ABANS ELECTRICALS PLC

INTERIM
FINANCIAL STATEMENTS

Six Months Ended 30th September 2024

 ABANS ELECTRICALS PLC
STATEMENT OF COMPREHENSIVE INCOME
06 Months 06 Months
Qtr Ended Qtr Ended Ended Ended
30.09.2024 30.09.2023 Change 30.09.2024 30.09.2023 Change
Rs. Rs. % Rs. Rs. %

Turnover
1,830,481,360 1,248,061,781 46.67 3,386,960,991 2,399,149,731 41.17

Cost of Sales
(1,346,089,067) (944,694,346) 42.49 (2,545,131,110) (1,860,980,309) 36.76

Gross Profit
484,392,293 303,367,435 59.67 841,829,881 538,169,422 56.42

Other Income
31,952,374 22,624,497 41.23 43,037,369 30,481,648 41.19

Marketing and Distribution

Expenses (114,770,238) (55,423,258) 107.08 (199,823,568) (102,644,811) 94.67

Administrative Expenses
(140,256,270) (117,821,342) 19.04 (264,320,349) (216,845,633) 21.89

Operating Profit/(Loss) for the

Period 261,318,159 152,747,332 71.08 420,723,333 249,160,627 68.86

Finance Expenses
(13,952,599) (42,071,953) (66.84) (34,386,825) (135,960,872) (74.71)

Finance Income
8,319,463 13,090,512 (36.45) 18,124,477 32,802,015 (44.75)

Profit/(Loss) before Tax

255,685,023 123,765,890 106.59 404,460,985 146,001,770 177.02

Tax Expense
(78,171,066) (21,168,913) 269.27 (118,783,780) (26,097,539) 355.15

Net Profit/(Loss) for the

Period 177,513,957 102,596,978 73.02 285,677,205 119,904,231 138.25

Other Comprehensive Income

for the Period net of Tax - - - -

Total Comprehensive Income

177,513,957 102,596,978 73.02 285,677,205 119,904,231 138.25

Earnings per share -

Basic/Diluted 34.73 20.08 55.90 23.46
 ABANS ELECTRICALS PLC
STATEMENT OF FINANCIAL POSITION
30.09.2024 31.03.2024
Rs. Rs.
Non-Current Assets
Property, plant and equipment 1,281,421,446 1,297,921,235
Right of use assets 17,500,589 14,818,305
Investment property 49,300,000 49,300,000
Total Non-Current Assets 1,348,222,035 1,362,039,540

Current Assets
Inventories 1,366,113,154 1,503,252,489
Trade and other receivables 914,186,243 720,829,904
Deposits, advances & prepayments 459,043,004 266,260,746
Amounts due from related parties 524,221,512 791,351,485
Investment in short term deposits 327,034,440 364,693,439
Cash and cash equivalent 248,253,246 139,840,806
Total Current Assets 3,838,851,599 3,786,228,869

Total Assets 5,187,073,634 5,148,268,409

Capital and Reserves

Stated capital 186,732,000 186,732,000
Revaluation reserves 467,759,623 467,759,623
Retained earnings 1,846,533,949 1,611,962,344
Total Equity 2,501,025,572 2,266,453,967

Non-Current Liabilities
Borrowings 23,825,695 30,176,067
Deferred service income 41,140,094 41,906,545
Retirement benefit obligation 112,378,336 106,204,862
Deferred tax liability 115,849,832 164,403,113
Non-Current Liabilities 293,193,957 342,690,587

Current Liabilities
Trade and other payables 1,400,224,157 1,350,529,953
Income tax liability 136,542,349 132,612,595
Deferred service income 160,609,806 115,185,538
Amounts due to related parties 30,374,787 84,088,702
Borrowings 665,103,006 856,707,067
Current Liabilities 2,392,854,105 2,539,123,855

Total Liabilities 2,686,048,062 2,881,814,442

Total Equity and Liabilities 5,187,073,634 5,148,268,409

(0)
 ABANS ELECTRICALS PLC
CASH FLOW STATEMENT
06 Months 06 Months
Ended Ended
2024/2025 2023/2024
Rs. Rs.
Profit/(Loss) before Tax 404,460,985 146,001,770

Adjusted for:
Profit/(Loss) from sale of property, plant & equipment (7,102,161) (2,245,675)
Depreciation & amortization 39,798,419 40,820,495
Amortization of right of use assets 2,661,062 4,088,011
Defined benefit plan costs (Gratuity) 10,635,822 9,319,069
Finance Expense 34,386,825 135,960,872
Interest Income (18,139,723) (32,806,681)
Bad debts provision/(reversal) 36,301,817 (9,674,028)
Provision for obsolete stock 13,609,957 (2,733,776)
Interest cost on right of use assets 804,024 1,455,755
Deferred income (48,951,516) (47,902,701)
Cash flow from operating activities before working capital changes 468,465,511 242,283,110

