Abans Electricals : QUARTERLY FINANCIAL STATEMENT AS OF 30TH JUNE 2022

ABANS ELECTRICALS PLC

INTERIM

FINANCIAL STATEMENTS

Three Months Ended 30th June 2022

ABANS ELECTRICALS PLC

STATEMENT OF COMPREHENSIVE INCOME

Turnover

Cost of Sales

Gross Profit

Other Income

Marketing and Distribution Expenses

Administrative Expenses

Finance and Other Expenses

Profit before Tax

Tax Expense

Net Profit/(Loss) for the Period

Other Comprehensive Income for the Period net of Tax

Total Comprehensive Income

Earnings per share -

Basic/Diluted

				03 Months		03 Months
Qtr Ended		Qtr Ended		Ended		Ended
30.06.2022	30.06.2021	Change	30.06.2022	30.06.2021	Change
Rs.		Rs.	%	Rs.		Rs.	%
1,590,183,079	761,262,101	108.89	1,590,183,079	761,262,101	108.89
(1,376,850,302)	(660,015,440)	108.61	(1,376,850,302)	(660,015,440)	108.61
213,332,777	101,246,662	110.71	213,332,777	101,246,662	110.71
13,394,472	12,635,522	6.01	13,394,472	12,635,522	6.01
(15,541,891)	(17,185,584)	(9.56)	(15,541,891)	(17,185,584)	(9.56)
(97,110,061)	(75,889,681)	27.96	(97,110,061)	(75,889,681)	27.96
(132,272,800)		(21,931,587)	503.12	(132,272,800)		(21,931,587)	503.12
(18,197,503)	(1,124,669)	1,518.03	(18,197,503)	(1,124,669)	1,518.03
(383,216)	3,230,167	(111.86)	(383,216)	3,230,167	(111.86)
(18,580,719)		2,105,498	(982.49)	(18,580,719)		2,105,498	(982.49)
-	-	-	-	-	-
(18,580,719)		2,105,498	(982.49)	(18,580,719)		2,105,498	(982.49)
(3.64)	0.41		(3.64)	0.41

ABANS ELECTRICALS PLC

STATEMENT OF FINANCIAL POSITION

	30.06.2022	31.03.2022
	Rs.		Rs.
Non-Current Assets
Property, plant and equipment	1,410,160,597	1,393,953,962
Right of use assets	40,363,033	48,930,812
Investment property	42,550,000	42,550,000
Financial investments	373,296,563	366,918,697
Total Non-Current Assets	1,866,370,193	1,852,353,471
Current Assets
Inventories	2,130,417,523	2,162,729,011
Trade and other receivables	360,421,409	297,295,263
Deposits, advances & prepayments	185,479,054	294,707,987
Amounts due from related parties	810,810,252	529,812,057
Cash and cash equivalent	204,272,001		200,200,653
Total Current Assets	3,691,400,239	3,484,744,972
Total Assets	5,557,770,432	5,337,098,443
Capital and Reserves
Stated capital	186,732,000	186,732,000
Revaluation reserves	483,333,112	483,333,111
Retained earnings	1,069,956,046		1,088,536,765
Total Equity	1,740,021,158	1,758,601,876
Non-Current Liabilities
Borrowings	93,046,798	106,178,514
Deferred service income	44,037,259	44,037,259
Retirement benefit obligation	80,269,982	81,964,076
Deferred tax liability	108,909,889		112,342,000
Non-Current Liabilities	326,263,928	344,521,849
Current Liabilities
Trade and other payables	2,064,720,043	1,838,713,698
Income tax liability	37,031,083	38,803,615
Deferred service income	192,577,428	182,197,112
Amounts due to related parties	22,539,164	56,251,520
Borrowings	1,174,617,628	1,118,008,773
Current Liabilities	3,491,485,346	3,233,974,718
Total Liabilities	3,817,749,274	3,578,496,567
Total Equity and Liabilities	5,557,770,432		5,337,098,443
		(0)

