abans plc - cse · 2019. 2. 14. · group share revaluation other retained capital reserve reserve...

Abans PLCNo. 498,

Galle Road, Colombo 03

www.abnansgroup.com

DECEMBER - 2018

FOR THE NINE MONTHS PERIOD ENDED

2018 2017 2018 2017

Note LKR LKR LKR % LKR LKR LKR %

'000 '000 '000 '000 '000 '000

Revenue 3 27,082,793 31,844,221 (4,761,428) (14.95) 25,603,457 29,709,483 (4,106,026) (13.82)

Cost of Sales (18,862,593) (23,598,055) 4,735,462 (20.07) (18,199,328) (22,633,019) 4,433,691 (19.59)

Gross Profit 8,220,200 8,246,166 (25,966) (0.31) 7,404,129 7,076,464 327,665 4.63

Other Operating Income 580,459 334,261 246,198 73.65 417,570 327,145 90,425 27.64

Selling & Distribution Expenses (3,881,541) (4,284,310) 402,769 (9.40) (3,818,276) (3,990,924) 172,648 (4.33)

Administration Expenses (3,011,532) (2,697,119) (314,413) 11.66 (2,343,304) (1,951,918) (391,386) 20.05

Operating Profit 1,907,586 1,598,998 308,588 19.30 1,660,119 1,460,767 199,352 13.65

Finance Cost (1,075,355) (1,222,228) 146,873 (12.02) (1,075,355) (1,217,385) 142,030 (11.67)

Finance Income 21,112 43,177 (22,065) (51.10) 21,446 42,043 (20,597) (48.99)

Share of Associate's Profit/ (Loss) 14,332 24,839 (10,507) (42.30) - - - -

Share of Joint Venture's Loss (127,819) (105,476) (22,343) 21.18 - - - -

739,856 339,310 400,546 118.05 606,210 285,425 320,785 112.39

Value Added Tax on Financial Services (46,853) (46,196) (657) 1.42 (4,539) (1,950) (2,589) 132.77

693,003 293,114 399,889 136.43 601,671 283,475 318,196 112.25

Income Tax (Expense)/Reversal (33,356) (98,525) 65,169 (66.14) 2,421 (77,165) 79,586 (103.14)

Profit for the period from continue operation 659,647 194,589 465,058 239.00 604,092 206,310 397,782 192.81

Discontinued Operations: 13

Loss for the period from Discontinued Operation (18,224) (144,482) 126,258 (87.39) - - - -

Profit for the Period 641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Other Comprehensive Income - - - - - - - -

Total Comprehensive Income 641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Profit / (Loss) Attributable to;

Equity Holders of the Parent 617,633 19,199 598,434 3,117.01 604,092 206,310 397,782 192.81

Non-Controlling Interest 23,790 30,908 (7,118) (23.03) - - - -

641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Total Comprehensive Income Attributable to;

Equity Holders of the Parent 617,633 19,199 598,434 3,117.01 604,092 206,310 397,782 192.81

Non-Controlling Interest 23,790 30,908 (7,118) (23.03) - - - -

641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Earnings Per Share 282.67 8.79 276.47 94.42

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Profit Before Income Tax

Group Company

Profit Before Income Tax & Value Added Tax

on Financial Services

Change Change

For the Nine Months Period Ended

31st December

STATEMENT OF PROFIT OR LOSS

Abans PLC | Page (1)

2018 2017 2018 2017

LKR LKR LKR % LKR LKR LKR %

'000 '000 '000 '000 '000 '000

Revenue 10,368,474 12,281,422 (1,912,948) (15.58) 9,890,282 11,845,927 (1,955,645) (16.51)

Cost of Sales (7,394,804) (9,300,351) 1,905,547 (20.49) (7,177,008) (9,194,646) 2,017,638 (21.94)

Gross Profit 2,973,670 2,981,071 (7,401) (0.25) 2,713,274 2,651,281 61,993 2.34

Other Operating Income 62,664 75,405 (12,741) (16.90) (91,510) 71,040 (162,550) (228.81)

Selling & Distribution Expenses (1,312,822) (1,451,962) 139,140 (9.58) (1,289,448) (1,396,959) 107,511 (7.70)

Administration Expenses (977,042) (944,193) (32,849) 3.48 (758,348) (687,464) (70,884) 10.31

