INTERIM FINANCIAL STATEMENTS...Restated Restated Mar-18 Mar-17 Mar-18 Mar-17 LKR LKR LKR LKR As at...
Transcript of INTERIM FINANCIAL STATEMENTS...Restated Restated Mar-18 Mar-17 Mar-18 Mar-17 LKR LKR LKR LKR As at...
Abans PLCNo. 498,
Galle Road, Colombo 03
www.abnansgroup.com
MARCH - 2018
INTERIM FINANCIAL
STATEMENTS
Restated Restated
2018 2017 2018 2017
Mar Mar Mar Mar
Note LKR LKR LKR % LKR LKR LKR %
'000 '000 '000 '000 '000 '000
Revenue 2 41,597,606 35,731,859 5,865,747 16.42 37,527,176 27,864,045 9,663,131 34.68
Cost of Sales (30,636,658) (25,270,117) (5,366,541) 21.24 (28,129,729) (20,062,869) (8,066,860) 40.21
Gross Profit 10,960,948 10,461,742 499,206 4.77 9,397,447 7,801,176 1,596,271 20.46
Other Operating Income 977,603 584,576 393,027 67.23 929,336 570,731 358,605 62.83
Selling & Distribution Expenses (5,032,329) (4,681,169) (351,160) 7.50 (4,600,290) (3,643,273) (957,017) 26.27
Administration Expenses (4,856,195) (4,540,670) (315,525) 6.95 (3,726,254) (3,107,788) (618,466) 19.90
Operating Profit 2,050,027 1,824,479 225,548 12.36 2,000,239 1,620,846 379,393 23.41
Impairment on Intercompany (240,688) 240,688 (240,688) 240,688
Finance Cost (1,698,222) (1,421,099) (277,123) 19.50 (1,588,950) (1,348,957) (239,993) 17.79
Finance Income 60,652 72,100 (11,448) (15.88) 58,050 63,920 (5,870) (9.18)
Share of Associate's Profit/ (Loss) 18,665 20,084 (1,419) (7.07) - - - -
Share of Joint Venture's Loss (142,547) (78,994) (63,553) 80.45 - - - -
288,575 175,882 112,693 64.07 469,339 95,121 374,218 393.41
Value Added Tax on Financial Services (63,087) (58,318) (4,769) 8.18 (2,843) (2,263) (580) 25.63
225,488 117,564 107,924 466,496 92,858 373,638
Income Tax (Expense)/Reversal (115,491) (160,165) 44,674 (27.89) (109,764) (85,947) (23,817) 27.71
Profit for the Period, Net of Tax 109,997 (42,601) 152,598 (358.20) 356,732 6,911 349,821 5,061.94
Other Comprehensive Income
Revaluation Gain 109,874 109,874 100.00 53,448 53,448 100.00
Deferred Tax on Revaluation (Gain) / Loss (122,822) (107,022)
Actuarial Gain /(Loss) (150) 9,019 (9,169) (101.66) (5,504) 7,070 (12,574) (177.85)
Differed Tax on Actuarial / (Gain) Loss 42 (2,839) 2,881 (101.48) 1,541 (1,905) 3,446 (180.90)
Revaluation Gains/(Losses) from Associate 133,107 133,107 100.00 - -
Actuarial Gain /(Loss) from Associate 433 4,653 (4,220) (90.70) - - -
Total Comprehensive Income 230,481 (31,768) 262,249 (825.51) 299,195 12,076 287,119 2,377.68
Profit / (Loss) Attributable to;
Equity Holders of the Parent 72,411 (60,856) 133,267 (218.99) - (35,242) 35,242 -
Non Controlling Interest 37,586 18,255 19,331 105.89 - - -
109,997 (42,601) 152,598 (358.20) - (35,242) 35,242 -
Total Comprehensive Income Attributable to;
Equity Holders of the Parent 193,057 (92,768) 285,825 (308.11) - 12,076 (12,076) -
Non Controlling Interest 37,424 18,850 18,574 98.54 - -
230,481 (73,918) 304,399 (411.81) 12,076 (12,076) -
Earnings Per Share 33.14 (27.85) 163.26 3.16
