ABANS ELECTRICALS PLC
INTERIM
FINANCIAL STATEMENTS
ABANS ELECTRICALS PLC
STATEMENT OF COMPREHENSIVE INCOME
06 Months 06 Months
Qtr Ended Qtr Ended Ended Ended
30.09.2020 30.09.2019 Change 30.09.2020 30.09.2019 Change Rs. Rs. % Rs. Rs. % Turnover 848,698,323 735,672,689 15.36 1,268,036,840 1,356,456,509 (6.52) Cost of Sales (712,518,601) (609,780,828) 16.85 (1,076,828,120) (1,135,901,895) (5.20) Gross Profit 136,179,722 125,891,860 8.17 191,208,720 220,554,614 (13.31) Other Income 20,306,713 19,282,696 5.31 45,191,560 43,564,930 3.73 Distribution Expenses (16,655,968) (5,150,288) 223.40 (25,712,574) (21,518,961) 19.49 Administrative Expenses (74,067,121) (69,434,571) 6.67 (133,802,564) (135,466,574) (1.23)
Finance and Other Expenses
(16,193,286) (14,462,916) 11.96 (35,584,160) (32,497,906) 9.50
Profit before Tax
49,570,059 56,126,781 (11.68) 41,300,982 74,636,103 (44.66) Tax Expense (2,214,692) (11,219,755) (80.26) (1,277,357) (16,188,487) (92.11)
Net Profit/(Loss) for the Period
47,355,367 44,907,026 5.45 40,023,625 58,447,616 (31.52)
Other Comprehensive Income
for the Period net of Tax - -
- - -
-
Total Comprehensive Income
47,355,367 44,907,026 5.45 40,023,625 58,447,616 (31.52)
Earnings per share -
STATEMENT OF FINANCIAL POSITION
30.09.2020 31.03.2020 Rs. Rs.
Non-Current Assets
Property, plant and equipment 1,270,980,432 1,290,046,263 Capital work in progress - 3,437,451 Right of use assets 52,448,738 64,086,655 Investment property 36,000,000 36,000,000 Intangible assets 5,710,344 4,135,289 Investments in subsidiaries 11,454,000 11,454,000 Investments in fixed deposits 324,724,188 310,645,767
Total Non-Current Assets 1,701,317,702 1,719,805,425
Current Assets
Inventories 637,528,984 747,888,705 Trade and other receivables 302,225,715 233,008,319 Deposits, advances & prepayments 33,105,746 34,639,359 Amounts due from related parties 399,257,137 424,299,287 Cash and cash equivalent 23,455,443 36,946,040
Total Current Assets 1,395,573,025 1,476,781,710
Total Assets 3,096,890,727 3,196,587,135
Capital and Reserves
Stated capital 186,732,000 186,732,000 Revaluation reserves 412,748,959 412,748,959 Retained earnings 864,351,757 831,993,972 Total Equity 1,463,832,716 1,431,474,931 Non-Current Liabilities Borrowings 132,955,646 153,133,246 Retirement benefit obligation 82,728,095 84,617,960 Deferred tax liability 176,245,473 184,123,488
Non-Current Liabilities 391,929,214 421,874,694
Current Liabilities
Trade and other payables 655,215,696 648,356,954 Income tax liability 9,942,472 16,029,026 Deferred service income 90,044,339 93,507,662 Amounts due to related parties 111,370,317 115,065,112 Borrowings 374,555,973 470,278,756
Current Liabilities 1,241,128,797 1,343,237,509
Total Liabilities 1,633,058,011 1,765,112,204
Total Equity and Liabilities 3,096,890,727 3,196,587,135
ABANS ELECTRICALS PLC
CASH FLOW STATEMENT
06 Months 06 Months Ended Ended 2020/2021 2019/2020
Rs. Rs.
