EX Pack Corrugated Cartons : Interim Financial Statements as at 31.12.2022

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EX-PACK CORRUGATED CARTONS PLC

INTERIM FINANCIAL STATEMENTS QUARTER ENDED 31ST DECEMBER 2022

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	STATEMENT OF FINANCIAL POSITION
		GROUP		COMPANY
	As at	31.12.2022		31.03.2022	31.12.2022		31.03.2022
		unaudited		audited	unaudited		audited
	ASSETS
	Non-current assets
	Property, plant, and equipment	1,715,677		1,659,104	1,615,058		1,641,987
	Right-of-use assets	220,015		104,684	59,293		35,250
	Investment properties			-	-		-
	Intangible assets	687		1,030	620		939
	Investment in subsidiaries			-	205,000		205,000
	Goodwill	203,544		203,544			-
	Deferred tax assets	24,521		24,521			-
		2,164,444		1,992,883	1,879,972		1,883,176
	Current assets
	Inventories	1,697,919		1,077,191	1,227,236		847,084
	Trade and other receivables	2,031,490		1,973,934	1,563,632		1,611,131
	Advances and prepayments	196,861		85,859	172,081		47,959
	Other financial assets	500,000		466,975	500,000		466,975
	Cash in hand and at bank	248,616		975,074	139,522		817,850
		4,674,886		4,579,033	3,602,472		3,790,999
	Total assets	6,839,330		6,571,916	5,482,443		5,674,175
	EQUITY AND LIABILITIES
	Equity
	Stated capital	1,200,000		1,200,000	1,200,000		1,200,000
	Revaluation reserves	291,992		291,992	291,992		291,992
	Retained earnings	1,040,679		408,698	615,871		252,337
	Equity Attributable to Equity Holders of the Parent	2,532,671		1,900,690	2,107,863		1,744,329
	Non Controling Interest	(517)		(109)
	Total Equity	2,532,154		1,900,581	2,107,863		1,744,329
	Non-current liabilities
	Deferred Tax Liability	77,415		77,415	77,415		77,415
	Retirement Benefit Liability	121,329		102,427	86,791		75,096
	Interest Bearing Loans and Borrowings	187,483		79,481	52,698		29,505
		386,227		259,323	216,904		182,016
	Current liabilities
	Interest Bearing Loans and Borrowings	2,762,479		3,134,556	2,365,879		2,849,506
	Trade and Other Payables	804,580		1,167,689	562,860		842,040
	Income Tax Payable	353,890		109,767	228,938		56,284
		3,920,949		4,412,012	3,157,677		3,747,829
	Total equity and liabilities	6,839,330		6,571,916	5,482,443		5,674,175
		LKR		LKR	LKR		LKR
	Net assets per share	7.60		5.70	6.32		5.23

Note:

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

The amounts are provisional and subject to audit.

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

SIGNED

Abdul Lati Ahamed

Head of Finance

The Board of Directors are responsible for these nancial statements.

SIGNED	SIGNED
Zulcar Ghouse	Dinesh Dharmadasa
Managing Director	Director
01 February 2023 | Colombo

EX-PACK CORRUGATED CARTONS PLC

INTERIM FINANCIAL STATEMENTS FOR THE 3rd QUARTER ENDED 31st DECEMBER 2022

01

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CONSOLIDATED INCOME STATEMENT
	Quarter ended 31 December	Nine months ended 31 December
	2022	2021	Change	2022	2021	Change
	Unaudited	Unaudited	%		Unaudited	Unaudited	%
Revenue	3,538,001	2,369,269	49%	10,542,362	5,841,941	80%
Cost of sales	(2,576,165)	(2,001,633)	29%	(7,955,031)	(4,877,273)	63%
Gross profit	961,836	367,637	162%	2,587,330	964,668	168%
Other income and gains	12,544	25,717	-51%	162,964	41,288	295%
Selling and distribution costs	(124,529)	(86,575)	44%	(331,427)	(226,720)	46%
Administrative expenses	(160,141)	(104,756)	53%	(467,362)	(266,978)	75%
Operating profit	689,710	202,024	241%	1,951,505	512,258	281%
Finance cost	(167,511)	(49,036)	242%	(398,964)	(137,916)	189%
Profit/(loss) before tax	522,199	152,988	241%	1,552,542	374,342	315%
Tax expense	(171,523)	(27,039)	534%	(337,636)	(48,277)	599%
Profit/(loss) for the period	350,676	125,948	178%	1,214,906	326,064	273%
Attributable to:
Equityholders of the parent	350,923	125,948	179%	1,215,315	326,064	273%
Non Controling Interest	(247)				(409)
	350,676	125,948	178%	1,214,906	326,064	273%
	LKR	LKR			LKR		LKR
Earnings per share	1.05	0.45	132%		3.65		1.26	190%

Note:

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

Figures in brackets indicate deductions.

The amounts are provisional and subject to audit.

