Laxapana Batteries : Quarterly Financial Report as at 31.12.2022

INTERIM STATEMENT

FOR THE PERIOD ENDED 31ST DECEMBER 2022

LAXAPANA BATTERIES PLC

Company No. PQ 170

LAXAPANA BATTERIES PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Quarter Ended		Nine Months Ended
For the Period ended 31st December	2022	2021	Variance	2022	2021	Variance
	Rs.'000		Rs.'000	%	Rs.'000		Rs.'000	%
Revenue	203,409	230,875	(12)	738,702	608,251	21
Cost of Sales	(128,574)		(168,822)	24	(405,458)		(437,621)	7
Gross Profit	74,835	62,053	21	333,244	170,630	95
Other Income	14,217	19,954	(29)	59,756	51,613	16
Administrative Expenses	(25,903)	(12,355)	(110)	(62,245)	(37,030)	(68)
Selling Expenses	(35,609)	(25,190)	(41)	(115,109)	(88,996)	(29)
Profit from Operating Activities	27,540	44,462	(38)	215,646	96,217	124
Net Finance Expenses	(10,211)	(2,174)	(370)	(47,621)	(16,319)	(192)
Profit before Tax	17,329	42,288	(59)	168,025	79,898	110
Income Tax Expense	(5,199)	(8,366)	38	(45,816)	(19,833)	(131)
Net Profit for the Period	12,130		33,922	(64)	122,209		60,065	103
Earnings per share	0.18	0.51		1.85	0.91

LAXAPANA BATTERIES PLC

STATEMENT OF FINANCIAL POSITION

	Unaudited		Audited
As at	31-12-2022	31-03-2022
	Rs.'000		Rs.'000
ASSETS
Non-Current Assets
Property, Plant and Equipment	51,461	27,593
Work-In- Progress	92,769	123,154
Investment Property	131,546	132,105
Deferred Tax Asset	12,900		12,900
Total Non-Current Assets	288,676	295,752
Current Assets
Inventories	161,230	106,101
Amount due from Related Companies	234,604	290,061
Other Receivables	361,883	191,278
Cash and Cash Equivalents	24,442		60,443
Total Current Assets	782,159		647,883
Total Assets	1,070,835	943,635
EQUITY AND LIABILITIES
Equity
Stated Capital	546,384	546,384
Revaluation Reserve	1,202	1,202
Retained Earnings	142,391		86,407
Total Equity	689,977	633,993
Non-Current Liabilities
Retirement Benefit Obligations	5,729	4,777
Interest Bearing Loans and Borrowings	39,497		48,753
Non-Current Liabilities	45,226	53,530
Current Liabilities
Trade and Other Payables	159,221	222,632
Amount due to Related Companies	4,681	1,014
Interest Bearing Loans and Borrowings	117,269	7,647
Income Tax Payable	34,962	24,819
Bank Overdrafts	19,499		-
Total Current Liabilities	335,632		256,112
Total Liabilities	380,858		309,642
Total Equity and Liabilities	1,070,835	943,635
Net Assets value per share	10.42	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
14th February, 2023

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	1,202	100,352	647,937
Profit for the Period	-	-	-	60,065	60,065
Dividends	-	-		(66,225)	(66,225)
Balance as at 31st December 2021	546,374	10	1,202	94,192	641,777
Balance as at 1st April 2022	546,374	10	1,202	86,407	633,993
Profit for the Period	-	-	-	122,209	122,209
Dividends				(66,225)	(66,225)
Balance as at 31st December 2022	546,374	10	1,202	142,391	689,977

LAXAPANA BATTERIES PLC

STATEMENT OF CASH FLOWS

For the Period ended 31st December	2022	2021
	Rs.'000		Rs.'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation	168,025	79,898
Adjustments for ;
Depreciation on property, plant and equipment	6,517	1,229
Depreciation on investment property	559	559
Impairment loss on trade receivables and amounts due from related parties	(2,552)	473
Interest expense	16,828	17,823
Interest income	(1,847)	(15,559)
Provision for retirement benefit obligations	952	777
Provision for slow moving inventories	2,004		5,167
Operating cash flows before working capital changes	190,486	90,367
(Increase) / Decrease in inventories	(57,133)	32,428
(Increase) / Decrease in trade & other receivables	(170,608)	99,615
(Increase) / Decrease in amounts due from related companies	59,857	(241,716)
Increase / (Decrease) in amounts due to related companies	3,667	(18,717)
Increase / (Decrease) in trade & other payables	(63,411)		(109,636)
Cash generated from operations	(37,142)	(147,659)
Income taxes paid	(35,671)	(19,998)
Interest expenses paid	(16,828)		(6,603)
Net cash flows generated from operating activities	(89,641)	(174,260)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	-	241
Purchase & Construction of Property, Plant & Equipment	-		(201)
Net cash flows from (used in) investing activities	-	40
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings	160,164	453,347
Proceeds from investment in re-purchase agreements	-	56,400
Repayment of borrowings	(59,798)	(240,678)
Dividend paid	(66,225)		(66,225)
Net cash flows generated from financing activities	34,141		202,844
Net decrease in cash & cash equivalent	(55,500)	28,624
Cash & cash equivalents at the beginning of the year	60,443		41,167
Cash & cash equivalents at the end of the period	4,943	69,791
Analysis of Cash & Cash Equivalents
Bank Overdraft	(19,499)	-
Cash in Hand & at Bank	24,442		69,791
	4,943	69,791