Imperial : Financial Statements september 31st, 2023 (Un-Audited)

Board of Directors	Mr. Waqar Ibn Zahoor Bandey	- Chairman
	Mr. Naveed M. Sheikh	- Director/CEO
	Mr. Muhammad Tariq	- Director
	Mr. Ibrahim Naveed Sheikh	- Director
	Mr. Shahzad ullah Khan	- Director
	Mr. Najam Faiz	- Director
	Mrs. Fakhra Chaudhry	- Director
Audit Committee	Mr. Najam Faiz	- Chairman
	Mr. Muhammad Tariq	- Member
	Mr. Shahzad ullah Khan	- Member
HR & Remuneration	Mr. Muhammad Tariq	- Chairman
Committee	Mr. Ibrahim Naveed Sheikh	- Member
	Mr. Shahzad ullah Khan	- Member
Chief Financial Officer	Ms. Hina Mustafa
Company Secretary	Mr. Mubashhar Asif
Financial Institutions	Soneri Bank Limited
	The Bank of Kyhber
	Habib Bank Limited
	HBL Microfinance Bank Limited
	U Microfinance Bank Limited
Auditors	Ilyas Saeed & Co.
	Chartered Accountants
Legal Advisors	Mrs. Aniqua Sheikh
	Advocate
Registered Office	Ismail Aiwan-e-Science Building,
	205 Ferozepur Road
	Lahore-54600
	Ph # + 92 (042) 3575-8970
	+ 92 (042) 3575-1308
	Fax # + 92 (042) 3576-3247
Shares Registrar	Hameed Majeed Associates (Pvt) Limited
	H.M. House, 7-Bank Square, Lahore.
	Ph # + 92 (042) 3723-5081-2
	Fax # + 92 (042) 3735-8817
Production Facilities	Hydroponic Project:
	Village Shori Manika
	Tehsil Pindi Bhattian, District Hafizabad
	Assets Classified held for Sale:
	Karmanwala, Tehsil Phalia
	Distt. Mandi Bahauddin
	Ph # + 92 (546) 541-151/54
	Fax # + 92 (546) 541-162

Dear Members

Interim un-audited financial statements for the 1st Quarter period ended September 30, 2023 are being presented in accordance with the requirements of International Accounting Standards, Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.

During the period under review your Company earned revenue of Rs. 92.790 Million against revenue of Rs. 86.730 Million in the corresponding period last year against placement of funds with various financial institutions. Operating Profit after administrative and other expenses comes to at Rs. 43.884 Million (2022: Rs. 49.962 Million). Your Company earned Net Profit of Rs. 30.261 Million against Net Profit of Rs. 41.563 Million last year for the same period. Earning for the quarter under review is Rs. 0.31 per share (2022: Rs. 0.42).

Funds presently available with the Company have been deployed with various Financial Instruments/Mutual Funds and are also being used for its Hydroponics Project for which erection/installation of machinery/equipment are in the process. We are hopeful that the erection will be completed within next three months. Some houses are readily available for sale in the Construction Project and delay is being occurred due to the present political and economic scenario of the country.

The Company is in the process of disposing its Remaining Assets comprised of a composite sugar manufacturing facility situated at Phalia, District Mandi Bahauddin, as per the resolution passed by the Shareholders of the Company in Annual General Meeting. Proceeds from the sale of Remaining Assets shall be deployed; together with the existing funds; in accordance with the Object Clause of the Company and other businesses permitted by Memorandum of Association of the Company.

Chairman

Chief Executive Officer

Lahore

October 30, 2023

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT SEPTEMBER 30, 2023

		September 30,		June 30,
		2023	2023
		(Un-audited)		(Audited)
	Note	(Rupees in '000')		(Rupees in '000')
EQUITY AND LIABILITIES
Share Capital And Reserves
Authorized share capital
100,000,000 (2023: 100,000,000)
Ordinary shares of Rupees 10 each		1,000,000	1,000,000
Issued, subscribed and paid-up capital	6	990,200	990,200
Surplus on revaluation of property, plant and equipment
- net of deferred tax	7	5,528,996	5,528,996
Revenue reserves - Unappropriated profit		3,771,944		3,741,683
LIABILITIES		10,291,140	10,260,879
Non-Current Liabilities
Deferred liabilities	8	1,838,741	1,838,876
Current Liabilities
Trade and other payables		580,130	582,170
Contingencies and commitments	9	-	-
		12,710,011	12,681,925
ASSETS
Non-Current Assets
Property, plant and equipment	10	664,814	644,503

Current Assets

Stores, spares and loose tools

Stock in trade

Loan and advances

Trade Deposits, Prepayments and Other Receivables Accrued markup

Short term Investments

Tax refunds due from government

Cash and bank balances

204,636

878,036

162,048

23,026

29,114

611,210

224,035

1,173,278

3,305,383

204,635

864,564

156,383

22,837

19,054

680,947

216,827

1,132,361

3,297,608

Non-current assets held for sale

11

8,739,814

8,739,814

12,710,011 12,681,925

The annexed notes from 1 to 15 form an integral part of these financial statements.

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

	(Un-audited)		(Un-audited)
	September 30,		September 30,
	2023	2022
Note	(Rupees in '000')		(Rupees in '000')
Profit or loss - continuing operations :
Income from investment	92,790	86,730
Gross profit	92,790	86,730
Administrative expenses	(48,906)	(36,768)
	43,884	49,962
Other operating expenses	-	-
Other operating income	-		764
Profit / (Loss) from operations	43,884	50,726
Finance cost	(24)		(19)
Profit / (Loss) before taxation	43,860	50,707
Taxation	(5,410)	(2,740)
Profit / (Loss) after taxation- continuing operations
38,450	47,967
Profit / (Loss) after taxation- discontinued operations 12	(8,189)	(6,404)
Profit / (Loss) after taxation	30,261	41,563
Earning / (Loss) per share - basic and diluted (Rupees)	0.31	0.42

The annexed notes from 1 to 15 form an integral part of these financial statements.

CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

Note

Profit / (Loss) after taxation- continuing operations

Profit / (Loss) after taxation- discontinued operations

Total comprehensive Income / (loss) for the year

The annexed notes from 1 to 15 form an integral part of these financial statements.

(Un-audited)		(Un-audited)
September 30,		September 30,
2023	2022
(Rupees in '000')		(Rupees in '000')
38,450	47,967
(8,189)	(6,404)
30,261	41,563

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

		(Un-audited)		(Un-audited)
		September 30,		September 30,
CASH FLOWS FROM OPERATING ACTIVITIES	2023	2022
Note (Rupees in '000')		(Rupees in '000')
Profit before taxation	43,860	50,707
Adjustments for:

Finance cost		24
Depreciation of property, plant and equipment		2,966
		2,990
Operating profit before working capital changes		46,850
(Increase) /decrease in current assets:
Stock in Trade		(13,472)
Loan and advances		(5,665)
Accrued markup		(10,060)
Trade Deposits, Prepayments and Other Receivables		(189)
		(29,386)
Increase / (decrease) in current liabilities:
Trade and other payables		(2,040)
Cash generated from operations		(31,426)
Finance cost paid
	(24)
Staff retirement benefits - gratuity paid		(136)
Income tax paid		(12,618)
		(12,778)
Net cash used in operating activities-continuing operations		2,646
Net cash used in operating activities-discontinued operations	13.1	(8,189)

19

2,554

2,573

53,280

(18,822)

(440,208)

(2,920)

(497)

(462,447)

1,801

(460,646)

(19)

(1,871)

(12,713)

(14,603)

(421,969)

(6,404)

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure on property, plant and equipment		(452)
Capital Work in Process		(22,825)
Investment in mutual funds		69,737
Net cash generated from investing activities-continuing operations		46,460
Net cash generated from investing activities-discontinued operations	13.2	-

(5,747)

(9,862)

(215,525)

(231,134)

-

CASH FLOWS FROM FINANCING ACTIVITIES

Long term finances

Net cash (used in) / generated from financing activities-continuing operations Net cash used in financing activities - discontinued Operations

Net (decrease) / increase in cash and cash equivalents

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

-

-

13.3 -

40,917

1,132,361

1,173,278

-

-

-

(659,507)

2,209,925

1,550,418

The annexed notes from 1 to 15 form an integral part of these financial statements.

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

			Revaluation		Revenue Reserve
Particulars	Ordinary Share		surplus on		Unappropriated		Total Equity
Capital		property, plant		profit / (loss)
			and equipment
			(Rupees in '000')
Balance as on July 01, 2022	990,200	5,528,996	3,627,612	10,146,808
Total comprehensive income:

Profit for the period

-

-

41,563

41,563

	-	-	41,563	41,563
Balance as at September 30, 2022	990,200	5,528,996	3,669,175	10,188,371
Balance as on July 01, 2023
990,200	5,528,996	3,741,683	10,260,879
Total comprehensive income:

Profit for the period

-

-

30,261

30,261

	-	-	30,261	30,261
Balance as at September 30, 2023	990,200	5,528,996	3,771,944	10,291,140

The annexed notes from 1 to 15 form an integral part of these financial statements.

CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

1. LEGAL STATUS AND NATURE OF BUSINESS
   Imperial Limited ("the Company") was incorporated in Pakistan on May 09, 2007 under the Companies Ordinance, 1984 (Now Companies Act, 2017). The shares of the Company are quoted on Pakistan Stock Exchange Limited. The Company's registered office is situated at Ismail Aiwan-e-Science building, 205 Ferozepur road, Lahore.
   The principle line of business is to carry on the business of buying, selling, holding or otherwise acquiring or investing the capital of the company in any sort of financial instruments but not to act as an investment / brokerage company.
   Previously, the Company in its Annual General Meeting resolved to dispose of its land, building and plant and machinery related to sugar and distillery sector. Whole of the land, building and plant and machinery located at Mian Channu was disposed of on August 21, 2017, whereas assets and ethanol manufacturing facilities located at Tehsil Phalia, District Mandi Bahaudin are held for sale.
2. STATEMENT OF COMPLIANCE
   2.1 These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
3. • International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017 ; and
   • Provisions of and directives issued under the Companies Act, 2017.

Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

1. This condensed interim financial information is being submitted to the shareholders as required by the listing regulations of Pakistan Stock Exchange Limited and section 237 of the Companies Act, 2017.
2. This condensed interim financial information does not include all of the information and disclosures required for full annual financial statements, and should be read in conjunction with the financial statements of the Company for the year ended June 30, 2023.
3. Comparative condensed interim balance sheet is extracted from annual audited financial statements for the year ended June 30, 2023 and comparative condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim cash flow statement are stated from un-audited condensed interim financial information for the period ended September 30, 2022.

1. BASIS OF PRESENTATION, MEASUREMENT AND ESTIMATIOIN
   Estimates used in the preparation of these condensed interim financial information are reasonable under the circumstances, continually evaluated and are based on historical experience. The basis of presentation and measurement adopted for the preparation of these condensed interim financial information are the same as those adopted in the preparation of the preceding annual published audited financial statements for the year ended June 30, 2023.
2. SIGNIFICANT ACCOUNTING POLICIES
   The accounting policies adopted and applied for the preparation of this condensed interim financial information are the same as those applied in the preparation of preceding annual published audited financial statements of the Company for the year ended June 30, 2023.