Abans Electricals : QUARTERLY FINANCIAL STATEMENT AS OF 31-12-2021

ABANS ELECTRICALS PLC

INTERIM

FINANCIAL STATEMENTS

Nine Months Ended 31st December 2021

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

				09 Months		09 Months
Qtr Ended		Qtr Ended		Ended		Ended
31.12.2021	31.12.2020	Change	31.12.2021	31.12.2020	Change
Rs.		Rs.	%	Rs.		Rs.	%
1,318,726,940	833,716,559	58.17	2,970,810,204	2,106,512,043	41.03
(1,133,223,062)	(715,290,628)	58.43	(2,563,246,219)	(1,792,118,748)	43.03
185,503,878	118,425,931	56.64	407,563,985	314,393,295	29.64
54,846,401	19,335,968	183.65	95,506,683	59,768,884	59.79
(19,676,941)	(11,871,187)	65.75	(50,491,938)	(37,583,761)	34.35
(82,533,345)	(71,266,800)	15.81	(237,389,866)	(205,069,364)	15.76
(27,695,444)		(12,983,851)	113.31	(69,535,066)		(48,568,011)	43.17
110,444,549	41,640,060	165.24	145,653,798	82,941,042	75.61
(18,722,650)	(9,450,100)	98.12	(29,465,915)	(10,727,457)	174.68
91,721,899		32,189,960	184.94	116,187,883		72,213,585	60.89
-	-		-	-
91,721,899		32,189,960	184.94	116,187,883		72,213,585	60.89
17.95	6.30		22.73	14.13

ABANS ELECTRICALS PLC

STATEMENT OF FINANCIAL POSITION

	31.12.2021	31.03.2021
	Rs.		Rs.
Non-Current Assets
Property, plant and equipment	1,397,700,144	1,299,223,082
Capital work in progress	5,024,558	-
Right of use assets	40,663,900	60,340,204
Investment property	37,000,000	37,000,000
Intangible assets	4,590,872	5,735,855
Investments in subsidiaries	11,454,000	11,454,000
Investments in fixed deposits	349,922,630	336,209,251
Total Non-Current Assets	1,846,356,104	1,749,962,392
Current Assets
Inventories	1,580,836,397	1,263,195,393
Trade and other receivables	349,524,271	293,316,835
Deposits, advances & prepayments	38,214,909	48,865,954
Amounts due from related parties	396,219,914	373,521,260
Cash and cash equivalent	462,934,619		66,540,611
Total Current Assets	2,827,730,110	2,045,440,054
Total Assets	4,674,086,214	3,795,402,446
Capital and Reserves
Stated capital	186,732,000	186,732,000
Revaluation reserves	483,333,111	483,333,111
Retained earnings	1,087,580,453	986,724,250
Total Equity	1,757,645,564	1,656,789,361
Non-Current Liabilities
Borrowings	124,184,272	119,425,529
Deferred service income	16,419,820	16,136,008
Retirement benefit obligation	99,661,062	96,038,153
Deferred tax liability	113,306,490		122,472,129
Non-Current Liabilities	353,571,644	354,071,819
Current Liabilities
Trade and other payables	1,492,358,694	865,118,692
Income tax liability	39,082,968	38,238,528
Deferred service income	197,042,122	163,464,845
Amounts due to related parties	67,852,378	15,849,447
Borrowings	766,532,844		701,869,754
Current Liabilities	2,562,869,006	1,784,541,266
Total Liabilities	2,916,440,650	2,138,613,085
Total Equity and Liabilities	4,674,086,214	3,795,402,446
		(1)

ABANS ELECTRICALS PLC

CASH FLOW STATEMENT

	09 Months		09 Months
	Ended		Ended
	2021/2022	2020/2021
	Rs.		Rs.
Net profit before interest and taxation	215,188,865	131,509,054
Adjusted for:
Profit from sale of property, plant & equipment	(33,945)	(3,916,296)
Depreciation & amortization	63,520,418	58,663,594
Amortization of right of use assets	19,676,304	17,755,790
Defined benefit plan costs (Gratuity)	10,034,910	9,000,000
Interest Income	(14,473,353)	(19,604,717)
Bad debts provision/(reversal)	7,956,831	3,795,864
Provision for obsolete stock	22,759,079	8,810,901
Interest cost on right of use assets	5,705,595	4,832,129
Deferred income	(65,862,089)		(67,329,125)
Cash flow from operating activities before working capital changes	264,472,615	143,517,194
(Increase) / decrease in receivables	(64,164,266)	(109,034,611)
(Increase) / decrease in deposits & advances	10,651,045	(645,525)
(Increase) / decrease in inventories	(340,400,083)	(151,638,888)
(Increase) / decrease in related company transactions	29,304,277	(29,146,374)
Increase / (decrease) in accounts payable	726,963,180		245,786,295
	626,826,768	98,838,091
Income tax paid	(37,787,114)	(15,241,926)
Gratuity paid	(6,412,002)	(10,652,817)
Interest paid	(64,704,140)		(50,474,983)
Net cash and cash equivalent from/(utilized in) operating activities	517,923,512	22,468,365
Investing activities
Interest income	14,473,353	19,604,717
Purchase of property, plant and equipment	(165,892,087)	(32,712,310)
Proceeds from disposal of property, plant & equipment	48,976	10,287,918
Investment in fixed/short term deposits	(13,713,379)		(19,600,256)
Net cash and cash equivalent from/(utilized in) investing activities	(165,083,137)	(22,419,931)
Financing activities
Dividend paid	(15,331,680)	(7,665,840)
Receipt of loan term loans	75,000,000	-
Repayment of long term loans	(35,567,812)	(15,199,573)
Repayment of lease creditors	(26,232,549)	(13,502,457)
Net movement in short term loans	(110,361,104)		11,475,145
Net cash and cash equivalent from/(utilized in) financing activities	(112,493,145)	(24,892,725)
Net increase /(decrease) in cash and cash equivalents	240,347,230	(24,844,291)
Cash and cash equivalents at the beginning of the period	66,540,612	12,718,165
Cash and cash equivalents at the end of the period
306,887,842	(12,126,126)

ABANS ELECTRICALS PLC

STATEMENT OF CHANGES IN EQUITY

	Stated	Revaluation	Retained	Total
	Capital	Reserves	Earnings
	Rs.	Rs.	Rs.	Rs.
Balance as at 1st April 2020	186,732,000	412,748,959	831,993,972	1,431,474,931
Net profit for the period	-	-	72,213,586	72,213,586
Other comprehensive income		-	-	-
Final dividend 2019/2020	-		(7,665,840)	(7,665,840)
Balance as at 31st December 2020	186,732,000	412,748,959	896,541,718	1,496,022,677
Balance as at 1st April 2021	186,732,000	483,333,111	986,724,250	1,656,789,361
Net profit for the period	-	-	116,187,883	116,187,883
Other comprehensive income		-	-	-
Final dividend 2020/2021			(15,331,680)	(15,331,680)
Balance as at 31st December 2021	186,732,000	483,333,111	1,087,580,453	1,757,645,564

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 965.0Million

1. Income tax rate - Manufacturing Segment 18%, Service & Solar Installation Segments 24%.
2. LKR 378,055,436/- 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
	31.12.2021	31.12.2020	31.03.2021
	Rs.	Rs.	Rs.
Net Assets per Share	343.92	292.73	324.19
Market Price per Share
- Highest	236.50	155.00	214.75
- Lowest	148.00	76.50	55.00
- Last Traded Price	210.25	136.50	159.50