Access Engineering PLC

Financial Statements

For the Period Ended 31st December 2022

ACCESS ENGINEERING PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE PERIOD ENDED 31ST DECEMBER 2022

Group

Company

Quarter ended 31st December

Period ended 31st December

Quarter ended 31st December

Period ended 31st December

In LKR

2022

2021

2022

2021

2022

2021

2022

2021

Revenue

4,767,959,114

11,338,128,943

15,004,663,687

27,487,637,687

3,514,833,426

9,763,345,555

11,430,199,307

23,122,080,475

Cost of sales

(3,409,916,205)

(9,549,742,534)

(11,448,770,205)

(23,267,816,043)

(2,694,886,571)

(8,405,652,788)

(9,293,604,747)

(20,009,985,023)

Gross profit

1,358,042,909

1,788,386,409

3,555,893,482

4,219,821,644

819,946,855

1,357,692,767

2,136,594,560

3,112,095,452

Other income

360,254,186

95,297,080

1,254,447,513

207,209,112

448,031,691

201,390,117

2,509,057,669

497,642,588

Administrative expenses

(459,932,352)

(665,756,905)

(1,406,418,668)

(1,508,773,994)

(184,593,587)

(411,909,225)

(594,417,189)

(834,501,317)

Other expenses

(9,022,927)

(15,389,377)

(62,483,721)

(28,890,174)

(2,092,286)

(14,792,612)

(6,590,454)

(23,919,449)

Operating profit

1,249,341,816

1,202,537,207

3,341,438,606

2,889,366,588

1,081,292,673

1,132,381,047

4,044,644,586

2,751,317,274

Finance Cost

(1,568,809,034)

(335,911,179)

(3,513,194,243)

(818,709,032)

(1,458,904,462)

(307,234,817)

(3,237,402,904)

(735,973,501)

Finance Income

283,255,445

364,457,984

393,722,468

562,137,327

274,080,506

356,930,015

366,100,072

542,145,527

Share of results of equity-accounted investees, net of tax

60,827,611

(19,960,924)

544,156,675

(36,123,816)

-

-

-

-

Profit before tax

24,615,838

1,211,123,088

766,123,506

2,596,671,067

(103,531,283)

1,182,076,245

1,173,341,754

2,557,489,300

Income tax (expense) / reversal

(256,121,686)

(136,078,300)

(239,463,208)

(333,337,991)

(259,981,650)

(135,474,901)

(264,517,823)

(332,982,740)

Profit for the period

(231,505,848)

1,075,044,788

526,660,298

2,263,333,076

(363,512,933)

1,046,601,344

908,823,931

2,224,506,560

Profit attributable to:

Equity holders of the parent

(226,676,086)

1,068,763,900

550,305,778

2,258,333,489

(363,512,933)

1,046,601,344

908,823,931

2,224,506,560

Non-controlling interest

(4,829,762)

6,280,887

(23,645,480)

4,999,587

-

-

-

-

Profit for the period

(231,505,848)

1,075,044,788

526,660,298

2,263,333,076

(363,512,933)

1,046,601,344

908,823,931

2,224,506,560

Other comprehensive income

Items that will not be reclassified to profit or loss in subsequent periods

Remeasurement of defined benefit liability

(1,516,782)

(3,000,860)

(5,850,710)

(6,700,745)

(2,500,000)

(2,500,000)

(7,500,000)

(7,500,000)

Revaluation of Land and Buildings

-

-

-

-

-

-

-

Related tax

1,356,731

49,831

1,957,929

599,492

1,400,000

200,000

2,100,000

1,050,000

Items that will be reclassified to profit or loss in subsequent periods

Foreign currency translation difference of foreign operations

588,857

61,966

75,806

61,966

-

-

-

-

Other comprehensive income for the period, net of tax

428,806

(2,889,062)

(3,816,975)

(6,039,287)

(1,100,000)

(2,300,000)

(5,400,000)

(6,450,000)

Total comprehensive income for the period, net of tax

(231,077,042)

1,072,155,725

522,843,323

2,257,293,789

(364,612,933)

1,044,301,344

903,423,931

2,218,056,560

Total comprehensive income attributable to;

.

Equity holders of the parent

(226,473,472)

1,066,026,075

546,162,996

2,252,287,546

(364,612,933)

1,044,301,344

903,423,931

2,218,056,560

Non-controlling interest

(4,603,570)

6,129,650

(23,319,673)

5,006,243

-

0

-

-

Total comprehensive income for the period, net of tax

(231,077,042)

1,072,155,725

522,843,323

2,257,293,789

(364,612,933)

1,044,301,344

903,423,931

2,218,056,560

Basic earnings per share

(0.23)

1.07

0.55

2.26

(0.36)

1.05

0.91

2.22

The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

The above figures are subject to the Audit.

