INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
UNAUDITED
ACL CABLES PLC (PQ 102)
ACL CABLES PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Unaudited
(all amounts in Sri Lanka Rupees thousands)
For the period ended 30 September
Revenue
Cost of sales
Gross profit
Other income
Distribution costs
Administrative costs
Operating profit
Finance costs - net
Share of (loss)/profit of investments accounted for using the equity method
Profit before income tax
Income tax expenses
Profit for the period
Profit attributable to :
- Owners of the parent
- Non-controllinginterests
Earnings per share (Rs.)
Quarter ended | Period ended | ||
30 September | 30 September | ||
2024 | 2023 | 2024 | 2023 |
9,446,038 | 6,969,898 | 18,171,842 | 13,521,725 |
(6,843,673) | (5,091,884) | (13,219,127) | (10,063,296) |
2,602,365 | 1,878,015 | 4,952,715 | 3,458,430 |
13,100 | 38,716 | 32,383 | 71,858 |
(434,406) | (322,522) | (860,146) | (644,619) |
(266,153) | (334,267) | (530,980) | (538,414) |
1,914,905 | 1,259,941 | 3,593,971 | 2,347,255 |
(19,794) | 382,331 | 222,350 | (10,298) |
20,754 | 5,470 | 67,480 | (1,512) |
1,915,865 | 1,647,743 | 3,883,801 | 2,335,445 |
(648,367) | (415,515) | (1,141,598) | (691,189) |
1,267,499 | 1,232,228 | 2,742,204 | 1,644,255 |
1,069,598 | 1,023,573 | 2,321,278 | 1,327,311 |
197,902 | 208,656 | 420,925 | 316,943 |
1,267,499 | 1,232,228 | 2,742,204 | 1,644,255 |
4.46 | 4.27 | 9.69 | 5.54 |
Page 1
ACL CABLES PLC
STATEMENT OF PROFIT OR LOSS - COMPANY
Unaudited
(all amounts in Sri Lanka Rupees thousands)
For the period ended 30 September Revenue
Cost of sales
Gross profit
Other income
Distribution costs
Administrative costs
Operating profit
Finance costs - net
Profit before income tax
Income tax expenses
Profit for the period
Earnings per share (Rs.)
Quarter ended | Period ended | ||
30 September | 30 September | ||
2024 | 2023 | 2024 | 2023 |
4,414,455 | 3,291,795 | 8,629,066 | 6,051,313 |
(3,422,089) | (2,624,477) | (6,664,679) | (4,867,680) |
992,366 | 667,318 | 1,964,387 | 1,183,633 |
262,567 | 196,610 | 301,341 | 198,038 |
(214,330) | (156,205) | (433,388) | (304,502) |
(66,319) | (60,744) | (136,401) | (112,896) |
974,284 | 646,978 | 1,695,939 | 964,273 |
(24,541) | (3,262) | (11,847) | (263,262) |
949,743 | 643,716 | 1,684,092 | 701,011 |
(212,296) | (108,066) | (417,273) | (159,336) |
737,447 | 535,650 | 1,266,819 | 541,675 |
3.08 | 2.24 | 5.29 | 2.26 |
Page 2
ACL CABLES PLC
STATEMENT OF COMPREHENSIVE INCOME
Unaudited
(all amounts in Sri Lanka Rupees thousands)
- Group
For the period ended 30 September
Profit
Other comprehensive income/(expenses)
Change in value of financial assets at fair value through other comprehensive income
Currency translations difference
Other comprehensive income, net of tax
Total comprehensive income, net of tax
Total comprehensive income attributable to:
- Owners of the parent
- Non-controllinginterests
Total comprehensive income, net of tax
Quarter ended | Period ended | ||
30 September | 30 September | ||
2024 | 2023 | 2024 | 2023 |
1,267,499 | 1,232,228 | 2,742,204 | 1,644,255 |
(3,490) | 13,128 | 6,523 | 15,360 |
(38,919) | 33,418 | (15,101) | (29,608) |
(42,409) | 46,547 | (8,578) | (14,247) |
1,225,090 | 1,278,774 | 2,733,626 | 1,630,008 |
1,046,875 | 1,080,839 | 2,317,688 | 1,323,181 |
178,214 | 197,934 | 415,937 | 306,826 |
1,225,089 | 1,278,774 | 2,733,625 | 1,630,008 |
- COMPANY
For the period ended 30 September
Profit
Other comprehensive income/(expenses)
Change in value of financial assets at fair value through other comprehensive income
Other comprehensive income, net of tax
