FOR THE NINE MONTHS PERIOD ENDED

DECEMBER - 2018

Abans PLC
No. 498,
Galle Road, Colombo 03
www.abnansgroup.com
 STATEMENT OF PROFIT OR LOSS
For the Nine Months Period Ended Group Company
31st December 2018 2017 Change 2018 2017 Change
Note LKR LKR LKR % LKR LKR LKR %
'000 '000 '000 '000 '000 '000

Revenue 3 27,082,793 31,844,221 (4,761,428) (14.95) 25,603,457 29,709,483 (4,106,026) (13.82)

Cost of Sales (18,862,593) (23,598,055) 4,735,462 (20.07) (18,199,328) (22,633,019) 4,433,691 (19.59)
Gross Profit 8,220,200 8,246,166 (25,966) (0.31) 7,404,129 7,076,464 327,665 4.63

Other Operating Income 580,459 334,261 246,198 73.65 417,570 327,145 90,425 27.64
Selling & Distribution Expenses (3,881,541) (4,284,310) 402,769 (9.40) (3,818,276) (3,990,924) 172,648 (4.33)
Administration Expenses (3,011,532) (2,697,119) (314,413) 11.66 (2,343,304) (1,951,918) (391,386) 20.05
Operating Profit 1,907,586 1,598,998 308,588 19.30 1,660,119 1,460,767 199,352 13.65

Finance Cost (1,075,355) (1,222,228) 146,873 (12.02) (1,075,355) (1,217,385) 142,030 (11.67)
Finance Income 21,112 43,177 (22,065) (51.10) 21,446 42,043 (20,597) (48.99)
Share of Associate's Profit/ (Loss) 14,332 24,839 (10,507) (42.30) - - - -
Share of Joint Venture's Loss (127,819) (105,476) (22,343) 21.18 - - - -
Profit Before Income Tax & Value Added Tax 739,856 339,310 400,546 118.05 606,210 285,425 320,785 112.39
on Financial Services
Value Added Tax on Financial Services (46,853) (46,196) (657) 1.42 (4,539) (1,950) (2,589) 132.77
Profit Before Income Tax 693,003 293,114 399,889 136.43 601,671 283,475 318,196 112.25

Income Tax (Expense)/Reversal (33,356) (98,525) 65,169 (66.14) 2,421 (77,165) 79,586 (103.14)
Profit for the period from continue operation 659,647 194,589 465,058 239.00 604,092 206,310 397,782 192.81

Discontinued Operations: 13
Loss for the period from Discontinued Operation (18,224) (144,482) 126,258 (87.39) - - - -

Profit for the Period 641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Other Comprehensive Income - - - - - - - -

Total Comprehensive Income 641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Profit / (Loss) Attributable to;

Equity Holders of the Parent 617,633 19,199 598,434 3,117.01 604,092 206,310 397,782 192.81
Non-Controlling Interest 23,790 30,908 (7,118) (23.03) - - - -
641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Total Comprehensive Income Attributable to;

Equity Holders of the Parent 617,633 19,199 598,434 3,117.01 604,092 206,310 397,782 192.81
Non-Controlling Interest 23,790 30,908 (7,118) (23.03) - - - -
641,423 50,107 591,316 1,180.11 604,092 206,310 397,782 192.81

Earnings Per Share 282.67 8.79 276.47 94.42

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Abans PLC | Page (1)

STATEMENT OF PROFIT OR LOSS
For the Three Months Ended Group Company
31st December 2018 2017 Change 2018 2017 Change
LKR LKR LKR % LKR LKR LKR %
'000 '000 '000 '000 '000 '000

Revenue 10,368,474 12,281,422 (1,912,948) (15.58) 9,890,282 11,845,927 (1,955,645) (16.51)

Cost of Sales (7,394,804) (9,300,351) 1,905,547 (20.49) (7,177,008) (9,194,646) 2,017,638 (21.94)
Gross Profit 2,973,670 2,981,071 (7,401) (0.25) 2,713,274 2,651,281 61,993 2.34