Operating Profit 746,470 660,321 86,149 13.05 573,968 637,898 (63,930) (10.02)

Finance Cost (390,658) (419,603) 28,945 (6.90) (390,658) (418,582) 27,924 (6.67)

Finance Income 6,586 11,785 (5,199) (44.12) 6,605 11,531 (4,926) (42.72)

Share of Associate's Profit/ (Loss) 15,124 9,231 5,893 63.84 - - - -

Share of Joint Venture's Profit Loss (41,783) (71,481) 29,698 (41.55) - - - -

335,739 190,253 145,486 76.47 189,915 230,847 (40,932) (17.73)

Value Added Tax on Financial Services (18,587) (13,453) (5,134) 38.16 (1,897) (394) (1,503) 381.47

Income Tax (Expense)/Reversal 12,272 (77,181) 89,453 (115.90) 32,432 (75,268) 107,700 (143.09)

Profit for the period from continue operation 329,424 99,619 229,805 230.68 220,450 155,185 65,265 42.06

Discontinued Operations:

Profit/(Loss) for the year from Discontinued Operation 29,225 (102,461) 131,686 (128.52) - - - -

Profit/(Loss) for the Period 358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Other Comprehensive Income - - - - - - - - Actuarial Gain /(Loss) from Associate - - #DIV/0! - - - -

Total Comprehensive Income 358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Profit / (Loss) Attributable to;

Equity Holders of the Parent 346,407 (8,054) 354,461 (4,401.29) 220,450 155,185 65,265 42.06

Non-Controlling Interest 12,242 5,212 7,030 134.88 - - - -

358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Total Comprehensive Income Attributable to;

Equity Holders of the Parent 346,407 (8,054) 354,461 (4,401.29) 220,450 155,185 65,265 42.06

Non-Controlling Interest 12,242 5,212 7,030 134.88 - - - -

358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Earnings/(Loss) Per Share 158.54 (3.69) 100.89 71.02



Group Company

Change Change

Profit Before Income Tax & Value Added Tax

on Financial Services

For the Three Months Ended

31st December

STATEMENT OF PROFIT OR LOSS


As at Dec-18 Mar-18 Dec-18 Mar-18

LKR LKR LKR LKR

As at 30th September '000 '000 '000 '000

ASSETS

Non-Current Assets

Property, Plant and Equipment 1,200,150 1,289,794 1,055,423 1,028,267

Leasehold Land Payments 250,151 252,121 250,151 252,121

Investment Property 368,483 368,483 368,483 368,483

Intangible Assets 62,010 62,323 28,104 39,391

Lease Rentals Receivable and Stock Out on Hire 2,685,561 3,639,778 - -

Investments in Subsidiary Companies - - 3,219,112 3,350,205

Investments in Associate Companies 520,843 506,511 30,752 30,752

Investments in Joint Ventures 2,274,806 2,059,005 - -

Other Financial Assets 15,080 15,180 15,000 15,100

Deferred Tax Assets 345,849 339,604 309,757 166,191

Loans and Advances 955,154 699,363 - -

8,678,087 9,232,162 5,276,782 5,250,510

Current Assets

Inventories 8,571,383 9,643,842 8,518,050 8,421,262

Trade and Other Receivables 11,234,583 11,641,384 10,662,362 11,511,575

Loans and Advances 1,142,698 1,694,618 - -

Lease Rentals Receivable and Stock Out on Hire 2,329,721 852,523 - -

Income Tax Recoverable 338,304 378,302 257,276 279,570

Other Financial Assets 673,500 795,144 4,732 4,913

Securities Purchased under Repurchase Agreement 275,368 362,248 - -

Cash and Short Term Deposits 979,363 998,411 820,383 581,891

25,544,920 26,366,472 20,262,803 20,799,211

Total Assets 34,223,007 35,598,634 25,539,585 26,049,721

EQUITY AND LIABILITIES

Capital and Reserves

Stated Capital 218,500 218,500 218,500 218,500

Other Component of Equity 611,287 614,474 345,809 345,809

Retained Earnings 7,276,247 6,660,401 5,776,046 5,171,954

Equiity Attributable to Equity Holders of the Parent 8,106,034 7,493,375 6,340,355 5,736,263

