INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024

UNAUDITED

ACL CABLES PLC (PQ 102)

ACL CABLES PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Unaudited
(all amounts in Sri Lanka Rupees thousands)
Quarter ended Period ended
30 September 30 September
For the period ended 30 September 2024 2023 2024 2023

Revenue 9,446,038 6,969,898 18,171,842 13,521,725

Cost of sales (6,843,673) (5,091,884) (13,219,127) (10,063,296)

Gross profit 2,602,365 1,878,015 4,952,715 3,458,430

Other income 13,100 38,716 32,383 71,858

Distribution costs (434,406) (322,522) (860,146) (644,619)

Administrative costs (266,153) (334,267) (530,980) (538,414)

Operating profit 1,914,905 1,259,941 3,593,971 2,347,255

Finance costs - net (19,794) 382,331 222,350 (10,298)

Share of (loss)/profit of investments accounted for

using the equity method 20,754 5,470 67,480 (1,512)

Profit before income tax 1,915,865 1,647,743 3,883,801 2,335,445

Income tax expenses (648,367) (415,515) (1,141,598) (691,189)

Profit for the period 1,267,499 1,232,228 2,742,204 1,644,255

Profit attributable to :
- Owners of the parent 1,069,598 1,023,573 2,321,278 1,327,311
- Non-controlling interests 197,902 208,656 420,925 316,943
1,267,499 1,232,228 2,742,204 1,644,255

Earnings per share (Rs.) 4.46 4.27 9.69 5.54

Page 1
ACL CABLES PLC
STATEMENT OF PROFIT OR LOSS - COMPANY
Unaudited
(all amounts in Sri Lanka Rupees thousands)
Quarter ended Period ended
30 September 30 September
For the period ended 30 September 2024 2023 2024 2023

Revenue 4,414,455 3,291,795 8,629,066 6,051,313

Cost of sales (3,422,089) (2,624,477) (6,664,679) (4,867,680)

Gross profit 992,366 667,318 1,964,387 1,183,633

Other income 262,567 196,610 301,341 198,038

Distribution costs (214,330) (156,205) (433,388) (304,502)

Administrative costs (66,319) (60,744) (136,401) (112,896)

Operating profit 974,284 646,978 1,695,939 964,273

Finance costs - net (24,541) (3,262) (11,847) (263,262)

Profit before income tax 949,743 643,716 1,684,092 701,011

Income tax expenses (212,296) (108,066) (417,273) (159,336)

Profit for the period 737,447 535,650 1,266,819 541,675

Earnings per share (Rs.) 3.08 2.24 5.29 2.26

Page 2
ACL CABLES PLC
STATEMENT OF COMPREHENSIVE INCOME
Unaudited
(all amounts in Sri Lanka Rupees thousands)
(A) Group
Quarter ended Period ended
30 September 30 September
For the period ended 30 September 2024 2023 2024 2023

Profit 1,267,499 1,232,228 2,742,204 1,644,255

Other comprehensive income/(expenses)

Change in value of financial assets at fair value through
other comprehensive income (3,490) 13,128 6,523 15,360

Currency translations difference (38,919) 33,418 (15,101) (29,608)

Other comprehensive income,
net of tax (42,409) 46,547 (8,578) (14,247)

Total comprehensive income, net of tax 1,225,090 1,278,774 2,733,626 1,630,008

Total comprehensive income attributable to:

- Owners of the parent 1,046,875 1,080,839 2,317,688 1,323,181
- Non-controlling interests 178,214 197,934 415,937 306,826

Total comprehensive income, net of tax 1,225,089 1,278,774 2,733,625 1,630,008

(B) COMPANY

Quarter ended Period ended

30 September 30 September
For the period ended 30 September 2024 2023 2024 2023

Profit 737,447 535,650 1,266,819 541,675

Other comprehensive income/(expenses)

Change in value of financial assets at fair value through
other comprehensive income (793) 2,248 (607) 2,741
Other comprehensive income,
net of tax (793) 2,248 (607) 2,741

Total comprehensive income, net of tax 736,654 537,898 1,266,212 544,416

Page 3
ACL CABLES PLC
STATEMENT OF FINANCIAL POSITION
Unaudited
(all amounts in Sri Lanka Rupees thousands)
Group Company
30 September 31 March 30 September 31 March
As at 2024 2024 2024 2024

