Indus Motor Company Ltd.

Statement of Financial Position

As at June 30, 2022

Note 2022 2021

--------(Rupees in ‘000)---------
ASSETS

Non-Current Assets
Property, plant and equipment 4 15,040,490 15,769,862
Intangible assets 4 145,092 39,784
Long-term loans and advances 5 15,983 16,857
Long-term deposits 6 10,020 10,020
Long-term investments 7 7,794,310 3,127,175
Deferred taxation - net 8 827,869 230,553
23,833,764 19,194,251
Current Assets
Stores and spares 9 513,440 420,105
Stock-in-trade 10 26,454,435 22,288,961
Trade debts - unsecured 11 3,090,713 517,138
Loans and advances 12 9,218,637 6,263,003
Short-term prepayments 13 49,611 36,999
Accrued return 14 341,268 109,996
Other receivables 15 2,737,584 983,119
Short-term investments 16 140,932,118 82,052,447
Cash and bank balances 17 6,793,784 2,039,797
190,131,590 114,711,565

TOTAL ASSETS 213,965,354 133,905,816

EQUITY

Share Capital
Authorised capital
500,000,000 (2021: 500,000,000) ordinary shares of Rs 10 each 5,000,000 5,000,000

Issued, subscribed and paid-up capital 18 786,000 786,000

Reserves 19 53,225,076 47,415,465
54,011,076 48,201,465
LIABILITIES

Non-Current Liabilities
Long term loan 20 279,878 589,837
Deferred Revenue 959 -
Deferred Government grant 21 - 6,023
Gas Infrastructure Development Cess Payable - 149,573
280,837 745,433

Current Liabilities
Current portion of long term loan 20 319,955 373,303
Current portion of deferred revenue 103 3,799
Current portion of deferred Government grant 21 6,023 34,680
Current portion of Gas Infrastructure Development Cess Payable 27,127 41,522
Unpaid / unclaimed dividend 1,426,545 330,370
Trade payables, other payables and provisions 22 40,480,546 30,288,196
Advances from customers and dealers 23 111,989,837 51,266,776
Taxation - net 24 5,423,305 2,620,272
159,673,441 84,958,918
159,954,278 85,704,351

TOTAL EQUITY AND LIABILITIES 213,965,354 133,905,816

CONTINGENCIES AND COMMITMENTS 27

The annexed notes 1 to 49 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

Annual Report 2022 113

Statement of Profit or Loss
For the year ended June 30, 2022

Note 2022 2021

--------(Rupees in ‘000)---------

Revenue from contracts with customers 28 275,505,778 179,161,727

Cost of sales 29 (257,101,297) (162,508,017)
Gross profit 18,404,481 16,653,710

Distribution expenses 30 (2,124,200) (1,618,863)

Administrative expenses 31 (2,218,655) (1,464,888)
Other operating expenses 32 (186,370) (76,342)
(4,529,225) (3,160,093)
13,875,256 13,493,617
Workers’ Profit Participation Fund and Workers’ Welfare Fund 33 (1,244,092) (740,193)

12,631,164 12,753,424
Other income 34 12,935,711 5,579,339

25,566,875 18,332,763
Finance cost 35 (114,299) (133,570)
Profit before taxation 25,452,576 18,199,193
Taxation 36 (9,650,728) (5,370,601)
Profit after taxation 15,801,848 12,828,592

------------(Rupees )----------
Earnings per share - basic and diluted 37 201.04 163.21

The annexed notes 1 to 49 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

114 Indus Motor Company Ltd.

 Indus Motor Company Ltd.

Statement of Comprehensive Income

For the year ended June 30, 2022

Note 2022 2021

-------(Rupees in ‘000)-------

Profit after taxation 15,801,848 12,828,592

Other comprehensive income

Items that will not be reclassified to profit or loss

Remeasurement (loss) / gain on net defined benefit obligation 25.4 (14,980) 28,003
Related deferred tax thereon 4,943 (8,121)
(10,037) 19,882

Total comprehensive income for the year 15,791,811 12,848,474

The annexed notes 1 to 49 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

Annual Report 2022 115

Statement of Cash Flows
For the year ended June 30, 2022

Note 2022 2021

---------(Rupees in ‘000)---------
CASH FLOWS FROM OPERATING ACTIVITIES

Cash generated from operations 38 78,650,196 51,925,832

Net decrease / (increase) in long-term loans and advances 874 (4,218)
Compensation paid on advances received from customers (1,308,657) (461,017)
Increase / (decrease) in deferred revenue 959 (3,799)
Payment to Workers’ Profit Participation Fund (1,350,000) (715,000)
Payment to Workers’ Welfare Fund (300,395) (110,003)
Interest paid on long term loan (18,477) (16,879)
Income tax paid (7,440,067) (2,793,787)
Net cash inflow from operating activities 68,234,433 47,821,129

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment and intangible assets (2,827,583) (2,454,354)
Proceeds from disposals of property, plant and equipment 189,029 125,837
Interest received on bank deposits and Term Deposit Receipts 1,731,771 1,016,304
Gain on sale of Pakistan Investment Bonds 944,844 175,977
Interest received on Pakistan Investment Bonds 898,720 117,072
Investment in Pakistan Investment Bonds (8,878,024) (2,627,129)
Investment in listed mutual fund units (40,000,457) (22,400,145)
Dividend income received from listed mutual fund units 709,574 539,677
Proceeds from redemption of listed mutual fund units 33,621,998 9,802,373
Interest received on Market Treasury Bills 3,572,485 -
Investment in Market Treasury Bills (65,257,588) (21,663,415)
Proceeds from sale of Market Treasury Bills 37,264,556 24,589,923
Net cash outflow on investing activities (38,030,675) (12,777,880)

CASH FLOWS FROM FINANCING ACTIVITIES

Long term loan received - 539,797

Long term loan repaid (397,987) (128,705)
Dividend paid (8,886,025) (5,843,096)
Net cash outflow on financing activities (9,284,012) (5,432,004)

Net increase in cash and cash equivalents during the year 20,919,746 29,611,245
Cash and cash equivalents at beginning of the year 71,477,141 41,865,896
Cash and cash equivalents at end of the year 39 92,396,887 71,477,141

The annexed notes 1 to 49 form an integral part of these financial statements.

Mohammad Ibadullah Ali Asghar Jamali Shinji Yanagi

Chief Financial Officer Chief Executive Vice Chairman & Director

116 Indus Motor Company Ltd.