1

ACCESS ENGINEERING PLC

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31ST DECEMBER 2022

Attributable to equity holders of the parent

Group

Stated capital

Revaluation

Foreign currency

Retained earnings

Total

Non-controlling

Total equity

reserve

translation reserve

interests

In LKR

Balance at 31st March 2021

9,000,000,000

580,150,342

-

14,245,340,560

23,825,490,902

2,689,322,057

26,514,812,959

Charge relating to Surcharge Tax

-

-

(597,977,967)

(597,977,967)

-

(597,977,967)

As at 1st April 2021 (Adjusted)

9,000,000,000

580,150,342

-

13,647,362,593

23,227,512,935

2,689,322,057

25,916,834,992

Profit for the year

-

-

-

2,258,333,489

2,258,333,489

4,999,587

2,263,333,077

Other comprehensive income for the year, net of tax

-

-

61,966

(6,107,908)

(6,045,942)

6,655

(6,039,287)

Total comprehensive income for the year

-

-

61,966

2,252,225,581

2,252,287,548

5,006,242

2,257,293,790

Cash dividends

-

-

-

(750,000,000)

(750,000,000)

-

(750,000,000)

Balance at 31st December 2021 (Adjusted)

9,000,000,000

580,150,342

61,966

15,149,588,174

24,729,800,483

2,694,328,299

27,424,128,781

Balance at 01st April 2022 (Adjusted)

9,000,000,000

580,150,342

(3,530,876)

18,012,178,020

27,588,797,488

2,460,559,152

30,049,356,638

Profit for the year

-

-

-

550,305,778

550,305,778

(23,645,480)

526,660,298

Other comprehensive income for the year, net of tax

-

-

75,806

(4,218,590)

(4,142,784)

325,808

(3,816,976)

Total comprehensive income for the year

-

-

75,806

546,087,189

546,162,994

-

23,319,672

522,843,323

Cash dividends

-

-

-

(750,000,000)

(750,000,000)

-

(750,000,000)

Balance at 31st December 2022 (Adjusted)

9,000,000,000

580,150,342

(3,455,070)

17,808,265,209

27,384,960,482

2,437,239,480

29,822,199,962

Company

Stated capital

Revaluation

Retained earnings

Total equity

reserve

In LKR

Balance at 31st March 2021

9,000,000,000

250,274,113

13,146,118,382

22,396,392,495

Charge relating to Surcharge Tax

-

-

(596,918,504)

(596,918,504)

As at 1st April 2021 (Adjusted)

9,000,000,000

250,274,113

12,549,199,878

21,799,473,991

Profit for the year

-

-

2,224,506,560

2,224,506,560

Other comprehensive income for the year, net of tax

-

-

(6,450,000)

(6,450,000)

Total comprehensive income for the year

-

-

2,218,056,560

2,218,056,560

Cash dividends

-

-

(750,000,000)

(750,000,000)

Balance at 31st December 2021 (Adjusted)

9,000,000,000

250,274,113

14,017,256,438

23,267,530,551

Balance at 1st April 2022 (Adjusted)

9,000,000,000

250,274,113

14,475,461,575

23,725,735,688

Profit for the year

-

-

908,823,931

908,823,931

Other comprehensive income for the year, net of tax

-

-

(5,400,000)

(5,400,000)

Total comprehensive income for the year

-

-

903,423,931

903,423,931

Cash dividends

-

-

(750,000,000)

(750,000,000)

Balance at 31st December 2022 (Adjusted)

9,000,000,000

250,274,113

14,628,885,506

23,879,159,619

The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

The above figures are subject to the audit.

