ACL Cables : Quarterly accounts for the year ended 31st March 2024

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

UNAUDITED

ACL CABLES PLC (PQ 102)

ACL CABLES PLC

STATEMENT OF PROFIT OR LOSS - GROUP

Unaudited

(all amounts in Sri Lanka Rupees thousands)

For the year ended

Revenue from contracts with customers

Cost of Sales

Gross Profit

Other income

Distribution costs

Administrative costs

Operating Profit

Finance costs - net

Share of (loss)/profit of investments accounted for using the equity method

Profit Before Income Tax

Income tax expenses

Profit for the Year

Profit attributable to :

• Owners of the parent
• Non-controllinginterests

Earnings per share (Rs.)

Quarter ended	Year ended
31 March		31 March
2024		2023	2024	2023 (Audited)
7,720,195		6,799,146	29,422,604	30,146,826
(5,764,868)		(4,761,800)	(22,025,877)	(19,158,542)
1,955,326		2,037,346	7,396,727	10,988,284
94,458		699,325	189,213	472,233
(443,637)		(407,030)	(1,473,877)	(1,372,527)
(328,597)		(264,889)	(1,168,833)	(1,008,991)
1,277,550		2,064,753	4,943,230	9,079,000
(407,621)		(846,544)	(294,895)	(48,319)
60,550		2,450	108,594	134,395
930,479		1,220,659	4,756,929	9,165,076
(169,288)		(217,399)	(1,261,404)	(2,152,537)
761,191		1,003,261	3,495,524	7,012,540
645,351		782,698	2,906,350	5,951,700
115,840		220,561	589,174	1,060,840
761,191		1,003,261	3,495,524	7,012,540
2.69		3.27	12.13	24.84

Page 1

ACL CABLES PLC

STATEMENT OF PROFIT OR LOSS -COMPANY

Unaudited

(all amounts in Sri Lanka Rupees thousands)

For the year ended

Revenue from contracts with customers Cost of Sales

Gross Profit

Other income

Distribution costs

Administrative costs

Operating Profit

Finance costs - net

Profit Before Income Tax

Income tax expenses

Profit for the Year

Earnings per share (Rs.)

Quarter ended	Year ended
31 March		31 March
2024		2023	2024	2023 (Audited)
3,690,665		3,125,175	13,931,381	15,725,040
(3,025,421)		(2,364,938)	(11,318,663)	(11,044,571)
665,244		760,237	2,612,718	4,680,469
46,494		44,344	286,876	254,669
(195,557)		(212,035)	(676,709)	(707,199)
(69,059)		(55,306)	(245,284)	(220,102)
447,122		537,240	1,977,601	4,007,837
(185,842)		(405,534)	(494,467)	(828,638)
261,280		131,706	1,483,134	3,179,199
(45,797)		(38,425)	(333,751)	(770,783)
215,483		93,281	1,149,383	2,408,414
0.90		0.39	4.80	10.05

Page 2

ACL CABLES PLC

STATEMENT OF COMPREHENSIVE INCOME

Unaudited

(all amounts in Sri Lanka Rupees thousands)

(A) Group

For the year ended

-

Profit for the year

Other comprehensive income/(expenses) Fair value adjustment for FA at fair value through

OCI (net of tax)

Gain on revaluation of land and building (net of tax) Re-Measurement of defined benefit obligations (net of tax) Share of other comprehensive income of

equity accounted investee, net of tax Currency translation difference

Tax impact on effect of change in tax rates

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Total comprehensive income attributable to:

• Owners of the parent
• Non-controllinginterests

Total comprehensive income, net of tax

Quarter ended	Year ended
31 March	31 March
2024	2023	2024	2023
761,191	1,003,261	3,495,524	7,012,540
6,013	4,799	9,284	223,360
880,860	-	880,860	-
3,109	-	3,109	(39,157)
(538)		(538)	778
(112,957)	(19,718)	(147,104)	596,063
-	-	-	(119,790)
776,487	(14,919)	745,611	661,254
1,537,677	988,340	4,241,134	7,673,795
1,349,418	766,766	3,595,716	6,322,926
188,259	221,574	645,418	1,350,869
1,537,677	988,340	4,241,134	7,673,795

