Abans Electricals : QUARTERLY FINANCIAL STATEMENT AS OF 30-09-2022

ABANS ELECTRICALS PLC

INTERIM

FINANCIAL STATEMENTS

Six Months Ended 30th September 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

				06 Months		06 Months
Qtr Ended		Qtr Ended		Ended		Ended
30.09.2022	30.09.2021	Change	30.09.2022	30.09.2021	Change
Rs.		Rs.	%	Rs.		Rs.	%
1,313,965,476	890,821,163	47.50	2,904,148,555	1,652,083,265	75.79
(1,003,148,990)		(756,902,553)	32.53	(2,379,999,292)	(1,416,917,995)	67.97
310,816,486	133,918,610	132.09	524,149,263	235,165,270	122.89
37,672,940	14,929,399	152.34	51,067,413	27,564,921	85.26
(19,058,401)	(13,629,413)	39.83	(34,600,292)	(30,814,997)	12.28
(94,795,421)	(78,976,640)	20.03	(191,905,483)	(154,866,321)	23.92
(136,725,378)		(19,908,035)	586.78	(268,998,179)		(41,839,622)	542.93
97,910,226	36,333,920	169.47	79,712,723	35,209,250	126.40
(13,066,000)	(13,973,432)	(6.49)	(13,449,215)	(8,634,974)	55.75
84,844,226		22,360,488	279.44	66,263,508		26,574,276	149.35
-	-	-	-	-	-
84,844,226		22,360,488	279.44	66,263,508		26,574,276	149.35
16.60	4.38		12.97	5.20

ABANS ELECTRICALS PLC

STATEMENT OF FINANCIAL POSITION

	30.09.2022	31.03.2022
	Rs.		Rs.
Non-Current Assets
Property, plant and equipment	1,376,324,514	1,393,953,962
Capital work in progress	19,895,846	-
Right of use assets	31,903,331	48,930,812
Investment property	42,550,000	42,550,000
Financial investments	384,460,907	366,918,697
Total Non-Current Assets	1,855,134,598	1,852,353,471
Current Assets
Inventories	1,791,672,177	2,162,729,011
Trade and other receivables	252,039,184	297,295,263
Deposits, advances & prepayments	203,283,480	294,707,987
Amounts due from related parties	804,828,278	529,812,057
Cash and cash equivalent	51,855,749	200,200,653
Total Current Assets	3,103,678,868	3,484,744,972
Total Assets	4,958,813,466	5,337,098,443
Capital and Reserves
Stated capital	186,732,000	186,732,000
Revaluation reserves	483,333,111	483,333,111
Retained earnings	1,129,247,473	1,088,536,765
Total Equity	1,799,312,584	1,758,601,876
Non-Current Liabilities
Borrowings	79,493,313	106,178,514
Deferred service income	66,419,219	44,037,259
Retirement benefit obligation	84,266,941	81,964,076
Deferred tax liability	124,039,447	112,342,000
Non-Current Liabilities	354,218,920	344,521,849
Current Liabilities
Trade and other payables	1,452,863,017	1,838,713,698
Income tax liability	18,352,559	38,803,615
Deferred service income	142,617,896	182,197,112
Amounts due to related parties	29,107,203	56,251,520
Borrowings	1,162,341,287		1,118,008,773
Current Liabilities	2,805,281,962	3,233,974,718
Total Liabilities	3,159,500,882	3,578,496,567
Total Equity and Liabilities	4,958,813,466	5,337,098,443
		(0)

ABANS ELECTRICALS PLC

CASH FLOW STATEMENT

	06 Months		06 Months
	Ended		Ended
	2022/2023	2021/2022
	Rs.		Rs.
Profit/(Loss) before Tax	79,712,723	35,209,250
Adjusted for:
Profit/(Loss) from sale of property, plant & equipment	(328,491)	-
Depreciation & amortization	44,296,103	40,612,844
Amortization of right of use assets	17,375,121	13,169,210
Defined benefit plan costs (Gratuity)	7,683,247	6,000,000
Finance Expense	113,156,551	32,457,339
Interest Income	(22,987,749)	(9,554,011)
Bad debts provision/(reversal)	(6,149,739)	5,460,861
Provision for obsolete stock	(6,020,782)	9,733,461
Interest cost on right of use assets	2,254,674	3,846,315
Deferred income	(52,184,084)		(55,383,788)
Cash flow from operating activities before working capital changes	176,807,573	81,551,481
(Increase) / decrease in receivables	51,405,819	103,566,694
(Increase) / decrease in deposits & advances	91,424,507	12,049,768
(Increase) / decrease in inventories	377,077,565	(367,766,529)
(Increase) / decrease in related company transactions	(302,160,538)	37,446,079
Increase / (decrease) in accounts payable	(376,416,654)		239,539,221
	18,138,272	106,386,714
Income tax paid	(22,202,770)	(32,200,295)
Gratuity paid	(5,380,382)	(4,453,205)
Interest paid	(113,601,296)		(32,590,712)
Net cash and cash equivalent from/(utilized in) operating activities	(123,046,176)	37,142,503
Investing activities
Interest income	22,987,749	9,554,011
Purchase of property, plant and equipment	(46,984,328)	(49,107,478)
Proceeds from disposal of property, plant & equipment	750,318	-
Investment in fixed/short term deposits	(17,542,210)		(9,043,788)
Net cash and cash equivalent from/(utilized in) investing activities	(40,788,471)	(48,597,254)
Financing activities
Receipt of loan term loans	-	75,000,000
Repayment of long term loans	(26,388,615)	(22,459,540)
Repayment of lease creditors	(21,128,118)	(17,554,940)
Net movement in short term loans	16,962,242		143,692,670
Net cash and cash equivalent from/(utilized in) financing activities	(30,554,491)	178,678,189
Net increase /(decrease) in cash and cash equivalents	(194,389,138)	167,223,438
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	(155,400,773)	233,764,049

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	-	-	26,574,276	26,574,276
Other comprehensive income				-
Final dividend 2020/2020	-		(15,331,680)	(15,331,680)
Balance as at 30th September 2021	186,732,000	483,333,111	997,966,846	1,668,031,957
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	-	-	66,263,508	66,263,508
Other comprehensive income		-	-	-
Final dividend 2021/2022			(25,552,800)	(25,552,800)
Balance as at 30th September 2022	186,732,000	483,333,111	1,129,247,473	1,799,312,584

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 Nil Million

6. Income tax rate - Manufacturing Segment 18%, Service & Solar Installation Segments 24%.

	Qtr Ended	Qtr Ended	Year Ended
	30.09.2022	30.09.2021	31.03.2022
	Rs.	Rs.	Rs.
Net Assets per Share	352.08	326.39	344.11
Market Price per Share
- Highest	188.00	185.00	275.00
- Lowest	129.00	150.50	127.25
- Last Traded Price	166.50	152.75	161.75