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)


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


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


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


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)


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) `


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 - - -


Other Comprehencive Income (53,574) (3,963) (57,537)

Net Profit / (Loss) for the Period - - - 356,732 356,732



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


Restated Restated


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


Group Company

STATEMENT OF CASH FLOWS


1

2 REVENUE


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


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


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


'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


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.



Transactions with Joint Venture

2018 2017 2018 2017

Mar Mar Mar Mar


'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


'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.


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.



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.


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



Category

Category



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



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


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



interim financial statements...restated restated mar-18 mar-17 mar-18 mar-17 lkr lkr lkr lkr as at...

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