Interim Report 2nd Quarter - Jamstockex
Interim Report2nd QuarterPeriod Ended March 31, 2021(UNAUDITED)
WE’LLCOMETO YOUTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%INDEX2nd Quarter Interim Report to our Shareholders1Unaudited Financial Statements:Statement of Financial Position - (Unaudited)3Statement of Profit or Loss & OtherComprehensive Income (2021 Q2 vs. 2020 )4Statement of Statement of Changes inShareholders' Net Equity5Statement of Cash Flows6Notes to the Financial Statements7Ten Shareholders & Shareholdings of Directors, Officersand Connected parties11Amendments to the initial submission12TROPICAL BATTERY ANNUAL REPORT 2020Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 202001REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%2nd Quarter Interim Report to our ShareholdersQ2 FY2021 (January 1, 2021 to March 31, 2021)OverviewFinancial HighlightsIt has been a good quarter all thingsconsidered, with most of our supply chainproblems getting better, and Q2 sales andprofits both increased year over year. Wealso saw. improvements in managing ourTeams health, as it relates to Covid-19and maximizing productivity during theshortened workdays.Our revenues for the quarter were up 7.5%moving from 443 million in 2020 to 476million in 2021. This positive increasereflects some improvements in our recentCovid 19 relayed supply chain deliverydelays. Q2 operating expenses came in at 106 million which was 11.6% below lastyear’s 120 million. EBIDTA came in at 40.1 million or 49.6% above last year’s 26.8 million. Lastly, our bottom line / netprofit after tax was up 314.4% to 15.5million.During the period, we donated muchneeded batteries to the BustamanteChildren’s Hospital to enable the restart ofthe generator. Would like to express ourappreciation to the team members thatworked hard over the weekend to ensurethat the batteries were installed and readyfor use. We were also able to donate andinstall several surveillance cameras to ourneighboring Ferry Police Station.We see these donations as part of ourresponsibility to help build our communitieswhile ensuring our shareholders continueto see value.Additionally, total net profit for the first sixmonths of the fiscal year, now stands at 34.5 million or 83.5% above last year’s 18.8 million.Our gross profit percentage came in at30.8%, which was below both budgeted31.5%, and last year Q2’s 33.2%, resultingfrom increases in shipping cost andone-off purchases from more expensivesuppliers in order to obtain inventoryquickly. Increases in lead prices annuallyalso inflated all battery suppliers cost. Inlight of the increased costs, weimplemented a price increase during theTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Outlookperiod, however given the currenteconomic environment we opted not topassed on the full cost increase. By yearend, management believes we should beback to 31.5% or above, based onnew/current supply chain agreements.Total Equity was up 4.7% moving from 735 million at the end of fiscal yearSeptember 30, 2020 to 769 million as atMarch 31, 2021. The difference isattributed to increases in retainedearnings.The second half of this fiscal year shouldbe substantially better than the first. Wecontinue to motivate Team Members,execute our strategic plan and leveragethe attributes of being a public company,which generally focuses on looking fornew products, new markets to enter andstrategic acquisitions.We are accelerating activities related tothe eStore project. The eStore will allowcustomers to shop online and via amobile app. We will also implement aphased product delivery and incorporatethe mobile response application into theeStore platform. We plan to launch theeStore by June 2021.SincerelyAlexander MelvilleManaging DirectorTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 202102
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 202003REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedStatement of Financial Position (Unaudited)March 31, 2021ChairmanThe accompanying notes form an integral part of the interim financial statementsTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021Managing Director
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedStatement of Profit or Loss and Other Comprehensive Income - (Unaudited)The accompanying notes form an integral part of the interim financial statementsTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 202104
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 202005REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedStatement of Changes in Shareholders' Net Equity (Unaudited)The accompanying notes form an integral part of the interim financial statementsTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedStatement of Cash Flows - (Unaudited)For the 6 Months Ended March 31, 2021The accompanying notes form an integral part of the interim financial statementsTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 202106