Note - All the Values are shown in Thousand
Profit Before Income Tax
Group Company
Profit Before Income Tax & Value Added Tax
on Financial Services
Increase/(Decrease)
Mar
Increase/(Decrease)
Mar
For the Year Ended 31st March 2018
STATEMENT OF COMPREHENSIVE INCOME
Abans PLC | Page (1)
Restated Restated
2018 2017 2018 2017
Mar Mar Mar Mar
LKR LKR LKR % LKR LKR LKR %
'000 '000 '000 '000 '000 '000
Revenue 8,763,464 8,343,866 419,598 5.03 7,817,693 6,190,064 1,627,629 26.29
Cost of Sales (6,053,214) (5,962,577) (90,637) 1.52 (5,496,710) (4,478,826) (1,017,884) 22.73
Gross Profit 2,710,250 2,381,289 328,961 13.81 2,320,983 1,711,239 609,744 35.63
Other Operating Income 597,389 346,135 251,254 72.59 602,191 330,246 271,945 82.35
Selling & Distribution Expenses (1,279,655) (1,241,962) (37,693) 3.03 (1,192,504) (919,965) (272,539) 29.62
Administration Expenses (1,444,999) (1,281,455) (163,544) 12.76 (1,191,198) (890,950) (300,248) 33.70
Operating Profit 582,985 204,007 378,978 185.77 539,472 230,569 308,903 133.97
Impairment on Intercompany (240,688) 240,688 (100.00) (240,688) 240,688 (100.00)
Finance Cost (401,895) (368,049) (33,846) 9.20 (371,565) (340,136) (31,429) 9.24
Finance Income 10,225 26,288 (16,063) (61.10) 16,007 23,620 (7,613) (32.23)
Share of Associate's Profit/ (Loss) (6,174) (6,299) 125 (1.99) - -
Share of Joint Venture's Profit Loss (37,071) (435) (36,636) 8,427.50 - -
148,070 (385,176) 533,246 (138.44) 183,914 (326,635) 510,549 (156.31)
Value Added Tax on Financial Services (16,891) (19,924) 3,033 (15.22) (893) (808) (85) 10.57
Income Tax (Expense)/Reversal (71,290) 42,347 (113,637) (268.35) (32,599) 40,580 (73,179) (180.33)
Profit for the Period, Net of Tax 59,889 (362,754) 422,643 (116.51) 150,422 (286,863) 437,285 (152.44)
Other Comprehensive Income
Revaluation Gain 109,874 109,874 100.00 53,448 53,448 -
Deferred Tax on Revaluation (Gain) / Loss (122,822) (122,822) (100.00) (107,022) (107,022) -
Actuarial Loss from Associate 433 4,653 (4,220) (90.70) -
Actuarial Gains/(Losses) on Defined Benefit Plans (150) 9,019 (9,169) (101.66) (5,504) 7,070 (12,574) (177.85)
Differed Tax on Actuarial / (Gain) Loss (2,839) 2,839 (100.00) 1,541 (1,905) 3,446 (180.89)
Deferred Tax on Actuarial / (Gain) Loss 42 42 100.00 -
Revaluation Gains/(Losses) from Associate 133,107 133,107 100.00 - Actuarial Gain /(Loss) from Associate - #DIV/0! - - - -
Total Comprehensive Income 180,373 (351,920) 532,294 (151.25) 92,885 (281,697) 374,582 (132.97)
Profit / (Loss) Attributable to;
Equity Holders of the Parent 53,211 (373,542) 426,753 (114.24) - - - -
Non Controlling Interest 6,678 10,788 (4,110) (38.10) - - - -
59,889 (362,754) 422,643 (116.51) - - - -
Total Comprehensive Income Attributable to;
Equity Holders of the Parent 173,857 (363,303) 537,161 (147.85) - - - -
Non Controlling Interest 6,516 11,383 (4,867) (42.76) - - - -
180,373 (351,920) 532,294 (151.25) - - - -
Earnings Per Share 24.35 (170.96) 68.84 (131.29)
