Financial Analysis, Alumax PLC

 1. Background

Sri Lankan construction industry experienced a difficult operating environment over the past two years due Covid Pandemic in late 2020 and 2021 followed by the economic down turn experienced by the country in 2022 (FY22 ending 31^st March 2022) and 2023 (FY23 ending 31^st March 2023). The resulting monitory policy measured such as interest rate hikes has forced Sri Lankan businesses, especially construction sector businesses towards bankruptcy. Hence, when investing in company shares (especially construction sector), proper financial analysis of investments opportunities and identifying fundamentally strong businesses to invest in, is critical.

 

2. Objective

The objective of this report is;

         I.            Provide a basic overview of Alumex and its operations.

       II.            Provide an overview of financial performance of the company.

    III.            Evaluate the company as an investment opportunity using multiple analysis techniques including YoY Growth Analysis, Ratio Analysis, Vertical Analysis and Trend Analysis

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3. Company Overview

Alumex PLC is the undisputed market leader in Sri Lanka for Aluminium extrusions with a market share of 50%. Company maintains world class manufacturing facilities. Presently Alumex has a manufacturing capacity of over 1,850 metric tons of Aluminium extrusion manufacturing capacity per month.

Company is the leading expert in Sri Lanka for mill finished, anodised, powder coated and wood finished Aluminium profiles for industrial and architectural use. C. 15% of company revenue is from exports. Alumex’s value added engineering solutions are highly sought after in the USA, Australia, Europe, Asia, and Africa.

Alumex have a diverse product portfolio catering to all segments of the market through a broad gamut of UKAS accredited architectural, hardware, and industrial products including the globally recognized international proprietary systems for doors, windows, and facades manufactured under license from reputed global principals.

As an environmentally friendly manufacturer, 50% of the Aluminium used in the production are recycled and sourced locally. Additionally, the supply chain consists of 50% local suppliers and 50% foreign.

 

4. Financial Performance

FY23 Financial Performance

Group revenue grew 13% YoY in 2023 reaching Rs 10.2bn. However, pressurized by 16% YoY increase in cost of sales and 23% YoY growth in sales and marketing expenses, group operating profits were 2% Lower on an YoY basis.

The cost increases experienced in 2023 was on top of the strong expense hikes in 2022. Transfer of such cost hikes to the market through price increase could be expected throughout 2024 which will gradually recover the operating margins for the company.

Group was affected by high interest rate environment in 2023 due to short term borrowings aimed at refinancing maturing debt facilities.

62% YoY increase in other income along with revenue growth was not sufficient to cover the cost increases in 2023 resulting in a 101% YoY decline in net profits to a Rs 10.2MN loss for the year.  

 

Five Year Financial Performance Highlights

Prior to Covid pandemic, Alumex has reported strong 17% YoY revenue growth which only dipped 4% in 2020 even under pressure from covid pandemic. Revenues recovered strongly in 2021 and beyond. However, the cost management of the company is unsatisfactory. Sales and marketing, administrative and Cost of sales (driven by raw material prices) seem to increase materially each year over the past five years (other than in 2019), resulting material fluctuations in operating and net profits. Fluctuations in profit shows that cost increases are not reflected in sales prices and there by sales revenue in a timely manner. There is a lag between the cost increases and them being transferred to the customers through price increases.  

YoY growth in Revenue and Expenses (Horizontal Analysis)

	2023	2022	2021	2020	2019
Revenue	13%	63%	28%	-4%	17%
Cost of Sales	16%	71%	18%	-5%	18%
Gross Profit	2%	38%	68%	3%	13%
Other Income	62%	-77%	819%	-81%	-40%
Selling and Distribution Expenses	23%	41%	-24%	17%	28%
Administrative Expenses	6%	70%	10%	-10%	29%
Operating Profit	-2%	7%	232%	-18%	-20%
Finance Cost	234%	102%	-36%	-3%	181%
Finance Income	64%	913%	187%	-29%	17%
Profit Before Tax	-87%	21%	-2339%	-244%	-93%
Income Tax Expenses	-14%	38%	990%	-150%	-138%
Profit/(loss) for the Year	-101%	18%	-1579%	-200%	-84%

 

YoY growth in Statement of Financial Position (Horizontal Growth)