1. COMPANY

For the year ended

Profit for the Year

Other comprehensive income/(expenses) Fair value adjustment for FA at fair value through

OCI

Gain on revaluation of land and building (net of tax) Re-Measurement of defined benefit obligations

Tax impact on re-measurement of defined benefit obligations Tax impact on effect of change in tax rates

Other comprehensive income, net of tax

Total comprehensive income, net of tax

Quarter ended	Year ended
31 March		31 March
2024		2023	2024	2023
215,483		93,281	1,149,383	2,408,414
1,571		1,169	3,244	20
420,969		-	420,969	-
3,109		-	3,109	(42,254)
-		-	-	12,676
-		-	-	(62,258)
425,649		1,169	427,322	(91,816)
641,132		94,450	1,576,705	2,316,599

Page 3

ACL CABLES PLC

STATEMENT OF FINANCIAL POSITION

				Unaudited
(all amounts in Sri Lanka Rupees thousands)
	Group	Company
	31 March	31 March	31 March	31 March
As at	2024	2023 (Audited)	2024	2023 (Audited)
ASSETS
Non-Current Assets
Property, plant and equipment	6,466,739	5,604,193	2,510,766	1,949,645
Capital Work in progress	284,811	418,816	-	189,485
Investment property	1,358,500	1,302,000	608,500	580,000
Intangible assets	68,281	68,281	-	-
Right- of- use assets	26,833	21,693	-	-
Investment in subsidiaries	-	-	1,103,745	1,047,644
Investments accounted for using the equity method	754,002	676,787	345,093	345,093
Financial assets at fair value through OCI	877,829	868,546	16,949	13,705
	9,836,995	8,960,316	4,585,053	4,125,572
Current Assets
Inventories	11,266,368	11,719,856	6,535,538	6,825,887
Trade and other receivables	5,765,600	6,498,073	3,382,508	3,647,319
Financial assets at fair value through Profit or loss	1,632,806	-	518,971	-
Cash and cash equivalents	8,752,110	8,932,964	1,702,594	2,937,493
	27,416,885	27,150,893	12,139,611	13,410,699
TOTAL ASSETS	37,253,880	36,111,209	16,724,667	17,536,271
EQUITY AND LIABILITIES
Capital and Reserves
Stated capital	299,488	299,488	299,488	299,488
Capital reserve	3,671,001	2,844,283	1,777,394	1,356,425
General reserve	1,123,825	1,123,825	680,266	680,266
Fair value reserve of FA at FVOCI	258,722	251,540	7,117	3,873
Foreign currency translation reserve	84,690	231,794	-	-
Retained earnings	21,358,703	18,749,250	8,550,458	7,697,435
Equity attributable to owners of the parent	26,796,429	23,500,180	11,314,723	10,037,487
Non-controlling interests	4,433,992	3,958,088	-	-
Total equity
31,230,421	27,458,268	11,314,723	10,037,487
Non-Current Liabilities
Defined benefit obligations	454,499	387,306	216,898	187,646
Deferred tax liability	690,434	735,148	293,720	293,720
Lease liability	17,629	17,870	-	-
Borrowings	378,674	705,712	230,156	454,874
	1,541,235	1,846,036	740,774	936,240
Current Liabilities
Trade and other payables	827,648	900,216	2,512,168	2,719,254
Current income tax liability	2,226,345	2,322,662	1,151,743	999,526
Borrowings	1,353,164	2,687,318	1,000,000	2,255,780
Lease Liability	5,793	8,461	-	-
Bank overdraft	69,274	888,248	5,259	587,985
	4,482,224	6,806,905	4,669,170	6,562,545
Total Liabilities	6,023,459	8,652,941	5,409,944	7,498,785
Total Equity and Liabilities	37,253,880	36,111,209	16,724,667	17,536,271
Net asset value per share	111.85	98.09	47.23	41.90
Highest and Lowest Market Price recorded during the quarter;
Highest price (Rs.)			85.20	124.50
Lowest price (Rs.)			65.50	33.00
Last traded price (Rs.)			84.10	82.30