Note - All the Values are shown in Thousand
Group Company
Increase/(Decrease) Increase/(Decrease)
Profit Before Income Tax & Value Added
Tax on Financial Services
Mar Mar
For the 4th Quarter Ended 31st March
2018
STATEMENT OF COMPREHENSIVE INCOME
Abans PLC | Page (2)
Restated Restated
Mar-18 Mar-17 Mar-18 Mar-17
LKR LKR LKR LKR
As at 31st March 2018 '000 '000 '000 '000
ASSETS
Non-Current Assets
Property, Plant and Equipment 1,286,641 1,272,805 1,028,268 1,085,396
Leasehold Land Payments 252,121 254,747 252,121 254,747
Investment Property 368,483 249,278 368,483 249,278
Intangible Assets 62,323 64,142 39,391 38,638
Lease Rentals Receivable and Stock Out on Hire 3,759,000 1,795,707 - -
Investments in Subsidiary Companies - - 3,350,205 1,108,487
Investments in Associate Companies 506,511 360,891 30,752 30,752
Investments in Joint Ventures 2,059,005 2,201,552 2,423,594
Other Financial Assets 15,180 91,493 15,100 15,600
Deferred Tax Assets 274,037 379,018 100,624 266,406
Trade and Other Receivables 699,363 814,450 - -
9,282,664 7,484,083 5,184,944 5,472,898
Current Assets
Inventories 9,643,842 11,176,797 8,421,262 9,756,246
Trade and Other Receivables 13,372,279 11,135,699 11,561,591 8,096,571
Lease Rentals Receivable and Stock Out on Hire 733,296 1,884,258 - -
Income Tax Recoverable 378,172 205,911 279,440 142,859
Other Financial Assets 795,144 644,935 4,913 14,637
Securities Purchased under Repurchase Agreement 362,248 250,810 - -
Cash and Short Term Deposits 998,411 1,086,872 581,891 620,115
26,283,392 26,385,282 20,849,097 18,630,428
Total Assets 35,566,056 33,869,365 26,034,041 24,103,326
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 218,500 218,500 218,500 218,500
Other Component Of Equity 593,704 492,546 345,474 399,049
Retained Earnings 6,614,012 6,494,341 5,106,589 4,753,819
7,426,216 7,205,387 5,670,563 5,371,368
Minority Interest 879,763 422,417 - -
Total Equity 8,305,979 7,627,804 5,670,563 5,371,368
Non-Current Liabilities
Interest Bearing Borrowings 4,089,712 2,974,720 3,979,655 2,847,908
Deferred Tax Liabilities 40,922
Employee Benefit Liability 299,810 258,679 226,272 159,344
Trade and Other Payables 1,297,220 1,184,979 - -
5,727,664 4,418,378 4,205,927 3,007,252
Current Liabilities
Warranty Provision 384,590 345,254 375,330 279,268
Trade and Other Payables 11,895,049 11,298,577 7,569,011 6,207,063
Income Tax Liabilities - 631 - -
Interest Bearing Borrowings 9,252,774 10,178,721 8,213,210 9,238,375
21,532,413 21,823,183 16,157,551 15,724,706
Total Equity and Liabilities 35,566,056 33,869,365 26,034,041 24,103,326
Note - All the Values are shown in Thousand
These Financial Statements are in compliance with the requirements of the Companies Act No :07 of 2007.
25th May 2018
Colombo
Director
(Sgd.)
Chief Finance Officer
The board of directors are responsible for the preparation and presentation of these financial statements.Signed for and on behalf of the board by.
(Sgd.)
Director
Group
(Sgd.)