Non-Current Assets	2023	2022	2021	2020	2019
Property, Plant and Equipment	12%	18%	2%	-2%	16%
Intangible Assets	-4%	-12%	41%	31%	19%
Right-of-Use Assets	-2%	38%	333%	N/A	N/A
Investments in Subsidiaries	-100%	0%	0%	0%	0%
	10%	18%	7%	-1%	15%
Current Assets
Inventories	13%	94%	-1%	6%	10%
Trade and Other Receivables	-13%	53%	13%	-8%	3%
Advances and Prepayments	-59%	644%	85%	38%	13%
Income Tax Receivable
Cash and Cash Equivalents	-81%	80%	563%	18%	-71%
	-17%	110%	19%	3%	2%
Total Assets	-6%	59%	12%	1%	10%
Equity and Liabilities
Stated Capital	0%	0%	0%	0%	0%
Reserves	-1%	13%	7%	-1%	22%
Retained Earnings	43%	48%	82%	-8%	-15%
Total Equity	25%	29%	34%	-3%	1%
Non-Current Liabilities
Interest Bearing Loans and Borrowings	-42%	37%	-39%	13%	6%
Non-Current Portion of Lease Liability	-5%	24%	466%	N/A	N/A
Retirement Benefit Liability	39%	16%	16%	12%	3%
Deferred Tax Liabilities	81%	1%	0%	-2%	14%
	-13%	27%	-21%	13%	7%
Current Liabilities
Trade and Other Payables	-43%	65%	55%	4%	1%
Current Portion of Long-Term Interest Bearing Borrowings	-12%	-12%	1%	38%	39%
Current Portion of Lease Liability	6%	288%	-21%	N/A	N/A
Short-Term Interest Bearing Borrowings	14%	209%	-12%	-26%	24%
Provisions	31%	30%	23%	-51%	326%
Income Tax Liabilities	-100%	883%	N/A	N/A	N/A
	-18%	92%	19%	-3%	17%
Total Equity and Liabilities	-6%	59%	12%	1%	10%

 

FY23 Statement of Financial Position Behavior:

During the year 2023, non-current assets increased 10% YoY mainly driven by 12% YoY increase in property, plant and equipment.

Current assets declined 17% YoY due to 81% YoY decline in cash position supported by decline in receivables and pre payments by 13% YoY and 59% YoY respectively.

42% decline in long term debt was partially offset by 14% increase in short term borrowings due to funding requirements for refinancing of maturing debt.

Trade payables also declined 43% YoY in 2023. This was due to suppliers demanding faster settlements due to uncertain macroeconomic environment.

 

Five Year Statement of Financial Position Behavior Highlights

Company has continued to grow PP&E over the past five years other than in 2019 during covid pandemic.

Inventory has continuously grown. In FY19 and FY20 inventory growth was mainly due to higher inventory volumes maintained (FY19 due to uncertain environment due to covid). In more recent years inventory growth is due to higher value of inventory maintained due to inflation and rupee depreciation driving inventory values up.

Receivables level has fluctuated but not grown continuously which shows satisfactory recovery levels from trade receivables.

Company reports both borrowings and settlements over the past five years which shows Alumex has tried to continuously refinance facilities and manage the interest rate risk along with market developments.

Payable days have also continued to increase over the past five years which is justifiable considering gradual increase in inventory levels. I Believe the gradual increase in raw material prices is the reason for the continuous increase in payable balance. 

 

5. Ratio Analysis

Profitability Ratios

Profitability Ratios	2023	2022	2021	2020	2019	2018
Profit Margin = Net Income (Profit after tax) /Net Sales	-0.1%	10.7%	14.7%	-1.3%	1.2%	8.9%
Gross Profit Margin= Gross Profit/ Sales	20.1%	22.3%	26.3%	20.0%	18.7%	19.3%
Operating Profit Margin= Operating Profit/ Sales	12.0%	13.8%	21.1%	8.1%	9.6%	14.0%
Return on Assets = Profit after tax / Average Total Assets	-0.1%	10.6%	12.2%	-0.9%	0.9%	6.0%
Return on Common Shareholder Equity = (Profit after tax -preferred dividend)/ Average shareholder Equity	-0.3%	33.4%	36.5%	-3.3%	3.2%	20.0%

 

FY23 Performance

Gross margins marginally declined to 20% in 2023 from 22% in 2022 due to higher cost of material and the slow transfer of such cost hikes to the customers through price hikes. In addition to the low GP margins, the higher operating costs such as marketing expenses and salary expenses in 2023 further pressurized operating margins, resulting a dip in operating margins to 12% for the year from 13.78% and year ago. With higher financing costs, Alumex reported a net loss in 2023 compared to 10.7% net margins experienced in prior year.