Total comprehensive income, net of tax
Quarter ended | Period ended | ||
30 September | 30 September | ||
2024 | 2023 | 2024 | 2023 |
737,447 | 535,650 | 1,266,819 | 541,675 |
(793) | 2,248 | (607) | 2,741 |
(793) | 2,248 | (607) | 2,741 |
736,654 | 537,898 | 1,266,212 | 544,416 |
Page 3
ACL CABLES PLC
STATEMENT OF FINANCIAL POSITION
Unaudited | |||||
(all amounts in Sri Lanka Rupees thousands) | |||||
Group | Company | ||||
30 September | 31 March | 30 September | 31 March | ||
As at | 2024 | 2024 | 2024 | 2024 | |
ASSETS | |||||
Non-current assets | |||||
Property, plant and equipment | 6,262,597 | 6,238,948 | 2,457,679 | 2,510,769 | |
Capital Work in progress | 321,668 | 284,813 | - | - | |
Investment property | 1,743,000 | 1,743,000 | 607,000 | 607,000 | |
Intangible assets | 68,281 | 68,281 | - | - | |
Right of use assets | 12,609 | 15,775 | - | - | |
Investment in subsidiaries | - | - | 1,103,744 | 1,103,744 | |
Investment in equity accounted investee | 834,475 | 762,802 | 345,093 | 345,093 | |
Financial assets at fair value through other comprehensive income | 889,900 | 883,374 | 16,342 | 16,949 | |
10,132,530 | 9,996,993 | 4,529,858 | 4,583,555 | ||
Current assets | |||||
Inventories | 12,344,707 | 11,327,209 | 7,354,814 | 6,646,631 | |
Trade and other receivables | 7,122,103 | 6,551,835 | 3,651,852 | 3,927,022 | |
Financial assets at fair value through Profit or Loss | 3,319,557 | 1,632,578 | 547,690 | 518,971 | |
Cash and cash equivalents | 7,219,128 | 8,759,617 | 1,866,844 | 1,705,228 | |
30,005,496 | 28,271,239 | 13,421,200 | 12,797,852 | ||
TOTAL ASSETS | 40,138,026 | 38,268,232 | 17,951,058 | 17,381,407 | |
EQUITY AND LIABILITIES | |||||
Capital and reserves | |||||
Stated capital | 299,488 | 299,488 | 299,488 | 299,488 | |
Revaluation reserve | 3,505,058 | 3,505,056 | 1,651,103 | 1,651,103 | |
General reserve | 1,123,825 | 1,123,825 | 680,266 | 680,266 | |
Fair value reserve of financial assets at FVOCI | 264,832 | 260,791 | 6,510 | 7,117 | |
Foreign currency translation reserve | 113,085 | 120,716 | - | - | |
Retained earnings | 23,336,522 | 21,314,711 | 9,761,636 | 8,794,286 | |
Equity attributable to owners of the parent | 28,642,810 | 26,624,587 | 12,399,003 | 11,432,260 | |
Non-controlling interests | 4,800,974 | 4,381,917 | - | - | |
Total equity | |||||
33,443,784 | 31,006,504 | 12,399,003 | 11,432,260 | ||
Non-current liabilities | |||||
Defined benefit obligations | 446,901 | 455,017 | 214,656 | 216,898 | |
Deferred tax liability | 1,116,519 | 1,068,685 | 440,593 | 440,593 | |
Lease liability | 3,480 | 8,127 | - | - | |
Borrowings | 229,029 | 335,241 | 147,826 | 230,156 | |
1,795,929 | 1,867,070 | 803,075 | 887,647 | ||
Current liabilities | |||||
Trade and other payables | 920,231 | 1,729,366 | 2,649,487 | 3,019,778 | |
Current income tax liability | 1,931,407 | 2,086,188 | 997,918 | 1,036,463 | |
Borrowings | 1,792,565 | 1,500,086 | 1,000,000 | 1,000,000 | |
Lease liability | 8,914 | 9,745 | - | - | |
Bank overdraft | 245,196 | 69,273 | 101,575 | 5,259 | |
4,898,313 | 5,394,658 | 4,748,980 | 5,061,500 | ||
Total liabilities | 6,694,242 | 7,261,728 | 5,552,055 | 5,949,147 | |
Total equity and liabilities | 40,138,026 | 38,268,232 | 17,951,058 | 17,381,407 | |
Net asset value per share | 119.56 | 111.13 | 51.75 | 47.72 | |
Highest and Lowest Market Price recorded during the quarter; | |||||
Highest price (Rs.) | 85.90 | 89.40 | |||
Lowest price (Rs.) | 75.50 | 65.50 | |||
Last traded price (Rs.) | 84.00 | 84.10 |
It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act, No. 07 of 2007.