(Increase) / decrease in receivables (229,658,156) (13,444,624)

(Increase) / decrease in deposits & advances (192,782,258) 98,582,104
(Increase) / decrease in inventories 123,529,378 284,091,342
(Increase) / decrease in related company transactions 213,416,058 304,144,803
Increase / (decrease) in accounts payable 92,197,937 20,790,567
475,168,472 936,447,303

Income tax paid (163,407,304) (29,843,363)

Gratuity paid (4,462,350) (2,919,722)
Interest paid (35,052,579) (150,313,447)
Net cash and cash equivalent from/(utilized in) operating activities 272,246,238 753,370,771

Investing activities
Interest income 18,139,723 32,806,681
Purchase of property, plant and equipment (23,298,629) (10,248,327)
Proceeds from disposal of property, plant & equipment 7,102,161 2,816,270
Investment in fixed/short term deposits 37,658,999 83,931,857
Net cash and cash equivalent from/(utilized in) investing activities 39,602,254 109,306,481

Financing activities
Repayment of long-term loans (12,946,219) (24,885,004)
Repayment of lease creditors (1,818,532) (4,768,095)
Net movement in short term loans (265,980,381) (705,318,381)
Net cash and cash equivalent from/(utilized in) financing activities (280,745,132) (734,971,480)

Net increase /(decrease) in cash and cash equivalents 31,103,361 127,705,772

Cash and cash equivalents at the beginning of the period 130,940,324 (164,394,768)

Cash and cash equivalents at the end of the period 162,043,685 (36,688,996)
 ABANS ELECTRICALS PLC
STATEMENT OF CHANGES IN EQUITY
Stated Revaluation Retained
Total
Capital Reserves Earnings
Rs. Rs. Rs. Rs.

Balance as at 1st April 2023 186,732,000 490,365,165 1,180,318,604 1,857,415,769

Net profit for the period - - 119,904,231 119,904,231
Other comprehensive income - - -
Final dividend 2023/2024 - (25,552,800) (25,552,800)
Balance as at 30th September 2023 186,732,000 490,365,165 1,274,670,035 1,951,767,200

Balance as at 1st April 2024 186,732,000 467,759,623 1,611,962,344 2,266,453,967

Net profit for the period - - 285,677,205 285,677,205
Other comprehensive income - - -
Final dividend 2024/2025 (51,105,600) (51,105,600)
Balance as at 30th September 2024 186,732,000 467,759,623 1,846,533,949 2,501,025,572

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 2024.
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 287.90 Million

Qtr Ended Qtr Ended Year Ended

30.09.2024 30.09.2023 31.03.2024
Rs. Rs. Rs.

Net Assets per Share 489.38 381.91 443.48

Market Price per Share

- Highest 237.50 170.00 177.50
- Lowest 207.00 139.00 125.00
- Last Traded Price 223.75 145.00 159.50
 ABANS ELECTRICALS PLC
NOTES TO THE FINANCIAL STATEMENTS

Business segmental information- 06 months ended 30.09.2024

Rs. In Millions
Manufacturing Services Total
2024/2025 2023/2024 2024/2025 2023/2024 2024/2025 2023/2024
1,000,000
Business Segment
Revenue
- Manufacturing 776.75 794.34 - - 776.75 794.34
- Services 201.63 197.58 879.55 612.41 1,081.18 809.98
- Trading - 291.16 - - - 291.16
- Solar Installation 1,529.03 503.66 - - 1,529.03 503.66
Total Revenue 2,507.41 1,786.74 879.55 612.41 3,386.96 2,399.15
Segment Operating Results 343.08 198.91 77.64 50.25 420.72 249.16
Net Finance Cost (28.13) (118.55) 11.87 15.40 (16.26) (103.16)
Segment Profit/(Loss) before Tax 314.96 80.35 89.51 65.65 404.46 146.00
Segment Assets 3,538.52 2,533.55 1,648.55 1,636.23 5,187.07 4,169.78
Segment Liabilities 2,150.82 1,575.85 535.23 642.15 2,686.05 2,218.00
Capital Expenditure 7.26 5.14 16.04 5.11 23.30 10.25
Recognition of Right of Use Assets - - 5.34 - 5.34 -
Depreciation & Amortization 34.56 33.58 5.24 7.24 39.80 40.82
Amortization of Right of Use Asset - - 2.66 4.09 2.66 4.09
Provision for Retirement Benefit Obligation 6.00 4.68 4.64 4.64 10.64 9.32

