INTERIM FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED 30 JUNE 2022
UNAUDITED
ACL CABLES PLC (PQ 102)
ACL CABLES PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Unaudited | ||||||
(all amounts in Sri Lanka Rupees thousands) | ||||||
Group | Company | |||||
For the period ended 30 June | 2022 | 2021 | Change % | 2022 | 2021 | Change % |
Revenue | 9,654,463 | 6,730,286 | 43% | 5,475,850 | 3,994,194 | 37% |
Cost of sales | (5,709,644) | (5,631,094) | 1% | (3,626,336) | (3,566,541) | 2% |
Gross profit | 3,944,819 | 1,099,192 | 259% | 1,849,514 | 427,653 | 332% |
Other income | 10,376 | 13,282 | -22% | 1,852 | 21,672 | -91% |
Distribution costs | (385,422) | (288,431) | 34% | (210,664) | (177,174) | 19% |
Administrative costs | (214,238) | (231,642) | -8% | (44,761) | (46,810) | -4% |
Results from operating activities | 3,355,534 | 592,402 | 466% | 1,595,941 | 225,341 | 608% |
Net finance costs | 590,623 | (147,544) | -500% | (46,108) | (88,688) | -48% |
Share of profit of investments accounted for using the equity | ||||||
method | 23,468 | 37,088 | -37% | - | - | |
Profit before income tax | 3,969,626 | 481,945 | 724% | 1,549,833 | 136,653 | 1034% |
Income tax expenses | (760,424) | (83,189) | 814% | (331,190) | (22,535) | 1370% |
Profit for the Period | 3,209,202 | 398,757 | 705% | 1,218,643 | 114,118 | 968% |
Profit attributable to : | ||||||
- Owners of the parent | 2,821,723 | 323,266 | 773% | 1,218,643 | 114,118 | |
- Non-controlling interests | 387,479 | 75,491 | 413% | - | - | |
3,209,202 | 398,757 | 705% | 1,218,643 | 114,118 | 968% | |
Earnings per share (Basic) (Rs.) | 11.78 | 1.35 | 5.09 | 0.48 | ||
Page 1
ACL CABLES PLC
STATEMENT OF COMPREHENSIVE INCOME
Unaudited | |||||
(all amounts in Sri Lanka Rupees thousands) | |||||
Group | Company | ||||
For the period ended 30 June | 2022 | 2021 | 2022 | 2021 | |
Profit for the year | 3,209,202 | 398,757 | 1,218,643 | 114,118 | |
Fair value adjustment for financial assets | |||||
measured at fair value through OCI | (13,713) | 2,627 | (1,941) | - | |
Currency translation difference | 417,884 | - | |||
Other comprehensive income for the year, | |||||
net of tax | 404,171 | 2,627 | (1,941) | - | |
Total comprehensive income for the year, net of tax | |||||
3,613,373 | 401,384 | 1,216,703 | 114,118 | ||
Total comprehensive income attributable to: | |||||
- Owners of the parent | 3,229,991 | 325,181 | 1,216,703 | 114,118 | |
- Non-controlling interests | 383,382 | 76,203 | - | - | |
Total comprehensive income for the year, net of tax | 3,613,373 | 401,384 | 1,216,703 | 114,118 |
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ACL CABLES PLC
STATEMENT OF FINANCIAL POSITION
Unaudited | ||||
(all amounts in Sri Lanka Rupees thousands) | ||||
Group | Company | |||
As at | 30-Jun-22 | 31-Mar-22 | 30-Jun-22 | 31-Mar-22 |
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 5,407,251 | 5,483,037 | 1,994,422 | 2,026,750 |
Capital Work in progress | 398,479 | 396,319 | 213,930 | 212,600 |
Investment property | 1,229,400 | 1,229,400 | 539,400 | 539,400 |
Intangible assets | 68,281 | 68,281 | - | - |
Right of use assets | 28,262 | 28,754 | - | - |
Investment in subsidiaries | - | - | 1,047,644 | 1,047,644 |
Investment in equity accounted investee | 583,077 | 559,609 | 345,093 | 345,093 |
Financial assets measured at fair value through OCI | 533,241 | 546,954 | 11,744 | 13,685 |
8,247,992 | 8,312,355 | 4,152,233 | 4,185,172 | |
Current assets | ||||
Inventories | 10,718,157 | 9,346,739 | 4,949,723 | 4,111,209 |
Trade and other receivables | 7,904,263 | 8,366,612 | 5,021,349 | 5,294,273 |
Cash and cash equivalents | 7,243,730 | 7,597,962 | 2,072,711 | 2,221,646 |
25,866,150 | 25,311,314 | 12,043,783 | 11,627,128 | |
TOTAL ASSETS | 34,114,142 | 33,623,670 | 16,196,017 | 15,812,301 |
EQUITY AND LIABILITIES | ||||
Capital and reserves | ||||
Stated capital | 299,488 | 299,488 | 299,488 | 299,488 |
Capital reserve | 2,968,431 | 2,968,432 | 1,418,683 | 1,418,683 |
General reserve | 1,123,825 | 1,123,825 | 680,266 | 680,266 |
Foreign currency translation reserve | 345,686 | (72,198) | - | - |
Fair value reserve of financial assets at FVOCI | 16,524 | 26,138 | 1,912 | 3,853 |
Retained earnings | 15,896,729 | 13,075,005 | 6,776,814 | 5,558,172 |
Equity attributable to owners of the parent | 20,650,684 | 17,420,691 | 9,177,163 | 7,960,462 |
Non-controlling interests | 3,107,598 | 2,724,218 | - | - |
Total equity | 23,758,282 | 20,144,909 | 9,177,163 | 7,960,462 |
Non-current liabilities | ||||
Defined benefit obligations | 320,143 | 285,467 | 138,301 | 130,727 |
Deferred tax liability | 428,661 | 409,981 | 195,633 | 195,633 |
Lease Liabilities | 26,611 | 26,613 | - | - |
Borrowings | 1,186,643 | 1,507,284 | 625,016 | 956,854 |
1,962,058 | 2,229,345 | 958,950 | 1,283,214 | |
Current liabilities | ||||
Trade and other payables | 1,605,789 | 5,085,122 | 2,475,339 | 2,771,985 |
Current income tax liability | 1,823,650 | 1,299,597 | 743,666 | 451,336 |
Borrowings | 3,714,300 | 4,504,006 | 2,320,923 | 3,200,192 |
Lease Liabilities | 6,788 | 6,981 | ||
Bank overdraft | 1,243,275 | 353,710 | 519,978 | 145,112 |
8,393,802 | 11,249,416 | 6,059,905 | 6,568,625 | |
Total liabilities | 10,355,861 | 13,478,761 | 7,018,855 | 7,851,839 |
Total equity and liabilities | 34,114,142 | 33,623,670 | 16,196,017 | 15,812,301 |
Net asset value per share | 86.20 | 72.72 | 38.31 | 33.23 |
Highest and Lowest Market Price recorded during the quarter; | ||||
Highest price (Rs.) | 63.90 | 130.00 | ||
Lowest price (Rs.) | 33.00 | 54.00 | ||
Last traded price (Rs.) | 39.00 | 57.00 |
It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act, No. 07 of 2007.