13 November 2024
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 September | |||||||||
Attributable to owners of the company | |||||||||
FV reserve | Foreign Currency | Non | |||||||
Stated | Revaluation | General | of FA at | Translation | Retained | controlling | Total | ||
capital | reserve | reserve | FVOCI | reserve | Earnings | Total | interest | equity | |
Balance at 1 April 2024 | 299,488 | 3,505,056 | 1,123,825 | 260,791 | 120,716 | 21,314,711 | 26,624,587 | 4,381,917 | 31,006,504 |
Net profit | - | - | - | - | 2,321,278 | 2,321,278 | 420,925 | 2,742,203 | |
Currency Translation Difference | - | - | - | - | (7,631) | - | (7,631) | (7,469) | (15,101) |
Fair value adjustment for financial assets | |||||||||
at FVOCI | - | - | - | 4,042 | - | - | 4,042 | 2,481 | 6,523 |
Prior year adjustment | - | - | - | - | |||||
Share of other comprehensive income of | |||||||||
equity accounted investee, net of tax | - | - | - | - | - | - | - | - | - |
Total comprehensive income | - | - | - | 4,042 | (7,631) | 2,321,278 | 2,317,688 | 415,937 | 2,733,625 |
Adjustment on changes to non controlling | |||||||||
interest in subsidiary | - | - | - | - | - | - | - | 106,150 | 106,150 |
Dividends | - | - | - | - | (299,468) | (299,468) | (103,026) | (402,494) | |
Balance at 30 September 2024 | 299,488 | 3,505,055 | 1,123,825 | 264,832 | 113,085 | 23,336,521 | 28,642,807 | 4,800,974 | 33,443,784 |
For the year ended 31 March 2024
Balance at 1 April 2023
Net profit
Currency Translation Difference
Fair value adjustment for financial assets at FVOCI
Total comprehensive income
Dividends
Balance at 30 September 2023 Balance at 1 October 2023
Net profit
Fair value adjustment for financial assets at FVOCI
Deferred tax on the fair value adjustment for financial assets at FVOCI
Currency Translation Difference
Gain on revaluation of Land and Building Deferred tax on revaluation surplus Re-measurements of post employment
benefit obligation
Deferred tax on re-measurement of post employment benefit obligation
Share of other comprehensive income of equity accpounted investee
Share of other comprehensive income related tax of equity accounted investee
Total comprehensive income
Adjustment on changes to non controlling interest in subsidiary
Transfer from revaluation reserve net of tax
Balance at 31 March 2024
Attributable to owners of the company | ||||||||
FV reserve | Foreign Currency | Non | ||||||
Stated | Revaluation | General | of FA at | Translation | Retained | controlling | Total | |
capital | reserve | reserve | FVOCI | reserve | Earnings | Total | interest | equity |
299,488 | 2,844,283 | 1,123,825 | 251,540 | 231,794 | 18,749,250 | 23,500,180 | 3,958,088 | 27,458,268 |
- | - | - | - | - | 1,327,311 | 1,327,311 | 420,925 | 1,748,236 |
- | - | - | - | (29,608) | (29,608) | - | (29,608) | |
- | - | - | - | - | - | - | - | - |
- | - | - | - | (29,608) | 1,327,311 | 1,297,704 | 420,925 | 1,718,628 |
- | - | - | - | - | (299,468) | (299,468) | (113,414) | (412,882) |
299,488 | 2,844,283 | 1,123,825 | 251,540 | 202,186 | 19,777,093 | 24,498,416 | 4,265,599 | 28,764,014 |
299,488 | 2,844,283 | 1,123,825 | 251,540 | 202,186 | 19,777,093 | 24,498,416 | 4,265,599 | 28,764,014 |