Non-Controlling Interest 887,890 880,906 - -

Total Equity 8,993,924 8,374,281 6,340,355 5,736,263

Non-Current Liabilities

Interest Bearing Borrowings 2,044,512 4,089,712 1,987,845 3,979,655

Deferred Tax Liabilities 40,922 40,922 - -

Employee Benefit Liability 283,163 299,810 240,859 226,271

Trade and Other Payables 1,408,801 1,297,220 - -

3,777,398 5,727,664 2,228,704 4,205,926

Current Liabilities

Warranty Provision 298,049 384,590 296,998 375,330

Trade and Other Payables 9,699,899 11,859,325 6,049,007 7,518,992

Interest Bearing Borrowings 11,453,737 9,252,774 10,624,521 8,213,210

21,451,685 21,496,689 16,970,526 16,107,532

Total Equity and Liabilities 34,223,007 35,598,634 25,539,585 26,049,721



These Financial Statements are in compliance with the requirements of the Companies Act No :07 of 2007.

(Sgd.)

Head of Finance

(Sgd.) (Sgd.)

Director Director

31st January 2019

Colombo

Group Company

The board of directors are responsible for the preparation and presentation of these financial statements.Signed for and on behalf of the board by.

STATEMENT OF FINANCIAL POSITION


GROUP

Share Revaluation Other Retained

Capital Reserve Reserve Earnings Total

LKR LKR LKR LKR LKR LKR LKR

As at 30th September '000 '000 '000 '000 '000 '000 '000

Balance as at 31st March 2017 218,500 395,864 96,682 6,494,341 7,205,387 422,417 7,627,804

Profit for the Period - - - 19,199 19,199 30,908 50,107

Other Comprehencive Income - - - - - - -

Balance as at 31st December 2017 218,500 395,864 96,682 6,513,540 7,224,586 453,325 7,677,911


Other Comprehencive Income - 102,955 - 646 103,601 19,823 123,424

- - - 46,613 46,613 407,780 454,393

Transfers to/(from) during the Year - - 18,973 (18,973) - - -

Dividends - - - - - (6,700) (6,700)

Balance as at 31st March 2018 218,500 498,819 115,655 6,660,401 7,493,375 880,906 8,374,281


Acquisition of Non-Controlling Interest - - - (1,787) (1,787) (16,806) (18,593)

Dispsal of Subsidery (3,187) (3,187) (3,187)

Dividends - - - - - - - `

Balance as at 31st December 2018 218,500 495,632 115,655 7,276,247 8,106,034 887,890 8,993,924

COMPANY Share Other Revaluation Retained Total

Capital Reserves Reserve Earnings Equity

LKR LKR LKR LKR LKR

As at 30th September '000 '000 '000 '000 '000

Balance as at 31st March 2017 218,500 7,415 391,634 4,753,819 5,371,368

Profit for the Period - - - 206,310 206,310

Other Comprehencive Income - - - - -

Balance as at 31st December 2017 218,500 7,415 391,634 4,960,129 5,577,678


Other Comprehencive Income - - (53,240) (3,963) (57,203)

Dividends - - - - -

Balance as at 31st March 2018 218,500 7,415 338,394 5,171,954 5,736,263


Other Comprehencive Income - - - - -

Dividends - - - - -

Balance as at 31st December 2018 218,500 7,415 338,394 5,776,046 6,340,355



Change in Holding Percentage without Change in

Controlling power

Non-

Controlling

Interest

Total

Equity

Attributable to Equity Holders of the Parent

STATEMENT OF CHANGES IN EQUITY


2018 2017 2018 2017

LKR LKR LKR LKR

For the Nine Months Period Ended 31st December '000 '000 '000 '000

Cash Flows From / (Used in) Operating Activities

Profit /(Loss) from Continued Operation 739,856 339,310 606,210 285,425

Profit /(Loss) from Discontinued Operation (35,793) (144,482)

Profit Before Taxation 704,063 194,828 606,210 285,425

Adjustments for

Depreciation - Property Plant & Equipments 108,047 119,520 90,189 98,897

Amortization of Intangible Assets & Prepaid Rent 16,884 11,342 14,249 1,048

(Profit)/Loss on Disposal of Property, Plant & Equipment (1,598) (3,567) (1,598) (2,385)

