3,487,704,617 | 55% | 1,749,566,214 | 633,605,871 | 176% | ||
Cost of Sales | (3,589,971,737) | (2,969,418,313) | 21% | (1,268,257,684) | (416,957,982) | 204% | ||
Gross Profit | 1,814,416,037 | 518,286,304 | 250% | 481,308,530 | 216,647,889 | 122% | ||
Other Income | 194,551,854 | 282,667,376 | -31% | 43,236,572 | 57,604,617 | -25% | ||
2,008,967,891 | 800,953,680 | 524,545,102 | 274,252,506 | |||||
Less : | ||||||||
Selling and Distribution Expenses | 29,813,836 | 22,799,313 | 31% | 10,339,990 | 8,062,078 | 28% | ||
Administrative Expenses | 668,179,894 | 570,395,869 | 17% | 257,896,112 | 151,763,813 | 70% | ||
Impairment (Reversal) / Charge on Trade Receivables | (28,073,853) | 51,292,523 | -155% | (103,050,149) | (17,794,887) | 479% | ||
Other Operating Expenses | 144,792,205 | 122,778,474 | 18% | 39,458,388 | 37,405,064 | 5% | ||
Profit before Interest and Tax | 1,194,255,809 | 33,687,501 | 3445% | 319,900,761 | 94,816,438 | 237% | ||
Finance Income | 69,262,053 | 72,367,900 | -4% | 45,317,517 | 6,453,515 | 602% | ||
Finance Cost | (10,365,364) | (25,232,311) | -59% | (3,065,983) | (3,258,366) | -6% | ||
Net Finance Income | 58,896,689 | 47,135,589 | 25% | 42,251,534 | 3,195,149 | 1222% | ||
Profit before Tax | 1,253,152,498 | 80,823,090 | 1450% | 362,152,295 | 98,011,587 | 269% | ||
Tax (Expense) / Reversal | (395,365,601) | 68,171,025 | 680% | (126,301,422) | (44,020,210) | 187% | ||
Profit for the Period | 857,786,897 | 148,994,115 | 476% | 235,850,873 | 53,991,377 | 337% | ||
Other Comprehensive Income | ||||||||
Items that will Never be Reclassified to Profit and Loss | ||||||||
Remeasurement of Employee Benefits - Actuarial (Loss) / Gain | (93,831,402) | 5,728,897 | 1738% | (92,931,402) | 6,628,897 | 1502% | ||
Deferred Tax Gain/ (Charge) on Defined Benefit Plan | 28,149,421 | (1,718,669) | 1738% | 27,879,421 | (1,988,669) | 1502% | ||
(65,681,981) | 4,010,228 | (65,051,981) | 4,640,228 | |||||
Total Other Comprehensive Income, net of Tax | 1738% | 1502% | ||||||
(65,681,981) | 4,010,228 | (65,051,981) | 4,640,228 | |||||
Total Comprehensive Income for the period | 418% | 191% | ||||||
792,104,916 | 153,004,343 | 170,798,892 | 58,631,605 | |||||
Basic and Diluted Earnings per Share | 236.90 | 41.15 | 65.14 | 14.91 | ||||
Figures in brackets indicate deductions.