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 202007REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedNotes to the Financial Statements For the 6 Months Ended March 31, 20211 Corporate structure and principal activitiesThe company is incorporated in Jamaica and its registered office is situated at 30Automotive Parkway,Kingston 20, Jamaica.Up to September 30, 2015, the company was a wholly owned subsidiary of MelvilleEnterprises Limited, a company incorporated in Jamaica, which in turn is a subsidiary ofArcher Caribbean Inc., a company incorporated in the British Virgin Islands.Pursuant to a deed of amalgamation between various companies in the group, effectiveSeptember 30, 2015, the company became a wholly-owned subsidiary of Dai Diverze(Jamaica) Limited, (parent company), a company incorporated in Jamaica, which in turn isa wholly owned subsidiary of Diverze Assets Inc., (ultimate parent company) a companyincorporated in St. Lucia.The company’s shares were listed on the Junior Market of the Jamaica Stock Exchange onSeptember 29, 2020.The principal activities of the company are the sale and distribution of auto batteries andaccessories.2 Statement of compliance, basis of preparation and significant accounting policies(a) Statement of compliance:The financial statements have been prepared in accordance with InternationalFinancial Reporting Standards (IFRS) and their interpretations issued by theInternational Accounting Standards Board, and comply with the provisions of theJamaica Companies Act.Freehold and Leasehold Building 2.5%Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedNotes to the Financial Statements (Continued)For the 6 Months Ended March 31, 2021(b) Basis of preparation:These condensed interim financial statements have been prepared in accordance withaccounting policies set out in note 2 to the audited financial statements for the year endedSeptember 30, 2020, and have been consistently applied from period to period.In the interim financial statements no provision were made for Employee Benefits, DeferredTax and Leases - IFRS 16. Provision was made for Corporation tax which will be validatedand recomputed once the 2021 audited financial statements are completed.The unaudited interim financial statements are prepared in accordance with IAS 34 “InterimFinancial Statements”The preparation of interim financial statements requires management to make judgements,estimates and assumptions that affects the application of accounting policies and thereported amounts of assets and liabilities, income and expenses. Actual results may differfrom these estimates.The financial statements are presented in Jamaica dollars ( ), which is the currency inwhich the company conducts the majority of its operations.The interim financial statements do not include all if the information required for full annualfinancial statements and should be ready in conjunction with the audited financialstatements for the year ended September 30, 2020.3 CASH and CASH EQUIVALENTSTropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 202108
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 202009REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedNotes to the Financial Statements (Continued)For the 6 Months Ended March 31, 2021Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedNotes to the Financial Statements (Continued)For the 6 Months Ended March 31, 2021Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 202110
112nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%10 Largest Shareholders as at March 31, 2021Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021
2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020REVENUEOPERATING EXPENSESEBIDTANET INCOME AFTER TAX7.5%11.6%49.6%314.4%Tropical Battery Company LimitedAmendments to the initial submissionFor the 6 Months Ended March 31, 2021-Statement of Profit or Loss and Other Comprehensive Income update to reflect thecomparitive period figures for March 31, 2020.-Statement of Changes in Shareholders' Net Equity updated to reflect the comparitive periodfigures for March 31, 2020.-Statement of Cash flows updated to reflect the comparitive period figures for March 31,2020.Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 202112
TROPICAL BATTERY ANNUAL REPORT 2020 2nd Quarter Financial Year 2021 vs 2nd Quarter Financial Year 2020 REVENUE 7.5% OPERATING EXPENSES 11.6% EBIDTA 49.6% NET INCOME AFTER TAX 314.4% Tropical Battery Compant Limited Interim Report 2nd Quarter Period Ended March 31, 2021 2nd Quarter Interim Report to our Shareholders 1 Unaudited Financial Statements:
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Condensed set of Interim Financial Statements An entity complying with IAS 34 has a choice of preparing a condensed set of Interim Financial Statements or a full set of IFRS financial statements. These Interim Financial Statements illustrate a condensed set of Interim Financial Statements based on the requirements of IAS 34.8. Where a full set of
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