Other Operating Income 62,664 75,405 (12,741) (16.90) (91,510) 71,040 (162,550) (228.81)
Selling & Distribution Expenses (1,312,822) (1,451,962) 139,140 (9.58) (1,289,448) (1,396,959) 107,511 (7.70)
Administration Expenses (977,042) (944,193) (32,849) 3.48 (758,348) (687,464) (70,884) 10.31
Operating Profit 746,470 660,321 86,149 13.05 573,968 637,898 (63,930) (10.02)

Finance Cost (390,658) (419,603) 28,945 (6.90) (390,658) (418,582) 27,924 (6.67)
Finance Income 6,586 11,785 (5,199) (44.12) 6,605 11,531 (4,926) (42.72)
Share of Associate's Profit/ (Loss) 15,124 9,231 5,893 63.84 - - - -
Share of Joint Venture's Profit Loss (41,783) (71,481) 29,698 (41.55) - - - -
Profit Before Income Tax & Value Added Tax 335,739 190,253 145,486 76.47 189,915 230,847 (40,932) (17.73)
on Financial Services
Value Added Tax on Financial Services (18,587) (13,453) (5,134) 38.16 (1,897) (394) (1,503) 381.47
Income Tax (Expense)/Reversal 12,272 (77,181) 89,453 (115.90) 32,432 (75,268) 107,700 (143.09)
Profit for the period from continue operation 329,424 99,619 229,805 230.68 220,450 155,185 65,265 42.06

Discontinued Operations:
Profit/(Loss) for the year from Discontinued Operation 29,225 (102,461) 131,686 (128.52) - - - -

Profit/(Loss) for the Period 358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Other Comprehensive
Actuarial Income
Gain /(Loss) from Associate -- - -- #DIV/0!- -- -- -- --
Total Comprehensive Income 358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Profit / (Loss) Attributable to;

Equity Holders of the Parent 346,407 (8,054) 354,461 (4,401.29) 220,450 155,185 65,265 42.06
Non-Controlling Interest 12,242 5,212 7,030 134.88 - - - -
358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Total Comprehensive Income Attributable to;

Equity Holders of the Parent 346,407 (8,054) 354,461 (4,401.29) 220,450 155,185 65,265 42.06
Non-Controlling Interest 12,242 5,212 7,030 134.88 - - - -
358,649 (2,842) 361,491 (12,721.53) 220,450 155,185 65,265 42.06

Earnings/(Loss) Per Share 158.54 (3.69) 100.89 71.02

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Abans PLC | Page (2)

 STATEMENT OF FINANCIAL POSITION
Group Company
As at Dec-18 Mar-18 Dec-18 Mar-18
LKR LKR LKR LKR
As at 30th September '000 '000 '000 '000
ASSETS
Non-Current Assets
Property, Plant and Equipment 1,200,150 1,289,794 1,055,423 1,028,267
Leasehold Land Payments 250,151 252,121 250,151 252,121
Investment Property 368,483 368,483 368,483 368,483
Intangible Assets 62,010 62,323 28,104 39,391
Lease Rentals Receivable and Stock Out on Hire 2,685,561 3,639,778 - -
Investments in Subsidiary Companies - - 3,219,112 3,350,205
Investments in Associate Companies 520,843 506,511 30,752 30,752
Investments in Joint Ventures 2,274,806 2,059,005 - -
Other Financial Assets 15,080 15,180 15,000 15,100
Deferred Tax Assets 345,849 339,604 309,757 166,191
Loans and Advances 955,154 699,363 - -
8,678,087 9,232,162 5,276,782 5,250,510

Current Assets
Inventories 8,571,383 9,643,842 8,518,050 8,421,262
Trade and Other Receivables 11,234,583 11,641,384 10,662,362 11,511,575
Loans and Advances 1,142,698 1,694,618 - -
Lease Rentals Receivable and Stock Out on Hire 2,329,721 852,523 - -
Income Tax Recoverable 338,304 378,302 257,276 279,570
Other Financial Assets 673,500 795,144 4,732 4,913
Securities Purchased under Repurchase Agreement 275,368 362,248 - -
Cash and Short Term Deposits 979,363 998,411 820,383 581,891
25,544,920 26,366,472 20,262,803 20,799,211
Total Assets 34,223,007 35,598,634 25,539,585 26,049,721
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 218,500 218,500 218,500 218,500
Other Component of Equity 611,287 614,474 345,809 345,809
Retained Earnings 7,276,247 6,660,401 5,776,046 5,171,954
Equiity Attributable to Equity Holders of the Parent 8,106,034 7,493,375 6,340,355 5,736,263
Non-Controlling Interest 887,890 880,906 - -
Total Equity 8,993,924 8,374,281 6,340,355 5,736,263