The above annual figures are audited
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
STATEMENT OF CHANGES IN EQUITY
Stated | General | Retained | Total | |
Capital | Reserve | Earnings | Equity | |
Rs. | Rs. | Rs. | Rs. | |
Balance as at 01st April 2022 | 49,375,150 | 887,347,500 | 2,759,922,036 | 3,696,644,686 |
Total Comprehencive Income | ||||
Profit for the Period | - | - | 148,994,115 | 148,994,115 |
Other Comprehensive Income, net of Tax | - | - | 4,010,228 | 4,010,228 |
Total Comprehencive Income | - | - | 153,004,343 | 153,004,343 |
Transactions with owners of the Company | ||||
Contribution / Distribution | ||||
Unclaimed Dividend Reversed | - | - | 894,668 | 894,668 |
Dividends | - | - | (36,208,430) | (36,208,430) |
Total Transactions with Owners of the Company | - | - | (35,313,762) | (35,313,762) |
Balance as at 31st March 2023 | ||||
49,375,150 | 887,347,500 | 2,877,612,617 | 3,814,335,267 | |
Balance as at 01st April 2023 | ||||
49,375,150 | 887,347,500 | 2,877,612,617 | 3,814,335,267 | |
Total Comprehencive Income | ||||
Profit for the Period | - | - | 857,786,897 | 857,786,897 |
Other Comprehensive Income, net of Tax | - | - | (65,681,981) | (65,681,981) |
Total Comprehencive Income | - | - | 792,104,916 | 792,104,916 |
Transactions with Owners of the Company | ||||
Contribution / Distribution | ||||
Unclaimed Dividend Reversed | - | - | 1,060,911 | 1,060,911 |
Dividends | - | - | (18,104,215) | (18,104,215) |
Total Transactions with Owners of the Company | - | - | (17,043,304) | (17,043,304) |
Balance as at 31st March 2024 | ||||
49,375,150 | 887,347,500 | 3,652,674,229 | 4,589,396,879 | |
Figures in brackets indicate deductions. | ||||
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
STATEMENT OF CASH FLOWS
For the Period Ended 31 st March | 2024 | 2023 | |
Rs. | Rs. | ||
Cash flows from Operating Activities | |||
Profit before Tax | 1,253,152,498 | 80,823,090 | |
Adjustment For : | |||
Depreciation of Property, Plant and Equipment | 141,871,045 | 108,722,068 | |
Amortization of Intangible Assets | 9,393,514 | 12,827,791 | |
Depreciation of Right-of-Use Assets | 276,031 | 3,238,100 | |
Provision for Employee Benefits | 26,251,758 | 21,286,093 | |
Impairment Provision (Reversal) / Charge of Trade & Other Receivables | (28,073,853) | 51,292,523 | |
Reversal of Provision for Inventory | (127,013,905) | (10,186,564) | |
Finance Costs | 10,365,364 | 25,226,657 | |
Interest Income | (60,870,758) | (70,558,490) | |
Lease Interest Income | (144,590,886) | (249,312,231) | |
Gain on Sale of Property, Plant and Equipment | (4,638,736) | (5,217) | |
Charge / (Reversal) of Provision for Free Service | 1,452,592 | (3,017,682) | |
Charge / (Reversal) of Warranty Provision | 9,178,575 | (2,884,985) | |
Fair Value (Gain) / Loss on Equity Investments | (12,142) | 5,654 | |
(166,411,401) | (113,366,283) | ||
Operating Profit / (Loss) before Working Capital Changes | 1,086,741,097 | (32,543,193) | |
Working Capital Changes in | |||
Inventories | (1,421,875,000) | 279,112,709 | |
Trade and Other Receivables | (259,197,423) | 73,640,457 | |
Amounts due from Related Party | 618,439,973 | 168,813,149 | |
Trade and Other Payables | 257,925,482 | (409,038,965) | |
Amounts due to Related Party | 1,322,418,179 | (1,812,710,053) | |
517,711,211 | (1,700,182,703) | ||
Cash Generated / (Used in) from Operations | 1,604,452,308 | (1,732,725,896) | |
Interest Paid | (3,134,509) | (15,325,348) | |
Employee Benefit paid | (18,183,715) | (2,575,413) | |
Investment in Plan Asset | (147,107,165) | ||
Payments / Set off of Income Taxes | (106,612,878) | (54,264,785) | |
(275,038,267) | (72,165,546) | ||
Net Cash Generated / (Used in) from Operating Activities | 1,329,414,041 | (1,804,891,442) | |
Cash flows from Investing Activities | |||
Interest Received | 198,471,759 | 319,872,562 | |
Proceeds from Sale of Property, Plant and Equipment | 10,125,000 | 6,000 | |
Acquisition of Property, Plant & Equipment | (80,395,047) | (98,970,600) | |
Acquisition of Intangible Assets | - | (1,104,125) | |
Net Cash Flows Generated from Investing Activities | 128,201,712 | 219,803,837 | |
Cash Flows from Financing Activities | |||
Short Term Loans obtained during the period | - | 222,848,000 | |
Short Term Loans repaid during the period | - | (601,053,767) | |
Payment of Lease Liability | (23,514,550) | (23,052,196) | |
Dividend Paid | (18,104,215) | (36,208,430) | |
Net Cash Flows Used in Financing Activities | (41,618,765) | (437,466,393) | |
Net Increase / (Decrease) in Cash & Cash Equivalents | 1,415,996,988 | (2,022,553,998) | |
Net Cash & Cash Equivalents at the Beginning of the year | (25,922,389) | 1,996,631,609 | |
Net Cash & Cash Equivalents at the End of the year | 1,390,074,599 | (25,922,389) | |
Analysis of Cash & Cash Equivalents at the end of the year | |||
Cash & Cash Equivalents | 1,441,114,057 | 27,050,059 | |
Bank Overdraft | (51,039,458) | (52,972,448) | |
1,390,074,599 | (25,922,389) | ||
Figures in brackets indicate deductions.