Net profit before interest and taxation 76,885,142 107,134,009
Adjusted for:
Profit from sale of property, plant & equipment (3,857,203) (6,016,373) Depreciation & amortization 38,837,332 37,712,152 Amortization of right of use assets 11,637,918 - Defined benefit plan costs (Gratuity) 6,000,000 7,500,000 Actuarial gain/loss on defined benefit plan - - Interest Income (13,928,207) (15,729,310) Bad debts provision/(reversal) 2,846,790 (7,500,000) Provision for obsolete stock 6,847,669 7,926,430 Change in fair value of investment property - - Interest cost on right of use assets 4,518,495 - Deferred income (52,852,447) (51,707,340)
Cash flow from operating activities before working capital changes 76,935,489 79,319,567
(Increase) / decrease in receivables (72,064,186) (17,374,934) (Increase) / decrease in deposits & advances 1,533,613 (26,397,548) (Increase) / decrease in inventories 103,512,052 (53,772,924) (Increase) / decrease in related company transactions 21,347,355 36,182,747 Increase / (decrease) in accounts payable 56,247,866 164,498,533
187,512,189 182,455,442
Income tax paid (15,241,926) (7,651,281) Gratuity paid (7,889,865) (2,839,487) Interest paid (35,902,459) (32,497,906)
Net cash and cash equivalent from/(utilized in) operating activities 128,477,939 139,466,768
Investing activities
Interest income 13,928,207 15,729,310 Purchase of property, plant and equipment (18,617,829) (20,197,387) Proceeds from disposal of property, plant & equipment 4,565,927 6,049,184 Investment in fixed deposits (14,078,421) (32,046,159)
Net cash and cash equivalent from/(utilized in) investing activities (14,202,116) (30,465,052)
Financing activities
Dividend paid (7,665,840) (15,331,680) Receipt of loan term loans - - Repayment of long term loans (6,067,496) (16,302,600) Repayment of lease creditors (15,799,950) - Net movement in short term loans (118,870,796) (99,319,245)
Net cash and cash equivalent from/(utilized in) financing activities (148,404,082) (130,953,525)
Net increase /(decrease) in cash and cash equivalents (34,128,259) (21,951,810)
Cash and cash equivalents at the beginning of the period 12,718,165 36,852,914
Cash and cash equivalents at the end of the period (21,410,094) 14,901,104
STATEMENT OF CHANGES IN EQUITY
Stated Capital Revaluation Retained
Total
Capital Reserves Reserves Earnings
Rs. Rs. Rs. Rs. Rs.
Balance as at 1st April 2019 186,732,000 2,100,000 412,748,959 748,070,319 1,349,651,278 Net profit for the period - - - 58,447,616 58,447,616 Other Comprehensive income - - - Final dividend 2018/2019 - - (15,331,680) (15,331,680) Balance as at 30th September 2019 186,732,000 2,100,000 412,748,959 791,186,255 1,392,767,214
Balance as at 1st April 2020 186,732,000 - 412,748,959 831,993,972 1,431,474,931 Net profit for the period - - - 40,023,625 40,023,625 Other Comprehensive income - - - Final dividend 2019/2020 (7,665,840) (7,665,840) Balance as at 30th September 2020 186,732,000 - 412,748,959 864,351,757 1,463,832,716
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 2020.
2. The Interim Financial Statements are prepared in accordance with LKAS 34. 3. The above figures are provisional and subject to Audit.
4. There have been no event subsequent to the interim period, which require disclosure in the Interim Financial Statements.
5.
There were no changes in the nature of the Contingent Liabilities & Assets which were disclosed in the Annual Report for the year ended 31st March 2020.6.
Income tax rate for the FY 2020/2021 - Manufacturing Segment 18%, Service & Solar Installation Segments 24%. Income tax rate for the FY 2019/2020 28%.Qtr Ended Qtr Ended Year Ended 30.09.2020 30.09.2019 31.03.2020
Rs. Rs. Rs. Net Assets Per Share 286.43 272.53 280.10 Market Price per Share
- Highest 100.00 75.00 108.80 - Lowest 78.00 50.50 45.00 - Last Traded Price 92.90 62.50 60.30
ABANS ELECTRICALS PLC
NOTES TO THE FINANCIAL STATEMENTS
Business segmental information- 06 months ended 30.09.2020
Rs. In Millions
Manufacturing Services Total
2020/2021 2019/2020 2020/2021 2019/2020 2020/2021 2019/2020
1,000,000
Business Segment
Revenue - Assembling & Manufacturing 462.35 583.81 - 462.35 583.81 - Services 144.68 165.17 327.60 463.20 472.28 628.37 - Solar Installation 333.40 144.27 - - 333.40 144.27
Total Revenue 940.44 893.26 327.60 463.20 1,268.04 1,356.46
Segment Operating Results 65.21 57.07 11.67 50.06 76.89 107.13 Net Finance Cost (33.97) (31.91) (1.61) (0.59) (35.58) (32.50)
Segment Profit/(Loss) before Tax 31.24 25.17 10.06 49.47 41.30 74.64
Segment Assets 1,723.22 1,482.43 1,373.67 1,380.11 3,096.89 2,862.54 Segment Liabilities 1,224.22 1,020.99 408.83 448.78 1,633.06 1,469.77 Capital expenditure 11.98 1.67 6.63 18.52 18.62 20.20 Depreciation 29.52 27.80 9.32 9.91 38.84 37.71 Notes:
Main products of Manufacturing Segment are Refrigerators, Washing Machines, Cookers and Air Conditioners.