(Profit)/Loss on Disposal of Subsidiaries (114,044) - 149,686 -

(Profit) /Loss for the year from discontinued operations 132,268 - - -

Fair Value of Quoted Shares - 7,667 181 43

Finance Costs 1,075,355 1,222,228 1,075,355 1,217,385

Share of Profit from Associate (14,332) (26,314) - -

Share of Loss from Joint Venture 127,819 105,476 - -

Income from Investments (403,795) (116,735) (403,795) (124,247)

Provision for Warranty 138,085 229,108 146,559 265,567

Provision for Defined Benefit Plans 50,810 33,139 41,032 25,116

Operating Profit Before Working Capital Changes 1,819,562 1,776,692 1,718,069 1,766,849

(Increase)/ Decrease in Inventories (80,195) 2,272,597 (96,788) 2,148,126

(Increase)/ Decrease in Trade and Other Receivables (573,975) (3,995,696) 849,213 (3,947,884)

Increase/ (Decrease) in Trade and Other Payables (1,213,949) 431,168 (1,469,985) 495,810

Cash Generated from Operations (48,557) 484,761 1,000,509 462,901

Finance Cost Paid (1,031,262) (1,174,561) (1,037,948) (1,169,718)

Defined Benefit Plan Costs Paid (32,952) (11,778) (26,444) (12,309)

Repair Charges Paid (224,626) (192,789) (224,891) (187,101)

VAT on Financial Services (46,853) (46,196) (4,539) (1,950)

Income Tax Paid (135,893) (237,809) (118,851) (124,392)

Net Cash From/(Used in) Operating Activities (1,520,143) (1,178,372) (412,164) (1,032,569)

Cash Flows from / (Used in) Investing Activities

Acquisition of Property, Plant and Equipment (138,879) (132,101) (123,641) (107,056)

Acquisition of Intangible Assets (16,399) (1,738) (992) (346)

Proceeds from Sale of Property, Plant & Equipment 7,894 12,025 7,894 5,943

(Acquisition)/Proceeds from Other Investments 121,744 (9,050) 100 (775)

New Share Issue & Disposal -Abans Finance PLC - 443,050 - -

Proceeds From Subsidiary Investments 343,620 - 343,620 166,282

Acquisition From Subsidiary Investments - - (362,213) -

Direct Cost of Issue of Shares - (262) - -

Investments in Joint Ventures (343,620) - - -

Securities Purchased Under Repurchase Agreement 86,880 (332,435) - -

Dividend Received 403,795 116,735 403,795 124,247

Net Cash Flows from/(Used in) Investing Activities 465,035 96,224 268,562 188,295

Cash Flows from / (Used in) Financing Activities

Proceeds from Import Financing Loans 15,417,831 19,004,997 15,417,831 19,004,997

Repayment of Import Financing Loans (14,712,888) (17,506,720) (14,712,945) (17,506,721)

Proceeds from Bank Loans 1,532,785 6,644,866 1,347,785 6,526,547

Repayment of Bank Loans (1,208,960) (5,488,472) (1,131,460) (5,210,576)

Proceeds from Commercial Papers 114,428 244,310 114,428 244,310

Repayment of Commercial Papers (80,079) (410,165) (80,079) (410,165)

Repayment of Debentures - Listed - Unsecured (828,415) (1,677,201) (828,415) (1,677,201)

Repayment of Finance Lease Liabilities - 1,068,478 -

Proceeds from Finance Lease Liabilities - (686,491) - (1,084)

Proceeds from Securitization 399,972 - - -

Dividends Paid - (6,700) - -

Net Cash Flows (Used in) Financing Activities 634,674 1,186,902 127,145 970,107

Net Increase/(Decrease) in Cash and Cash Equivalents (420,434) 104,754 (16,457) 125,833

Cash and Cash Equivalents at the Beginning of the Period 849,204 818,488 448,249 535,013

Cash and Cash Equivalents at the End of the Period 428,770 923,242 431,792 660,846

Analysis of cash and cash equivalents

Cash and Short Term Deposits 979,363 1,287,985 820,383 862,344

Bank Overdrafts (550,593) (364,743) (388,591) (201,498)