Company
STATEMENT OF FINANCIAL POSITION
Abans PLC | Page (3)
GROUP
Share Revaluation Other Retained Minority Total
Capital Reserve Reserve Earnings Total Interest Equity
LKR LKR LKR LKR LKR LKR LKR
As at 31st March 2018 '000 '000 '000 '000 '000 '000 '000
Balance as at 31st March 2016 218,500 395,864 61,294 6,363,505 7,039,163 133,916 7,173,079
Impact of prior year adjustments 169,985 169,985 169,985
Net Profit / (Loss) for the Period - - - (60,856) (60,856) 18,255 (42,601)
Other Comprehensive Income - - - 10,238 10,238 595 10,833
- - - 46,857 46,857 270,464 317,321
Transfer to / (from) during the year - - 35,388 (35,388)
Dividends - - - - - (813) (813)
Balance as at 31st March 2017 218,500 395,864 96,682 6,494,341 7,205,387 422,417 7,627,804
Other Comprehencive Income - 101,158 - 646 101,804 18,680 120,484
- - - 46,613 46,613 407,780 454,393
Net Profit / (Loss) for the Period - - - 72,411 72,411 37,586 109,997
-
Dividends - - - (6,700) (6,700) `
Balance as at 31st March 2018 218,500 497,022 96,682 6,614,012 7,426,216 879,763 8,305,979
COMPANY Share Other Revaluation Retained Total
Capital Reserves Reserve Earnings Equity
LKR LKR LKR LKR LKR
As at 31st March 2018 '000 '000 '000 '000 '000
Balance as at 31st March 2016 218,500 7,415 391,634 4,571,761 5,189,310
Impact of prior year adjustments 169,985 169,985
Other Comprehensive Income - - 5,165 5,165
Net Profit for the Period - - - 6,908 6,908
Dividends - - -
Balance as at 31st March 2017 218,500 7,415 391,634 4,753,819 5,371,368
Other Comprehencive Income (53,574) (3,963) (57,537)
Net Profit / (Loss) for the Period - - - 356,732 356,732
Balance as at 31st March 2018 218,500 7,415 338,059 5,106,589 5,670,563
Note - All the Values are shown in Thousand
Attributable to Equity Holders of Parent
Change in Holding Percentage without Change in
Controlling power
Change in Holding Percentage without Change in
Controlling power
STATEMENT OF CHANGES IN EQUITY
Abans PLC | Page (4)
Restated Restated
Mar-18 Mar-17 Mar-18 Mar-17
LKR LKR LKR LKR
For the Year Ended 31st March 2018 '000 '000 '000 '000
Cash Flows From / (Used in) Operating Activities
Profit/(Loss) Before Tax From Continuing Operation 288,575 175,882 469,339 95,121
288,575 175,882 469,339 95,121
Adjustments for
Depreciation - Property Plant & Equipments 154,960 135,327 115,579 105,459
Change in Fair Value of Investment Properties (18,405) (41,278) (18,405) (41,278)
Amortization of Intangible Assets & Prepaid Rent 21,164 42,157 17,200 38,704
(Profit)/Loss on Disposal of Property, Plant & Equipment (9,372) (885) (6,366) (3,654)
Reversal of Land Impairment (4,718)
Fair Value of Quoted Shares 7,625 (643) 0 66
Finance Costs 1,698,222 1,421,100 1,588,950 1,348,957
Share of Profit from Associate (18,665) (20,084) -
Share of Loss from Joint Venture 142,547 78,994 -
Income from Investments (604,383) (252,190) (629,886) (274,055)
Provision for Warranty 331,312 341,913 380,960 242,863
Defined Benefit Plans Transferred 444 1,840 29,657 1,160
Provision for Defined Benefit Plans 65,223 57,844 46,609 35,223
Operating Profit Before Working Capital Changes 2,054,529 1,939,977 1,993,637 1,548,566
(Increase)/ Decrease in Inventories 1,532,955 (811,072) 1,334,984 (1,039,556)
(Increase)/ Decrease in Trade and Other Receivables (2,933,824) (63,074) (3,465,020) 1,430,555
Increase/ (Decrease) in Trade and Other Payables 708,713 1,644,683 1,361,948 1,319,360
Cash Generated from Operations 1,362,373 2,710,514 1,225,549 3,258,925
