Access Engineering : Interim Financial Statements as at 30-06-2022

Group

Company

Period ended 30th June

In LKR

2022

2021

2022

2021

Revenue

4,900,210,493

7,059,631,018

3,790,488,752

5,662,951,766

Cost of sales

(3,806,736,268)

(5,966,476,435)

(3,156,053,681)

(4,887,089,326)

Gross profit

1,093,474,225

1,093,154,583

634,435,071

775,862,440

Other income

558,146,514

63,508,830

1,143,503,023

157,834,668

Administrative expenses

(518,151,289)

(379,940,419)

(228,821,166)

(169,669,913)

Other expenses

(5,635,454)

(8,355,739)

(4,223,962)

(4,010,709)

Operating profit

1,127,833,996

768,367,255

1,544,892,966

760,016,486

Finance Cost

(783,170,007)

(171,630,232)

(735,148,597)

(142,357,274)

Finance Income

54,979,817

37,632,287

39,015,759

31,314,151

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

339,343,563

(20,257,098)

-

-

Profit before tax

738,987,369

614,112,212

848,760,128

648,973,363

Income tax (expense) / reversal

5,551,082

(97,251,898)

(7,644,837)

(99,359,888)

Profit for the period

744,538,451

516,860,314

841,115,291

549,613,475

Profit attributable to:

Equity holders of the parent

722,195,121

528,120,470

841,115,291

549,613,475

Non-controlling interest

22,343,330

(11,260,156)

-

-

Profit for the period

744,538,451

516,860,314

841,115,291

549,613,475

Other comprehensive income

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

Remeasurement of defined benefit liability

(2,108,533)

(1,874,294)

(2,500,000)

(2,500,000)

Revaluation of Land and Buildings

-

-

-

-

Related tax

300,599

540,076

350,000

700,000

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

Foreign currency translation difference of foreign operations

(698,606)

-

-

-

Other comprehensive income for the period, net of tax

(2,506,540)

(1,334,218)

(2,150,000)

(1,800,000)

Total comprehensive income for the period, net of tax

742,031,911

515,526,096

838,965,291

547,813,475

Total comprehensive income attributable to;

Equity holders of the parent

719,627,087

526,713,696

838,965,291

547,813,475

Non-controlling interest

22,404,824

(11,187,600)

-

-

Total comprehensive income for the period, net of tax

742,031,911

515,526,096

838,965,291

547,813,475

Basic earnings per share

0.72

0.53

0.84

0.55

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

-

-

-

528,120,470

528,120,470

(11,260,156)

516,860,314

Other comprehensive income for the year, net of tax

-

-

-

(1,406,776)

(1,406,776)

72,556

(1,334,219)

Total comprehensive income for the year

-

-

-

526,713,694

526,713,694

(11,187,600)

515,526,095

Cash dividends

-

-

-

(500,000,000)

(500,000,000)

-

(500,000,000)

Balance at 30th June 2021 (Adjusted)

9,000,000,000

580,150,342

-

13,674,076,287

23,254,226,629

2,678,134,457

25,932,361,087

Balance at 01st April 2022 (Adjusted)

9,000,000,000

580,150,342

(3,530,876)

18,014,478,043

27,591,097,510

2,460,559,152

30,051,656,662

Profit for the year

-

-

-

722,195,121

722,195,121

22,343,330

744,538,451

Other comprehensive income for the year, net of tax

-

-

(698,606)

(1,869,428)

(2,568,035)

61,495

(2,506,541)

Total comprehensive income for the year

-

-

(698,606)

720,325,693

719,627,086

22,404,825

742,031,910

Cash dividends

-

-

-

(750,000,000)

(750,000,000)

-

(750,000,000)

Balance at 30th June 2022

9,000,000,000

580,150,342

(4,229,482)

17,984,803,736

27,560,724,596

2,482,963,977

30,043,688,572

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

-

-

549,613,475

549,613,475

Other comprehensive income for the year, net of tax

-

-

(1,800,000)

(1,800,000)

Total comprehensive income for the year

-

-

547,813,475

547,813,475

Cash dividends

-

-

(500,000,000)

(500,000,000)

Balance at 30th June 2021 (Adjusted)

9,000,000,000

250,274,113

12,597,013,353

21,847,287,466

Balance at 1st April 2022 (Adjusted)

9,000,000,000

250,274,113

14,477,761,597

23,728,035,710

Profit for the year

-

-

841,115,291

841,115,291

Other comprehensive income for the year, net of tax

-

-

(2,150,000)

(2,150,000)

Total comprehensive income for the year

-

-

838,965,291

838,965,291

Cash dividends

-

-

(750,000,000)