Notes:
• Main products of Manufacturing Segment are Washing Machines and Cookers
• Under the Service Segment, company provides the services of repairs, installations and sales of spares and materials
• Under the Solar Segment, company installs roof top solar PV systems
 ABANS ELECTRICALS PLC
NOTES TO THE FINANCIAL STATEMENTS

Related party disclosures for the period ending 30.09.2024

Company Relationship Nature of Transaction Rs. Mn

Abans PLC Significant Sales of Goods/Services 719.13

shareholder
Wharf Expenses (4.71)
Other Purchases (7.24)

Abans Marketing (Pvt) Ltd Affiliate Rent Expenses (2.10)

Crown City Developers (Pvt) Ltd Affiliate Logistic Expense (0.16)

Abans Engineering (Pvt) Ltd Affiliate Sale of Goods/Services 3.63

Expenses on Purchases 0.09

Abans Logistics (Pvt) Ltd Affiliate Sale of Goods/Services 0.68

Freight Expense (3.16)

AB Securitas (Pvt) Ltd Affiliate Security Expenses (0.39)

Abans Environmental Services (Pvt) Ltd Affiliate Cleaning Expenses (1.75)

ABS Gardiner Dixon Hall (Pvt) Ltd Affiliate Printing Materials Expenses (0.02)
Advertisement Expenses (0.30)
Sale of Goods/Services (0.05)

Sirius Technologies Services (Pvt) Ltd Affiliate Network maintain Expenses (10.50)

Abans Auto (Pvt) Ltd Affiliate Sale of Goods/Services (0.37)

ABS Courier (Pvt) Ltd Affiliate Courier charges 1.05

A B Manufacturing (Pvt) Ltd Affiliate Sale of Goods/Services 249.02

Purchases (51.96)
Other Services (0.47)

Cleantech (Pvt) Ltd Affiliate Sale of Goods/Services 0.04

 ABANS ELECTRICALS PLC
ADDITIONAL NOTES

- No of Shares representing Stated Capital 5,110,560

- Directors Shareholding as at 30.09.2024

Name Position No of Shares

Mrs. Aban Pestonjee Non-Executive Non-Independent Director/Chairperson 309,596

Mrs. Saroshi Dubash Executive Director/Managing Director 334,628

Mr. Kumar Se Silva Non-Executive Independent Director NIL

Mr. D M R Phillips Non-Executive Independent Director NIL

Mr. Rajaratnam Selvaskandan Senior Non-Executive Independent Director NIL

Total Number of Public

- 1,367
Shareholders

- Public Holding Percentage 37.64%

Float Adjusted Market

- Rs. 430,421,386
Capitalization

* The Company has complied with the minimum public holding requirement under Option 05.
 ABANS ELECTRICALS PLC
ADDITIONAL NOTES
- 20 Largest Shareholders as at 30.09.2024

Name No. of Shares %

1 ABANS PLC 2,453,067 48.00

2 MRS. S. DUBASH 334,628 6.55
3 MR. R. PESTONJEE 316,636 6.20
4 MRS. A. PESTONJEE 293,438 5.74
5 MR. B. PESTONJEE 171,505 3.36
6 MR. A.J.M. JINADASA 135,000 2.64
7 PEOPLE'S LEASING & FINANCE PLC/MR. K.K.SHUJEEVAN 86,326 1.69
8 CLEANTECH PVT LTD 79,437 1.55
9 DR. K. POOLOGASUNDRAM 72,076 1.41
10 SEYLAN BANK PLC/KARAGODA LOKU GAMAGE UDAYANANDA 62,560 1.22
11 MR. S. ABISHEK 51,436 1.01
12 MR. G.C. GOONETILLEKE 46,475 0.91
13 MRS. B.S. RASANAYAGAM 43,680 0.85
14 MR. P. TILLAKARATNE 38,000 0.74
15 PEOPLE S LEASING AND FINANCE PLC/L.P.HAPANGAMA 35,982 0.70
16 MR. A. SITHAMPALAM 31,809 0.62
17 TRANZ DOMINIONL.L.C. 31,611 0.62
18 MR T. LIYANAGE 23,868 0.47
19 MR. J.D. JORGE CALDERON 23,344 0.46
20 PEOPLE'S LEASING & FINANCE PLC/L.H.L.M.P.HARADASA 23,223 0.45

…………………………………. ………………………………….

(Sgd) Mrs. Aban Pestonjee (Sgd) Dr. Saroshi Dubash

Chairperson Managing Director

Date : 13th November 2024