Non-Current Liabilities
Interest Bearing Borrowings 2,044,512 4,089,712 1,987,845 3,979,655
Deferred Tax Liabilities 40,922 40,922 - -
Employee Benefit Liability 283,163 299,810 240,859 226,271
Trade and Other Payables 1,408,801 1,297,220 - -
3,777,398 5,727,664 2,228,704 4,205,926

Current Liabilities
Warranty Provision 298,049 384,590 296,998 375,330
Trade and Other Payables 9,699,899 11,859,325 6,049,007 7,518,992
Interest Bearing Borrowings 11,453,737 9,252,774 10,624,521 8,213,210
21,451,685 21,496,689 16,970,526 16,107,532
Total Equity and Liabilities 34,223,007 35,598,634 25,539,585 26,049,721

Note - Figures in brackets indicate deductions

The above figures are subject to audit
These Financial Statements are in compliance with the requirements of the Companies Act No :07 of 2007.

(Sgd.)
Head of Finance
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.) (Sgd.)
Director Director

31st January 2019

Colombo
Abans PLC | Page (3)
 STATEMENT OF CHANGES IN EQUITY
GROUP Attributable to Equity Holders of the Parent Non-
Total
Share Revaluation Other Retained Controlling
Equity
Capital Reserve Reserve Earnings Total Interest
LKR LKR LKR LKR LKR LKR LKR
As at 30th September '000 '000 '000 '000 '000 '000 '000

Balance as at 31st March 2017 218,500 395,864 96,682 6,494,341 7,205,387 422,417 7,627,804

Profit for the Period - - - 19,199 19,199 30,908 50,107

Other Comprehencive Income - - - - - - -

Balance as at 31st December 2017 218,500 395,864 96,682 6,513,540 7,224,586 453,325 7,677,911

Profit for the Period - - - 118,575 118,575 6,678 125,253

Other Comprehencive Income - 102,955 - 646 103,601 19,823 123,424

Change in Holding Percentage without Change in - - - 46,613 46,613 407,780 454,393

Controlling power
Transfers to/(from) during the Year - - 18,973 (18,973) - - -
Dividends - - - - - (6,700) (6,700)

Balance as at 31st March 2018 218,500 498,819 115,655 6,660,401 7,493,375 880,906 8,374,281

Profit for the Period - - - 617,633 617,633 23,790 641,423

Acquisition of Non-Controlling Interest - - - (1,787) (1,787) (16,806) (18,593)

Dispsal of Subsidery (3,187) (3,187) (3,187)
Dividends - - - - - - - `

Balance as at 31st December 2018 218,500 495,632 115,655 7,276,247 8,106,034 887,890 8,993,924

COMPANY Share Other Revaluation Retained Total

Capital Reserves Reserve Earnings Equity
LKR LKR LKR LKR LKR
As at 30th September '000 '000 '000 '000 '000

Balance as at 31st March 2017 218,500 7,415 391,634 4,753,819 5,371,368

Profit for the Period - - - 206,310 206,310

Other Comprehencive Income - - - - -

Balance as at 31st December 2017 218,500 7,415 391,634 4,960,129 5,577,678

Profit for the Period - - - 215,788 215,788

Other Comprehencive Income - - (53,240) (3,963) (57,203)
Dividends - - - - -

Balance as at 31st March 2018 218,500 7,415 338,394 5,171,954 5,736,263

Profit for the Period - - - 604,092 604,092

Other Comprehencive Income - - - - -
Dividends - - - - -

Balance as at 31st December 2018 218,500 7,415 338,394 5,776,046 6,340,355

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Abans PLC | Page (4)