- | - | - | - | - | 1,531,121 | 1,531,121 | 166,463 | 1,697,584 |
- | - | - | 12,726 | - | - | 12,726 | 2,102 | 14,828 |
- | - | - | (3,475) | - | - | (3,475) | - | (3,475) |
- | - | - | - | (81,470) | - | (81,470) | (99,936) | (181,406) |
- | 995,262 | 995,262 | 103,788 | 1,099,050 | ||||
(329,045) | (329,045) | - | (329,045) | |||||
- | - | - | - | - | 2,371 | 2,371 | - | 2,371 |
- | - | - | - | - | (779) | (779) | - | (779) |
- | - | - | - | - | (768) | (768) | - | (768) |
- | - | - | - | 230 | 230 | - | 230 | |
- | 666,217 | - | 9,251 | (81,470) | 1,532,175 | 2,126,172 | 172,417 | 2,298,590 |
- | - | |||||||
- | - | - | - | - | - | - | (56,100) | (56,100) |
- | (5,444) | - | - | - | 5,444 | - | - | - |
299,488 | 3,505,056 | 1,123,825 | 260,791 | 120,716 | 21,314,711 | 26,624,587 | 4,381,917 | 31,006,504 |
ACL CABLES PLC
STATEMENT OF CHANGES IN EQUITY - COMPANY
Unaudited | ||||||
(all amounts in Sri Lanka Rupees thousands) | ||||||
For the period ended 30 September | ||||||
FV reserve | ||||||
Stated | Revaluation | General | of FA at | Retained | ||
capital | reserve | reserve | FVOCI | Earnings | Total | |
Balance at 1 April 2024 | 299,488 | 1,651,103 | 680,266 | 7,117 | 8,794,286 | 11,432,260 |
Net profit | - | - | - | - | 1,266,819 | 1,266,819 |
Fair value adjustment for financial assets | ||||||
at FVOCI | - | - | - | (607) | - | (607) |
Total comprehensive income | - | - | - | (607) | 1,266,819 | 1,266,212 |
Dividends | - | - | - | - | (299,468) | (299,468) |
Balance at 30 September 2024 | 299,488 | 1,651,103 | 680,266 | 6,510 | 9,761,636 | 12,399,003 |
No of shares as at 30 September 2024 | 239,574,720 | |||||
For the year ended 31 March 2024 | ||||||
FV reserve | ||||||
Stated | Revaluation | General | of FA at | Retained | ||
capital | reserve | reserve | FVOCI | Earnings | Total | |
Balance at 1 April 2023 | 299,488 | 1,356,425 | 680,266 | 3,873 | 7,697,434 | 10,037,487 |
Net profit | - | - | - | - | 541,675 | 541,675 |
Fair value adjustment for financial assets | ||||||
at FVOCI | - | - | - | - | - | - |
Total comprehensive income | - | - | - | - | 541,675 | 541,675 |
Dividends | - | - | - | - | (299,468) | (299,468) |
Balance at 30 September 2023 | 299,488 | 1,356,425 | 680,266 | 3,873 | 7,939,641 | 10,279,694 |
Balance at 1 October 2023 | 299,488 | 1,356,425 | 680,266 | 3,873 | 7,939,641 | 10,279,694 |
Net profit | - | - | - | - | 852,468 | 852,468 |
Fair value adjustment for financial assets | ||||||
at FVOCI | - | - | - | 3,244 | - | 3,244 |
Re-measurements of post employment | ||||||
benefit obligation | - | - | - | - | 3,109 | 3,109 |
Deferred tax on re-measurement of post | ||||||
employment benefit obligation | - | - | - | - | (933) | (933) |
Gain on revaluation of Land and Building | - | 420,969 | - | - | - | 420,969 |
Deferred tax on revaluation surplus | - | (126,291) | - | - | - | (126,291) |
Tax impact on effect of change in tax rates | - | - | - | - | - | - |
Total comprehensive income | - | 294,678 | - | 3,244 | 854,644 | 1,152,566 |
Balance at 31 March 2024 | 299,488 | 1,651,103 | 680,266 | 7,117 | 8,794,286 | 11,432,260 |
No of shares as at 31 March 2024 | 239,574,720 |