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
30 May 2024
Colombo	Page 4

ACL CABLES PLC

STATEMENT OF CHANGES IN EQUITY - GROUP

									Unaudited
(all amounts in Sri Lanka Rupees thousands)
For the year ended 31 March
			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	Earnings	Total	interest	equity
Balance at 1 April 2023	299,488	2,844,283	1,123,825	251,540	231,794	18,749,250	23,500,180	3,958,088	27,458,268
Net profit	-	-	-	-	-	2,906,350	2,906,350	589,174	3,495,524
Fair value adjustment for FA at fair value									-
through OCI	-	-	-	7,182	-	-	7,182	2,102	9,284
Re-measurements of post employment	-	-	-	-	-	3,109	3,109	-	3,109
benefit obligation
Gain on revaluation of Land and Buildings	-	826,717	-	-	-	-	826,717	54,142	880,860
(net of tax)
Currency Translation Difference	-	-	-	-	(147,104)	-	(147,104)	-	(147,104)
Share of other comprehensive income of
equity accounted investee, net of tax	-	-	-	-	-	(538)	(538)	-	(538)
Total comprehensive income	-	826,717	-	7,182	(147,104)	2,908,921	3,595,716	645,418	4,241,135
Adjustment due to change in holding	-	-	-	-	-	-	-	(56,100)	(56,100)
Dividends	-	-	-	-	-	(299,468)	(299,468)	(113,414)	(412,882)
Balance at 31 March 2024	299,488	3,671,001	1,123,825	258,722	84,690	21,358,702	26,796,429	4,433,992	31,230,421
For the year ended 31 March 2023
			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	Earnings	Total	interest	equity
Balance at 1 April 2022	299,488	2,968,431	1,123,825	26,138	(72,198)	13,071,145	17,416,829	2,724,219	20,141,048
Net profit	-	-	-	-	-	5,951,700	5,951,700	1,060,840	7,012,540
Fair value adjustment for FA at fair value	-	-	-	323,634		-	323,634	(2,042)	321,592
through OCI
Deferred tax on the FV adjustment for							-
financial assets at FVOCI				(98,232)			(98,232)	-	(98,232)
Currency Translation Difference					303,992		303,992	292,071	596,063
Re-measurements of post employment
benefit obligation	-	-	-	-		(57,355)	(57,355)	-	(57,355)
Deferred tax on re-measurement of post
employment benefit obligation	-	-	-	-		18,198	18,198	-	18,198
Gain on revaluation of Land and Building	-	-	-	-		-	-	-	-
Deferred tax on revaluation surplus	-	-	-	-		-	-	-	-
Tax impact on effect of change in tax rates	-	(119,790)	-	-		-	(119,790)	-	(119,790)
Share of other comprehensive income of
equity accounted investee, net of tax	-	-	-	-		778	778	-	778
Adjustment through equity	-	-	-	-	-	-	-	-	-
Impact on transfer of NCI balance to
retained earnings of equity investee	-	-	-	-		-	-	-	-
Total comprehensive income	-	(119,790)	-	225,402	303,992	5,913,322	6,322,926	1,350,869	7,673,795
Transfer from revaluation reserve net of tax	-	(4,358)	-	-	-	4,358	-	-	-
Dividends	-	-	-	-	-	(239,575)	(239,575)	(116,999)	(356,574)
Balance at 31 March 2023	299,488	2,844,283	1,123,825	251,540	231,794	18,749,250	23,500,180	3,958,088	27,458,268