ASSETS
Non-current assets
Property, plant and equipment 6,262,597 6,238,948 2,457,679 2,510,769
Capital Work in progress 321,668 284,813 - -
Investment property 1,743,000 1,743,000 607,000 607,000
Intangible assets 68,281 68,281 - -
Right of use assets 12,609 15,775 - -
Investment in subsidiaries - - 1,103,744 1,103,744
Investment in equity accounted investee 834,475 762,802 345,093 345,093
Financial assets at fair value through other comprehensive income 889,900 883,374 16,342 16,949
10,132,530 9,996,993 4,529,858 4,583,555
Current assets
Inventories 12,344,707 11,327,209 7,354,814 6,646,631
Trade and other receivables 7,122,103 6,551,835 3,651,852 3,927,022
Financial assets at fair value through Profit or Loss 3,319,557 1,632,578 547,690 518,971
Cash and cash equivalents 7,219,128 8,759,617 1,866,844 1,705,228
30,005,496 28,271,239 13,421,200 12,797,852
TOTAL ASSETS 40,138,026 38,268,232 17,951,058 17,381,407

EQUITY AND LIABILITIES

Capital and reserves
Stated capital 299,488 299,488 299,488 299,488
Revaluation reserve 3,505,058 3,505,056 1,651,103 1,651,103
General reserve 1,123,825 1,123,825 680,266 680,266
Fair value reserve of financial assets at FVOCI 264,832 260,791 6,510 7,117
Foreign currency translation reserve 113,085 120,716 - -
Retained earnings 23,336,522 21,314,711 9,761,636 8,794,286
Equity attributable to owners of the parent 28,642,810 26,624,587 12,399,003 11,432,260
Non-controlling interests 4,800,974 4,381,917 - -
Total equity 33,443,784 31,006,504 12,399,003 11,432,260

Non-current liabilities
Defined benefit obligations 446,901 455,017 214,656 216,898
Deferred tax liability 1,116,519 1,068,685 440,593 440,593
Lease liability 3,480 8,127 - -
Borrowings 229,029 335,241 147,826 230,156
1,795,929 1,867,070 803,075 887,647
Current liabilities
Trade and other payables 920,231 1,729,366 2,649,487 3,019,778
Current income tax liability 1,931,407 2,086,188 997,918 1,036,463
Borrowings 1,792,565 1,500,086 1,000,000 1,000,000
Lease liability 8,914 9,745 - -
Bank overdraft 245,196 69,273 101,575 5,259
4,898,313 5,394,658 4,748,980 5,061,500
Total liabilities 6,694,242 7,261,728 5,552,055 5,949,147
Total equity and liabilities 40,138,026 38,268,232 17,951,058 17,381,407

Net asset value per share 119.56 111.13 51.75 47.72

Highest and Lowest Market Price recorded during the quarter;
Highest price (Rs.) 85.90 89.40
Lowest price (Rs.) 75.50 65.50
Last traded price (Rs.) 84.00 84.10

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
13 November 2024
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 September

Attributable to owners of the company

FV reserve Foreign Currency Non
Stated Revaluation General of FA at Translation Retained controlling Total
capital reserve reserve FVOCI reserve Earnings Total interest equity
Balance at 1 April 2024 299,488 3,505,056 1,123,825 260,791 120,716 21,314,711 26,624,587 4,381,917 31,006,504

Net profit - - - - 2,321,278 2,321,278 420,925 2,742,203

Currency Translation Difference - - - - (7,631) - (7,631) (7,469) (15,101)

Fair value adjustment for financial assets
at FVOCI - - - 4,042 - - 4,042 2,481 6,523
Prior year adjustment - - - -
Share of other comprehensive income of
equity accounted investee, net of tax - - - - - - - - -

Total comprehensive income - - - 4,042 (7,631) 2,321,278 2,317,688 415,937 2,733,625

Adjustment on changes to non controlling

interest in subsidiary - - - - - - - 106,150 106,150
Dividends - - - - (299,468) (299,468) (103,026) (402,494)

Balance at 30 September 2024 299,488 3,505,055 1,123,825 264,832 113,085 23,336,521 28,642,807 4,800,974 33,443,784

For the year ended 31 March 2024

Attributable to owners of the company
FV reserve Foreign Currency Non
Stated Revaluation General of FA at Translation Retained controlling Total
capital reserve 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 - - - - - 1,327,311 1,327,311 420,925 1,748,236

