ACME Printing and Packaging : Interim Financial statments for the quarter ended 30th June 2022

ACME PRINTING & PACKAGING PLC (PQ 196)

INTERIM FINANCIAL STATEMENTS

FOR THE QUARTER ENDED

30TH JUNE 2022

ACME PRINTING & PACKAGING PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

				GROUP							COMPANY
For the Three months ended 30th June		2022			2021		% Change		2022			2021		% Change
		Rs'000			Rs'000	+ / ( - )			Rs'000			Rs'000	+ / ( - )
		Unaudited			Unaudited				Unaudited		Unaudited
Revenue		210,122			337,793	( 38%)			162,282			302,495	( 46%)
Cost of Sales		(144,031)			(334,183)	( 57%)			(117,918)			(292,830)	( 60%)
Gross Profit		66,091			3,610		1,731%			44,364			9,665		359%
Other Income / (Expense)		4,786			(9,568)	150%			5,817			5,710	2%
Administrative Expenses		(18,332)			(20,628)	( 11%)			(12,910)			(10,937)	18%
Distribution Expenses		(1,875)			(7,654)	( 76%)			(1,802)			(6,367)	( 72%)
Impairment Provision of Trade Receivables		(1,272)			(3,493)	( 64%)			(940)			(649)	45%
Profit / (Loss) from Operations
	49,398			(37,733)		( 231%)			34,529			(2,578)		1,439%
Finance Income		2,967			83	3,475%			2,967			214	1,286%
Finance Expense		(58,668)			(32,366)	81%			(29,462)			(14,917)	98%
Net Finance Expense		(55,701)			(32,283)		73%			(26,495)			(14,703)		80%
(Loss) / Profit before Taxation
	(6,303)			(70,016)		91%			8,034			(17,281)		146%
Income Tax Expense		-			(1,861)	-			-			(954)	( 100%)
#VALUE!
(Loss) / Profit for the period		(6,303)			(71,877)		( 91%)			8,034			(18,235)		144%
Total Other Comprehensive Income for the period
	-			-		-			-			-		-
Total Comprehensive Income for the period
	(6,303)			(71,877)		( 91%)			8,034			(18,235)		144%
Loss attributable to
Equity Holders of the Company		(6,303)			(71,877)	( 91%)			8,034			(18,235)	144%
(Loss) / Profit for the period		(6,303)			(71,877)		( 91%)			8,034			(18,235)		( 144%)
Total Comprehensive Income Attributable to
Equity Holders of the Company		(6,303)			(71,877)	( 91%)			8,034			(18,235)	144%
Total Comprehensive Income for the period		(6,303)			(71,877)		( 91%)			8,034			(18,235)		( 144%)
Basic (Loss) / Earning per Share	Rs.	(0.15)		Rs.	(1.75)		( 91%)		Rs.	0.20		Rs.	(0.44)		( 144%)
Market price per share		Quarterly
		2022			2021
Highest	Rs.	14.00		Rs.	7.10
Lowest	Rs.	6.10		Rs.	6.10
Last Traded Price	Rs.	6.30		Rs.	6.30

Figures in brackets indicate deductions.

All values are in Rupees '000, unless otherwise stated.

The above figures are subject to audit

ACME PRINTING & PACKAGING PLC

STATEMENT OF FINANCIAL POSITION

		Group				Company
	As at 30th June	As at 1st April	As at 30th June			As at 1st April
		2022			2022			2022			2022
		Rs'000	Rs'000		Rs'000			Rs'000
ASSETS		Unaudited	Unaudited		Unaudited			Unaudited
Non-Current Assets
Property, Plant and Equipment		818,844			839,990			593,481			604,593
Right of Use Assets		19,323			19,786			-			-
Investment in Subsidiary		-			-			35,544			35,544
Financial Investments - FVTOCI		25			25			25			25
Defined Benefit Plan Assets		10,107			10,107			10,107			10,107
Total Non-Current Assets		848,299			869,908			639,157			650,269
Current Assets
Inventories		180,758			185,907			124,142			123,500
Trade and Other Receivables		188,185			98,951			75,467			70,582
Amount Due from Related Parties		-			-			296,064			232,742
Cash and Cash Equivalents		18,895			36,477			14,622			32,428
Total Current Assets		387,838			321,335			510,295			459,252
Total Assets		1,236,137			1,191,243			1,149,452			1,109,521
EQUITY & LIABILITIES
Equity
Stated Capital		592,813			592,813			592,813			592,813
Revaluation Reserve		530,616			530,616			459,521			459,521
Accumulated Losses		(1,158,364)			(1,152,061)			(692,616)			(700,650)
Total Equity		(34,935)			(28,632)			359,718			351,684
Non-Current Liabilities
Interest Bearing Borrowings		26,751			24,040			2,622			3,290
Lease Creditors		11,473			9,273			-			-
Employee Benefits		23,776			22,932			18,934			18,264
Total Non Current Liabilities		62,000			56,245			21,556			21,554
Current Liabilities
Trade and Other Payables		191,794			148,092			90,838			59,772
Amounts Due to Related Parties		3,150			3,150			3,150			3,150
Interest Bearing Borrowings		949,086			942,540			642,336			642,313
Lease Creditors		2,714			4,427			-			-
Bank Overdraft		62,328			65,421			31,854			31,048
Total Current Liabilities		1,209,072			1,163,630			768,178			736,283
Total Liabilities		1,271,072			1,219,875			789,734			757,837
Total Equity and Liabilities		1,236,137			1,191,243			1,149,452			1,109,521
Net Assets Per Share	Rs.	(0.85) Rs.	(0.70)		Rs.	8.74		Rs.	8.54

Figures in brackets indicate deductions.