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
NOTES TO THE INTERIM FINANCIAL STATEMENTS
-
Corporate Information
Lanka Ashok Leyland PLC ("the Company") is a Public Limited Liability Company incorporated in Sri Lanka under the provision of Companies Act, No. 17 of 1982 and re-registered under the New Companies Act, No.07 of 2007. The registered office of the Company is located at Panagoda, Homagama. - Basis of Preperation
The interim condensed Financial Statements have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 "Interim Financial Reporting" and provide the information as required in terms of Rule 7.4 of the Colombo Stock Exchange. - Accounting Policies
There are no significant changes in the accounting policies and methods of computation since the publication of Financial Statements in the Annual Report for the year 2023/24. - Contingent Liabilities
There were no material Contingent Liabilities, which require adjustments or disclosures to the Financial Statements as at 31st March 2024. - Events After Reporting Date
After satisfying the Solvency Test in accordance with Section 57 of the Companies Act No. 07 of 2007, the Directors recommend the payment of first and final dividend of Rs. 15/- per share (150%) amounting to Rs. 54,312,645/- for the year ended 31st March 2024 (2022/23- Rs. 5/- per share (50%) amounting to Rs. 18,104,215/-), which will be declared at the Annual General Meeting to be held on 24th September 2024.
In accordance with Sri Lanka Accounting Standard 10 (LKAS 10) "Events after the reporting period" this proposed first and final dividend has not been recognized as a liability as at 31th March 2024. Subsequent to the reporting period, no circumstance has arisen which would require adjustments to or disclosure in the Financial Statements, other than the above. - Comparative Information
Comparative figures have been re-stated /re-classified where necessary, to conform the current period presentation. - Investor Information
Market Value of Shares
The market value of an ordinary share of Lanka Ashok Leyland PLC has been as follows;
Quarter Ended 31.03.2024 | Quarter Ended 31.03.2023 | Year Ended 31.03.2024 | Year Ended 31.03.2023 | |||||||
Market Price | Trade Date | Market Price | Trade Date | Market Price | Trade Date | Market Price | Trade Date | |||
Highest | 820.00 | 7-Mar-24 | 797.00 | 27-Mar-23 | 820.00 | 7-Mar-24 | 815.00 | 26-May-22 | ||
Lowest | 667.00 | 8-Jan-24 | 600.00 | 4-Jan-23 | 576.00 | 22-May-23 | 566.00 | 5-Jul-22 | ||
Last Traded | 690.00 | 28-Mar-24 | 755.00 | 31-Mar-23 | 690.00 | 28-Mar-24 | 755.00 | 31-Mar-23 | ||
Market Capitalization | As at 31st March | |||||||||
2024 | 2023 | |||||||||
Market Capitalization (Rs.) | 2,499,286,881 | 2,853,224,284 | ||||||||
Public Shareholding | ||||||||||
No. of Share Holders | 760 | 726 | ||||||||
Shareholding | 30.38% | 30.38% | ||||||||
Float Adjusted Market Capitalization (Rs.) | 759,283,354 | 866,809,537 | ||||||||
Lanka Ashok Leyland PLC complies with the minimum public holding requiremnent under the Option 05 of Listing Rule 7.13.1.