Currency Translation Difference - - - - (29,608) (29,608) - (29,608)
Fair value adjustment for financial assets
at FVOCI - - - - - - - - -

Total comprehensive income - - - - (29,608) 1,327,311 1,297,704 420,925 1,718,628

Dividends - - - - - (299,468) (299,468) (113,414) (412,882)

Balance at 30 September 2023 299,488 2,844,283 1,123,825 251,540 202,186 19,777,093 24,498,416 4,265,599 28,764,014

Balance at 1 October 2023 299,488 2,844,283 1,123,825 251,540 202,186 19,777,093 24,498,416 4,265,599 28,764,014

Net profit - - - - - 1,531,121 1,531,121 166,463 1,697,584

Fair value adjustment for financial assets
at FVOCI - - - 12,726 - - 12,726 2,102 14,828
Deferred tax on the fair value adjustment
for financial assets at FVOCI - - - (3,475) - - (3,475) - (3,475)
Currency Translation Difference - - - - (81,470) - (81,470) (99,936) (181,406)
Gain on revaluation of Land and Building - 995,262 995,262 103,788 1,099,050
Deferred tax on revaluation surplus (329,045) (329,045) - (329,045)
Re-measurements of post employment
benefit obligation - - - - - 2,371 2,371 - 2,371
Deferred tax on re-measurement of post
employment benefit obligation - - - - - (779) (779) - (779)
Share of other comprehensive income of
equity accpounted investee - - - - - (768) (768) - (768)
Share of other comprehensive income
related tax of equity accounted investee - - - - 230 230 - 230
Total comprehensive income - 666,217 - 9,251 (81,470) 1,532,175 2,126,172 172,417 2,298,590
- -
Adjustment on changes to non controlling
interest in subsidiary - - - - - - - (56,100) (56,100)
Transfer from revaluation reserve net
of tax - (5,444) - - - 5,444 - - -

Balance at 31 March 2024 299,488 3,505,056 1,123,825 260,791 120,716 21,314,711 26,624,587 4,381,917 31,006,504
ACL CABLES PLC
STATEMENT OF CHANGES IN EQUITY - COMPANY
Unaudited
(all amounts in Sri Lanka Rupees thousands)

For the period ended 30 September

FV reserve
Stated Revaluation General of FA at Retained
capital reserve reserve FVOCI Earnings Total

Balance at 1 April 2024 299,488 1,651,103 680,266 7,117 8,794,286 11,432,260

Net profit - - - - 1,266,819 1,266,819

Fair value adjustment for financial assets
at FVOCI - - - (607) - (607)

Total comprehensive income - - - (607) 1,266,819 1,266,212

Dividends - - - - (299,468) (299,468)

Balance at 30 September 2024 299,488 1,651,103 680,266 6,510 9,761,636 12,399,003

No of shares as at 30 September 2024 239,574,720

For the year ended 31 March 2024

FV reserve
Stated Revaluation General of FA at Retained
capital reserve reserve FVOCI Earnings Total

Balance at 1 April 2023 299,488 1,356,425 680,266 3,873 7,697,434 10,037,487

Net profit - - - - 541,675 541,675

Fair value adjustment for financial assets
at FVOCI - - - - - -

Total comprehensive income - - - - 541,675 541,675

Dividends - - - - (299,468) (299,468)

Balance at 30 September 2023 299,488 1,356,425 680,266 3,873 7,939,641 10,279,694

Balance at 1 October 2023 299,488 1,356,425 680,266 3,873 7,939,641 10,279,694

Net profit - - - - 852,468 852,468

Fair value adjustment for financial assets
at FVOCI - - - 3,244 - 3,244
Re-measurements of post employment
benefit obligation - - - - 3,109 3,109
Deferred tax on re-measurement of post
employment benefit obligation - - - - (933) (933)
Gain on revaluation of Land and Building - 420,969 - - - 420,969
Deferred tax on revaluation surplus - (126,291) - - - (126,291)
Tax impact on effect of change in tax rates - - - - - -

Total comprehensive income - 294,678 - 3,244 854,644 1,152,566

Balance at 31 March 2024 299,488 1,651,103 680,266 7,117 8,794,286 11,432,260

No of shares as at 31 March 2024 239,574,720

Page 6
ACL CABLES PLC
STATEMENT OF CASH FLOW
Unaudited
(all amounts in Sri Lanka Rupees thousands)
GROUP COMPANY
For the period ended 30 September 2024 2023 2024 2023