 STATEMENT OF CASH FLOWS
Group Company
2018 2017 2018 2017
LKR LKR LKR LKR
For the Nine Months Period Ended 31st December '000 '000 '000 '000
Cash Flows From / (Used in) Operating Activities
Profit /(Loss) from Continued Operation 739,856 339,310 606,210 285,425
Profit /(Loss) from Discontinued Operation (35,793) (144,482)
Profit Before Taxation 704,063 194,828 606,210 285,425

Adjustments for
Depreciation - Property Plant & Equipments 108,047 119,520 90,189 98,897
Amortization of Intangible Assets & Prepaid Rent 16,884 11,342 14,249 1,048
(Profit)/Loss on Disposal of Property, Plant & Equipment (1,598) (3,567) (1,598) (2,385)
(Profit)/Loss on Disposal of Subsidiaries (114,044) - 149,686 -
(Profit) /Loss for the year from discontinued operations 132,268 - - -
Fair Value of Quoted Shares - 7,667 181 43
Finance Costs 1,075,355 1,222,228 1,075,355 1,217,385
Share of Profit from Associate (14,332) (26,314) - -
Share of Loss from Joint Venture 127,819 105,476 - -
Income from Investments (403,795) (116,735) (403,795) (124,247)
Provision for Warranty 138,085 229,108 146,559 265,567
Provision for Defined Benefit Plans 50,810 33,139 41,032 25,116
Operating Profit Before Working Capital Changes 1,819,562 1,776,692 1,718,069 1,766,849
(Increase)/ Decrease in Inventories (80,195) 2,272,597 (96,788) 2,148,126
(Increase)/ Decrease in Trade and Other Receivables (573,975) (3,995,696) 849,213 (3,947,884)
Increase/ (Decrease) in Trade and Other Payables (1,213,949) 431,168 (1,469,985) 495,810
Cash Generated from Operations (48,557) 484,761 1,000,509 462,901

Finance Cost Paid (1,031,262) (1,174,561) (1,037,948) (1,169,718)

Defined Benefit Plan Costs Paid (32,952) (11,778) (26,444) (12,309)
Repair Charges Paid (224,626) (192,789) (224,891) (187,101)
VAT on Financial Services (46,853) (46,196) (4,539) (1,950)
Income Tax Paid (135,893) (237,809) (118,851) (124,392)
Net Cash From/(Used in) Operating Activities (1,520,143) (1,178,372) (412,164) (1,032,569)

Cash Flows from / (Used in) Investing Activities

Acquisition of Property, Plant and Equipment (138,879) (132,101) (123,641) (107,056)
Acquisition of Intangible Assets (16,399) (1,738) (992) (346)
Proceeds from Sale of Property, Plant & Equipment 7,894 12,025 7,894 5,943
(Acquisition)/Proceeds from Other Investments 121,744 (9,050) 100 (775)
New Share Issue & Disposal -Abans Finance PLC - 443,050 - -
Proceeds From Subsidiary Investments 343,620 - 343,620 166,282
Acquisition From Subsidiary Investments - - (362,213) -
Direct Cost of Issue of Shares - (262) - -
Investments in Joint Ventures (343,620) - - -
Securities Purchased Under Repurchase Agreement 86,880 (332,435) - -
Dividend Received 403,795 116,735 403,795 124,247
Net Cash Flows from/(Used in) Investing Activities 465,035 96,224 268,562 188,295

Cash Flows from / (Used in) Financing Activities

Proceeds from Import Financing Loans 15,417,831 19,004,997 15,417,831 19,004,997
Repayment of Import Financing Loans (14,712,888) (17,506,720) (14,712,945) (17,506,721)
Proceeds from Bank Loans 1,532,785 6,644,866 1,347,785 6,526,547
Repayment of Bank Loans (1,208,960) (5,488,472) (1,131,460) (5,210,576)
Proceeds from Commercial Papers 114,428 244,310 114,428 244,310
Repayment of Commercial Papers (80,079) (410,165) (80,079) (410,165)
Repayment of Debentures - Listed - Unsecured (828,415) (1,677,201) (828,415) (1,677,201)
Repayment of Finance Lease Liabilities - 1,068,478 -
Proceeds from Finance Lease Liabilities - (686,491) - (1,084)
Proceeds from Securitization 399,972 - - -
Dividends Paid - (6,700) - -
Net Cash Flows (Used in) Financing Activities 634,674 1,186,902 127,145 970,107