ABANS ELECTRICALS PLC

CASH FLOW STATEMENT

	03 Months		03 Months
	Ended		Ended
	2022/2023	2021/2022
	Rs.		Rs.
Profit/(Loss) before Tax	(18,197,503)	(1,124,669)
Adjusted for:
Profit/(Loss) from sale of property, plant & equipment	(531)	-
Depreciation & amortization	22,016,490	18,664,531
Amortization of right of use assets	8,586,946	6,623,361
Defined benefit plan costs (Gratuity)	3,841,623	3,000,000
Finance Expense	41,364,676	15,252,652
Interest Income	(6,669,112)	(4,602,719)
Bad debts provision/(reversal)	(4,598,408)	5,350,619
Provision for obsolete stock	6,244,472	5,096,863
Interest cost on right of use assets	1,143,661	1,195,715
Deferred income	(10,917,304)		(12,110,133)
Cash flow from operating activities before working capital changes	42,815,011	37,346,219
(Increase) / decrease in receivables	(58,527,738)	89,605,585
(Increase) / decrease in deposits & advances	109,228,933	8,561,182
(Increase) / decrease in inventories	26,066,964	(200,294,252)
(Increase) / decrease in related company transactions	(314,710,551)	50,651,004
Increase / (decrease) in accounts payable	247,303,964		(134,177,330)
	52,176,584	(148,307,592)
Income tax paid	(5,587,804)	(10,000,000)
Gratuity paid	(5,535,718)	(1,494,501)
Interest paid	(37,790,547)		(15,663,162)
Net cash and cash equivalent from/(utilized in) operating activities	3,262,515	(175,465,255)
Investing activities
Interest income	6,669,112	4,602,719
Purchase of property, plant and equipment	(38,241,595)	(9,918,278)
Proceeds from disposal of property, plant & equipment	19,001	-
Investment in fixed/short term deposits	(6,377,866)		(4,268,199)
Net cash and cash equivalent from/(utilized in) investing activities	(37,931,349)	(9,583,758)
Financing activities
Repayment of long-term loans	(13,131,716)	(9,384,193)
Repayment of lease creditors	(10,129,551)	(7,453,961)
Net movement in short term loans	23,709,351		198,435,340
Net cash and cash equivalent from/(utilized in) financing activities	448,085	181,597,186
Net increase /(decrease) in cash and cash equivalents	(34,220,749)	(3,451,826)
Cash and cash equivalents at the beginning of the period	38,988,365	66,540,611
Cash and cash equivalents at the end of the period	4,767,616	63,088,785

ABANS ELECTRICALS PLC

STATEMENT OF CHANGES IN EQUITY

	Stated	Revaluation	Retained	Total
	Capital	Reserves	Earnings
	Rs.	Rs.	Rs.	Rs.
Balance as at 1st April 2021	186,732,000	483,333,111	986,724,250	1,656,789,361
Net profit for the period	-	-	2,105,498	2,105,498
Other comprehensive income				-
Balance as at 30th June 2021	186,732,000	483,333,111	988,829,749	1,658,894,860
Balance as at 1st April 2022	186,732,000	483,333,111	1,088,536,765	1,758,601,876
Net profit for the period	-	-	(18,580,719)	(18,580,719)
Other comprehensive income		-	-	-
Balance as at 30th June 2022	186,732,000	483,333,111	1,069,956,046	1,740,021,158

Notes to the Financial Statement

1. The company has followed the same Accounting Policies and Practices as disclosed in the Annual Report for the year ended 31st March 2021.
2. The Interim Financial Statements are prepared in accordance with LKAS 34.
3. The above figures are provisional and subject to Audit.
4. There has been no event subsequent to the interim period, which require disclosure in the Interim Financial Statements.
5. There were no Material Commitments and Contingencies as at the reporting date except the following
   Contingent Liabilities

Letter of credit opened with banks favoring suppliers

LKR 62.04Million

1. Income tax rate - Manufacturing Segment 18%, Service & Solar Installation Segments 24%.
2. LKR 97,247,142/- cash margin for letter of credits included in cash and cash equivalent balance and this amount does not earn interest income.

	Qtr Ended	Qtr Ended	Year Ended
	30.06.2022	30.06.2021	31.03.2022
	Rs.	Rs.	Rs.
Net Assets per Share	340.48	324.60	344.11
Market Price per Share
- Highest	190.00	189.00	275.00
- Lowest	127.00	127.25	127.25
- Last Traded Price	127.75	175.00	161.75