CASH FLOW FROM OPERATING ACTIVITIES

Profit/(loss) before tax 3,883,801 2,335,445 1,684,092 701,011
Adjustments for:
Depreciation of property, plant and equipment and amortization 173,890 189,125 58,104 63,616
Share of profit from equity accounted investee (net of tax) (67,480) 1,512 - -
Dividend income (504) (16) (283,295) (188,543)
Interest expense/(income) (222,350) 10,298 11,847 263,262
Effect of movements in exchange rates (15,101) 41,047 - -
Defined benefit obligations 38,802 41,124 16,152 16,423

Changes in working capital:

(Increase)/Decrease in;
Inventories (1,017,498) 297,019 (708,183) (237,580)
Receivables and prepayments (570,268) 107,834 275,170 308,817
Increase/(Decrease) in;
Trade and other payables (809,135) 273,144 (370,291) 189,056

Cash generated from/ (used in) operations 1,394,158 3,296,532 683,596 1,116,062

Interest received/(paid) 104,077 (10,298) (40,560) (263,262)

Defined benefit obligations paid (46,918) (12,057) (18,394) (5,949)
Income tax paid less refund received (1,120,149) (992,878) (455,819) (85,162)
WHT on dividend paid by subsidiaries (38,718) (33,029) - -
Net cash (used in)/from operating activities 292,450 2,248,270 168,823 761,689

CASH FLOW FROM INVESTING ACTIVITIES

Purchase and construction of property, plant and equipment (239,287) (80,183) (5,017) (31,668)
Investment in Financial Assets at Fair value through Profit or loss (1,660,000) - - -
Dividend received 504 16 283,295 188,543
Net cash from/(used in) investing activities (1,898,784) (80,167) 278,278 156,875

CASH FLOW FROM FINANCING ACTIVITIES

Short term borrowings net of payments 292,479 (1,256,460) - (1,105,779)

Long term borrowings net of payments (106,212) (156,985) (82,330) (112,389)
Proceed from share issue of Subsidiary 106,150 - - -
Dividends paid (299,468) (299,468) (299,468) (299,468)
Dividends paid by subsidiaries to non-controlling interests (103,026) (116,734) - -
Net cash generated from/ (used in) financing activities (110,078) (1,829,647) (381,798) (1,517,636)

Net increase/(decrease) in cash and cash equivalents (1,716,412) 338,457 65,303 (599,072)
Cash and cash equivalents at the beginning of the year 8,690,344 8,044,716 1,699,969 2,349,508
Cash and cash equivalents at the end of the period 6,973,932 8,383,173 1,765,269 1,750,433

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 period ended 30 September 2024 2024 2024 2024 2023
Revenue

Total revenue 18,502,506 1,157,954 765,493 20,425,953 15,206,335

Inter-segment sales (362,116) (1,126,502) (765,493) (2,254,111) (1,684,610)
External sales 18,140,389 31,452 - 18,171,842 13,521,725

Results

Profit/(loss) before other income

and finance cost 3,021,747 290,394 249,447 3,561,588 2,275,397
Other income 24,551 2,148 5,684 32,383 71,858
Finance (cost)/income 149,967 51,260 21,123 222,350 (10,298)
Share of profit of investments
accounted for using the equity method - - 67,480 67,480 (1,512)
(Power and energy)
Taxation (972,958) (91,357) (77,283) (1,141,598) (691,189)
Profit/(loss) after taxation 2,223,308 252,445 266,451 2,742,204 1,644,255

Capital expenditure

Segment capital expenditure 238,940 347 - 239,287 80,183

Total capital expenditure 238,940 347 - 239,287 80,183

Depreciation and amortisation

Segment depreciation 153,310 9,199 11,381 173,890 189,125

Total depreciation and amortisation 153,310 9,199 11,381 173,890 189,125

Manufacturing
Manufacturing PVC
cables compound Others Total Total
For the period ended 30 September 2024 2024 2024 2024 31 March 2024
Assets
Segment assets 31,163,176 3,621,813 4,278,150 39,063,140 37,193,819
Unallocated corporate assets 1,074,886 1,074,413
Total assets 40,138,026 38,268,232

