Abans Electricals : QUARTERLY FINANCIAL STATEMENT AS OF 31-12-2022

ABANS ELECTRICALS PLC

INTERIM

FINANCIAL STATEMENTS

Nine Months Ended 31st December 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

Qtr Ended

31.12.2022

Rs.

1,027,127,147

(825,727,743)

201,399,404

63,787,794

(30,576,791)

(91,227,726)

(93,841,466)

49,541,215

(10,396,627)

39,144,588

(43,668,950)

(4,524,362)

Qtr Ended

31.12.2021

Rs.

1,318,726,940

(1,098,058,182)

220,668,758

15,976,655

(19,676,941)

(82,523,545)

(23,958,176)

110,486,751

(18,722,650)

91,764,101

-

91,764,101

Change

%

(22.11)

(24.80)

(8.73)

299.26

55.39

10.55

291.69

(55.16)

(44.47)

(57.34)

-

(104.93)

09 Months Ended

31.12.2022

Rs.

3,931,275,702

(3,205,727,035)

725,548,667

114,855,207

(65,177,083)

(283,133,209)

(362,839,644)

129,253,938

(23,845,843)

105,408,095

(43,668,950)

61,739,145

09 Months Ended

31.12.2021

Rs.

2,970,810,204

(2,514,976,177)

455,834,027

43,541,576

(50,491,938)

(237,389,866)

(65,797,799)

145,696,001

(29,465,915)

116,230,086

-

116,230,086

Change

%

32.33

27.47

59.17

163.78

29.08

19.27

451.45

(11.29)

(19.07)

(9.31)

-

(46.88)

Earnings per share - Basic/Diluted

7.66

17.96

20.63

22.74

ABANS ELECTRICALS PLC

STATEMENT OF FINANCIAL POSITION

Non-Current Assets

Property, plant and equipment Capital work in progress Right of use assets Investment property Financial investments

Total Non-Current Assets

Current Assets

Inventories

Trade and other receivables Deposits, advances & prepayments Amounts due from related parties Cash and cash equivalent

Total Current Assets

Total Assets

Capital and Reserves

Stated capital

Revaluation reserves

Retained earnings

Total Equity

Non-Current Liabilities

Borrowings

Deferred service income Retirement benefit obligation Deferred tax liability

Non-Current Liabilities

Current Liabilities

Trade and other payables Income tax liability Deferred service income Amounts due to related parties Borrowings

Current Liabilities

Total Liabilities

Total Equity and Liabilities

31.12.2022

Rs.

1,353,087,473

22,362,455

19,502,775

42,550,000

401,023,029

1,838,525,732

1,591,679,598

134,588,847

463,906,402

885,917,656

39,249,004

3,115,341,507

4,953,867,239

186,732,000

440,661,697

1,167,394,524

1,794,788,221

70,758,732

46,053,096

86,382,358

167,441,322

370,635,508

1,144,913,115

28,677,206

145,475,168

29,427,744

1,439,950,277

2,788,443,510

3,159,079,018

4,953,867,239

31.03.2022

Rs.

1,393,953,962

-

48,930,812

42,550,000

366,918,697

1,852,353,471

2,162,729,011

297,295,263

294,707,987

529,812,057

200,200,653

3,484,744,972

5,337,098,443

186,732,000

483,333,111

1,088,536,765

1,758,601,876

106,178,514

44,037,259

81,964,076

112,342,000

344,521,849

1,838,713,698

38,803,615

182,197,112

56,251,520

1,118,008,773

3,233,974,718

3,578,496,567

5,337,098,443

(0)

ABANS ELECTRICALS PLC

CASH FLOW STATEMENT

Profit/(Loss) before Tax

Adjusted for:

Profit/(Loss) from sale of property, plant & equipment Depreciation & amortization

Amortization of right of use assets Defined benefit plan costs (Gratuity) Finance Expense

Interest Income

Bad debts provision/(reversal) Provision for obsolete stock Interest cost on right of use assets

Loss/(Gain) on lease modification/derecognition Deferred income

Cash flow from operating activities before working capital changes

(Increase) / decrease in receivables

(Increase) / decrease in deposits & advances

(Increase) / decrease in inventories

(Increase) / decrease in related company transactions Increase / (decrease) in accounts payable

Income tax paid

Gratuity paid

Interest paid

Net cash and cash equivalent from/(utilized in) operating activities Investing activities

Interest income

Purchase of property, plant and equipment

Proceeds from disposal of property, plant & equipment Investment in fixed/short term deposits

Net cash and cash equivalent from/(utilized in) investing activities

Financing activities

Dividend paid

Receipt of loan term loans

Repayment of long term loans

Repayment of lease creditors

Net movement in short term loans

Net cash and cash equivalent from/(utilized in) financing activities

Net increase /(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

09 Months Ended

2022/2023

Rs.

129,253,938

(331,078)

69,738,009

22,013,388

11,524,870

204,236,792

(39,683,224)

(2,338,089)

(2,383,433)

2,893,774

(1,840,335)

(76,208,687)

316,875,926

165,044,505

(169,198,414)

573,432,794

(382,929,375)

(652,298,005)

(149,072,570)

(22,541,825)

(7,106,589)

(197,475,575)

(376,196,559)

39,683,224

(51,702,576)

799,678

(34,104,332)

(45,324,005)

(25,552,800)

-

(37,866,570)

(26,764,635)

260,366,383

170,182,378

(251,338,186)

38,988,365

(212,349,821)

09 Months Ended

2021/2022

Rs.

141,958,734

(33,945)

63,520,418

19,676,304

10,034,910

55,592,997

(14,473,353)

7,956,831

22,759,079

5,705,595

-

(65,862,089)

246,835,480

(64,164,266)

10,651,045

(340,400,083)

29,304,277

726,963,224

609,189,678

(37,787,114)

(6,412,002)

(50,804,318)

517,923,556

14,473,353

(165,892,087)

48,976

(13,713,379)

(165,083,136)

(15,331,680)

75,000,000

(35,567,812)

(26,232,549)

(110,361,104)

(112,493,145)

240,347,275

66,540,611

306,887,887

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	-	-	116,230,086	116,230,086
Other comprehensive income				-
Final dividend 2020/2020	-		(15,331,680)	(15,331,680)
Balance as at 31st December 2021	186,732,000	483,333,111	1,087,622,656	1,757,687,767
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	-	-	105,408,095	105,408,095
Other comprehensive income		(42,671,414)	(997,536)	(43,668,950)
Final dividend 2021/2022			(25,552,800)	(25,552,800)
Balance as at 31st December 2022	186,732,000	440,661,697	1,167,394,524	1,794,788,221

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 2022.
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 300.0 Million

1. Income tax rate - Manufacturing segment 18%, Service and Solar Installation segments 24% till 30th September 2022 and from 1st October 2022 onwards entire company is liable at 30%
2. LKR 43,668,950/- in Other Comprehensive Income Statement represents the deferred tax adjustment on revaluation gain and actuarial gain due to change in income tax rate

	Qtr Ended	Qtr Ended	Year Ended
	31.12.2022	31.12.2022	31.03.2022
	Rs.	Rs.	Rs.
Net Assets per Share	351.19	343.93	344.11
Market Price per Share
- Highest	166.50	236.50	275.00
- Lowest	138.00	148.00	127.25
- Last Traded Price	143.50	210.25	161.75