EX Pack Corrugated Cartons : Interim Financial Statements as at 31st December 2021

EX-PACK CORRUGATED CARTONS PLC

INTERIM CONDENSED FINANCIAL STATEMENTS NINE MONTHS ENDED 31 DECEMBER 2021

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
As at	31.12.2021		31.03.2021	31.12.2021	31.03.2021
	unaudited		audited	unaudited	audited
ASSETS
Non-current assets
Property, plant, and equipment	1,018,740		1,039,480	990,558	1,008,170
Right-of-use assets	103,510		100,815	37,922	45,937
Investment properties	382,000		382,000	382,000	382,000
Intangible assets	851		668	752	537
Investment in subsidiaries			-	205,000	205,000
Goodwill	203,544		203,544		-
Deferred tax assets	13,559		13,559		-
	1,722,204		1,740,065	1,616,232	1,641,644
Current assets
Inventories	870,430		764,636	707,286	681,765
Trade and other receivables	1,476,459		1,379,052	1,254,590	1,026,973
Advances and prepayments	274,949		34,108	261,932	49,155
Other financial assets	1,010,000		483,000	1,010,000	483,000
Cash in hand and at bank	248,254		94,741	167,682	84,592
	3,880,092		2,755,536	3,401,491	2,325,485
Total assets	5,602,296		4,495,601	5,017,723	3,967,129
EQUITY AND LIABILITIES
Equity
Stated capital	1,200,000		500,000	1,200,000	500,000
Revaluation reserves	291,992		291,992	291,992	291,992
Retained earnings	220,846		(8,552)	137,194	46,788
	1,712,837		783,440	1,629,186	838,780
Non-current liabilities
Lease liabilities	83,154		75,931	32,289	40,118
Defined benefit obligations	98,520		82,201	69,490	61,425
Deferred tax liabilities	72,543		73,639	72,543	73,639
	254,218		231,771	174,322	175,182
Current liabilities
Trade and other payables	794,685		755,781	617,410	631,069
Loans and borrowings	2,772,352		2,676,692	2,547,076	2,274,181
Income tax liabilities	68,203		47,917	49,730	47,917
	3,635,240		3,480,390	3,214,215	2,953,167
Total equity and liabilities	5,602,296		4,495,601	5,017,723	3,967,129
	LKR		LKR	LKR	LKR
Net assets per share	5.14		3.13	4.89	3.36

Note:

All values are in LKR '000s, unless otherwise stated.

The amounts are provisional and subject to audit.

I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007.

(Signed)

…………………………………………………………………

Abdul Latiff Ahamed

Head of Finance

The Board of Directors are responsible for these financial statements.

(Signed)	(Signed)
……………………………….	……………………………………….
Zulficar Ghouse	Dinesh Dharmadasa
Managing Director	Director
14 February 2022 | Colombo

1 | EX-PACKCORRUGATED CARTONS PLC | INTERIM CONDENSED FINANCIAL STATEMENTS NINE MONTHS ENDED 31 DECEMBER 2021

CONSOLIDATED INCOME STATEMENT

	Quarter ended 31 December	Nine months ended 31 December
	2021	2020	Change	2021	2020	Change
			%			%
Revenue	2,369,269	1,189,811	99%	5,841,941	3,255,743	79%
Cost of sales	(2,001,633)	(948,030)	111%	(4,877,273)	(2,635,183)	85%
Gross profit	367,637	241,781	52%	964,668	620,560	55%
Other income and gains	25,717	2,121	1112%	41,288	4,362	846%
Selling and distribution costs	(86,575)	(65,008)	33%	(226,720)	(150,581)	51%
Administrative expenses	(104,756)	(71,753)	46%	(266,978)	(205,785)	30%
Operating profit	202,024	107,141	89%	512,258	268,557	91%
Finance cost	(49,036)	(54,881)	-11%	(137,916)	(170,090)	-19%
Profit/(loss) before tax	152,988	52,260	193%	374,342	98,467	280%
Tax expense	(27,039)	(2,733)	889%	(48,277)	(3,934)	1127%
Profit/(loss) for the period	125,948	49,527	154%	326,064	94,533	245%
Attributable to:
Equity holders of the parent	125,948	49,527	154%	326,064	94,533	245%
	LKR	LKR		LKR	LKR
Earnings per share	0.45	0.20	129%	1.26	0.38	233%

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarter ended 31 December	Nine months ended 31 December
	2021	2020	2021	2020
Profit for the period	125,948	49,527	326,064	94,533
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	125,948	49,527	326,064	94,533
Attributable to:
Equity holders of the parent	125,948	49,527	326,064	94,533

Note:

All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The amounts are provisional and subject to audit.