(750,000,000)

Balance at 30th June 2022

9,000,000,000

250,274,113

14,566,726,888

23,817,001,001

ACCESS ENGINEERING PLC

STATEMENT OF CASH FLOWS

FOR THE PERIOD ENDED 30TH JUNE 2022

Group

Company

For the Period ended 30th June

2022

2021

2022

2021

Unaudited

Unaudited

Unaudited

Unaudited

In LKR

Cash flows from operating activities

Profit before tax

738,987,369

614,112,212

848,760,128

648,973,363

Adjustments for:

Depreciation of property plant and equipment

326,530,316

263,677,195

256,491,791

197,706,406

Depreciation of right- of - use assets

26,780,296

10,560,662

-

-

Amortisation and impairment of intangible assets

5,705,401

5,124,614

3,599,775

3,033,662

Provision for employee benefits

23,465,906

13,838,476

19,708,982

14,757,987

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

105,463

(3,651,048)

319,090

(1,615,474)

Gain on disposal of property, plant and equipment

(19,687,957)

(1,210,639)

(19,687,957)

(1,148,139)

Loss on asset write off

366,210

(449,985)

366,210

(449,985)

Amortisation of government grant

(54,847)

(54,847)

-

-

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

(339,343,563)

20,257,098

-

-

Dividend income from investments in subsidiaries

-

-

(751,642,021)

(125,951,195)

Net finance cost

728,190,190

133,997,946

696,132,838

111,043,123

Operating profit before working capital changes

1,491,044,784

1,056,201,682

1,054,048,836

846,349,748

Changes in:

Inventories

(1,993,598,381)

(1,495,080,085)

(787,569,335)

(543,268,335)

Trade and other receivables

824,699,909

(1,965,769,896)

1,309,687,765

(1,557,542,011)

Other current financial assets

203,757,659

(221,930,039)

205,943,473

(195,125,780)

Amounts due from related parties

(64,896,546)

(10,126,727)

(62,220,128)

(167,776,971)

Trade and other payables

1,182,888,149

635,962,839

236,847,245

(37,415,011)

Amounts due to related parties

8,521,608

47,516,156

16,121,911

36,033,955

Cash generated from/ (used in) operating activities

1,652,417,182

(1,953,226,068)

1,972,859,767

(1,618,744,405)

Finance cost paid

(634,087,431)

(173,262,351)

(679,882,800)

(142,399,393)

Income tax paid

(404,658,063)

(74,944,724)

(402,925,753)

(72,073,693)

Gratuity paid

(6,644,859)

(7,138,696)

(3,068,362)

(4,283,550)

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

607,026,829

(2,208,571,839)

886,982,852

(1,837,501,041)

Cash flows from investing activities

Purchase of property, plant and equipment

(448,973,628)

(608,630,120)

(412,077,358)

(578,884,185)

Purchase of intangible assets

-

(32,770,745)

-

(32,334,310)

Proceed from maturity on quoted debt Investment

100,000,000

-

100,000,000

Purchase of / addition to investment properties

(1,361,771)

(2,700,000)

-

-

Purchase of investment properties - work in progress

(603,062,586)

(345,713,941)

-

-

Proceeds from sale of property, plant and equipment

19,741,700

2,189,963

19,741,700

1,598,148

Investment in equity securities

-

(50,000,025)

-

(50,000,025)

Investment in subsidiary

-

-

(1,091,000,351)

-

Investment in short term deposits

(454,519,102)

96,731,319

(381,077,201)

165,265,296

Dividend income from investments in subsidiaries

-

-

151,941,124

-

Dividend income from equity-accounted investees

599,700,897

-

599,700,897

-

Finance Income received

46,234,837

43,156,557

7,836,310

34,511,546

Net cash flows used in investing activities

(842,239,653)

(797,736,992)

(1,104,934,879)

(359,843,530)

Cash flows from financing activities

Dividends paid to equity holders of the parent

(750,000,000)

(500,000,000)

(750,000,000)

(500,000,000)

Proceeds from borrowings

6,983,258,688

6,105,844,625

5,902,850,000

4,576,596,098

Repayment of borrowings

(6,020,260,292)

(3,448,817,464)

(4,889,969,092)

(2,201,521,963)

Payment of lease liabilities

(14,825,233)

(6,949,292)

-

-

Net cash flows generated from financing activities

198,173,163

2,150,077,869

262,880,908

1,875,074,135

Increase in cash and cash equivalents

(37,039,661)

(856,230,962)

44,928,881

(322,270,436)

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 30th June

2,040,102,969

1,039,583,005

943,321,581

377,167,501