Sg.d
Mahesh Amarasiri
Group Chief Financial Officer
Sg.d | Sg.d |
U. G. Madanayake | Suren Madanayake |
Chairman | Managing Director |
15 August 2022 | |
Colombo | Page 4 |
ACL CABLES PLC
STATEMENT OF CHANGES IN EQUITY - GROUP
Unaudited | |||||||||
(all amounts in Sri Lanka Rupees thousands) | |||||||||
For the period ended 30 June | |||||||||
Attributable to owners of the company | |||||||||
FV Reserve | Foreign currency | Non | |||||||
Stated | Capital | General | of FA at | translation | Retained | controlling | Total | ||
capital | reserves | reserve | FVOCI | reserve | profit | Total | interest | equity | |
Balance at 1 April 2022 | 299,488 | 2,968,431 | 1,123,825 | 26,138 | (72,198) | 13,075,005 | 17,420,690 | 2,724,218 | 20,144,907 |
Net profit | - | - | - | - | 2,821,723 | 2,821,723 | 387,479 | 3,209,202 | |
Revaluation Surplus | - | - | - | - | - | - | - | - | |
NCI generated through new investment | - | - | |||||||
Fair value adjustment for financial assets | |||||||||
measured at fair value through OCI | - | - | - | (9,616) | (9,616) | (4,097) | (13,713) | ||
Re-measurements of post employment | |||||||||
benefit obligation | - | - | - | - | - | - | - | - | |
Currency Translation difference | - | - | - | - | 417,884 | - | 417,884 | - | 417,884 |
Share of other comprehensive income of | |||||||||
equity accounted investee, net of tax | - | - | - | - | - | - | - | - | |
Total comprehensive income | - | - | - | (9,616) | 417,884 | 2,821,723 | 3,229,991 | 383,382 | 3,613,373 |
Dividends | - | - | - | - | - | - | - | - | - |
Balance at 30 June 2022 | 299,488 | 2,968,431 | 1,123,825 | 16,522 | 345,686 | 15,896,728 | 20,650,680 | 3,107,600 | 23,758,282 |
For the year ended 31 March 2022 | |||||||||
Attributable to owners of the company | |||||||||
FV Reserve | Foreign currency | Non | |||||||
Stated | Capital | General | of FA at | translation | Retained | controlling | Total | ||
capital | reserves | reserve | FVOCI | reserve | profit | Total | interest | equity | |
Balance at 1 April 2021 | 299,488 | 2,968,657 | 1,123,825 | 21,057 | - | 8,919,908 | 13,332,936 | 1,947,135 | 15,280,070 |
Profit for the year | - | - | - | - | 4,308,926 | 4,308,926 | 808,962 | 5,117,888 | |
Fair value adjustment for financial assets | |||||||||
measured at fair value through OCI | - | - | - | 5,081 | - | 5,081 | 1,988 | 7,069 | |
Re-measurements of post employment | |||||||||
benefit obligation | - | - | - | - | 128,506 | 128,506 | - | 128,506 | |
Deferred tax on re-measurement of post | |||||||||
employment benefit obligation | - | - | - | - | (23,602) | (23,602) | - | (23,602) | |
Currency Translation difference | - | (72,198) | (18,257) | (90,455) | - | (90,455) | |||
Prior year error correction | - | 4,879 | - | - | (6,420) | (1,541) | (1,541) | ||
Impact on transfer of NCI Balance to | |||||||||
retained earnings of equity investee | - | - | - | - | |||||
Share of other comprehensive income of | |||||||||
equity accounted investee, net of tax | - | - | - | - | 413 | 413 | - | 413 | |
Total comprehensive income | - | 4,879 | - | 5,081 | (72,198) | 4,389,567 | 4,327,329 | 810,950 | 5,138,279 |
Transfer from revaluation reserve | - | (5,105) | - | - | 5,105 | - | - | - | |
Dividends | - | - | - | - | (239,575) | (239,575) | (33,867) | (273,442) | |
Balance at 31 March 2022 | 299,488 | 2,968,431 | 1,123,825 | 26,138 | (72,198) | 13,075,005 | 17,420,690 | 2,724,218 | 20,144,907 |
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