INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED

INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31

ST

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

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

09

th

May 2024

The same Accounting Policies and methods of computation are followed in this Interim Financial Statements as compared

with the most recent audited Financial Statements.

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

Rs.

Audited

Rs.

Quarter 04

Rs.

Quarter 04

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 (65,681,981) 4,010,228 1738% (65,051,981) 4,640,228 1502%

Total Comprehensive Income for the period 792,104,916 153,004,343 418% 170,798,892 58,631,605 191%

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

INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2024

General Retained Total

Reserve Earnings Equity

Rs. Rs. Rs. Rs.

Balance as at 01

st

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 31

st

March 2023

49,375,150 887,347,500 2,877,612,617 3,814,335,267

Balance as at 01

st

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 31

st

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

STATEMENT OF CHANGES IN EQUITY

Stated

Capital

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

1. Corporate Information

2. Basis of Preperation

3. Accounting Policies

4.

Contingent Liabilities

5.

Events After Reporting Date

6.

Comparative Information

7. Investor Information

Market Value of Shares

The market value of an ordinary share of Lanka Ashok Leyland PLC has been as follows;

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

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

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 (“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.

Comparative figures have been re-stated / re-classified where necessary, to conform the current period presentation.

Year Ended 31.03.2023

Quarter Ended 31.03.2023

As at 31

st

March

Quarter Ended 31.03.2024

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 31

th

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.

Year Ended 31.03.2024

There were no material Contingent Liabilities, which require adjustments or disclosures to the Financial Statements as at 31

st

March 2024.

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.

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.

Net Assets value per Share and Earnings per share are based on 3,620,843 shares in issue as at 31

st

March 2024, which represent the Stated

Capital of the Company.

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 31

st

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 24

th

September 2024.

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

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

Services Rendered

1,175,325,624

590,580,526

Government Financial Institutions

Finance Provided to Lanka Ashok Leyland

PLC's Customers

316,680,000

132,723,000

Sri Lanka Customs Import Duty and Taxes 505,547,560 178,070,492

10.3

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

Transactions and Outstanding Balance with Ashok Leyland - India

Transactions with Related Entities of Government of Sri Lanka

There were no non-recurrent related party transactions for the period ended 31

st

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 31

st

March 2024 distributed as follows;

31

st

March 2024 31

st

March 2023 31

st

March 2024 31

st

March 2023 31

st

March 2024 31

st

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

31

st

March 2024 31

st

March 2023 31

st

March 2024 31

st

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

.