8. Ratios | |||
Net Assets value per Share (Rs.) | 1,267.49 | 1,053.44 | |
Earnings per Share (Rs.) | 236.90 | 41.15 | |
Net Assets value per Share and Earnings per share are based on 3,620,843 shares in issue as at 31st March 2024, which represent the Stated Capital of the Company.
9. Directors' and Chief Executive Officer's Shareholding
None of the Directors or Chief Executive Officer held shares of the Company during the periods concerned.
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
NOTES TO THE INTERIM FINANCIAL STATEMENTS
As at 31 st March | 2024 | 2023 |
Rs. | Rs. |
10. Receivables and Related Party Transactions Rental Receivable from Trade Debtors
Rental Receivables - Related Parties | 431,722,572 | 1,221,469,406 | |
Rental Receivables - Others | 119,577,682 | 28,516,034 | |
Less - Deferred Interest Income | (32,108,546) | (160,780,880) | |
Unearned Rental Income | 519,191,708 | 1,089,204,560 | |
Less - Provision for Impairment Loss | (103,324,296) | (250,392,614) | |
Balance as at the end of the year | 415,867,412 | 838,811,946 | |
Rental Receivable - Non Current | 41,795,691 | 314,633,296 | |
Rental Receivable - Current | 374,071,721 | 524,178,650 | |
415,867,412 | 838,811,946 | ||
Trade and Other Receivables | |||
Trade Receivables - Related Parties | 517,563,564 | 474,929,037 | |
Trade Receivables - Others | 269,711,951 | 37,751,446 | |
Other Receivables | 32,359,413 | 40,299,049 | |
819,634,928 | 552,979,532 | ||
Less - Provision for Impairment Loss | (200,277,706) | (93,140,233) | |
619,357,222 | 459,839,299 | ||
10.1 Total Related Party Receivables | |||
Rental Receivables - Related Parties | 431,722,572 | 1,221,469,406 | |
Trade Receivables - Related Parties | 517,563,564 | 474,929,037 | |
949,286,136 | 1,696,398,443 | ||
10.1.1 Outstanding balances with Government of Sri Lanka & its related entities and Ashok Leyland Limited - India
Sri Lanka Transport Board | 650,918,540 | 1,293,313,026 | |
Other Government Related Entities | 78,110,590 | 85,987,120 | |
Government Financial Institutions | 8,000,000 | 4,000,000 | |
Ashok Leyland Limited - India | 212,257,006 | 313,098,297 | |
949,286,136 | 1,696,398,443 | ||
Above gross receivable amounts are recorded under Trade Receivables and Rental Receivable from Trade Debtors.
10.2 Transactions with Related Entities of Government of Sri Lanka
For the Period Ended 31 st March | 2024 | 2023 | |
Rs. | Rs. | ||
Name of Related Party | Nature of Transaction | ||
Government Related Entities | Sale of Vehicles, Spares Parts and Gen Sets and | 1,175,325,624 | 590,580,526 |
Services Rendered | |||
Government Financial Institutions | Finance Provided to Lanka Ashok Leyland | 316,680,000 | 132,723,000 |
PLC's Customers | |||
Sri Lanka Customs | Import Duty and Taxes | 505,547,560 | 178,070,492 |
10.3 Transactions and Outstanding Balance with Ashok Leyland - India | |||
Nature of Transaction | |||
Purchase of Goods and Other Transactions | 3,329,832,938 | 1,571,401,430 | |
Amounts Payable to Ashok Leyland Limited - India | 1,655,721,179 | 333,303,000 | |
Amounts Receivable from Ashok Leyland Limited - India | 212,257,006 | 313,098,297 |
10.4 Non Recurrent Related Party Transactions
There were no non-recurrent related party transactions for the period ended 31st March 2024 which requires immediate market disclosure.
