Mitchell's Fruit Farms Limited
Condensed Interim Financial Statements (Unaudited)
For Q-1 ended 30 September 2022
(Updated 28 Dec 2022)
Draft
Directors' Review
The Directors of the company are pleased to present their report on the condensed interim financial statement of the Company for the first quarter (Q-1) ended September 30, 2022.
Key financial highlights for the subject period are as under: | PKR Millions | |
30 Sep 2022 | 30 Sep 2021 | |
Sales revenue | 468.98 | 536.97 |
Gross profit | 99.73 | 55.75 |
Net loss before tax | (92.29) | (90.67) |
Net loss after tax | (98.07) | (96.04) |
Loss per share | (4.29) | (4.20) |
After incurring heavy losses during the last financial year, the company is in the rebuilding process. Some salient features of these financial results are as under:
- Sales remain lower than last year due to production & financial challenges.
- Reduction in cost of raw & packing material & salaries with the help of better management of resources
- Increase in fuel & power costs due to increase in tariff rates.
- Reduction in administrative costs with the help of planning & management control.
- Increase in finance costs due to increase in interest rates, unavailability of export refinance & full utilization of financing facilities.
During this period, the sponsors have extended further loans of PKR 40M to help company cash flows. Also, at the same time, company has revised its prices as compared to the last year and is making successful efforts for reduction in its input costs. During the subsequent period, we have achieved improvements in our gross margins that shall generate operating profits. Hence, we are currently aiming towards further improvements in the next quarter with a view to offset Q-1 losses. With the arrival of fresh crop of saag and winter seasonal impact, the sales of the company have grown in the subsequent months with more efficiency and diligence.
We have also planned modernization of plant facilities and upgrading our facilities in a phased manner to ensure the quality and availability of products and to increase shareholder's value.
For and on behalf of the Board of Directors
Najam Aziz Sethi | Shazad Ghaffar |
Chief Executive Officer | Chairman |
Lahore: December 22, 2022 |
1
Mitchell's Fruit Farms Limited | |||
Condensed Interim Statement of Financial Position as at September 30, 2022 | |||
September 30 | June 30 | ||
Note | 2022 | 2022 | Note |
Rupees | Rupees | ||
Un-Audited | Audited | ||
EQUITY AND LIABILITIES | ASSETS | ||
CAPITAL AND RESERVES | NON-CURRENT ASSETS |
September 30 | June 30 |
2022 | 2022 |
Rupees | Rupees |
Un-Audited | Audited |
Authorized capital | Property, plant and equipment | 8 | ||||
40,000,000 (June 30, 2022: 40,000,000) | Intangible assets | |||||
ordinary shares of Rs 10 each | 400,000,000 | 400,000,000 | Biological assets | |||
Issued, subscribed and paid up capital | Long term receivables | |||||
22,875,000 (June 30, 2022: 22,875,000) | ||||||
ordinary shares of Rs 10 each | 228,750,000 | 228,750,000 | ||||
Reserves | 6 | (123,890,402) | (25,813,586) | |||
104,859,598 | 202,936,414 |
655,712,121
26,481,601
1,550,000
1,231,543
684,975,265
668,093,802
26,585,558
1,550,000
1,541,543
697,770,903
NON-CURRENT LIABILITIES
Deferred liabilities
CURRENT LIABILITIES
Current portion of long term finance Current portion of deferred grant Trade and other payables
Finances under markup arrangements Loan from shareholders - unsecured Accrued finance cost
Unclaimed dividend
CONTINGENCIES AND COMMITMENTS | 7 |
138,620,600
7,500,000
125,297
707,491,215
314,024,464
265,000,000
12,752,256
1,912,754
1,308,805,986
-
135,741,601
14,949,499
125,297
707,328,886
341,059,804
225,000,000
12,848,666
1,912,754
1,303,224,906
-
CURRENT ASSETS
Stores, spares and loose tools Inventories
Trade debts - unsecured
Advances, deposits, prepayments and other receivables
Income tax receivable Bank balances
47,681,397
383,740,059
171,489,797
156,466,813
97,692,016
10,240,838
867,310,920
45,561,599
430,965,294
202,059,716
127,526,438
116,394,571
21,624,400
944,132,018
1,552,286,184
1,641,902,921
1,552,286,184 1,641,902,921
The annexed notes 1 to 15 form a integral part of this condensed interim financial statements. Notes 9-A to 9-E are only for internal review by the directors.
Badar M. Khan | Najam Aziz Sethi |
Chief Financial Officer | Chief Executive Officer |
Shazad Ghaffar
Chairman
2
Mitchell's Fruit Farms Limited
Condensed Interim Statement of Profit or Loss Account
For the First Quarter Ended September 30, 2022 (Un-audited)
September 30 | September 30 | |||||||
2022 | 2021 | |||||||
Rupees | Rupees | |||||||
Sales | 9 | 468,989,225 | 536,974,622 | |||||
Cost of sales | 9-A | (369,251,576) | (481,222,108) | |||||
Gross profit | 99,737,649 | 55,752,514 | ||||||
Administrative & general expenses: | 9-B | (44,630,285) | (67,128,120) | |||||
Marketing & distribution expenses | 9-C | (135,990,148) | (79,943,544) | |||||
Other operating expenses | (200,261) | - | ||||||
Other operating income | 9-D | 4,440,427 | 5,915,367 | |||||
Loss from operations | (76,642,619) | (85,403,782) | ||||||
Finance costs | 9-E | (15,656,402) | (5,271,434) | |||||
Loss before tax | (92,299,021) | (90,675,216) | ||||||
Taxation | (5,777,795) | (5,369,746) | ||||||
Loss after tax | (98,076,816) | (96,044,962) | ||||||
Loss per share | ||||||||
- Basic and diluted | (4.29) | (4.20) |
The annexed notes 1 to 15 form a integral part of this condensed interim financial statements. Notes 9-A to 9-E are only for internal review by the directors.
Badar M. Khan | Najam Aziz Sethi | Shazad Ghaffar |
Chief Financial Officer | Chief Executive Officer | Chairman |
3
Mitchell's Fruit Farms Limited
Condensed Interim Statement of Comprehensive Income
For the First Quarter Ended September 30, 2022 (Un-audited)
September 30
2022
Rupees
September 30
2021
Rupees
Loss for the period
Other Comprehensive Income:
-Items that will not be reclassified to profit or (loss)
Re-measurement of retirement benefit - net of tax
-Items that may be reclassified subsequently to profit or (loss)
Total comprehensive loss for the period
The annexed notes 1 to 15 form a integral part of this condensed interim financial statements.
(98,076,816)
-
-
-
(98,076,816)
(96,044,962)
-
-
(96,044,962)
Badar M. Khan | Najam Aziz Sethi | Shazad Ghaffar |
Chief Financial Officer | Chief Executive Officer | Chairman |
4
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Mitchell's Fruit Farms Ltd. published this content on 20 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2023 06:20:03 UTC.