Net Increase/(Decrease) in Cash and Cash Equivalents (420,434) 104,754 (16,457) 125,833
Cash and Cash Equivalents at the Beginning of the Period 849,204 818,488 448,249 535,013

Cash and Cash Equivalents at the End of the Period 428,770 923,242 431,792 660,846

Analysis of cash and cash equivalents

Cash and Short Term Deposits 979,363 1,287,985 820,383 862,344
Bank Overdrafts (550,593) (364,743) (388,591) (201,498)
Total Cash and Cash Equivalents 428,770 923,242 431,792 660,846

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Abans PLC | Page (5)

 NOTES TO THE FINANCIAL STATEMENTS
1 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 2018 and in compliance with LKAS 34 -'Interim Financial Reporting' & all figures are subject to Audit.

2 NEW STANDARDS INTERPRETATIONS AND AMENDMENTS ADOPTED BY THE GROUP

2.1 SLFRS 9 - Financial Instrument

The SLFRS 9 replaces the existing guidance in LKAS 39 - Financial Instrument Recognition & Measurement .The group has prepared the Interim Financial
Statements for the period ended 31 December 2018 based on SLFRS 9.

2.2 SLFRS 15 - Revenue from Contracts with Customers

SLFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue
recognition guidance, including LKAS 18 "Revenue", LKAS 11 "Construction Contracts and IFRIC 13 "Customer Loyalty Programmes". Accordingly
the Group adopted SLFRS 15 using the full retrospective method of adoption. Based on the assessment performed, the Group concluded that SLFRS 15 does
not have a material impact on the Group’s consolidated financial statements.

3 REVENUE Group Company

2018 2017 2018 2017
For the Nine Months Period Ended 31st December LKR LKR LKR LKR
'000 '000 '000 '000
3.1 Summary
Gross Revenue 27,326,845 32,136,972 25,847,563 29,996,709
Less: Nation Building Tax (244,052) (292,751) (244,106) (287,226)
Revenue 27,082,793 31,844,221 25,603,457 29,709,483
3.2 Segment Information
TRADING FINANCIAL SERVICES GROUP
Dec-18 Dec-17 Dec-18 Dec-17 Dec-18 Dec-17
LKR LKR LKR LKR LKR LKR
'000 '000 '000 '000 '000 '000

Revenue 25,614,414 30,456,558 1,468,379 1,387,663 27,082,793 31,844,221

Segment Results 1,797,867 1,446,057 109,719 152,941 1,907,586 1,598,998

Finance Costs (1,075,355) (1,222,228) - - (1,075,355) (1,222,228)
Finance Income 21,112 43,177 - - 21,112 43,177
Share of Associates' Profits 14,332 24,839 - - 14,332 24,839
Share of Joint Venture Loss (127,819) (105,476) - - (127,819) (105,476)
Profit Before Income Tax 630,137 186,369 109,719 152,941 739,856 339,310

VAT on Financial Services (4,705) (2,842) (42,148) (43,354) (46,853) (46,196)

Income Tax Expense (13,084) (66,620) (20,272) (31,905) (33,356) (98,525)
Discountinued Operation (18,224) (144,482) - - (18,224) (144,482)
Profit for the year 594,123 (27,575) 47,300 77,682 641,423 50,107
Segment Result Stated after Charging Following Expenses
Amortization of Intangible Assets 12,298 8,388 2,616 2,231 14,914 10,619
Depreciation 89,856 93,488 20,161 15,037 110,017 108,524

TRADING ENGINEERING FINANCIAL SERVICES GROUP

As At As At As At As At As At As At As At As At
Dec-18 Mar-18 Dec-18 Mar-18 Dec-18 Mar-18 Dec-18 Mar-18
LKR LKR LKR LKR LKR LKR LKR LKR
Assets and Liabilities '000 '000 '000 '000 '000 '000 '000 '000
Non Current Assets 2,533,759 4,319,791 - 290,602 6,144,328 4,621,769 8,678,087 9,232,162
Current Assets 22,834,012 19,972,742 - 2,058,075 2,710,908 4,335,655 25,544,920 26,366,472
Total assets 25,367,772 24,292,533 - 2,348,677 8,855,235 8,957,424 34,223,007 35,598,634