Total Cash and Cash Equivalents 428,770 923,242 431,792 660,846



Group Company

STATEMENT OF CASH FLOWS


1

2 NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP

2.1 SLFRS 9 - Financial Instrument

2.2 SLFRS 15 - Revenue from Contracts with Customers

3 REVENUE

2018 2017 2018 2017

For the Nine Months Period Ended 31st December LKR LKR LKR LKR

'000 '000 '000 '000

3.1 Summary

Gross Revenue 27,326,845 32,136,972 25,847,563 29,996,709

Less: Nation Building Tax (244,052) (292,751) (244,106) (287,226)

Revenue 27,082,793 31,844,221 25,603,457 29,709,483

3.2 Segment Information

Dec-18 Dec-17 Dec-18 Dec-17 Dec-18 Dec-17

LKR LKR LKR LKR LKR LKR

'000 '000 '000 '000 '000 '000

Revenue 25,614,414 30,456,558 1,468,379 1,387,663 27,082,793 31,844,221

Segment Results 1,797,867 1,446,057 109,719 152,941 1,907,586 1,598,998

Finance Costs (1,075,355) (1,222,228) - - (1,075,355) (1,222,228)

Finance Income 21,112 43,177 - - 21,112 43,177

Share of Associates' Profits 14,332 24,839 - - 14,332 24,839

Share of Joint Venture Loss (127,819) (105,476) - - (127,819) (105,476)

Profit Before Income Tax 630,137 186,369 109,719 152,941 739,856 339,310

VAT on Financial Services (4,705) (2,842) (42,148) (43,354) (46,853) (46,196)

Income Tax Expense (13,084) (66,620) (20,272) (31,905) (33,356) (98,525)

Discountinued Operation (18,224) (144,482) - - (18,224) (144,482)

Profit for the year 594,123 (27,575) 47,300 77,682 641,423 50,107

Segment Result Stated after Charging Following Expenses

Amortization of Intangible Assets 12,298 8,388 2,616 2,231 14,914 10,619

Depreciation 89,856 93,488 20,161 15,037 110,017 108,524

As At As At As At As At As At As At As At As At

Dec-18 Mar-18 Dec-18 Mar-18 Dec-18 Mar-18 Dec-18 Mar-18LKR LKR LKR LKR LKR LKR LKR LKR

Assets and Liabilities '000 '000 '000 '000 '000 '000 '000 '000

Non Current Assets 2,533,759 4,319,791 - 290,602 6,144,328 4,621,769 8,678,087 9,232,162

Current Assets 22,834,012 19,972,742 - 2,058,075 2,710,908 4,335,655 25,544,920 26,366,472

Total assets 25,367,772 24,292,533 - 2,348,677 8,855,235 8,957,424 34,223,007 35,598,634

Non-Current Liabilities 1,461,551 4,244,408 - 60,735 2,315,847 1,422,521 3,777,398 5,727,664

Current Liabilities 16,527,224 14,066,170 - 1,463,244 4,924,461 5,967,275 21,451,685 21,496,689

Total Liabilities 17,988,775 18,310,578 - 1,523,979 7,240,308 7,389,796 25,229,083 27,224,353



TRADING ENGINEERING FINANCIAL SERVICES GROUP

The Interim Financial Statements of the Company and Group have been prepared on the basis of the same accounting policies and methods applied for the year

ended 31st March 2018 and in compliance with LKAS 34 -'Interim Financial Reporting' & all figures are subject to Audit.

TRADING

The SLFRS 9 replaces the existing guidance in LKAS 39 - Financial Instrument Recognition & Measurement .The group has prepared the Interim Financial

Statements for the period ended 31 December 2018 based on SLFRS 9.

SLFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue

recognition guidance, including LKAS 18 "Revenue", LKAS 11 "Construction Contracts and IFRIC 13 "Customer Loyalty Programmes". Accordingly

the Group adopted SLFRS 15 using the full retrospective method of adoption. Based on the assessment performed, the Group concluded that SLFRS 15 does

not have a material impact on the Group’s consolidated financial statements.