Under the Service Segment, company provides the services of repairs, Installations and sales of spares
ABANS ELECTRICALS PLC
NOTES TO THE FINANCIAL STATEMENTS
Related party disclosures for the period ending 30.09.2020
Company Relationship Nature of Transaction Rs. Mn
Abans PLC Affiliate Sales of Goods/Services 740.45 Rent Income 0.83 Wharf Expenses (5.85) Other Purchases (3.68)
Abans Marketing (Pvt) Ltd Affiliate Rent Expenses (1.13)
Crown City Developers (Pvt) Ltd Affiliate Logistic Expense (0.09) Sales of Goods/Services 59.87
Abans Engineering (Pvt) Ltd Affiliate Expenses on Purchases (2.19) Sale of Goods/Services 0.24 Reimbursement of Expenses 0.53
Abans Logistics Affiliate Freight Expense (7.18)
AB Securitas (Pvt) Ltd Affiliate Security Expenses (8.60)
Abans Environmental Services (Pvt) Ltd Affiliate Cleaning Expenses (1.92)
Abans Graphics (Pvt) Ltd Affiliate Printing Materials Expenses (0.48)
ABS Gardiner Dixon Hall Affiliate Advertisement Expenses (0.13)
Sirius Technologies Services (Pvt) Ltd Affiliate Network maintain Expenses (2.33)
Abans Auto (Pvt) Ltd Affiliate Vehicle Repair and maintain Expenses (0.98) Sale of Goods/Services 0.06
Abans Finance PLC Affiliate Interest Income 5.43 Invest in Fixed deposit (15.00)
ABS Courier Affiliate Rent Income 0.45 Courier charges (0.23)
Add Outdoor Advertising Affiliate Building Maintenance (0.86) Sale of Goods/Services 0.03
ABANS ELECTRICALS PLC
ADDITIONAL NOTES
- No of Shares representing Stated Capital 5,110,560
- Directors Shareholding as at 30.09.2020
Name Position No of Shares
Mrs. Aban Pestonjee Director/Chairperson 293,438
Mr. Behman Pestonjee Director 11,480 *
Mr. Athula Siriwardane Director NIL Mrs. Dayangani Priyanthi Pieris Independent Non-Executive
Director NIL
Mr. Kumar Se Silva Independent Non-Executive
Director NIL
Mr. D M R Phillips Independent Non-Executive
Director NIL
* This includes 90 shares held by Mr. B Pestonjee through First Capital Markets Limited
- Total Number of Public Shareholders 1,558
- Public Holding Percentage 45.37%
- Float Adjusted Market Capitalization Rs. 215,403,614
ADDITIONAL NOTES
- 20 Largest Shareholders as at 30.09.2020
Name No. Of Shares % 1 ABANS PLC 2,276,641 44.55 2 MRS S. DUBASH 323,828 6.34 3 MRS A. PESTONJEE 293,438 5.74 4 MR R. PESTONJEE 226,872 4.44 5 MR P.N. PESTONJEE 199,952 3.91 6 BANK OF CEYLON NO. 1 ACCOUNT 196,305 3.84 7 MR A.J.M. JINADASA 109,827 2.15 8 DR K. POOLOGASUNDRAM 72,076 1.41 9 MR S. ABISHEK 51,436 1.01 10 DR S. YADDEHIGE 50,000 0.98 11 MR G.C. GOONETILLEKE 46,475 0.91 12 MRS B.S. RASANAYAGAM 43,680 0.85 13 TRANZ DOMINION,L.L.C. 31,611 0.62 14 MR S.S. SITHAMBARANATHAN 28,801 0.56 15 PEOPLE'S LEASING & FINANCE PLC/MR. K.K.SHUJEEVAN 25,899 0.51 16 MR T. LIYANAGE 23,868 0.47 17 MR J.D. JORGE CALDERON 23,344 0.46 18 PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOYSA 22,004 0.43 19 MR C.W. GUNASEKARA 22,000 0.43 20 MR G.C.W. DE SILVA 21,960 0.43
………. ……….
(Sgd) Mrs. Aban Pestonjee (Sgd) Mr. Behman Pestonjee
Chairperson Director