LANKA ASHOK LEYLAND PLC
INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024
NOTES TO THE INTERIM FINANCIAL STATEMENTS
11. Shareholders Information
There were 762 registered shareholders as at 31st March 2024 distributed as follows;
CATEGORY | NO. OF SHAREHOLDERS | NO. OF SHARES | SHARE HOLDING % | ||||||
31st March 2024 | 31st March 2023 | 31st March 2024 | 31st March 2023 | 31st March 2024 | 31st March 2023 | ||||
1 - 1,000 | 743 | 708 | 43,556 | 42,131 | 1.20 | 1.16 | |||
1,001 - 5,000 | 13 | 14 | 27,609 | 29,034 | 0.76 | 0.80 | |||
5,001 - 10,000 | - | - | - | - | - | - | |||
10,001 - 50,000 | 1 | 1 | 31,250 | 31,250 | 0.86 | 0.86 | |||
50,001 - 100,000 | - | - | - | - | - | - | |||
100,001 - 500,000 | 2 | 2 | 429,291 | 429,291 | 11.86 | 11.86 | |||
500,001 - 1,000,000 | 1 | 1 | 568,305 | 568,305 | 15.70 | 15.70 | |||
Over 1,000,000 | 2 | 2 | 2,520,832 | 2,520,832 | 69.62 | 69.62 | |||
TOTAL | 762 | 728 | 3,620,843 | 3,620,843 | 100.00 | 100.00 | |||
12. List of 20 Major Shareholders | |||||||||
MAJOR SHAREHOLDERS | NO. OF SHARES HELD | SHARE HOLDING % | |||||||
31st March 2024 | 31st March 2023 | 31st March 2024 | 31st March 2023 | ||||||
Lanka Leyland (Pvt) Limited | 1,512,500 | 1,512,500 | 41.77 | 41.77 | |||||
Ashok Leyland Limited | 1,008,332 | 1,008,332 | 27.85 | 27.85 | |||||
N Thirimanne | 568,305 | 568,305 | 15.70 | 15.70 | |||||
Perpetual Equities (Pvt) Limited | 228,356 | 228,356 | 6.31 | 6.31 | |||||
Rahul Capital (Pvt) Limited | 200,935 | 200,935 | 5.55 | 5.55 | |||||
Sri Lanka Central Transport Board | 31,250 | 31,250 | 0.86 | 0.86 | |||||
D B D D Danthanarayana | 5,000 | 4,550 | 0.14 | 0.13 | |||||
U I Suriyabandara | 4,900 | 4,695 | 0.14 | 0.13 | |||||
R P T Adams | 2,700 | 2,700 | 0.07 | 0.07 | |||||
L N J Perera | 2,600 | 2,600 | 0.07 | 0.07 | |||||
Bansei Securities Capital (Pvt) Limited / M A U Gnanathilaka | 2,230 | 2,230 | 0.06 | 0.06 | |||||
Assetline Leasing Co. Ltd / S M Dharmakeerthi Samarkoon | 1,700 | 1,957 | 0.05 | 0.05 | |||||
F M Asaf Khan | 1,514 | 1,514 | 0.04 | 0.04 | |||||
R V D Piyathilake / R V D C G Rajapakse | 1,327 | 2,070 | 0.04 | 0.06 | |||||
B Periyasamy | 1,250 | 1,250 | 0.03 | 0.03 | |||||
L A P Perera | 1,200 | 1,200 | 0.03 | 0.03 | |||||
P L Perera | 1,100 | 1,100 | 0.03 | 0.03 | |||||
N R Fonseka | 1,068 | 1,068 | 0.03 | 0.03 | |||||
N Eeswararajah / S Sivarasa | 1,020 | 1,100 | 0.03 | 0.03 | |||||
R R Jayasundara | 800 | 800 | 0.02 | 0.02 | |||||
R A Y T Perera | - | 1,000 | - | 0.03 | |||||
. |