Page 6
ACL CABLES PLC
STATEMENT OF CASH FLOW
Unaudited
(all amounts in Sri Lanka Rupees thousands)
For the period ended 30 September
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before tax
Adjustments for:
Depreciation of property, plant and equipment and amortization Share of profit from equity accounted investee (net of tax) Dividend income
Interest expense/(income)
Effect of movements in exchange rates
Defined benefit obligations
Changes in working capital: (Increase)/Decrease in;
Inventories
Receivables and prepayments
Increase/(Decrease) in;
Trade and other payables
Cash generated from/ (used in) operations
Interest received/(paid)
Defined benefit obligations paid
Income tax paid less refund received
WHT on dividend paid by subsidiaries
Net cash (used in)/from operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Purchase and construction of property, plant and equipment Investment in Financial Assets at Fair value through Profit or loss Dividend received
Net cash from/(used in) investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Short term borrowings net of payments Long term borrowings net of payments Proceed from share issue of Subsidiary Dividends paid
Dividends paid by subsidiaries to non-controlling interests
Net cash generated from/ (used in) financing activities
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the period
GROUP | COMPANY | ||
2024 | 2023 | 2024 | 2023 |
3,883,801 | 2,335,445 | 1,684,092 | 701,011 |
173,890 | 189,125 | 58,104 | 63,616 |
(67,480) | 1,512 | - | - |
(504) | (16) | (283,295) | (188,543) |
(222,350) | 10,298 | 11,847 | 263,262 |
(15,101) | 41,047 | - | - |
38,802 | 41,124 | 16,152 | 16,423 |
(1,017,498) | 297,019 | (708,183) | (237,580) |
(570,268) | 107,834 | 275,170 | 308,817 |
(809,135) | 273,144 | (370,291) | 189,056 |
1,394,158 | 3,296,532 | 683,596 | 1,116,062 |
104,077 | (10,298) | (40,560) | (263,262) |
(46,918) | (12,057) | (18,394) | (5,949) |
(1,120,149) | (992,878) | (455,819) | (85,162) |
(38,718) | (33,029) | - | - |
292,450 | 2,248,270 | 168,823 | 761,689 |
(239,287) | (80,183) | (5,017) | (31,668) |
(1,660,000) | - | - | - |
504 | 16 | 283,295 | 188,543 |
(1,898,784) | (80,167) | 278,278 | 156,875 |
292,479 | (1,256,460) | - | (1,105,779) |
(106,212) | (156,985) | (82,330) | (112,389) |
106,150 | - | - | - |
(299,468) | (299,468) | (299,468) | (299,468) |
(103,026) | (116,734) | - | - |
(110,078) | (1,829,647) | (381,798) | (1,517,636) |
(1,716,412) | 338,457 | 65,303 | (599,072) |
8,690,344 | 8,044,716 | 1,699,969 | 2,349,508 |
6,973,932 | 8,383,173 | 1,765,269 | 1,750,433 |
Page 7
ACL CABLES PLC
NOTES TO THE FINANCIAL STATEMENTS
Unaudited
(all amounts in Sri Lanka Rupees thousands)
1. Segment information
(a) Business segment information
Manufacturing | ||||||
Manufacturing | PVC | |||||
cables | compound | Others | Total | Total | ||
For the period ended 30 September | 2024 | 2024 | 2024 | 2024 | 2023 | |
Revenue | ||||||
Total revenue | 18,502,506 | 1,157,954 | 765,493 | 20,425,953 | 15,206,335 | |
Inter-segment sales | (362,116) | (1,126,502) | (765,493) | (2,254,111) | (1,684,610) | |
External sales | 18,140,389 | 31,452 | - | 18,171,842 | 13,521,725 | |