3

ACCESS ENGINEERING PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 31ST DECEMBER 2022

Group

Company

For the Period ended 30th September

2022

2021

2022

2021

Unaudited

Unaudited

Unaudited

Unaudited

In LKR

Cash flows from operating activities

Profit before tax

766,123,506

2,596,671,067

1,173,341,754

2,557,489,300

Adjustments for:

Depreciation of property plant and equipment

948,228,300

854,367,722

746,913,568

653,184,937

Depreciation of right- of - use assets

77,577,023

32,178,538

-

-

Amortisation and impairment of intangible assets

17,204,238

17,389,972

10,878,441

11,130,755

Provision for employee benefits

67,777,788

57,043,012

58,368,244

44,273,959

Impairment losses/ write-off of trade and other receivables/inventories

873,807

(2,211,404)

319,090

(1,615,474)

Gain on disposal of property, plant and equipment

(51,221,752)

(37,156,571)

(28,952,086)

(29,092,231)

Loss on asset write off

462,632

131,940

462,632

131,940

Amortisation of government grant

(146,257)

(164,541)

-

-

Share of results of equity-accounted investees, net of tax

(544,156,675)

36,123,816

-

-

Dividend income from investments in subsidiaries

-

-

(1,483,305,129)

(377,853,586)

Net finance cost

3,119,471,775

256,571,705

2,871,302,831

193,827,973

Operating profit before working capital changes

4,402,194,384

3,810,945,256

3,349,329,345

3,051,477,573

Changes in:

Inventories

(2,894,641,512)

(3,692,911,318)

(159,057,207)

(1,205,989,194)

Trade and other receivables

7,509,241,736

(6,287,211,218)

10,973,166,324

(4,975,487,527)

Other current financial assets

(5,824,772,846)

(615,879,946)

(5,345,636,026)

(578,238,629)

Amounts due from related parties

(89,978,085)

(39,324,028)

(3,777,836,041)

(763,962,395)

Trade and other payables

4,793,497,726

4,551,482,518

(1,441,332,019)

1,332,517,917

Amounts due to related parties

(5,760,523)

650,211

31,211,494

26,281,625

Cash generated from/ (used in) operating activities

7,889,780,881

(2,272,248,523)

3,629,845,870

(3,113,400,630)

Finance cost paid

(2,540,851,910)

(621,332,298)

(2,261,039,462)

(585,481,198)

Income tax paid

(583,073,020)

(603,538,622)

(576,039,256)

(597,209,478)

Gratuity paid

(45,302,279)

(25,783,465)

(33,705,314)

(14,905,350)

Net cash flows generated from/ (used in) operating activities

4,720,553,672

(3,522,902,908)

759,061,838

(4,310,996,656)

Cash flows from investing activities

Purchase of property, plant and equipment

(983,323,518)

(2,035,754,180)

(850,198,520)

(1,879,872,855)

Purchase of intangible assets

-

(44,453,334)

-

(43,993,336)

Purchase of / addition to investment properties

(9,214,793)

(427,950,051)

-

(412,201,450)

Purchase of investment properties - work in progress

(5,705,548,717)

(620,052,488)

-

-

Proceeds from sale of property, plant and equipment

129,858,104

67,446,762

29,080,940

30,529,051

Investment in equity securities

-

(399,999,925)

-

(399,999,925)

Investment in subsidiary

-

-

(2,017,228,451)

-

Investment in short term deposits

(203,531,524)

(611,506,685)

157,361,541

(609,575,424)

Proceed from maturity on quoted debt investment

-

100,000,000

-

100,000,000

Dividend income from investments in subsidiaries

-

-

403,843,514

377,853,586

Dividend income from equity-accounted investees

1,079,461,615

-

1,079,461,615

-

Finance Income received

148,199,971

112,964,449

191,930,325

88,631,557

Net cash flows used in investing activities

(5,544,098,862)

(3,859,305,452)

(1,005,749,036)

(2,748,628,796)

Cash flows from financing activities

Dividends paid to equity holders of the parent

(750,000,000)

(750,000,000)

(750,000,000)

(750,000,000)

Proceeds from borrowings

13,626,625,286

27,450,009,868

12,079,555,074

20,726,668,224

Repayment of borrowings

(14,438,064,233)

(19,753,496,717)

(12,985,584,782)

(13,137,849,056)

Repayment of Debenture

-

(1,030,000)

-

(1,030,000)

Payment of lease liabilities

(42,347,585)

(40,384,918)

-

-

Net cash flows generated from/ (used in) financing activities

(1,603,786,531)

6,905,098,233

(1,656,029,707)

6,837,789,168

Increase in cash and cash equivalents

(2,427,331,721)

(477,110,129)

(1,902,716,905)

(221,836,284)

Cash and cash equivalent at the beginning of the year

2,077,142,630

1,895,813,967

898,392,700

699,437,937

Cash and cash equivalent at 31st December

(350,189,091)

1,418,703,838

(1,004,324,205)

477,601,653

The Accounting Policies and Notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

The above figures are subject to the audit.

4

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Access Engineering plc published this content on 09 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 February 2023 10:55:07 UTC.