Waves Homes Appliance : Transmission of Quarterly Report for the Period Ended 31 March 2023

Waves Home Appliances Limited (formerly, Samin Textiles Limited)

Condensed Interim Statement of Financial Position (Un-audited)

As at 31 March 2023

EQUITY AND LIABILITIES	Note
Share capital and reserves
Authorised capital 425,000,000
(2022: 425,000,000) ordinary shares of Rs. 10 each
Issued, subscribed and paid up capital	6
Other reserves
Loan from sponsors
Revenue reserve - unappropriated profit
Surplus on revaluation of property,
plant and equipment - net of tax
Non-current liabilities
Long term loans - secured
Amount due to holding company
Lease liabilities
- Assets under right of use - secured
- Building under right of use - unsecured
Employee retirement benefits - obligation
Deferred tax liability - net
Deferred income
Current liabilities

(Un-audited)	(Audited)			(Un-audited)	(Audited)
31 March	31 December			31 March	31 December
2023	2022			2023	2022
---------- (Rupees in '000) ----------	ASSETS	Note	---------- (Rupees in '000) ----------
		Non-current assets
4,250,000	4,250,000
2,678,853	2,678,853	Property, plant and equipment	9	5,544,728	5,440,358
3,505,184	3,505,184	Intangible assets and goodwill		2,845,664	2,835,855
162,389	119,497	Long term Deposits	10	20,526	20,526
481,394	470,176	Employee retirement benefits		6,199	6,149
342,704	342,704
7,170,524	7,116,414			8,417,117	8,302,888
		Current assets
811,372	789,415	Stores, spares and loose tools		38,677	44,143
1,859,289	1,721,338	Stock-in-trade		3,102,746	2,860,801
		Trade debts		3,986,368	4,218,103
36,498	40,246	Advances, deposits, prepayments
56,273	41,687	and other receivables		81,030	66,398
	-	Cash and bank balances	11	50,032	5,629
446,257	456,083			7,258,853	7,195,074
6,186	6,477	Non current assets held for sale		1,470	1,470
3,215,875	3,055,246			7,260,323	7,196,544

Trade and other payables		1,192,521	1,379,020
Mark-up accrued on borrowings		271,805	284,937
Short term borrowings - secured	7	3,386,603	3,156,007
Provision for tax		15,381	3,439
Current portion of long term liabilities		424,731	504,369
		5,291,041	5,327,772
Contingencies and commitments	8
		15,677,440	15,499,432	15,677,440	15,499,432

The annexed notes 1 to 17 form an integral part of these condensed interim unconsolidated financial statements.

	____________________	____________________	____________________
Lahore	Chief Executive Officer	Director	Chief Financial Officer

Waves Home Appliances Limited (formerly, Samin Textiles Limited)

Condensed Interim Statement of Profit or Loss Account (Un-audited)

For the three months period ended 31 March 2023

		For three months period ended
		31 March	31 March
		2023	2022
	Note	- - -- - - - (Rupees in '000) - - - - - -
Sales - net of sales return	1,381,116	3,382,762
Sales tax and trade discount on invoices	(240,678)	(647,164)
Sales - net	12	1,140,438	2,735,598
Cost of sales		(855,994)	(2,149,106)
Gross profit		284,444	586,492
Marketing, selling and	distribution costs	(65,497)	(184,511)
Administrative expenses	(70,809)	(78,255)
Other expenses		(1,751)	(4,382)
Other income		7,877	7,009
		(130,180)	(260,140)
Profit from operations	154,264	326,352
Finance cost		(137,491)	(199,065)
Profit before taxation		16,773	127,287
Taxation		(5,555)	(34,195)
Profit for the period		11,218	93,092
Earnings per share - basic and diluted (Rupees)	0.04	0.35

The annexed notes 1 to 17 form an integral part of these condensed interim unconsolidated financial statements.

	______________________	_______________	_______________________
Lahore	Chief Executive Officer	Director	Chief Financial Officer

Waves Home Appliances Limited (formerly, Samin Textiles Limited)

Condensed Interim Statement of Comprehensive Income (Un-audited)

For the three months period ended 31 March 2023

	For three months period ended
	31 March 2023	31 March 2022
	- - - - - - - - (Rupees in '000) - - - - - - - -
Profit for the period	11,218	93,092
Other comprehensive income for the period
Items that will not be reclassified to profit or loss account:
	-	-
Total comprehensive income for the period	11,218	93,092

The annexed notes 1 to 17 form an integral part of these condensed interim unconsolidated financial statements.