Finance Cost Paid (1,698,222) (1,421,100) (1,588,950) (1,348,957)
Defined Benefit Plan Costs Paid (24,662) (28,782) (14,842) (19,741)
Repair Charges Paid (291,976) (310,522) (284,898) (233,343)
VAT on Financial Services (63,087) (2,843)
Income Tax Paid (259,034) (844,372) (186,379) (503,591)
Net Cash From/(Used in) Operating Activities (974,608) 105,738 (852,363) 1,153,293
Cash Flows from / (Used in) Investing Activities
Acquisition of Property, Plant and Equipment (200,071) (197,820) (145,970) (157,168)
Acquisition of Intangible Assets (16,719) (47,001) (15,327) (37,217)
Proceeds from Sale of Property, Plant & Equipment 54,774 10,608 46,868 11,663
(Acquisition)/Proceeds from Other Investments (81,521) (445,749) 10,225 (2,484)
Acquisition/Proceeds From Subsidiary Investments - (2,241,718) (642,313)
Investments in Joint Ventures - (225,377) 2,423,594 (225,377)
Securities Purchased Under Repurchase Agreement (111,438) 379,349 -
Dividend Received 604,383 258,775 629,886 274,055
Net Cash Flows from/(Used in) Investing Activities 249,408 (267,215) 707,558 (778,841)
Cash Flows from / (Used in) Financing Activities
Increase/(Decrease) in Import Financing Loans 770,916 (770,197) 770,916 (770,197)
Increase/(Decrease) in Interest Bearing Loans and Borrowings (628,786) 997,446 (711,691) 505,231
Net Impact on Ownership Change 454,393 317,321
Increase/(Decrease) in Finance Lease Liabilities (6,957) (8,361) (1,183) (1,503)
Dividends Paid (6,700) (813) -
Net Cash Flows (Used in) Financing Activities 582,866 535,396 58,042 (266,469)
Net Increase/(Decrease) in Cash and Cash Equivalents (142,334) 373,919 (86,764) 107,983
Cash and Cash Equivalents at the Beginning of the Period 818,488 444,569 535,013 427,030
Cash and Cash Equivalents at the End of the Period 676,154 818,488 448,249 535,013
Note - All the Values are shown in Thousand
Group Company
STATEMENT OF CASH FLOWS
Abans PLC | Page (5)
1
2 REVENUE
Mar-18 Mar-17 Mar-18 Mar-17
For the Year Ended 31st March 2018 LKR LKR LKR LKR
'000 '000 '000 '000
2.1 Summary
Gross Revenue 41,966,390 36,052,731 37,890,080 28,137,838
Less: Nation Building Tax (368,784) (320,872) (362,904) (273,793)
Revenue 41,597,606 35,731,859 37,527,176 27,864,045
2.2 Segment Information
Mar-18 Mar-17 Mar-18 Mar-17 Mar-18 Mar-17 Mar-18 Mar-17
LKR LKR LKR LKR LKR LKR LKR LKR
'000 '000 '000 '000 '000 '000 '000 '000
Revenue 38,054,025 32,418,971 1,644,600 1,713,152 1,898,980 1,599,736 41,597,606 35,731,859
Segment Results 2,059,787 1,672,545 (201,364) (100,791) 191,604 252,725 2,050,027 1,824,479
Finance Costs (1,590,598) (1,345,955) (107,624) (75,144) - - (1,698,222) (1,421,099)
Finance Income 59,320 69,761 1,332 2,339 - - 60,652 72,100
Impairment on Intercompany (240,688) (240,688)
Share of Associates' Profits 18,665 20,084 - - - - 18,665 20,084
Share of Joint Venture Loss (142,547) (78,994) - - - - (142,547) (78,994)
Profit Before Income Tax 404,628 96,753 (307,657) (173,596) 191,604 252,725 288,575 175,882
VAT on Financial Services (4,432) (2,999) (58,655) (55,319) (63,087) (58,318)
Income Tax Expense (182,203) (113,350) 104,797 17,027 (38,086) (63,842) (115,491) (160,165)
Profit for the year 217,993 (19,596) (202,860) (156,569) 94,864 133,564 109,997 (42,601)
Segment Result Stated after Charging Following Expenses
Amortization of Intangible Assets (11,686) 36,102 27,250 914 2,974 2,514 18,538 39,530
Depreciation 109,965 95,060 26,950 25,518 20,670 16,147 157,586 136,725