Non-Current Liabilities 1,461,551 4,244,408 - 60,735 2,315,847 1,422,521 3,777,398 5,727,664

Current Liabilities 16,527,224 14,066,170 - 1,463,244 4,924,461 5,967,275 21,451,685 21,496,689
Total Liabilities 17,988,775 18,310,578 - 1,523,979 7,240,308 7,389,796 25,229,083 27,224,353
Note - Figures in brackets indicate deductions
The above figures are subject to audit
Abans PLC | Page (6)
 NOTES TO THE FINANCIAL STATEMENTS

4 COMMITMENTS AND CONTINGENCIES

There were no Material Commitments and Contingencies as at the reporting date except the following

Contingent Liabilities LKR

Letter of Credit Opened with Banks Favouring Suppliers 2,275 Million

Standby Letter of Credits 1,089 Million
Guarantees Issued by Banks 1,366 Million

5 EVENTS OCCURRING AFTER THE REPORTING DATE

Subsequent to the reporting date, no circumstances have arisen which would require adjustment to or disclose in the Financial Statements

6 RELATED PARTY DISCLOSURES

Details of significant related party disclosures are as follows:

6.1 Transactions with /between Subsidiaries and Subsidiaries of the Parent Company
Group Company
2018 2017 2018 2017
Dec Dec Dec Dec
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000

Sale of Goods - - 3,177 21,091

* Subsidiaries including
AB Technologies (Pvt) Ltd , Abans Finance PLC , Abans Lanka (Pvt) Ltd , Abans Retail (Pvt) Ltd ,AB Suncity (Pvt)Ltd.
During the Financial Period the Parent company (Abans PLC) Disposed Abans Engineering (Pvt) Ltd to Abans Retail Holding (Pvt)Ltd.

6.2 Transactions with /Between Associates and Associates of the Parent Company

Group Company
2018 2017 2018 2017
Dec Dec Dec Dec
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000

Sale of Goods 52,612 19,019 42,930 5,667

Purchase of Goods 1,343,964 1,916,514 1,343,945 1,916,514
Receipt of Services 441,198 573,215 439,418 560,589
* Associates including
Abans Electricals PLC

Note - The above figures are subject to audit

Abans PLC | Page (7)

 NOTES TO THE FINANCIAL STATEMENTS

6.3 Transactions with Joint Venture Group Company

2018 2017 2018 2017
Dec Dec Dec Dec
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000

Sale of Goods 450 3,031 450 3,031

* Joint Venture Includes

Colombo City Centre Partners (Pvt) Ltd

6.4 Transactions with Other Related Companies

Group Company
2018 2017 2018 2017
Dec Dec Dec Dec
Nature of Transaction LKR LKR LKR LKR
'000 '000 '000 '000

Sale of Goods 8,107 9,076 8,107 8,904

Purchase of Goods 394,110 1,108 7,987 769
Receipts of Services 904,091 1,293,146 904,091 1,266,802
Rent Expenses 128,225 130,109 128,225 130,109

** Other Related Party Including

Add Outdoor (Pvt) Ltd, Abans Office Automation (Pvt) Ltd, Abans Warehousing (Pvt) Ltd, ABS Gardner Dixen Hall
International (Pvt) Ltd, Abans Tours (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 Marketing (Pvt) Ltd, Absgro (Pvt) Ltd, Logirite (Pvt)
Ltd, Abans Resorts (Pvt) Limited, ABS Courier Services (Pvt) Ltd, Abstract Lanka (Pvt) Ltd,Abans Engineering (Pvt) Ltd

Note - The above related party Transactions are arms Length

The above figures are subject to audit

Abans PLC | Page (8)

 NOTES TO THE FINANCIAL STATEMENTS

7 Share Related Details

Directors' Shareholding
The shareholding of Directors as at 31st December 2018 is given below.
Shareholding

Ordinary Voting Ordinary Non Voting Total Ordinary Shares

Shares Management (Voting & Non Voting)

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. R Selvaskandan NIL - NIL - NIL -

Twenty largest shareholders of the Company

Number %
P N P Logistic (Pvt) Ltd 2,160,000 100
Currently Known as Abans Retail Holdings (Pvt) Ltd

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.

