68 | Berger Paints Pakistan Limited - Annual Report 2023

STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2023

2023 2022
ASSETS Note (Rupees in thousand)
NON-CURRENT ASSETS
Property, plant and equipment 7 2,306,831 1,628,161
Intangible assets 8 - 23
Long term investments 9 78,479 70,915
Long term loans 10 37,261 38,632
Long term deposits 11 22,218 38,138
2,444,789 1,775,869
CURRENT ASSETS
Stores, spare parts and loose tools 13 30,341 22,735
Stock in trade 14 1,437,793 1,625,411
Trade debts - unsecured 15 1,907,525 1,628,302
Loans and advances 16 277,322 221,950
Trade deposits and short term prepayments 17 31,864 26,821
Other receivables 18 62,053 113,633
Tax refund due from government 19 182,994 207,054
Short term investment 20 191,000 140,000
Cash and bank balances 21 47,078 223,671
4,167,970 4,209,577
TOTAL ASSETS 6,612,759 5,985,446
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised share capital 250,000 250,000
Issued, subscribed and paid-up share capital 22 245,516 204,597
Capital reserves
Revaluation surplus on property, plant and equipment 23.3 1,495,613 830,273
Other reserves 23 56,205 58,017
1,551,818 888,290
Revenue reserves
General reserve 23 285,000 285,000
Accumulated profits 23 1,113,469 967,825
1,398,469 1,252,825
3,195,803 2,345,712
NON-CURRENT LIABILITIES
Long term financing - secured 24 94,221 183,222
Long term diminishing musharaka 25 333,333 16,000
Deferred grant 26 21,672 2,251
Long term employee benefits 27 144,748 144,012
Deferred taxation - net 12 104,645 8,379
698,619 353,864
CURRENT LIABILITIES
Trade and other payables 28 2,020,366 1,790,697
Current portion of long term financing 29 228,098 69,110
Unclaimed dividend 13,106 6,826
Accrued markup 30 31,459 45,298
Short term borrowings - secured 31 425,308 1,373,939
2,718,337 3,285,870
TOTAL LIABILITIES 3,416,956 3,639,734
TOTAL EQUITY AND LIABILITIES 6,612,759 5,985,446
CONTINGENCIES AND COMMITMENTS 32

The annexed notes from 1 to 58 form an integral part of these financial statements.

Chief Financial Officer Chief Executive Director

 BERGER PAINTS | 69
Trusted Worldwide

STATEMENT OF PROFIT OR LOSS

FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
Note (Rupees in thousand)

Revenue from contract with customers - net 33 7,341,165 7,105,233

Cost of sales 34 (5,858,052) (5,883,486)
Gross profit 1,483,113 1,221,747
Selling and distribution expenses 35 (582,571) (677,395)
Administrative and general expenses 36 (208,993) (191,950)
Impairment loss (charged) / reversed during the year 15.3 & 11 (73,084) 3,074
Other operating expenses 37 (101,414) (19,386)
(966,062) (885,657)
Profit from operations 517,051 336,090
Other income 38 97,691 74,405
614,742 410,495
Finance cost 39 (283,545) (163,477)
Profit before taxation 331,197 247,018
Taxation 40 (91,136) (45,132)
Profit after taxation 240,061 201,886
Earnings per share - basic and diluted (Rupees) 41 9.78 8.22

The annexed notes from 1 to 58 form an integral part of these financial statements.

Chief Financial Officer Chief Executive Director

 BERGER PAINTS | 71
Trusted Worldwide

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2023

2023 2022
Note (Rupees in thousand)
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash flows from operating activities before working capital
changes 43 872,347 550,521

(Increase) / decrease in current assets:

Stores, spare parts and loose tools 13 (7,606) (4,244)
Stock-in-trade 14 199,364 (382,030)
Trade debts - unsecured 15 (279,223) (408,624)
Loans and advances 16 (45,217) 53,537
Trade deposits and short term prepayments 17 (5,043) 4,056
Other receivables 18 51,580 72,130
(86,145) (665,175)
Increase in current liabilities:
Trade and other payables 28 209,144 191,021
Cash generated from operations 995,346 76,367
Finance cost paid (296,440) (140,298)
Taxation - net 19.1 (87,189) (2,934)
Long term employee benefit paid (31,600) (21,227)
Funds transferred to the Company from the Gratuity fund - 55,000
Worker's Profit Participation Fund paid (13,248) (13,470)
Workers' Welfare Fund paid (4,137) -
Long term loans received/(disbursed) - net 3,457 (2,124)
Long term deposits realised 3,678 2,109
(425,479) (122,944)
Net cash generated from /(used in) operating activities 569,867 (46,577)
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditure incurred (25,655) (128,201)
Proceeds from disposal of property, plant and equipment 14,408 6,809
Mark-up received on term deposit and long term loan 23,708 9,753
Short term investments made during the year (81,000) -
Right shares purchased during the year (29,399) -
Net cash used in investing activities (97,938) (111,639)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long term financing - net (108,332) (12,459)
Proceeds from long term diminishing musharaka 484,000 16,000
Dividend paid (75,559) (82,564)
(Repayments)/proceeds of/from short term borrowings - net (255,552) 194,852
Net cash generated from financing activities 44,557 115,829
Net increase / (decrease) in cash and cash equivalents 516,486 (42,387)
Cash and cash equivalents at beginning of the year (784,716) (742,329)
Cash and cash equivalents at end of the year 42 (268,230) (784,716)

The annexed notes from 1 to 58 form an integral part of these financial statements.

Chief Financial Officer Chief Executive Director