ACL Cables : Quarterly accounts for the period ended 30th June 2022

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

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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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