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 3,753
Company 2,935

Abans PLC | Page (9)

 NOTES TO THE FINANCIAL STATEMENTS

Group Company
Dec-18 Dec-18
8 Debt Securities Related Details
LKR LKR

Debt to Equity Ratio 1.50 1.99

Quick Assets Ratio 0.79 0.69

Interest Coverage Ratio 1.70 1.57

9 Interest Rate of Comparable Government Security

Debenture Issue 2013 Category

Interest Rate 5 Years

Abans PLC 14.50%

Government 11.17%

Debenture Issue 2014 Category

Interest Rate 4 Years 5 Years

Abans PLC 8.50% 9.00%

Government - 8.93%

10 Market Value per Debenture

Category
5 Years
Debenture Issue 2013
LKR

Highest Price 114.06

Lowest Price 114.06
Last Traded Price 114.06
Last Traded Dates-
5 Years - 15th July 2015

Category
4 Years 5 Years
Debenture Issue 2014
LKR LKR

Highest Price N/T 92.48

Lowest Price N/T 92.48
Last Traded Price N/T 92.48
Last Traded Dates-
5 Years - 27th April 2018

N/T - Not Traded

Abans PLC | Page (10)
 NOTES TO THE FINANCIAL STATEMENTS

11 Approx Yield to Maturity Ratio

Category
Debenture Issue 4 Years 5 Years

2013 N/A -151.77%

2014 N/T 17.25%

12 Interest Yield Ratio

Category
Debenture Issue 4 Years 5 Years

2013 N/A 12.71%

2014 N/T 9.73%

N/T - Not Traded

N/A - Not Applicable

Abans PLC | Page (11)

 NOTES TO THE FINANCIAL STATEMENTS
13 DISCONTINUED OPERATIONS
During the Financial year 2018/2019 (31st October 2018) , Abans Engineering (Pvt)Ltd fully owned subsidiary of Abans PLC was classified as a disposal Group held for sale and as a
discontinue Operation. On 1st November 2018 the company (Abans PLC) disposed the Abans Engineering (Pvt)Ltd to Abans Retail Holdings (Pvt)Ltd for a sale consideration of 343
Million. The business of Abans Engineering (Pvt)Ltd represented the entirely of the Group's engineering service operating segment until 31 October 2018. With Abans Engineering
(Pvt)Ltd being classified as discontinued operations,Therefor results of engineering service segment is no longer presented in the segment note. The results of Abans Engineering (Pvt)Ltd
for the seven months period are presented below;

13.1 Revenue and Expenses from Discontinued Operations After After

Related Party Related Party Related Party Related Party
Transaciton Transaciton Transaciton Transaciton
Elimination Elimination Elimination Elimination
Oct-18 Oct-18 Oct-18 Dec-17 Dec-17 Dec-17
LKR LKR LKR LKR LKR LKR
'000 '000 '000 '000 '000 '000

Revenue 613,444 (317) 613,127 1,009,365 (19,444) 989,921

Cost of Sales (522,592) 317 (522,275) (1,004,833) 19,444 (985,389)

Gross Profit / (Loss) 90,852 - 90,852 4,532 - 4,532

Other Operating Income 69,126 - 69,126 45,952 - 45,952

Selling and Distribution Expenses (114,409) 4,266 (110,143) (81,626) 4,266 (77,360)
Administrative Expenses (110,270) - (110,270) (105,080) - (105,080)
Finance Cost (89,402) - (89,402) (74,100) - (74,100)
Finance Income 7,250 7,250

Profit/(Loss) Before Tax (154,103) 4,266 (149,837) (203,072) 4,266 (198,806)

