Laxapana Batteries : Quarterly Financial Report as at 30.09.2022

INTERIM STATEMENT

FOR THE PERIOD ENDED 30TH SEPTEMBER 2022

LAXAPANA BATTERIES PLC

Company No. PQ 170

LAXAPANA BATTERIES PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Quarter Ended		Six Months Ended
For the Period ended 30th September	2022	2021	Variance	2022	2021	Variance
	Rs.'000		Rs.'000	%	Rs.'000		Rs.'000	%
Revenue	322,155	215,261	50	535,293	377,376	42
Cost of Sales	(164,385)		(155,785)	(6)	(276,884)		(268,799)	(3)
Gross Profit	157,770	59,476	165	258,409	108,577	138
Other Income	20,641	20,143	2	45,540	31,659	44
Administrative Expenses	(25,202)	(15,281)	(65)	(36,337)	(24,919)	(46)
Selling Expenses	(41,943)	(31,832)	(32)	(79,501)	(63,806)	(25)
Profit from Operating Activities	111,266	32,506	242	188,111	51,511	265
Net Finance Expenses	(8,371)	(12,773)	34	(18,878)	(13,901)	(36)
Profit before Tax	102,895	19,733	421	169,233	37,610	350
Income Tax Expense	(22,335)	(6,162)	(262)	(37,959)	(11,467)	(231)
Net Profit for the Period	80,560		13,571	494	131,274		26,143	402
Earnings per share	1.22	0.20		1.98	0.39

LAXAPANA BATTERIES PLC

STATEMENT OF FINANCIAL POSITION

	Unaudited		Audited
As at	30-09-2022	31-03-2022
	Rs.'000		Rs.'000
ASSETS
Non-Current Assets
Property, Plant and Equipment	53,751	27,592
Capital Work-In- Progress	92,769	123,154
Investment Property	131,733	132,105
Deferred Tax Asset	12,900		12,900
Total Non-Current Assets	291,153	295,751
Current Assets
Inventories	195,660	106,101
Amount due from Related Companies	267,713	290,061
Other Receivables	297,128	191,278
Cash and Cash Equivalents	45,156		60,443
Total Current Assets	805,657		647,883
Total Assets	1,096,810	943,634
EQUITY AND LIABILITIES
Equity
Stated Capital	546,384	546,384
Revaluation Reserve	1,201	1,201
Retained Earnings	151,456		86,407
Total Equity	699,041	633,992
Non-Current Liabilities
Retirement Benefit Obligations	5,406	4,777
Interest Bearing Loans and Borrowings	42,314		48,753
Non-Current Liabilities	47,720	53,530
Current Liabilities
Trade and Other Payables	222,374	222,632
Amount due to Related Companies	4,252	1,014
Interest Bearing Loans and Borrowings	92,763	7,647
Income Tax Payable	30,660		24,819
Total Current Liabilities	350,049		256,112
Total Liabilities	397,769		309,642
Total Equity and Liabilities	1,096,810	943,634
Net Assets value per share	10.56	9.57

I certify that these Financial Statements are prepared in compliance with the requirements of the Companies Act No. 07 of 2007

(Sgd.)

R.Rathnasekara

Director/Chief Financial Officer

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
11th November, 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	100,352	647,937
Profit for the Period	-	-	-	26,143	26,143
Dividends	-	-		(66,225)	(66,225)
Balance as at 30th September 2021	546,374	10	1,201	60,270	607,855
Balance as at 1st April 2022	546,374	10	1,201	86,407	633,992
Profit for the Period	-	-	-	131,274	131,274
Dividends				(66,225)	(66,225)
Balance as at 30th September 2022	546,374	10	1,201	151,456	699,041

LAXAPANA BATTERIES PLC

STATEMENT OF CASH FLOWS

For the Period ended 30th September	2022	2021
	Rs.'000		Rs.'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation	169,233	37,610
Adjustments for ;
Depreciation on property, plant and equipment	4,226	828
Depreciation on investment property	372	372
Impairment loss on trade receivables and amounts due from related parties	-	3,815
Interest expense	6,068	9,338
Interest income	(20,191)	(6,156)
Provision for retirement benefit obligations	629	518
Provision for slow moving inventories	(9,823)		2,789
Operating cash flows before working capital changes	150,514	49,112
(Increase) / Decrease in inventories	(79,735)	16,963
(Increase) / Decrease in trade & other receivables	(105,849)	(98,926)
(Increase) / Decrease in amounts due from related companies	42,538	(249,242)
Increase / (Decrease) in amounts due to related companies	3,238	8,856
Increase / (Decrease) in trade & other payables	(908)		48,163
Cash generated from operations	9,798	(225,075)
Income taxes paid	(32,118)	(15,901)
Interest expenses paid	(5,419)		(5,968)
Net cash flows generated from operating activities	(27,739)	(246,945)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	-	-
Purchase & Construction of Property, Plant & Equipment	-		-
Net cash flows from (used in) investing activities	-	-
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings	132,652	412,831
Proceeds from investment in re-purchase agreements	-	56,400
Repayment of borrowings	(53,975)	(145,131)
Dividend paid	(66,225)		(66,225)
Net cash flows generated from financing activities	12,452		257,875
Net decrease in cash & cash equivalent	(15,287)	10,932
Cash & cash equivalents at the beginning of the year	60,443		41,167
Cash & cash equivalents at the end of the period	45,156	52,099
Analysis of Cash & Cash Equivalents
Bank Overdraft	-	(10,115)
Cash in Hand & at Bank	45,156		62,214
	45,156	52,099