FINANCIAL SERVICES GROUP

Group Company

NOTES TO THE FINANCIAL STATEMENTS


4 COMMITMENTS AND CONTINGENCIES

There were no Material Commitments and Contingencies as at the reporting date except the following

Contingent Liabilities

Letter of Credit Opened with Banks Favouring Suppliers 2,275

Standby Letter of Credits 1,089

Guarantees Issued by Banks 1,366

5 EVENTS OCCURRING AFTER THE REPORTING DATE

6 RELATED PARTY DISCLOSURES

Details of significant related party disclosures are as follows:

6.1 Transactions with /between Subsidiaries and Subsidiaries of the Parent Company

2018 2017 2018 2017

Dec Dec Dec Dec

Nature of Transaction LKR LKR LKR LKR

'000 '000 '000 '000

Sale of Goods - - 3,177 21,091

* Subsidiaries including

AB Technologies (Pvt) Ltd , Abans Finance PLC , Abans Lanka (Pvt) Ltd , Abans Retail (Pvt) Ltd ,AB Suncity (Pvt)Ltd.

During the Financial Period the Parent company (Abans PLC) Disposed Abans Engineering (Pvt) Ltd to Abans Retail Holding (Pvt)Ltd.

6.2 Transactions with /Between Associates and Associates of the Parent Company

2018 2017 2018 2017

Dec Dec Dec Dec


'000 '000 '000 '000

Sale of Goods 52,612 19,019 42,930 5,667

Purchase of Goods 1,343,964 1,916,514 1,343,945 1,916,514

Receipt of Services 441,198 573,215 439,418 560,589

* Associates including

Abans Electricals PLC

Note - The above figures are subject to audit

LKR

Million

Million

Subsequent to the reporting date, no circumstances have arisen which would require adjustment to or disclose in the Financial Statements

Group Company

Group Company

Million



6.3 Transactions with Joint Venture

2018 2017 2018 2017

Dec Dec Dec Dec


'000 '000 '000 '000

Sale of Goods 450 3,031 450 3,031

* Joint Venture Includes

Colombo City Centre Partners (Pvt) Ltd

6.4 Transactions with Other Related Companies

2018 2017 2018 2017

Dec Dec Dec Dec


'000 '000 '000 '000

Sale of Goods 8,107 9,076 8,107 8,904

Purchase of Goods 394,110 1,108 7,987 769

Receipts of Services 904,091 1,293,146 904,091 1,266,802

Rent Expenses 128,225 130,109 128,225 130,109

Note - The above related party Transactions are arms Length


Group Company

** Other Related Party Including

Group Company

Add Outdoor (Pvt) Ltd, Abans Office Automation (Pvt) Ltd, Abans Warehousing (Pvt) Ltd, ABS Gardner Dixen Hall

International (Pvt) Ltd, Abans Tours (Pvt) Ltd, Abans Investments (Pvt) Ltd , Crown City Developers (Pvt) Ltd, Abans

Environmental Services (Pvt) Ltd, AB Leisure (Pvt) Ltd, Abans Constructions & Engineering (Pvt) Ltd, Logitech

Software (Pvt) Ltd, Cleantech (Pvt) Ltd, Abans Graphics (Pvt) Ltd, Abans Tourist Hotels (Pvt) Ltd, Abans Development

(Pvt) Ltd, Abans Consolidated (Pvt) Ltd, A-Z Electronics (Pvt) Ltd, Sirius Technologies Services (Pvt) Ltd, A-Z Lanka (Pvt)

Ltd, Abans Restaurant Systems (Pvt) Ltd, AB securities (Pvt) Ltd, S.A. Electricals (Pvt) Ltd, Aban Pestonjee Trust, AB

Logistics Ltd, Abans Auto (Pvt) Ltd, AB Transport (Pvt) Ltd, Abans Marketing (Pvt) Ltd, Absgro (Pvt) Ltd, Logirite (Pvt)

Ltd, Abans Resorts (Pvt) Limited, ABS Courier Services (Pvt) Ltd, Abstract Lanka (Pvt) Ltd,Abans Engineering (Pvt) Ltd



7 Share Related Details

Directors' Shareholding

The shareholding of Directors as at 31st December 2018 is given below.