ACL CABLES PLC

STATEMENT OF CHANGES IN EQUITY - COMPANY

						Unaudited
(all amounts in Sri Lanka Rupees thousands)
For the year ended 31 March
				FV Reserve
	Stated	Capital	General	of FA at	Retained
	capital	reserves	reserve	FVOCI	Earnings	Total
Balance at 1 April 2023	299,488	1,356,425	680,266	3,873	7,697,435	10,037,487
Net profit	-	-	-	-	1,149,383	1,149,383
Re-measurements of post employment	-	-	-	-	3,109	3,109
benefit obligation
Gain on revaluation of Land and Buildings (net of tax)	-	420,969	-	-	-	420,969
Fair value adjustment for FA at fair value through
OCI	-	-	-	3,244	-	3,244
Total comprehensive income	-	420,969	-	3,244	1,152,492	1,576,705
Dividends	-	-	-	-	(299,468)	(299,468)
Balance at 31 March 2024	299,488	1,777,394	680,266	7,117	8,550,459	11,314,723
No of shares as at 31 March 2024	239,574,720
For the year ended 31 March 2023
				FV Reserve
	Stated	Capital	General	of FA at	Retained
	capital	reserves	reserve	FVOCI	Earnings	Total
Balance at 1 April 2022	299,488	1,418,683	680,266	3,853	5,558,172	7,960,462
Net profit	-	-	-	-	2,408,414	2,408,414
Fair value adjustment for FA at fair value through
OCI	-	-	-	20	-	20
Re-measurements of post employment
benefit obligation	-	-	-	-	(42,254)	(42,254)
Deferred tax on re-measurement of post
employment benefit obligation	-	-	-	-	12,676	12,676
Tax impact on effect of change in tax rates	-	(62,258)	-	-	-	(62,258)
Total comprehensive income	-	(62,258)	-	20	2,378,838	2,316,598
Dividends	-	-	-	-	(239,575)	(239,575)
Balance at 31 March 2023	299,488	1,356,425	680,266	3,873	7,697,435	10,037,487
No of shares as at 31 March 2023	239,574,720

Page 6

ACL CABLES PLC

STATEMENT OF CASH FLOW

Unaudited

(all amounts in Sri Lanka Rupees thousands)

For the year ended 31 March

CASH FLOW FROM OPERATING ACTIVITIES

Profit/(loss) before tax

Adjustments for:

Depreciation of property, plant and equipment

Fair value adjustment to investment property

Share of profit from equity accounted investee (net of tax) Dividend received from equity accounted investee Dividend income

Interest expense/(income)

Effect of movements in exchange rates

Profit on disposal of property, plant and equipment

Defined benefit obligations

Changes in working capital: (Increase)/Decrease in;

Inventories

Receivables and prepayments

Increase/(Decrease) in;

Trade and other payables

Cash generated from/ (used in) operations

Interest paid/received

Defined benefit obligations paid

Income tax paid less refund received

WHT on dividend paid by subsidiary

Net cash (used in)/from operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment Investment in subsidiary

Dividend received

Proceeds from disposal of property, plant and equipment

Investment in Financial assets at Fair value through Profit or Loss

Net cash from/(used in) investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Short term borrowings net of payments Long term borrowings net of payments Principal elepment of lease payment Dividends paid

Dividends paid by subsidiaries to non-controlling interests

Net cash generated from/ (used in) financing activities

Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the end of the year

GROUP	COMPANY
2024	2023 (Audited)	2024	2023 (Audited)
4,756,929	9,165,077	1,483,134	3,179,197
360,819	407,866	126,584	144,305
(56,500)	(72,600)	(28,500)	(40,600)
(108,594)	(134,395)	-	-
35,034	14,135	-	-
(264)	(89,426)	(223,832)	(205,949)
407,621	48,319	494,467	828,639
(147,104)	255,994	-	-
-	(13,293)	-	-
94,960	68,856	47,153	30,540
453,488	(2,373,117)	290,349	(2,714,678)
732,473	1,868,539	264,811	1,646,953
(72,568)	(4,184,906)	(207,086)	(52,732)
6,456,293	4,961,050	2,247,080	2,815,675
(407,621)	(48,319)	(484,937)	(828,639)
(24,659)	(29,090)	(14,792)	(15,873)
(1,357,722)	(978,545)	(181,535)	(174,088)
(33,029)	-	-	-
4,633,264	3,905,096	1,565,816	1,797,074
(277,851)	(231,242)	(105,754)	(44,083)
-	-	(56,101)	-
(264)	89,426	223,832	205,949
-	13,293	-	-
(1,632,806)		(500,000)	-
(1,910,921)	(128,524)	(438,023)	161,868
(1,341,392)	(1,816,688)	(1,255,780)	(944,412)
(327,038)	(801,572)	(224,718)	(501,981)
(2,909)	(1,278)	-	-
(299,468)	(239,575)	(299,468)	(239,575)
(113,414)	(116,999)	-	-
(2,084,222)	(2,976,112)	(1,779,966)	(1,685,968)
638,121	800,462	(652,173)	272,975
8,044,716	7,244,252	2,349,508	2,076,534
8,682,837	8,044,714	1,697,335	2,349,508

