INTERIM STATEMENT
FOR THE QUARTER ENDED 30TH JUNE 2022
LAXAPANA BATTERIES PLC
Company No. PQ 170
LAXAPANA BATTERIES PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Quarter Ended | ||||
For the Quarter ended 30th June | 2022 | 2021 | Variance | |
Rs.'000 | Rs.'000 | % | ||
Revenue | 213,138 | 165,507 | 29 | |
Cost of Sales | (112,499) | (113,014) | 0 | |
Gross Profit | 100,639 | 52,493 | 92 | |
Other Income | 24,899 | 11,515 | 116 | |
Administrative Expenses | (11,136) | (14,157) | 21 | |
Selling Expenses | (37,558) | (27,455) | (37) | |
Profit from Operating Activities | 76,844 | 22,396 | 243 | |
Net Finance Expenses | (10,508) | (4,518) | (133) | |
Profit before Tax | 66,336 | 17,878 | 271 | |
Income Tax Expense | (15,624) | (5,305) | (195) | |
Net Profit for the Period | 50,712 | 12,573 | 303 | |
Earnings per share | 0.77 | 0.19 |
LAXAPANA BATTERIES PLC
STATEMENT OF FINANCIAL POSITION
Unaudited | Unaudited | ||
As at | 30-06-2022 | 31-03-2022 | |
Rs.'000 | Rs.'000 | ||
ASSETS | |||
Non-Current Assets | |||
Property, Plant and Equipment | 55,696 | 27,592 | |
Work-In- Progress | 92,769 | 123,154 | |
Investment Property | 131,920 | 132,105 | |
Deferred Tax Asset | 12,900 | 12,900 | |
Total Non-Current Assets | 293,285 | 295,751 | |
Current Assets | |||
Inventories | 290,723 | 106,101 | |
Amount due from Related Companies | 300,282 | 290,061 | |
Other Receivables | 239,542 | 191,278 | |
Cash and Cash Equivalents | 64,937 | 60,443 | |
Total Current Assets | 895,484 | 647,883 | |
Total Assets | 1,188,769 | 943,634 | |
EQUITY AND LIABILITIES | |||
Equity | |||
Stated Capital | 546,384 | 546,384 | |
Revaluation Reserve | 1,201 | 1,201 | |
Retained Earnings | 137,119 | 86,407 | |
Total Equity | 684,704 | 633,992 | |
Non-Current Liabilities | |||
Retirement Benefit Obligations | 5,084 | 4,777 | |
Interest Bearing Loans and Borrowings | 47,797 | 48,753 | |
Non-Current Liabilities | 52,881 | 53,530 | |
Current Liabilities | |||
Trade and Other Payables | 383,281 | 222,632 | |
Amount due to Related Companies | 3,862 | 1,014 | |
Interest Bearing Loans and Borrowings | 27,695 | 7,647 | |
Income Tax Payable | 36,346 | 24,819 | |
Total Current Liabilities | 451,184 | 256,112 | |
Total Liabilities | 504,065 | 309,642 | |
Total Equity and Liabilities | 1,188,769 | 943,634 | |
Net Assets value per share | 10.34 | 9.57 |
I certify that these Financial Statements are prepared in compliance with the requirements of the Companies Act No. 07 of 2007
(Sgd.)
N. Musheen
Senior Manager - Finance
The Board of Directors is responsible for the preparation and fair presentation of these Financial Statements. Approved and signed for and on behalf of the Board of Directors of Laxapana Batteries PLC.
(Sgd.) | (Sgd.) |
R.C.A. Welikala | S.W.Gunawardena |
Director | Director |
12th August, 2022 |
LAXAPANA BATTERIES PLC
STATEMENT OF CHANGES IN EQUITY
Stated Capital | |||||
Ordinary | Preference | Revaluation | Retained | Total | |
Share | Share | Reserve | Earnings | ||
Capital | Capital | ||||
Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | Rs.'000 | |
Balance as at 1st April 2021 | 546,374 | 10 | 1,201 | 100,414 | 647,999 |
Profit for the Period | - | - | - | 12,573 | 12,573 |
Dividends | - | - | (66,225) | (66,225) | |
Balance as at 30th June 2021 | 546,374 | 10 | 1,201 | 46,762 | 594,347 |
Balance as at 1st April 2022 | 546,374 | 10 | 1,201 | 86,407 | 633,992 |
Profit for the Period | - | - | - | 50,712 | 50,712 |
Balance as at 30th June 2022 | 546,374 | 10 | 1,201 | 137,119 | 684,704 |
LAXAPANA BATTERIES PLC
STATEMENT OF CASH FLOWS
For the Quarter ended 30th June | 2022 | 2021 | |
Rs.'000 | Rs.'000 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before taxation | 66,336 | 17,878 | |
Adjustments for ; | |||
Depreciation on property, plant and equipment | 2,281 | 421 | |
Depreciation on investment property | 185 | 185 | |
Impairment loss on trade receivables and amounts due from related parties | - | 3,815 | |
Interest expense | 2,425 | 2,337 | |
Interest income | (7,690) | 3,391 | |
Provision for retirement benefit obligations | 307 | 259 | |
Provision for slow moving inventories | (11,736) | (2,437) | |
Operating cash flows before working capital changes | 52,108 | 25,847 | |
(Increase) / Decrease in inventories | (172,886) | (77,555) | |
o(Increase) / Decrease in trade & other receivables | (40,572) | (55,313) | |
(Increase) / Decrease in amounts due from related companies | (10,222) | (267,552) | |
Increase / (Decrease) in amounts due to related companies | 160,649 | (137) | |
Increase / (Decrease) in trade & other payables | 2,848 | 98,279 | |
Cash generated from operations | (8,075) | (276,431) | |
Income taxes paid | (4,097) | (11,805) | |
Interest expenses paid | (2,425) | (805) | |
Net cash flows generated from operating activities | (14,597) | (289,042) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from loans and borrowings | 51,158 | 336,152 | |
Repayment of borrowings | (32,066) | (49,192) | |
Dividend paid | - | (66,225) | |
Net cash flows generated from financing activities | 19,092 | 220,735 | |
Net decrease in cash & cash equivalent | 4,494 | (68,307) | |
Cash & cash equivalents at the beginning of the year | 60,443 | 116,167 | |
Cash & cash equivalents at the end of the period | 64,937 | 47,860 | |
Analysis of Cash & Cash Equivalents | |||
Bank Overdraft | - | (16,027) | |
Cash in Hand & at Bank | 64,937 | 63,887 | |
64,937 | 47,860 | ||
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