FAB-FORM INDUSTRIES LTD. CONDENSED INTERIM FINANCIAL STATEMENTS QUARTER ENDED 31 MARCH 2025
(In Canadian Dollars rounded to nearest dollar)
FAB-FORM INDUSTRIES LTD.
CONDENSED INTERIM FINANCIAL STATEMENTS
For the quarter ended 31 March 2025
(Canadian Dollars rounded to nearest dollar)
Table of Contents
Management's Report to Shareholders 3
Condensed Statements of Comprehensive Income 4
Condensed Statements of Financial Position 5
Condensed Statements of Changes in Equity 6
Condensed Statements of Cashflows 7
Selected notes to the Condensed Interim Financial Statements 8-14
FAB-FORM INDUSTRIES LTD. MANAGEMENT'S REPORT TO SHAREHOLDERS
For the quarter ended 31 March 2025
The accompanying Condensed Interim Financial Statements for the quarter ended 31 March 2025 are the responsibility of the management of Fab-Form Industries Ltd. The Condensed Interim Financial Statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") and, where appropriate, include management's best estimates and judgements.
The Company maintains an accounting system and related controls to provide management with reasonable assurance that transactions are executed and recorded in accordance with its authorizations, that assets are properly safeguarded, and accounted for, and that financial records are reliable for preparation of Condensed Interim Financial Statements.
The Company's external auditor has not performed a review of the Condensed Interim Financial Statements for the quarter ended 31 March 2025.
The Board of Directors oversees management's responsibilities for the Condensed Interim Financial Statements primarily through the activities of its Audit Committee. The Audit Committee meets with management of the Company to review the Company's Condensed Interim Financial Statements and Management Discussion and Analysis (MD&A).The Audit Committee also reviews internal accounting controls, risk management and accounting principles and practices. The Audit Committee reports its findings to the Board of Directors, and recommends approval of the Condensed Interim Financial Statements. The Board of Directors is responsible for ensuring that management fulfills its responsibilities for financial reporting and is ultimately responsible for reviewing and approving the financial statements.
........................... ...........................
Director (President and CEO) Director
Joseph Fearn Don Russell
28 May 2025 28 May 2025
FAB-FORM INDUSTRIES LTD.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
31-Mar-25 | 31-Mar-24 |
$ | $ |
(unaudited) | (unaudited) |
3,237,428 | 3,309,292 |
(2,122,510) | (2,128,410) |
1,114,918 | 1,180,882 |
34% | 36% |
(524,297) | (418,373) |
(172,498) | (147,540) |
(696,795) | (565,913) |
418,123 | 614,969 |
(4,100) | (6,258) |
156,913 | 141,699 |
570,936 | 750,410 |
(134,450) | (200,883) |
436,486 | 549,527 |
9,174,507 | 9,174,507 |
0.0476 | 0.0599 |
For the quarter/period ended 31 March 2025, 31 March 2024, and year ended 30 June 2024. (Canadian Dollars rounded to nearest dollar)
31-Mar-25 | 31-Mar-24 |
$ | $ |
(unaudited) | (unaudited) |
772,753 | 748,002 |
(531,842) | (507,565) |
240,911 | 240,437 |
31% | 32% |
(165,715) | (129,952) |
(55,427) | (52,777) |
(221,142) | (182,729) |
19,769 | 57,708 |
(1,184) | (1,908) |
37,967 | 64,001 |
56,552 | 119,801 |
(16,217) | (34,644) |
40,335 | 85,157 |
9,174,507 | 9,174,507 |
0.0044 | 0.0093 |
Notes
Revenue 4
Cost of sales 5
Gross profit
Gross profit margin %
Expenses
General and administration Selling and marketing
Total expenses 5
Earnings from operations
Finance cost
Other income 6
Earnings before income taxes Income taxes
Net earnings for the period/year ended and total comprehensive income
Weighted average number of shares outstanding Basic and diluted earnings per share
Quarter Ended
Period Ended
Year ended 30-Jun-24
$
(audited)
4,681,956
(2,987,548)
1,694,408
36%
(607,628)
(199,314)
(806,942)
887,466
(8,973)
189,267
1,067,760
(295,885)
771,875
9,174,507
0.0841
FAB-FORM INDUSTRIES LTD.
CONDENSED STATEMENTS OF FINANCIAL POSITION
31-Mar-25 $ (unaudited) 985,078 3,563,392 498,303 767,064 5,813,837 |
337,601 152,030 148,233 237,608 875,473 6,689,309 |
671,679 119,505 - 791,184 |
40,540 66,836 107,376 898,560 |
1,388,006 4,402,743 5,790,749 6,689,309 |
As at 31 March 2025, 31 March 2024,30 June 2024 and 30 June 2023 (Canadian Dollars rounded to nearest dollar)
ASSETS
Current
Cash and cash equivalents Short-term investments Trade and other receivables Inventories
Non current assets Property and equipment Right-of-use assets Deferred development costs Intangible assets
Total Assets
LIABILITIES
Current
Trade and other payables Lease liabilities
Corporate tax payable
Non current liabilities
Lease liabilities Deferred tax liability
Total liabilities
EQUITY
Share capital Retained earnings Total equity
Total equity and liabilities
Approved and authorized by the Board 28 May 2025
30-Jun-24
31-Mar-24 $ (unaudited) 2,273,398 1,530,590 597,776 754,816 5,156,580 |
204,051 266,054 86,762 135,039 691,906 5,848,486 |
427,117 116,608 12,800 556,525 |
160,046 - 160,046 716,571 |
1,388,006 3,743,909 5,131,915 5,848,486 |
30-Jun-23 $ (audited) 1,012,026 2,043,332 875,716 625,972 4,557,046 |
108,364 351,571 72,816 114,570 647,321 5,204,367 |
247,837 114,449 11,918 374,204 |
247,775 - 247,775 621,979 |
1,388,006 3,194,382 4,582,388 5,204,367 |
$'
(audited)
1,547,112
2,557,517
527,655
700,300
5,332,584
232,420
237,547
81,249
173,734
724,950
6,057,534
361,248
117,337
52,985
531,570
130,436
41,265
171,701
703,271
1,388,006
3,966,257
5,354,263
6,057,534
"Joseph Fearn"… , Director
"Vishwanath Kumar"… , CFO
The accompanying notes are an integral part of these financial statements