Name of Directors Number % Number % Number %

Mrs Aban Pestonjee NIL - NIL - NIL -

Mrs Saroshi Dubash NIL - NIL - NIL -

Mr Behman Pestonjee NIL - NIL - NIL -

Mr Rusi Pestonjee NIL - NIL - NIL -

Mr. Hiran Embuldeniya NIL - NIL - NIL -

Mr. R Selvaskandan NIL - NIL - NIL -

Twenty largest shareholders of the Company

Number %

P N P Logistic (Pvt) Ltd 2,160,000 100

Currently Known as Abans Retail Holdings (Pvt) Ltd

Note - There were No Movement in Share Capital During the Financial year

Public Holding

Total number of shares issued 2,160,000

No of shares held by the Public NIL

Percentage of shares held by the Public NIL

Market Value Per Share

Market Value is not available since the shares of the company is not publicly traded.

Net Assets Per Share

LKR

Group 3,753

Company 2,935

Shareholding

Ordinary Voting

Shares

Ordinary Non Voting

Management

Total Ordinary Shares

(Voting & Non Voting)

The Company’s parent holding as at 31st March 2018 is P.N.P.Logistics (Pvt) Limited and the ultimate parent of the company is

Abans International (Pvt) Limited. On 29th March 2018 P.N.P.Logistic (Pvt) Limited acquired entire shares of Abans PLC’s

shareholders.



Group Company

Dec-18 Dec-18

LKR LKR

Debt to Equity Ratio 1.50 1.99

Quick Assets Ratio 0.79 0.69

Interest Coverage Ratio 1.70 1.57

9 Interest Rate of Comparable Government Security

Debenture Issue 2013 Category

Interest Rate 5 Years

Abans PLC 14.50%

Government 11.17%

Debenture Issue 2014

Interest Rate 4 Years 5 Years

Abans PLC 8.50% 9.00%

Government - 8.93%

10 Market Value per Debenture

Category

5 Years

LKR

Highest Price 114.06

Lowest Price 114.06

Last Traded Price 114.06

Last Traded Dates-

5 Years - 15th July 2015

4 Years 5 Years

LKR LKR

Highest Price N/T 92.48

Lowest Price N/T 92.48

Last Traded Price N/T 92.48

Last Traded Dates-

5 Years - 27th April 2018

N/T - Not Traded

Category

Category


Debt Securities Related Details8




11 Approx Yield to Maturity Ratio

Debenture Issue 4 Years 5 Years

2013 N/A -151.77%

2014 N/T 17.25%

12 Interest Yield Ratio

Debenture Issue 4 Years 5 Years

2013 N/A 12.71%

2014 N/T 9.73%

N/T - Not Traded

N/A - Not Applicable

Category

Category



13 DISCONTINUED OPERATIONS

13.1 After After

Related Party Related Party Related Party Related Party

Transaciton Transaciton Transaciton Transaciton

Elimination Elimination Elimination Elimination

Oct-18 Oct-18 Oct-18 Dec-17 Dec-17 Dec-17

LKR LKR LKR LKR LKR LKR

'000 '000 '000 '000 '000 '000

Revenue 613,444 (317) 613,127 1,009,365 (19,444) 989,921

Cost of Sales (522,592) 317 (522,275) (1,004,833) 19,444 (985,389)

Gross Profit / (Loss) 90,852 - 90,852 4,532 - 4,532

Other Operating Income 69,126 - 69,126 45,952 - 45,952

Selling and Distribution Expenses (114,409) 4,266 (110,143) (81,626) 4,266 (77,360)

Administrative Expenses (110,270) - (110,270) (105,080) - (105,080)

Finance Cost (89,402) - (89,402) (74,100) - (74,100)

Finance Income 7,250 7,250

Profit/(Loss) Before Tax (154,103) 4,266 (149,837) (203,072) 4,266 (198,806)

Income Tax Expense 17,569 - 17,569 54,324 54,324

Profit / (Loss) for the year from discontinued operations (136,534) 4,266 (132,268) (148,748) 4,266 (144,482)

Group Disposal Profit /Loss 114,044 - 114,044 - - -

(22,490) 4,266 (18,224) (148,748) 4,266 (144,482)

13.2 The majour class of assets and liabilities of Abans Engineering (Pvt) Ltd classified as held for sale as at 31st October are, as follows

Oct-18

LKR

'000

Assets

Property, Plant and Equipment 99,865

Intangible Assets 1,229

Deferred Tax Assets 139,385

Inventories 1,217,708

Trade and Other Receivables 606,889

Income Tax Receivable 18,678

Cash and Cash Equivalent 33,273

Total Assets held for Sale 2,117,027

Liabilities

Employee Benefit Liabilities 32,718

Lease Creditor 5,849

Interest Bearing Loans and Borrowings 916,310

Trade and Other Payables 932,574

Liabilities directly associated with assets held for sale 1,887,451

Net assets directly associated with disposal group 229,576

13.3 The net cash flows analysis of Abans Engineering (Pvt)Ltd are, as follows Oct-18

LKR

'000

Operating Activates 36,118,993

Investing Activates (670,711)

Financing Activates (1,008,279)

Net cash generated/ (used) 34,440,003



Revenue and Expenses from Discontinued Operations

Total Profit / (Loss) for the year from discontinued operations

During the Financial year 2018/2019 (31st October 2018) , Abans Engineering (Pvt)Ltd fully owned subsidiary of Abans PLC was classified as a disposal Group held for sale and as a

discontinue Operation. On 1st November 2018 the company (Abans PLC) disposed the Abans Engineering (Pvt)Ltd to Abans Retail Holdings (Pvt)Ltd for a sale consideration of 343

Million. The business of Abans Engineering (Pvt)Ltd represented the entirely of the Group's engineering service operating segment until 31 October 2018. With Abans Engineering

(Pvt)Ltd being classified as discontinued operations,Therefor results of engineering service segment is no longer presented in the segment note. The results of Abans Engineering (Pvt)Ltd

for the seven months period are presented below;



14 RECLASSIFICATION OF COMPARATIVES

The following amounts have been reclassified in order to comply with the current year presentation

14

LKR LKR LKR LKR

'000 '000 '000 '000

Group

Revenue 32,834,142 (989,921) 31,844,221

Cost of Sales (24,583,444) 985,389 (23,598,055)

Gross Profit / (Loss) 8,250,698 (4,532) 8,246,166

Other Operating Income 380,213 (45,952) 334,261

Selling & Distribution Expenses (3,752,674) 77,360 (608,996) (4,284,310)

Administration Expenses (3,411,195) 105,080 608,996 (2,697,119)

Finance Cost (1,296,328) 74,100 (1,222,228)

Finance Income 50,427 (7,250) 43,177

Income Tax Expense (44,201) (54,324) (98,525)

Profit / (Loss) for the year from discontinued operations (144,482) (144,482)

Company

Selling & Distribution Expenses (3,407,786) - (583,138) (3,990,924)

Administration Expenses (2,535,056) - 583,138 (1,951,918)

14

LKR LKR LKR LKR

'000 '000 '000 '000

Group

Revenue 12,501,569 (220,147) 12,281,422

Cost of Sales (9,585,782) 285,431 (9,300,351)

Gross Profit / (Loss) 2,915,787 65,284 2,981,071

Other Operating Income 89,997 (14,592) 75,405

Selling & Distribution Expenses (1,289,166) 35,280 (198,076) (1,451,962)

Administration Expenses (1,180,183) 37,915 198,076 (944,193)

Finance Cost (450,773) 31,170 (419,603)

Finance Income 14,260 (2,475) 11,785

Income Tax Expense (27,056) (50,125) (77,181)

Profit / (Loss) for the year from discontinued operations (102,461) (102,461)

Company

Selling & Distribution Expenses (1,201,767) - (195,192) (1,396,959)

Administration Expenses (882,656) - 195,192 (687,464)



Discontinued

Adjustment

The above reclassification did not have any impact on other comprehensive income, statement of financial position, earnings per share, operating, investing and financing

cash flows for the Nine Month Period ended 31 December 2017.

Previously

Reported

Impact of

Adjustment

Reclassified

Amount

Impact on the Statement of Profit or Loss for the Nine Month Period Ended 31st

December 2017

Previously

Reported

Discontinued

Adjustment

Impact of

Adjustment

Reclassified

Amount

The above reclassification did not have any impact on other comprehensive income, statement of financial position, earnings per share, operating, investing and financing

cash flows for the 3rd Quarter ended 31 December 2017.

Impact on the Statement of Profit or Loss for the Three Month Period Ended 31st

December 2017



abans plc - cse · 2019. 2. 14. · group share revaluation other retained capital reserve reserve...

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