Liabilities

Segment liabilities 6,096,426 190,800 358,371 6,645,596 7,251,444

Unallocated corporate liabilities 48,645 10,284
Total liabilities 6,694,242 7,261,728

(b) Geographical segment information - revenue

Group Company
For the period ended 30 September 2024 2023 2024 2023

Local sales 14,033,576 9,807,767 7,249,231 4,852,628

Export sales 4,138,265 3,713,958 1,379,835 1,198,685
18,171,842 13,521,725 8,629,066 6,051,313

Page 8
ACL CABLES PLC
NOTES TO THE FINANCIAL STATEMENTS
Unaudited

2. 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 2024 and are in compliance with Sri
Lanka Accounting Standards - LKAS 34 - Interim Financial Reporting.

3. 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.

4. There were no liabilities for management fees or any other similar expenditures in the interim financial
statements.

5. Cables Solutions PLC, subsidiary of ACL Cables PLC, has issued Fourteen Million Six Hundred and Sixty
Six Thousand Six Hundred (14,666,600),New Ordinary Voting Shares each at Rs. 7.50/- to the general
public on 23 July 2024.

6. There have been no other events subsequent to the balance sheet date, which require disclosures in the
interim financial statements.

7. 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 2024.

8. Net Finance Income/(Cost) includes the exchange gain/loss during the period 2023/24.
Rs.'000
Quarter ended Period ended
Group Company Group Company

Exchange gain/(loss) (134,907) (18,678) (14,861) 20,954

Page 9
ACL CABLES PLC
NON FINANCIAL INFORMATION

Twenty largest shareholders as at 30 September 2024

Shareholder Name Number of Holdings

shares %
1 Mr. U. G. Madanayake 91,388,864 38.15%
2 Mr. Suren Madanayake 53,209,584 22.21%
3 Employees Provident Fund 11,814,864 4.93%
4 CITIBANK NEWYORK S/A NORGES BANK ACCOUNT 2 6,195,553 2.59%
5 Sri Lanka Insurance Corporation LTD-Life Fund 5,820,845 2.43%
6 Mrs. N.C. Madanayake 4,128,400 1.72%
7 FAB Foods (Private) Ltd 3,070,080 1.28%
8 RUBBER INVESTMENT TRUST LTD A/C NO 01 2,006,939 0.84%
9 SELLIAH A. & SELLIAH S. 1,800,000 0.75%
10 DFCC BANK PLC A/C NO .02 1,720,747 0.72%
11 PERERA R.D.M. 1,403,728 0.59%
12 Sir Cyril De Zoysa Trust 1,364,144 0.57%
13 DEUTSCHE BANK AG-NATIONAL EQUITY FUND 1,168,585 0.49%
14 NATIONAL SAVINGS BANK 1,080,756 0.45%
15 DEUTSCHE BANK AG TRUSTEE TO LYNEAR WEALTH 1,079,472 0.45%
16 UNION ASSURANCE PLC-UNIVERSAL LIFE FUND 1,013,768 0.42%
17 ARUNODHAYA (PRIVATE) LIMITED 1,000,000 0.42%
18 ARUNODHAYA INDUSTRIES (PRIVATE) LIMITED 1,000,000 0.42%
19 ARUNODHAYA INVESTMENTS (PRIVATE) LIMITED 1,000,000 0.42%
20 INVENCO CAPITAL PRIVATE LIMITED 882,175 0.37%
192,148,504 80.20%

Share holding of directors as at 30 September 2024

Director Name Number of Holdings

shares %
01. Mr. U. G. Madanayake - Chairman 91,388,864 38.15%
02. Mr. Suren Madanayake - Managing Director 53,209,584 22.21%
03. Mrs. N.C. Madanayake 4,128,400 1.72%
04. Dr.Sivakumar Selliah 1,800,000 0.75%
05. Mr. Ajit Jayaratne - -
06. Mr. Hemaka Amarasuriya - -
07. Mr. D.D. Wahalthanthri - -
08. Mr. Rajiv Casie Chitty - -

Total held by Directors 150,526,848 62.83%

Shares held by public as at 30 September 2024 89,047,872 37.17%

Total No of Shares as at 30 September 2024 239,574,720 100.00%

No of public share holders as at 30 September 2024 7,264

The applicable option under CSE Rule 7.13.1 on minimum public holding is option 3 and the Float Adjusted
Market capitalization as of 30.09.2024 was Rs.7,480,021,248/-

Page 10