Mitchell Fruit Farms : Transmission of Quarterly Accounts for the Period Ended September 30, 2022

Mitchell's Fruit Farms Limited

Condensed Interim Financial Statements (Unaudited)

For Q-1 ended 30 September 2022

(Updated 28 Dec 2022)

Draft

Directors' Review

The Directors of the company are pleased to present their report on the condensed interim financial statement of the Company for the first quarter (Q-1) ended September 30, 2022.

Key financial highlights for the subject period are as under:	PKR Millions
	30 Sep 2022	30 Sep 2021
Sales revenue	468.98	536.97
Gross profit	99.73	55.75
Net loss before tax	(92.29)	(90.67)
Net loss after tax	(98.07)	(96.04)
Loss per share	(4.29)	(4.20)

After incurring heavy losses during the last financial year, the company is in the rebuilding process. Some salient features of these financial results are as under:

• Sales remain lower than last year due to production & financial challenges.
• Reduction in cost of raw & packing material & salaries with the help of better management of resources
• Increase in fuel & power costs due to increase in tariff rates.
• Reduction in administrative costs with the help of planning & management control.
• Increase in finance costs due to increase in interest rates, unavailability of export refinance & full utilization of financing facilities.

During this period, the sponsors have extended further loans of PKR 40M to help company cash flows. Also, at the same time, company has revised its prices as compared to the last year and is making successful efforts for reduction in its input costs. During the subsequent period, we have achieved improvements in our gross margins that shall generate operating profits. Hence, we are currently aiming towards further improvements in the next quarter with a view to offset Q-1 losses. With the arrival of fresh crop of saag and winter seasonal impact, the sales of the company have grown in the subsequent months with more efficiency and diligence.

We have also planned modernization of plant facilities and upgrading our facilities in a phased manner to ensure the quality and availability of products and to increase shareholder's value.

For and on behalf of the Board of Directors

Najam Aziz Sethi	Shazad Ghaffar
Chief Executive Officer	Chairman
Lahore: December 22, 2022

1

		Mitchell's Fruit Farms Limited
Condensed Interim Statement of Financial Position as at September 30, 2022
	September 30	June 30
Note	2022	2022	Note
Rupees	Rupees
	Un-Audited	Audited
EQUITY AND LIABILITIES		ASSETS
CAPITAL AND RESERVES		NON-CURRENT ASSETS

September 30	June 30
2022	2022
Rupees	Rupees
Un-Audited	Audited

Authorized capital					Property, plant and equipment	8
40,000,000 (June 30, 2022: 40,000,000)					Intangible assets
ordinary shares of Rs 10 each		400,000,000	400,000,000	Biological assets
Issued, subscribed and paid up capital				Long term receivables
22,875,000 (June 30, 2022: 22,875,000)
ordinary shares of Rs 10 each		228,750,000	228,750,000
Reserves	6	(123,890,402)	(25,813,586)
		104,859,598		202,936,414

655,712,121

26,481,601

1,550,000

1,231,543

684,975,265

668,093,802

26,585,558

1,550,000

1,541,543

697,770,903

NON-CURRENT LIABILITIES

Deferred liabilities

CURRENT LIABILITIES

Current portion of long term finance Current portion of deferred grant Trade and other payables

Finances under markup arrangements Loan from shareholders - unsecured Accrued finance cost

Unclaimed dividend

CONTINGENCIES AND COMMITMENTS

7

138,620,600

7,500,000

125,297

707,491,215

314,024,464

265,000,000

12,752,256

1,912,754

1,308,805,986

-

135,741,601

14,949,499

125,297

707,328,886

341,059,804

225,000,000

12,848,666

1,912,754

1,303,224,906

-

CURRENT ASSETS

Stores, spares and loose tools Inventories

Trade debts - unsecured

Advances, deposits, prepayments and other receivables

Income tax receivable Bank balances

47,681,397

383,740,059

171,489,797

156,466,813

97,692,016

10,240,838

867,310,920

45,561,599

430,965,294

202,059,716

127,526,438

116,394,571

21,624,400

944,132,018

1,552,286,184

1,641,902,921

1,552,286,184 1,641,902,921

The annexed notes 1 to 15 form a integral part of this condensed interim financial statements. Notes 9-A to 9-E are only for internal review by the directors.

Badar M. Khan	Najam Aziz Sethi
Chief Financial Officer	Chief Executive Officer

Shazad Ghaffar

Chairman

2

Mitchell's Fruit Farms Limited

Condensed Interim Statement of Profit or Loss Account

For the First Quarter Ended September 30, 2022 (Un-audited)

			September 30			September 30
		2022		2021
			Rupees			Rupees
Sales	9	468,989,225		536,974,622
Cost of sales	9-A	(369,251,576)			(481,222,108)
Gross profit		99,737,649		55,752,514
Administrative & general expenses:	9-B	(44,630,285)		(67,128,120)
Marketing & distribution expenses	9-C	(135,990,148)		(79,943,544)
Other operating expenses		(200,261)		-
Other operating income	9-D	4,440,427			5,915,367
Loss from operations		(76,642,619)		(85,403,782)
Finance costs	9-E	(15,656,402)			(5,271,434)
Loss before tax		(92,299,021)		(90,675,216)
Taxation		(5,777,795)			(5,369,746)
Loss after tax		(98,076,816)		(96,044,962)
Loss per share
- Basic and diluted			(4.29)			(4.20)

The annexed notes 1 to 15 form a integral part of this condensed interim financial statements. Notes 9-A to 9-E are only for internal review by the directors.

Badar M. Khan	Najam Aziz Sethi	Shazad Ghaffar
Chief Financial Officer	Chief Executive Officer	Chairman

3

Mitchell's Fruit Farms Limited

Condensed Interim Statement of Comprehensive Income

For the First Quarter Ended September 30, 2022 (Un-audited)

September 30

2022

Rupees

September 30

2021

Rupees

Loss for the period

Other Comprehensive Income:

-Items that will not be reclassified to profit or (loss)

Re-measurement of retirement benefit - net of tax

-Items that may be reclassified subsequently to profit or (loss)

Total comprehensive loss for the period

The annexed notes 1 to 15 form a integral part of this condensed interim financial statements.

(98,076,816)

-

-

-

(98,076,816)

(96,044,962)

-

-

(96,044,962)

Badar M. Khan	Najam Aziz Sethi	Shazad Ghaffar
Chief Financial Officer	Chief Executive Officer	Chairman

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