Results | ||||||
Profit/(loss) before other income | ||||||
and finance cost | 3,021,747 | 290,394 | 249,447 | 3,561,588 | 2,275,397 | |
Other income | 24,551 | 2,148 | 5,684 | 32,383 | 71,858 | |
Finance (cost)/income | 149,967 | 51,260 | 21,123 | 222,350 | (10,298) | |
Share of profit of investments | ||||||
accounted for using the equity method | - | - | 67,480 | 67,480 | (1,512) | |
(Power and energy) | ||||||
Taxation | (972,958) | (91,357) | (77,283) | (1,141,598) | (691,189) | |
Profit/(loss) after taxation | 2,223,308 | 252,445 | 266,451 | 2,742,204 | 1,644,255 | |
Capital expenditure | ||||||
Segment capital expenditure | 238,940 | 347 | - | 239,287 | 80,183 | |
Total capital expenditure | 238,940 | 347 | - | 239,287 | 80,183 | |
Depreciation and amortisation | ||||||
Segment depreciation | 153,310 | 9,199 | 11,381 | 173,890 | 189,125 | |
Total depreciation and amortisation | 153,310 | 9,199 | 11,381 | 173,890 | 189,125 | |
Manufacturing | ||||||
Manufacturing | PVC | |||||
cables | compound | Others | Total | Total | ||
For the period ended 30 September | 2024 | 2024 | 2024 | 2024 | 31 March 2024 | |
Assets | ||||||
Segment assets | 31,163,176 | 3,621,813 | 4,278,150 | 39,063,140 | 37,193,819 | |
Unallocated corporate assets | 1,074,886 | 1,074,413 | ||||
Total assets | 40,138,026 | 38,268,232 | ||||
Liabilities | ||||||
Segment liabilities | 6,096,426 | 190,800 | 358,371 | 6,645,596 | 7,251,444 | |
Unallocated corporate liabilities | 48,645 | 10,284 | ||||
Total liabilities | 6,694,242 | 7,261,728 | ||||
(b) Geographical segment information - revenue | ||||||
Group | Company | |||||
For the period ended 30 September | 2024 | 2023 | 2024 | 2023 | ||
Local sales | 14,033,576 | 9,807,767 | 7,249,231 | 4,852,628 | ||
Export sales | 4,138,265 | 3,713,958 | 1,379,835 | 1,198,685 | ||
18,171,842 | 13,521,725 | 8,629,066 | 6,051,313 |
Page 8
ACL CABLES PLC
NOTES TO THE FINANCIAL STATEMENTS
Unaudited
- The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31 March 2024 and are in compliance with Sri Lanka Accounting Standards - LKAS 34 - Interim Financial Reporting.
- Where necessary, the presentation and classification of the financial statements of the previous period have been adjusted for better presentation and to be comparable with year end reporting.
- There were no liabilities for management fees or any other similar expenditures in the interim financial statements.
- Cables Solutions PLC, subsidiary of ACL Cables PLC, has issued Fourteen Million Six Hundred and Sixty Six Thousand Six Hundred (14,666,600),New Ordinary Voting Shares each at Rs. 7.50/- to the general public on 23 July 2024.
- There have been no other events subsequent to the balance sheet date, which require disclosures in the interim financial statements.
- There were no significant changes in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31 March 2024.
- Net Finance Income/(Cost) includes the exchange gain/loss during the period 2023/24.
Rs.'000
Quarter endedPeriod ended
Group Company Group Company
Exchange gain/(loss) | (134,907) | (18,678) | (14,861) | 20,954 |
Page 9
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |