Aftab Automobiles Limited and its SubsidiaryrrqLv 3rd euarterReport

20L9-2020Dear Shareholders,We are pleased to forward herewith the un-audited Consolidated Statement of Profit or Loss and other Comprehensive Income forthe 3rd Quarter ended March 3L,2020, Consolidated Statement of Financial Position as at March 37,2020, Consolidated statementof Changes in Equity,Consolidated statement of cash flows and consolidated notes to the financial statements of the company forthe period ended on that date.

Dated, Dhaka.

]une 18, 2020

Aftab Automobiles Limited and its SubsidiaryIln-Audited consolidoted Statement of Proftt or Loss and other Comprehensive IncomeFor the 3rd Quarter ended March 31,2020

Iuly'"0.1 sParticulars

Revenues

Less: Costofsales 3

Gross profitLess: Operating expenses

Administrative expenses

Selling and distribution expensesFinancial charges

Operating profitAdd :Other income

Add : Share ofprofit from associate company, Profit before contribution to WPPF

Less : Contribution to WPPF

Net profit before taxAdd : Realized Gain on Sale ofshareProfit before tax

Less : Provision for Income taxCurrenttax 11Deferred tax 12

Total comprehensive income for the Period

Total comprehensive income for the PeriodAttributable to:Equity holdersNon-controlling interestsTotal comprehensive iqcome for the period

Consolidated earnings per share

7.4i;181,42,i.-'

,,.8- - -

55,770,78L

L6

r,s07,69.4;o6o

+.3x,,74 i

:::- S3t4246+0r. 10,417;572

82,668,795,.,:"

3,936,60978,732,185

::,,:,.,,::-:.::t ;479i*92',::,I,il:liaii.t;l73.;Y.,.

556,34O,926

396,505,661

| : :: +

: +_, _u :? v) :a : | :4. 4 :

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+

78,732,185

22,961,4O4

18sfl;ooo.,50;104;000.'

. .-...fi,814;3,5+.

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63-;2-28339,

6)rtl.an,iy'eDirector 4!W,,G

.-,: , O.58r

Officer

.-t INCompany Secretary

,,., 0i5,49i590,

.:,;..;:4:3..1..1A2419i80,

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to

, 170,359,00010;155,00013,63 2,000

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Aftab Automobiles Limited and its SubsidiaryUn-Audited consolidated Statement of Financial Position

As at March3L,2O20

Particulars

Assets:Non-current assets :

Property, plant and equipmentCapital work-in-progressInvestmentsInvestments in associateReceivables -Non-Current Maturity

Total non-current assets

Current assets:Receivables -Current MaturityStock and storesCurrent account with Navana Group CompaniesAdvances, deposits and prepaymentsCash and bank balances

{otal current assets :

Total Assets

Equity and Liabilities :

Capital & reserveShare capitalShare premiumReserve

Retained earningsEquity attributable to equity holdersNon-controlling interestTotal equity

Non-current liabilitiesLoan and deferred liabilities funsecuredJLong Term loan-Net of current maturityDeferred tax liability

Total non-current liabilities

Current liabilities :

Long Term Ioan-Current maturityShort-term loanAccrued and other current liabilities

Total current liabilities :

Total liabilities

Total Equity and Liabilities

Consolidated net assets value per share (NAVP

6

45

67

B

9

10L2

1013L4

17,386,128,220

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13,7,49r"91,3:

4,137,452,752

1,324,883,466::::::, :::::::::::=,,. .'.::l:

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LL,563,741,006

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Aftab Automobiles Limited and its SubsidiaryUn-audited consolidated Statement of Cash Flows

For the 3rd Quarter ended March 3t,20?,O

Particulars

A. Cash flows from operating activities

Receipts from customersReceipts as other incomePayments to suppliers and employees

Cash generated from operations

Income tax paid

Net cash generated by operating activities

B. Cash flows from investing activities

Acquisition of property, plant & equipmentCapital work in progress

Net cash used investing activities

C. Cash flows from financing activities

Received from bank loanFinancial charges paidInter company transactionDividend paid

Net cash used in financing activities

D. Net changes in cash & cash equivalents for the period

E. Cash & cash equivalents at beginning of the period

F. Cash & cash equivalents at end ofthe period (D+E)

Consolidated net operating cash flows per share (NOCFp

Iulv 9:tbMarch'2020

7-#3;BrB;2 9r,,:.

t;",;g+rz;6r-,21',.

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i42:4;

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(A+B+c, Sll5;z*ZJ,0.z=;:.;,'295,560,347

-

309,902,584

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2,160,905,00010,154,000

Aftab Automobiles Limited and its SubsidiaryConsolidated notes to the Financial Statements

As at and for the 3rd Quarter ended March 31,2020

1. Corporate Information and Mode of Business

Aftab Automobiles Limited fthe companyJ, was incorporated in erstwhile East Pakistan in the Year L967 as

East pakistan Automobiles Limited under the Companies Act, 1913. Subsequently, after liberation, the

company changed its name as Aftab automobiles Limited and was certified by the registrar of Joint Stock

Companies & Firms, Bangladesh on the LLth day of March, L972. lt was incorporated as a Private Limited

Company since inception. However, in 1981" it was transformed into Public Limited Company under the

Companies Act, 1913. The Registered Office of the Company is located at 125/A, Motijheel Commercial Area,

Dhaka-1000. The Company was listed with Dhaka Stock Exchange Limited and Chittagong Stock Exchange

Limited in the year 1987 and 1-996 respectively.

The principal activities of the Company throughout the period were assembling of Toyota Land Cruiser soft top

/ pick-up, Land Cruiser Prado, Hino Bus, Hino Mini Bus / Truck Chassis with a production Capacity of 24OO

units of vehicles in 3 shifu in Assembling Unit. At present the plant is running in single shift. The Company has'

recently setup a Motor Cycle Unit with a capacity of 10,000 units of Motor Cycle per year' Sales of Motor Cycle

has been started in the year zO\3-201,4. The Company has one sirbsidiary company namely Navana Batteries

Ltd, that produces and markets Batteries .

2 . SignificantAccounting Policies and basis of preparation of the financial statements

2.1 . Statement of Compliance

This quarterly financial statements have been prepared in accordance with Securities and Exchange rules as

well as International Accounting Standards (lAS's) and International Financial reporting Standards (IFRS's) as

directed by notification no. BSEC/CMRRCD/200 6-L581208/admin/81, Dated fune 20,20L8'

2.2, Accounting policies and method of computations

Accounting policies and methods of computations follwed in preparing this financial statements are consistent

with thosed used in annual flnancial statements.

2.3 . Basis of RePorting

The financial statements are prepared and presented for external users by the company in accordance with

identified financial reporting framework. Presentation has been made in compliance with the requirement of

IAS 1- "Presentation of Financial Statements".

2.4. Business Environment Urrdate Amid Coronavirus PandemicIn March, as the coronavirus pandemic spread in the bagladesh, the country meaningfully increased social

distancing and shelter-in-place mandates. In markets, the company subsequently saw the transport sector are

the most effectd sector of the county for this situation. The company expects the net effect of these pandemic

to have a significant impact on last quarter results as well as year 2OL9-2020. For context, since the beginning

of April, the company has experienced a volume decline or no revenue at all. The ultimate impact on the last

quarter and full year 2OL9-2020 is unknown at this time, as it will depend heavily on the duration of social

distancing and lockdown situation of the country, as well as the substance and pace of macroeconomic

recovery. However, the impact to the last quarter will be material. The company believes the pressure on the

business is temporary and remains optimistic on seeing sequential improvement in the year of 2020-2021'.

The company, along with its subsidiary, is continuing to adapt quickly to the current environment, with a focus

on mitigating the near-term impact while positioning for success coming out of the crisis.

2.5. Reporting

These financial statements cover 3rd Quarter of accounting year of the company for the period from fuly 0L,

2079 to March 37,2020.

2.6. Foreign Currency Exchange Gain/Loss

The company did not have any Foreign Currency in Cash and Cash equivalents at the begining and the end of

the period March 37,2020.

3. Costofsales

MaterialsFactory OverheadDepreciation

Particulars IulJ'=2 9:to: July'2018 to

,., .:,,::::: :. ::::::::

; ,, 3-2.1,,785;000

:::::,: 94,370,000'',., 99,368,00Q

Particulars

Property, plant and equipment, netOpening BalanceAdd : Addition for the Period

Add : Transferred from Capital W-l-P

Less: Depreciation

Closing Balance

Capital work-in-progressOpening balanceAdd : Addition during the Period

Less: Transfer to property, plant & equipmentClosing balance

Total ReceivablesLess : Bad debts

Receivable current (Maturity less than 12 months )Receivable Non-Current (Maturity over tZ months )

Stock and stores

Finished productsRaw materialsWork-in-processStores and sparesGoods in transit

Advances, deposits and prepaymentsAdvance to suppliersAdvance to employeesAdvance to othersCurrent Account with VATDepositsAdvance Income tax [note-8.1)

8.1 Advance Income tax

Opening balanceAdd : Addition during the Period

Less : Adjustment made during the periodClosing Balance

5,02L,028,342 5,004,062,54t125,650,000 L22,500,000

4,895,378,342 4,881,562,5472,726,1,09,289 2,828,?16,689

2,L69,269,052 2,052,645,882.,

"=I-=algp676.fiATitSZT

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March 3t,2O2O

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2,650,465;365L2,2;!37,i197

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L,004,6L2,727

, 6911250,707-,.,""":,',,. 5,I28,4i94

-Capital work-in-progress represents construction of motorcycle assessabling factory at Chittagong and

capacityenhancementofhinobus&truckbodyfabricationunit'

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Particulars MafCh 3!,2020Cash and bankbalancesCash in handCash at bank : Current AC, STD AC & FDR Accounts

Long Term loan-Net ofcurrent portionAgrani Bank Ltd.Meghna bank Ltd.SBAC bank Ltd.Standard bank ltd.Mutual trust bank Itd.Bank Asia Ltd.The City Bank Ltd.Phoenix FinancePrime bank Ltd.Midland Bank Ltd.Peoples LeasingMercantile bank Ltd.One Bank Ltd.NCC Bank Ltd.NRB Commercial Ltd.Bay LeasingGSP FinanceMidas financingUnion CapitalBD Finance Ltd.Southeast Bank Ltd.Prime Finance & Investment Ltd.Shahjalal Islami Bank Ltd.Trust Bank Ltd.Dutch-Bangla Bank Ltd.Social Islami Bank Ltd.Modhumoti bank Ltd.

Iess: Long Term loan-Current portionLong Term loan-Net of current portion

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Lt CurrenttaxAftab Automobiles Ltd. [Note: 11.L)Navana Batteries Ltd fNote: 11.2)

t1..l Aftab Automobiles Ltd.Operating profitOther IncomeContribution to WPPF

Bad debtsAdd: Accounting depreciationLess: Tax depreciation

Normal Tax liability @ 25o/o on profit before taxMinimum Tax liabilities @ 0.60/o on Gross ReceiptCurrent Tax Liabilities (whichever is higher)

LL,093,6297,737.583

tl

Particulars

Movement of deferred taxAftabAutomobiles Ltd.Opening Balance [Associate Company, PPE & Bad Debt]

Add : During the periodClosing Balance

Opening BalanceAdd : During the period (PPE & Bad Debt)

Add : During the period [Associate co. )Add : During the period ( OCI )Closing Balance

Navana Batteries Ltd

Opening BalanceAdd : During the period IPL AC )Closing Balance

Total Deferred Tax Expenses IPL AC)

Total Deferred Tax Liabilities (FS AC)

Short-term loanAgrani Bank Ltd.Bank Asia Ltd.NRB Commercial Ltd.NCC bank Ltd.Mercantile Bank Ltd.Midland Bank Ltd.Prime bank Ltd.One Bank Ltd.SBAC bank Ltd.Mutual trust bank Ltd.Southeast Bank Ltd.Dutch-Bangla Bank Ltd.IFIC Bank Ltd.

|amuna Bank Ltd.

Shahjalal Islami bank ltd.

Accrued and other current liabilitiesFor goods suppliedFor expensesFor Income taxFor Workers' P.P.F. and W.F.

Provision for bad debtsFor Other FinanceFor Bond LiabilitiesUnclaimed dividend

Net assets value per share (NAVPS)

Net assets valueNumber of ordinary shares used to compute NAVPS

Net assets value per share

aL019,497 64,L66,9061,478,230,675

March 3t,202,O fune 30,,2019,

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68,818,22092i"6L4

3,765,322

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15

t6

Particulars

Earnings per share (EPS)

Profit attributable to ordinary shareholdersNumber of ordinary shares used to compute earnings per shareEarnings per share

The gross profit ratio dereased in current year's 3rdalong with the financial expenses adversely affectedreduced EPS.

Net operating cash flows per share (NOCFPS)

Net operating cash flows (Note: 17.1)Number of ordinary shares used to compute NOCFPSNet operating cash flows per share

NOCFPS has substantially been decresed in current year's 3rd quarter compared to the previous year's3rd quarter due to decreased in collection from suppliers.

quarter compared to the previous year's 3rd quarterthe bottom line profitability & consequently resulted

T7

L7.L Reconciliation of cash flows from operating_ activities under indirect method:

Net profit/Loss before interest, income tax & WPPF

during the period

Adjustment to recocile net income to net cashprovided by operating activities:DepreciationPayment of WPPF

Income tax paidChanges in current assets and liabilities:Decrease/ (increase) in inventoriesDecrease/ (increase) in advance and prepayments

[Decrease)/ increase in payables & accruals(Decrease)/ increase in Advance against salesDecrease/ (increase) in trade receivableNet cash flow from operating activities

!.2:

!:::

.:.,:69;368,000

,..:.,t2,0S0,000J

.t6,5,227,000)

;,;,'[901706'ooo]][221;61.5,000)

',,2,a,4I7,0a0