As At As At As At As At As At As At As At As At
Mar-18 Mar-17 Mar-18 Mar-17 Mar-18 Mar-17 Mar-18 Mar-17
LKR LKR LKR LKR LKR LKR LKR LKR
Assets and Liabilities '000 '000 '000 '000 '000 '000 '000 '000
Non Current Assets 3,635,584 2,631,385 292,014 184,252 5,355,066 4,668,446 9,282,664 7,484,083
Current Assets 20,635,553 21,235,431 2,045,481 2,332,089 3,602,358 2,817,762 26,283,392 26,385,282
Total assets 24,271,137 23,866,816 2,337,495 2,516,341 8,957,424 7,486,208 35,566,056 33,869,365
Non-Current Liabilities 4,132,416 2,941,550 60,735 62,972 1,534,513 1,413,856 5,727,664 4,418,378
Current Liabilities 14,232,980 15,521,513 1,444,150 1,439,584 5,855,283 4,862,086 21,532,413 21,823,183
Total Liabilities 18,365,396 18,463,063 1,504,885 1,502,556 7,389,796 6,275,942 27,260,077 26,241,561
Note - All the Values are shown in Thousand
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 2017 and in compliance with LKAS 34 -'Interim Financial Reporting' & all figures are subject to Audit.
TRADING ENGINEERING FINANCIAL SERVICES GROUP
Group Company
NOTES TO THE FINANCIAL STATEMENTS
Abans PLC | Page (6)
3 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 1,553
Standby Letter of Credits 930
Guarantees Issued by Banks 1,316
4 EVENTS OCCURRING AFTER THE REPORTING DATE
5 RELATED PARTY DISCLOSURES
Details of significant related party disclosures are as follows:
Transactions with /between Subsidiaries and Subsidiaries of the Parent Company
2018 2017 2018 2017
Mar Mar Mar Mar
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000
Sale of Goods - - 18,683 91,271
* Subsidiaries including
AB Technologies (Pvt) Ltd , Abans Finance PLC , Abans Lanka (Pvt) Ltd , Abans Retail (Pvt) Ltd ,Abans Engineering (Pvt) Ltd,
AB Suncity (Pvt)Ltd.
During the Financial Period the Parent company acquired AB Suncity (Pvt)Ltd with 100% Holding. Invested value of the share is Rs. 2,408,060,000/-
Transactions with /Between Associates and Associates of the Parent Company
2018 2017 2018 2017
Mar Mar Mar Mar
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000
Sale of Goods 33,957 78,396 9,250 20,289
Purchase of Goods 2,329,749 3,083,555 2,316,476 614,631
Receipt of Services 717,279 750,647 693,055 648,431
* Associates including
Abans Electricals PLC
Note - All the Values are shown in Thousand
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
During the first quarter of the period the parent company diluted it's Abans Finance PLC share holding from 71.6% to 59.6% through renunciation of rights. In the
Secound quarter the ownership is further diluted to 49.67% by accepting the Mandatory offer made by Ironwood Investment Holdings (Pvt) Ltd.
NOTES TO THE FINANCIAL STATEMENTS
Abans PLC | Page (7)
Transactions with Joint Venture
2018 2017 2018 2017
Mar Mar Mar Mar
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000
Sale of Goods 6,019 4,459 6,019 4,323
* Joint Venture Includes
Colombo City Centre Partners (Pvt) Ltd
Transactions with Other Related Companies
2018 2017 2018 2017
Mar Mar Mar Mar
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000
Sale of Goods 11,367 70,548 11,229 59,883
Purchase of Goods 2,190,231 1,899,125 3,874 6,846
Receipts of Services 1,749,898 1,658,794 1,723,222 1,542,982
Consideration * - 85,101 - 85,101
Rent Expenses 175,826 164,021 160,814 165,162
* Consideration
Net of Assets & Liabilities Transfer from New Business Operation-Abstract Lanka (Pvt) Ltd.