2 | EX-PACKCORRUGATED CARTONS PLC | INTERIM CONDENSED FINANCIAL STATEMENTS NINE MONTHS ENDED 31 DECEMBER 2021

COMPANY INCOME STATEMENT

	Quarter ended 31 December	Nine months ended 31 December
	2021	2020	Change	2021	2020	Change
			%			%
Revenue	1,386,957	857,009	62%	3,705,947	2,316,575	60%
Cost of sales	(1,136,984)	(653,393)	74%	(3,030,842)	(1,787,021)	70%
Gross profit	249,972	203,616	23%	675,105	529,555	27%
Other income and gains	43,114	288	14876%	65,277	1,926	3289%
Selling and distribution costs	(80,555)	(61,656)	31%	(212,873)	(141,534)	50%
Administrative expenses	(79,972)	(54,595)	46%	(195,974)	(156,744)	25%
Operating profit	132,560	87,652	51%	331,535	233,204	42%
Finance cost	(40,992)	(44,868)	-9%	(114,659)	(130,382)	-12%
Profit/(loss) before tax	91,568	42,784	114%	216,876	102,821	111%
Tax expense	(11,002)	(7,146)	54%	(29,804)	(17,013)	75%
Profit/(loss) for the period	80,566	35,639	126%	187,073	85,809	118%
Attributable to:
Equity holders of the parent	80,566	35,639	126%	187,073	85,809	118%
	LKR	LKR		LKR	LKR
Earnings per share	0.29	0.14	104%	0.72	0.34	110%

COMPANY STATEMENT OF COMPREHENSIVE INCOME

	Quarter ended 31 December	Nine months ended 31 December
	2021	2020	2021	2020
Profit for the period	80,566	35,639	187,073	85,809
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	80,566	35,639	187,073	85,809
Attributable to:
Equity holders of the parent	80,566	35,639	187,073	85,809

Note:

All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The amounts are provisional and subject to audit.

3 | EX-PACKCORRUGATED CARTONS PLC | INTERIM CONDENSED FINANCIAL STATEMENTS NINE MONTHS ENDED 31 DECEMBER 2021

STATEMENT OF CASH FLOWS

	GROUP	COMPANY
For the nine months ended 31 December	2021	2020	2021	2020
CASHFLOW FROM / (USED IN) OPERATING ACTIVITIES
Profit/(loss) before tax	374,342	98,467	216,876	102,821
Adjustments for:
Depreciation of property, plant and equipment	56,985	48,451	50,432	39,501
Amortization of right-of-use assets	23,917	24,699	8,015	8,015
Amortization of intangible assets	4,591	107	4,559	-
Provision of retirement benefit liability	17,563	10,436	9,069	7,897
Profit/(Loss) on Disposal of Property, Plant and Equipment	297	-	297	-
Lease interest	9,915	11,016	4,402	5,136
Finance cost	126,160	159,074	110,257	125,246
Operating profit before working capital changes	613,770	352,249	403,907	288,617
(Increase)/Decrease in inventories	(105,795)	(92,031)	(25,522)	(115,382)
(Increase)/Decrease in trade and other receivables	(100,474)	(4,724)	(207,617)	(7,338)
(Increase)/Decrease in advances and prepayments	(228,565)	(155,574)	(231,955)	(167,197)
Increase/(Decrease) in trade and other payables	37,886	(39,883)	(14,481)	1,792
Cash generated from operations	216,821	60,037	(75,667)	492
Gratuity paid	(1,244)	(9,444)	(1,003)	(10,607)
Tax paid	(29,087)	-	(29,087)	-
Finance cost paid	(126,160)	(159,074)	(110,257)	(125,246)
Net cashflow from / (used in) operating activities	60,330	(108,480)	(216,014)	(135,361)
CASHFLOW FROM / (USED IN) INVESTING ACTIVITIES
Acquisition of property, plant and equipment	(40,181)	(28,531)	(37,853)	(23,958)
Acquisition of intangible assets	(438)	-	(438)	-
Investing in fixed deposits	(527,000)	-	(527,000)
Proceeds from Sale of Property Plant and Equipment	400	-	400	-
Net cashflow from / (used in) investing activities	(567,219)	(28,531)	(564,891)	(23,958)
CASHFLOW FROM / (USED IN) FINANCING ACTIVITIES
Net Increase/(Decrease) in interest bearing loans and borrowings	110,400	430,972	292,736	477,900
Proceeds From Issue of Shares	700,000	-	700,000	-
Payment of finance lease liabilities	(32,202)	(27,844)	(10,944)	(10,260)
Payment of dividend	(96,667)	(72,985)	(96,667)	(72,985)
Net cashflow from / (used in) financing activities	681,532	330,143	885,125	394,655
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	174,643	193,132	104,220	235,336
CASH AND CASH EQUIVALENTS AT THE BEGINNING	73,611	106,774	63,462	55,749
CASH AND CASH EQUIVALENTS AT THE END	248,254	299,907	167,682	291,085

Note:

All values are in LKR '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The amounts are provisional and subject to audit.

4 | EX-PACKCORRUGATED CARTONS PLC | INTERIM CONDENSED FINANCIAL STATEMENTS NINE MONTHS ENDED 31 DECEMBER 2021