EX-PACK CORRUGATED CARTONS PLC

INTERIM FINANCIAL STATEMENTS FOR THE 3rd QUARTER ENDED 31st DECEMBER 2022

02

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COMPANY INCOME STATEMENT
	Quarter ended 31 December	Nine months ended 31 December
	2022	2021	Change	2022	2021	Change
	Unaudited	Unaudited	%	Unaudited	Unaudited	%
Revenue	1,923,062	1,386,957	39%	6,072,050	3,705,947	64%
Cost of sales	(1,257,361)	(1,136,984)	11%	(4,310,167)	(3,030,842)	42%
Gross profit	665,701	249,972	166%	1,761,883	675,105	161%
Other income and gains	183,557	43,114	326%	373,040	65,277	471%
Selling and distribution costs	(111,391)	(80,555)	38%	(293,085)	(212,873)	38%
Administrative expenses	(120,221)	(79,972)	50%	(362,017)	(195,974)	85%
Operating profit	617,646	132,560	366%	1,479,822	331,535	346%
Finance cost	(128,304)	(40,992)	213%	(319,589)	(114,659)	179%
Profit/(loss) before tax	489,342	91,568	434%	1,160,233	216,876	435%
Tax expense	(118,328)	(11,002)	976%	(213,366)	(29,804)	616%
Profit/(loss) for the period	371,013	80,566	361%	946,867	187,073	406%
Attributable to:
Equityholders of the parent	371,013	80,566	361%	946,867	187,073	406%
	LKR	LKR		LKR	LKR
Earnings per share	1.11	0.29	284%	2.84	0.72	294%

Note:

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

Figures in brackets indicate deductions.

The amounts are provisional and subject to audit

EX-PACK CORRUGATED CARTONS PLC

INTERIM FINANCIAL STATEMENTS FOR THE 3rd QUARTER ENDED 31st DECEMBER 2022

03

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STATEMENT OF CASH FLOWS

		GROUP		COMPANY
	For the Nine Months ended 31 December	2022 Unaudited 2021 Unaudited 2022 Unaudited 2021 Unaudited
	CASHFLOW FROM / (USED IN) OPERATING ACTIVITIES
	Profit/(loss) before tax	1,552,542		374,342	1,160,233		216,876
	Adjustments for:
	Depreciation of property, plant and equipment	70,902		56,985	58,012		50,432
	Amortization of right-of-use assets	38,501		23,917	9,260		8,015
	Amortization of intangible assets	342		4,591	319		4,559
	Provision of retirement benefit liability	20,948		17,563	12,454		9,069
	Profit/(Loss) on Disposal of Property, Plant and Equipment	(5,641)		297	(5,014)		297
	Lease interest	22,646		9,915	10,066		4,402
	Finance cost	377,964		126,160	310,768		110,257
	Operating profit before working capital changes	2,078,202		613,770	1,556,096		403,907
	(Increase)/Decrease in inventories	(629,366)		(105,795)	(388,791)		(25,522)
	(Increase)/Decrease in trade and other receivables	(69,016)		(100,474)	47,499		(207,617)
	(Increase)/Decrease in advances and prepayments	(102,362)		(228,565)	(115,484)		(231,955)
	Increase/(Decrease) in trade and other payables	(396,594)		37,886	(324,098)		(14,481)
	Cash generated from operations	880,863		216,821	775,223		(75,667)
	Gratuity paid	(2,046)		(1,244)	(759)		(1,003)
	Tax paid	(93,344)		(29,087)	(40,711)		(29,087)
	Finance cost paid	(377,964)		(126,160)	(310,768)		(110,257)
	Net cashflow from / (used in) operating activities	407,510		60,330	422,984		(216,014)
	CASHFLOW FROM / (USED IN) INVESTING ACTIVITIES
	Acquisition of property, plant and equipment	(67,756)		(40,181)	(31,083)		(37,853)
	Acquisition of intangible assets	(48,642)		(438	-		(438)
	Investing in fixed deposits	-		(527,000)			(527,000)
	Proceeds from Sale of Property Plant and Equipment	950		400			400
	Net cashflow from / (used in) investing activities	(115,448)		(567,219)	(31,083)		(564,891)
	CASHFLOW FROM / (USED IN) FINANCING ACTIVITIES
	Net Increase/(Decrease) in interest bearing loans and borrowings	(378,356)		110,400	(471,734)		292,736
	Proceeds From Finance Lease			700,000			700,000
	Payment of finance lease liabilities	(56,831)		(32,202)	(15,162)		(10,944)
	Payment of dividend	(583,333)		(96,667)	(583,333)		(96,667)
	Net cashflow from / (used in) financing activities	(1,018,520)		681,532	(1,070,229)		885,125
	NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	(726,458)		174,643	(678,328)		104,220
	CASH AND CASH EQUIVALENTS AT THE BEGINNING	975,074		73,611	817,850		63,462
	CASH AND CASH EQUIVALENTS AT THE END	248,616		248,254	139,522		167,682

Note:

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

Figures in brackets indicate deductions.

The amounts are provisional and subject to audit.

EX-PACK CORRUGATED CARTONS PLC

INTERIM FINANCIAL STATEMENTS FOR THE 2ND QUARTER ENDED 30TH SEPTEMBER 2022

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