Page 7

ACL CABLES PLC

NOTES TO THE FINANCIAL STATEMENTS

Unaudited

(all amounts in Sri Lanka Rupees thousands)

1. Segment information

(a) Business segment information

-		Manufacturing
	Manufacturing	PVC
	cables	compound	Others	Total	Total
For the year ended 31 March	2024	2024		2024	2024	2023
Revenue
Total revenue	30,637,965	2,373,422		980,965	33,992,352	36,374,831
Inter-segment sales	(1,248,299)	(2,340,485)		(980,965)	(4,569,748)	(6,228,005)
External sales	29,389,666	81,278		-	29,422,604	30,146,826
Results
Profit/(loss) before other income
and finance cost	4,022,743	517,003		214,271	4,754,017	8,606,767
Other income	166,614	2,126		20,473	189,213	472,233
Finance (cost)/income	(306,225)	50,698		(39,368)	(294,895)	(48,319)
Share of profit of investments
accounted for using the equity method	-	-		108,594	108,594	134,395
(Power and energy)
Taxation	(1,123,703)	(141,670)		3,969	(1,261,404)	(2,152,537)
Profit/(loss) after taxation	2,759,430	428,157		307,939	3,495,526	7,012,540
Capital expenditure
Segment capital expenditure	277,837	14		-	277,851	254,422
Total capital expenditure					277,851	254,422
Depreciation and amortisation
Segment depreciation	310,303	17,496		33,020	360,819	400,805
Total depreciation and amortisation					360,819	400,805
		Manufacturing
	Manufacturing	PVC
	cables	compound	Others	Total	Total
For the year ended 31 March	2024	2024		2024	2024	2023
Assets
Segment assets	28,597,369	3,459,516		4,122,685	36,179,570	35,171,022
Unallocated corporate assets					1,074,310	940,188
Total assets					37,253,880	36,111,210
Liabilities
Segment liabilities	5,542,883	213,556		256,776	6,013,215	8,626,923
Unallocated corporate liabilities					10,245	26,018
Total liabilities					6,023,460	8,652,941
(b) Geographical segment information - revenue
		Group		Company
For the year ended 31 March		2024		2023	2024	2023
Local sales		22,159,946		20,896,944	11,508,658	11,893,249
Export sales		7,262,658		9,249,882	2,422,723	3,831,791
		29,422,604		30,146,826	13,931,381	15,725,040

Page 8

ACL CABLES PLC

NOTES TO THE FINANCIAL STATEMENTS

Unaudited

1. The consolidated interim financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31 March 2023 and are in compliance with Sri Lanka Accounting Standards - LKAS 34 - Interim Financial Reporting.
2. Where necessary, the presentation and classification of the financial statements of the previous period have been adjusted for better presentation and to be comparable with year end reporting.
3. There were no liabilities for management fees or any other similar expenditures in the interim financial statements.
4. There were no funds raised through an IPO/Rights/Debenture issues by the group of companies.
5. There have been no other events subsequent to the balance sheet date, which require disclosures in the interim financial statements.
6. There were no significant changes in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31 March 2023.
7. Net Finance Income/(Cost) includes the exchange gain received during the year 2023/24.

				Rs.'000
	Quarter ended	Period ended
	Group	Company	Group	Company
Exchange gain/(loss)	(423,737)	(147,977)	(637,884)	(182,686)

9.	The gain from the disposal of foreign investment amounting to Rs. 609.7Mn	has been recognised under
	the other income in the Quarterly Financial statements (unaudited) ended 31/03/23 in the Kelani Cables
	PLC which is reflected in the Other Income of the Consolidated Financial Statement (unaudited) of ACL
	Cables PLC. Out of this, the Exchange gain arises from the disposal of foreign investment amounting to
	Rs.380.Mn which was recognized under Other Income in the Quarterly Financial Statement (Unaudited)
	ended 31/03/23 was subsequently re-classified under the Financial Income,	thus making the Other
	Income from the above reclassifying to Rs. 229.7 Mn in the Audited Financial statements for the year
	ended 31/03/23.

Page 9