Note - All the Values are shown in Thousand
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, PNP Logistics (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 Gardner Dixon Hall ( 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.
NOTES TO THE FINANCIAL STATEMENTS
Abans PLC | Page (8)
6 Share Related Details
Directors' Shareholding
The shareholding of Directors as at 31st March 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. S J De Silva Wijeyeratne NIL - NIL - NIL -
Twenty largest shareholders of the Company
Number %
P N P Logistic 2,160,000 100
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 16,994
Company 12,976
Shareholding
Ordinary Voting SharesOrdinary 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.
NOTES TO THE FINANCIAL STATEMENTS
Group Company
Mar-18 Mar-18
LKR LKR
Debt to Equity Ratio 1.61 2.15
Quick Assets Ratio 0.77 0.77
Interest Coverage Ratio 1.21 1.37
8 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%
9 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 N/T
Lowest Price N/T N/T
Last Traded Price N/T N/T
Last Traded Date-
N/T - Not Traded
Debt Securities Related Details7
Debenture Issue 2013
Debenture Issue 2014
Category
Category
NOTES TO THE FINANCIAL STATEMENTS
Abans PLC | Page (10)
10 Approx Yield to Maturity Ratio
Debenture Issue 4 Years 5 Years
2013 N/A -2.22%
2014 N/T N/T
11 Interest Yield Ratio
Debenture Issue 4 Years 5 Years
2013 N/A 12.71%
2014 N/T N/T
N/T - Not Traded
N/A - Not Applicable
Category
Category
NOTES TO THE FINANCIAL STATEMENTS
Abans PLC | Page (11)
12 PRIOR YEAR ADJUSTMENT
Change in Accounting Policies
Impact to the Statement of Financial Position as at March 31, 2017
Group
LKR LKR LKR
Non-Current Assets
Investment Properties 22,457 226,821 249,278
Deferred Tax Assets 393,704 (14,686) 379,018
Equity and Liabilities
Retained Earnings 6,282,207 212,135 6,494,342
Company
Non-Current Assets
Investment Properties 22,457 226,821 249,278
Deferred Tax Assets 281,092 (14,686) 266,406
Equity and Liabilities
Retained Earnings 4,541,685 212,135 4,753,820
Impact to the Total Comprehensive Income for the year ended March 31, 2017
Group
LKR LKR LKR
Administrative Expenses (4,542,066) 1,398 (4,540,669)
Income Tax Expense (159,639) (526) (160,165)
Change in Fair Value of Investment Properties 41,278 41,278
Impact to the Earnings per Share (47) 19 (28)
Company
Administrative Expenses (3,109,189) 1,398 (3,107,792)
Income Tax Expense (85,421) (526) (85,947)
Change in Fair Value of Investment Properties 41,278 41,278
Impact to the Earnings per Share (16) 19 3
Note - All the Values are shown in Thousand
Previously
Reported
Impact of
Adjustment
Restated
Amount
The Financial Statements have been restated in accordance with Sri Lanka Accounting Standard LKAS 8 - Accounting Policies,Changes in
Accounting Estimates and Errors,to reflect the following.
The Group re-assessed its accounting for investment property with respect to measurement after initial recognition. The Group had previously
measured all investment property using the cost model . On March 31, 2018, the Group decided to change the method of accounting for
investment property, as the Group believes that the fair value model provides more relevant information to the users of its financial statements
and is more aligned to practices adopted by its competitors. In addition, available valuation techniques provide reliable estimates of the
investment property’s fair value. The Group applied the revaluation model retrospectively and the impact to the financial statements is disclosed
as follows.
Previously
Reported
Impact of
Adjustment
Restated
Amount
NOTES TO THE FINANCIAL STATEMENTS
Abans PLC | Page (12)