All values are in Rupees '000, unless otherwise stated.

The above figures are subject to audit

These Financial Statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.

(Sgd)
…………………….……………..
S.A.S. Asiri
Finance Manager
The Board of Directors is responsible for the preparation and presentation of the Financial Statements.
Signed for and on behalf of the Board:
	(Sgd)	(Sgd)
	………………………………	………………………………
29th July 2022	A. Hettiarachchy	A.C.S. Jayaranjan
Colombo	Chairman	Director

ACME PRINTING & PACKAGING PLC

STATEMENT OF CHANGES IN EQUITY

For the Quater ended 30 th June 2022
Group	Stated	Revaluation	Accumulated	Total
	Capital	Reserve	Losses
	Rs'000	Rs'000	Rs'000	Rs.'000
Balance as at 1st April 2021	592,813	530,616	(845,281)	278,148
Comprehensive Income for the period
Loss for the Period	-	-	(71,877)	(71,877)
Other Comprehensive income for the Period	-	-	-	-
Total Comprehensive Income for the Period	-	-	(71,877)	(71,877)
Balance as at 30th June 2021	592,813	530,616	(917,158)	206,271
Balance as at 1st April 2022	592,813	530,616	(1,152,061)	(28,632)
Loss for the Period	-	-	(6,303)	(6,303)
Other Comprehensive income for the Period	-	-	-	-
Total Comprehensive Income for the Period	-	-	(6,303)	(6,303)
Balance as at 30th June 2022	592,813	530,616	(1,158,364)	(34,935)
Company	Stated	Revaluation	Accumulated	Total
	Capital	Reserve	Losses
	Rs'000	Rs'000	Rs'000	Rs.'000
Balance as at 1st April 2021	592,813	459,521	(615,396)	436,938
Comprehensive Income for the period
Loss for the period	-	-	(18,235)	(18,235)
Other Comprehensive income for the Period	-	-	-	-
Total Comprehensive Income for the Period	-	-	(18,235)	(18,235)
Balance as at 30th June 2021	592,813	459,521	(633,631)	418,703
Balance as at 1st April 2022	592,813	459,521	(700,650)	351,684
Loss for the Period	-	-	8,034	8,034
Other Comprehensive income for the Period	-	-	-	-
Total Comprehensive Income for the Period	-	-	8,034	8,034
Balance as at 30th June 2022	592,813	459,521	(692,616)	359,718
Figures in brackets indicate deductions.
All values are in Rupees '000, unless otherwise stated.
The above figures are subject to audit

ACME PRINTING & PACKAGING PLC

STATEMENT OF CASH FLOWS

	Group			Company
For the Period ended 30 th June
2022			2021		2022			2021
	Rs.'000	Rs.'000	Rs.'000	Rs.'000
	Unaudited	Unaudited	Unaudited	Unaudited
Cash flows from operating activities
(Loss) / Profit before taxation	(6,303)			(70,016)		8,034			(17,281)
Adjustment for :
Depreciation on Property, Plant & Equipment	21,507			21,611		11,473			11,314
Amortization of Right of Use Assets	463			145		-			-
Provision for Defined Benefit Obligations Net of Interest on Plan Assets	924			924		750			750
Inventory Written-Off	-			11,727		-			-
Provision / (Reversal) for Slow Moving Inventories	(1,415)			248		704			460
Interest Income	(17)			(2)		(17)			(2)
Provision for Trade Receivables	1,272			3,493		940			649
Interest Expense	55,718			32,285		26,512			14,705
Operating Profit before working capital changes	72,149			415		48,396			10,595
Decrease / (Increase) in Inventories	6,564			17,729		(1,346)			42,708
Decrease / (Increase) in Trade & other Receivables	(90,506)			9,229		(5,825)			10,697
(Increase) in Amount Due from Related Parties	-			-		(63,322)			(56,832)
Increase in Trade & Other Payables	43,711			38,730		31,066			30,668
Cash generated from Operations	31,918			66,103		8,969			37,836
Interest Paid	(38,597)			(33,355)		(17,937)			(18,778)
Employee Benefits paid	(80)			-		(80)			-
Net Cash Flow generated from / (used in) Operating activities	(6,759)			32,748		(9,048)			19,058
Cash Flows from Investing activities
Purchase of Property, Plant & Equipment - Net of Cylinders	(361)			(19,512)		(361)			(3,318)
Interest Received	17			2		17			2
Net Cash Flow (used in) / From Investing activities	(344)			(19,510)		(344)			(3,316)
Cash flows from Financing activities
Repayment of Long Term Borrowings	(668)			(33,940)		(668)			(20,145)
Repayment of Lease	-			(815)		-			-
Short Term Borrowings Obtained	599,067			576,217		9,430			315,730
Repayment of Short Term Borrowings	(605,785)			(556,429)		(17,982)			(316,606)
Net Cash Flow (Used in) / From Financing activities	(7,386)			(14,967)		(9,220)			(21,021)
Net Increase in Cash & Cash Equivalents	(14,489)			(1,729)		(18,612)			(5,279)
Cash & cash equivalents at the beginning of the period	(28,944)			(24,986)		1,380			(152)
Cash & cash equivalents at the end of the period	(43,433)			(26,715)		(17,232)			(5,431)

Figures in brackets indicate deductions.

All values are in Rupees '000, unless otherwise stated.

The above figures are subject to audit