	____________________	____________________	_______________________
Lahore	Chief Executive Officer	Director	Chief Financial Officer

Capital Reserves

Waves Home Appliances Limited (formerly, Samin Textiles Limited)

Condensed Interim Statement of Changes in Equity

For the three months period ended 31 March 2023

Issued,
subscribed	Shares to be	Capital	Share
and paid-up	issued under
redemption	premium
capital	scheme of
reserve	reserve
	arrangement

			Revenue Reserve
		Surplus on	(Accumulated	Total
Merger	Loan from	revaluation of	losses) /
reserve	sponsors	land and	Unappropriated
		building	profits

	-----------------------------------------------------------------------		(Rupees in '000)	----------------------------------------------------------------------------
As at 01 January 2022	118,791	2,560,062	148,489	3,642,002	(263,296)	115,300	368,984	375,924	7,066,256
Other comprehensive income for the year
Profit for the period								48,873	48,873
Remeasurement of defined benefit obligation	-		-	-	-		-		-
Surplus on revaluation of property	-		-	-	-		-	19,099	19,099
Related deferred tax on surplus arisen	-		-	-	-			-	-
	-		-	-	-		-	67,972	67,972
Surplus transferred to accumulated profits
Transfer against sale of land and building - net of tax	-		-	-	-		-	-	-
Incremental depreciation relating to							(26,280)	26,280	-
surplus on revaluation - net of tax	-		-	-	-		-	-	-
	-		-	-	-		(26,280)	26,280	-
Transactions with owners of the Company
									-
Shares issued under scheme of arrangement	2,560,062	(2,560,062)							-
Shares capital issuance expenses				(22,011)					(22,011)
Sponsors loan during the year						4,197			4,197
								-	-
	2,560,062	(2,560,062)	-	(22,011)	-	4,197	-	-	(17,814)
Balance as at 31 December 2022	2,678,853	-	148,489	3,619,991	(263,296)	119,497	342,704	470,176	7,116,414
Total comprehensive income for the year
Profit after taxation	-		-	-	-		-	11,218	11,218
Sponsors loan during the year						42,892			42,892
									-
Effect of change in tax rate on account of surplus									-
on property, plant and equipment	-		-	-	-		-	-	-
	-	-	-	-	-	42,892	-	11,218	54,110
Balance as at 31 March 2023	2,678,853	-	148,489	3,619,991	(263,296)	162,389	342,704	481,394	7,170,524

The annexed notes form an integral part of these unconsolidated financial statements.

	_______________________	_______________	_______________________
Lahore	Chief Executive Officer	Director	Chief Financial Officer

Waves Home Appliances Limited (formerly, Samin Textiles Limited)

Condensed Interim Statement of Cash Flow (Un-audited)

For the three months period ended 31 March 2023
		(Un-audited)	(Un-audited)
		31 March	31 March
		2023	2022
	Note	- - - - - -Rupees in '000- - - - - -
Cash flows from operating activities
Profit before taxation		16,773	127,287
Adjustments for non-cash and other items:
Depreciation on property, plant and equipment	9.1	59,167	63,017
Amortisation of intangible assets		7,455	33,722
Finance cost		137,491	-
Gain on sale of property, plant and equipment		(3,114)	-
Amortisation of deferred income		(291)	(472)
		217,480	223,554
(Increase) / decrease in current assets:
Stores, spares and loose tools		5,466	(2,451)
Stock-in-trade		(241,945)	(52,176)
Trade debts and other receivables		231,735	642,649
Advances, deposits, prepayments and other receivables		(14,632)	23,865
Increase in current liabilities:
Trade and other payables		(186,499)	(244,244)
		(205,875)	367,643
Cash used in operations		11,605	591,197
Income tax paid		(15,381)	(28,970)
Employee retirement benefits paid		(50)	-
Long term deposits - net		-	2,738
Net cash used in operating activities		(3,826)	564,965
Cash flow from investing activities
Capital expenditure -net		(181,187)	(1,019,286)
Proceeds from disposal of property, plant and equipment		3,500	-
Net cash generated from investing activities		(177,687)	(1,019,286)
Cash flow from financing activities
Long term loans received / (repaid)		(57,681)	588,765
Loan from holding company		137,951	48,927
Provision for tax		11,942	(5,482)
Finance costs paid		(150,623)	(26,952)
Short term borrowing - net		(373,827)	(4,179)
Loan from sponsors - unsecured		42,892	-
Lease rentals - net		10,838	-
Net cash generated from financing activities		(378,508)	601,079
Net increase in cash and cash equivalents		(560,021)	146,758
Cash and cash equivalents - at beginning of the period		(1,057,813)	(992,830)
Cash and cash equivalents - at end of the period	11	(1,617,834)	(846,072)

The annexed notes 1 to 17 form an integral part of these condensed interim unconsolidated financial statements.

	______________________	_______________	_____________________
Lahore	Chief Executive Officer	Director	Chief Financial Officer