Income Tax Expense 17,569 - 17,569 54,324 54,324

Profit / (Loss) for the year from discontinued operations (136,534) 4,266 (132,268) (148,748) 4,266 (144,482)

Group Disposal Profit /Loss 114,044 - 114,044 - - -

Total Profit / (Loss) for the year from discontinued operations (22,490) 4,266 (18,224) (148,748) 4,266 (144,482)

13.2 The majour class of assets and liabilities of Abans Engineering (Pvt) Ltd classified as held for sale as at 31st October are, as follows
Oct-18
LKR
'000

Assets
Property, Plant and Equipment 99,865
Intangible Assets 1,229
Deferred Tax Assets 139,385
Inventories 1,217,708
Trade and Other Receivables 606,889
Income Tax Receivable 18,678
Cash and Cash Equivalent 33,273
Total Assets held for Sale 2,117,027

Liabilities
Employee Benefit Liabilities 32,718
Lease Creditor 5,849
Interest Bearing Loans and Borrowings 916,310
Trade and Other Payables 932,574
Liabilities directly associated with assets held for sale 1,887,451
Net assets directly associated with disposal group 229,576

13.3 The net cash flows analysis of Abans Engineering (Pvt)Ltd are, as follows Oct-18
LKR
'000

Operating Activates 36,118,993

Investing Activates (670,711)
Financing Activates (1,008,279)
Net cash generated/ (used) 34,440,003

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Abans PLC | Page (12)

 NOTES TO THE FINANCIAL STATEMENTS

14 RECLASSIFICATION OF COMPARATIVES

The following amounts have been reclassified in order to comply with the current year presentation

14 Impact on the Statement of Profit or Loss for the Nine Month Period Ended 31st Previously Discontinued Impact of Reclassified
December 2017 Reported Adjustment Adjustment Amount
LKR LKR LKR LKR
'000 '000 '000 '000

Group

Revenue 32,834,142 (989,921) 31,844,221

Cost of Sales (24,583,444) 985,389 (23,598,055)
Gross Profit / (Loss) 8,250,698 (4,532) 8,246,166

Other Operating Income 380,213 (45,952) 334,261

Selling & Distribution Expenses (3,752,674) 77,360 (608,996) (4,284,310)
Administration Expenses (3,411,195) 105,080 608,996 (2,697,119)
Finance Cost (1,296,328) 74,100 (1,222,228)
Finance Income 50,427 (7,250) 43,177
Income Tax Expense (44,201) (54,324) (98,525)

Profit / (Loss) for the year from discontinued operations (144,482) (144,482)

Company

Selling & Distribution Expenses (3,407,786) - (583,138) (3,990,924)

Administration Expenses (2,535,056) - 583,138 (1,951,918)

The above reclassification did not have any impact on other comprehensive income, statement of financial position, earnings per share, operating, investing and financing
cash flows for the Nine Month Period ended 31 December 2017.

14 Impact on the Statement of Profit or Loss for the Three Month Period Ended 31st Previously Discontinued Impact of Reclassified
December 2017 Reported Adjustment Adjustment Amount
LKR LKR LKR LKR
'000 '000 '000 '000

Group

Revenue 12,501,569 (220,147) 12,281,422

Cost of Sales (9,585,782) 285,431 (9,300,351)
Gross Profit / (Loss) 2,915,787 65,284 2,981,071

Other Operating Income 89,997 (14,592) 75,405

Selling & Distribution Expenses (1,289,166) 35,280 (198,076) (1,451,962)
Administration Expenses (1,180,183) 37,915 198,076 (944,193)
Finance Cost (450,773) 31,170 (419,603)
Finance Income 14,260 (2,475) 11,785
Income Tax Expense (27,056) (50,125) (77,181)

Profit / (Loss) for the year from discontinued operations (102,461) (102,461)

Company

Selling & Distribution Expenses (1,201,767) - (195,192) (1,396,959)

Administration Expenses (882,656) - 195,192 (687,464)

The above reclassification did not have any impact on other comprehensive income, statement of financial position, earnings per share, operating, investing and financing
cash flows for the 3rd Quarter ended 31 December 2017.

Note - Figures in brackets indicate deductions

The above figures are subject to audit

Abans PLC | Page (13)