High interest rates and high inflation experienced over majority of 2023 has reduced consumer purchasing power resulting demand for construction sector material. This has resulted relatively low financial performance in 2023 as depicted by -0.1% ROA and -0.3% ROE in 2023 compared to 10.6% ROA and 33.4% ROE in 2022 respectively.

Five Year Performance:

Company has successfully maintained above 18.5% gross margins and above 8% net margins continuously over the past five years. However, pressurized by high interest expenses, net margins has fluctuated materially resulting negative net margins in 2020 and 2023. However, I believe with better control of the cost structure and price revisions to reflect cost hikes, Alumex could recover back to above 8% net margins soon.

 

Liquidity Ratios

Liquidity Analysis	2023	2022	2021	2020	2019	2018
Current Ratio (x)	1.0	1.0	0.9	0.9	0.9	1.0
Acid Test Ratio (x)	0.3	0.5	0.4	0.3	0.3	0.4
Accounts receivables turnover	8.1	8.1	6.7	5.4	5.4	9.5
Murchandise turnover (x)	3.5	3.0	2.8	3.1	3.3	5.7
Accounts receivables turnover (x)	3.5	3.0	2.8	3.1	3.3	5.7
Receivable Days	45	45	54	68	67	39
Inventory Days (Days)	154	128	149	172	151	84
Payable Days (Days)	104	123	131	119	110	64

 

FY2023 Performance

Group working capital position seems to have worsened over the year with inventory days increasing to 154 days from 128 days in 2022 and Payable days reducing from 123 days in 2022 to 104 days on average in 2023. Group has maintained their debtor days position at 45 days, same as prior year in order to maintain competitiveness, given the difficult market conditions for the construction sector. Alumex follows an aggressive approach to working capital management maintaining a current ratio at 1.0x in both 2022 and 2023 which is lower than the industry standard of 1.3x, whilst maintaining a quick ratio of 0.3x, lower than the 0.5x in prior year, which is alarmingly low considering the industry standard of 0.8x.

Five Year Performance:

Working capital position for the company has worsened over the years with inventory days reaching 154 days in FY23 from 115 days in FY19 and payable days dropping to 104 days in FY23 from 110 days in FY19. In a more positive note, receivable days have improved to 45 days o FY23 from 67 days in FY19.

Company has maintained its aggressive approach to working capital management over the past 5 years with current ratio close to 1x and less than 0.5x of quick ratio. Both these ratios are well below the recommended standards of 1.5x and 1x respectively and well below the industry standards in each respective year.  

 

Debt Ratios

Debt Ratios	2023	2022	2021	2020	2019	2018
Debt Ratio = Total Debt Liability / Total Assets	66%	74%	68%	73%	72%	70%
Equity Ratio = Total Shareholder Equity/ Total Assets * 100	34%	26%	32%	27%	28%	30%
Times Interest earned = Net income before interest and tax/Interest expense	0.7	2.3	4.4	0.9	1.0	3.6

 

FY23 Performance:

Debt ratio for Alumex improved to 66% in 2023 from 74% in prior year whilst the equity ratio increased to 34% from 26% in 2022. The decline in borrowings relatively to 2022 and drop in payables were major drivers of the decline in debt ratio. However, the limited short term borrowings initiated by Alumex was in a high interest environment which increased interest cost materially as shown by the worsening of the “times interest earned” ratio /interest cover ratio to 0.7x in 2023 from 2.3x in 2022. Without improved cost controls and pricing to strengthen the operating margins, company earnings is insufficient to cover the finance cost.             

 

Five Year Performance:

Debt ratio has improved from 72% in FY19 to 66% in FY23 which shows lessor debt commitment in funding total assets. However, the debt position for the company seems to be unacceptably high considering the “times interest earned” ratio being 1x or less in majority of the past five years. Therefore, I believe the company either has to improve revenue and control costs to strengthen profit before taxes or reduce debt burden and ultimately reduce the interest cost for the company.    

 

6. Vertical Analysis

FY23 Performance- Income Statement

Vertical analysis allows to identify the significance of each cost, expense, liability, asset line item. According to the below analysis, Cost of sales driven by material cost is the key cost element for Alumex. Cost of sales represents 80% of sales in 2023 Vs 78% in 2022 and 74% in 2021.

Selling and distribution expenses and admin expenses increase on YoY basis was in-line with the revenue increase resulting the “sales and distribution expenses as a percentage of revenue” and “admin cost as a percentage of revenue” to remain constant at 3% and 6% respectively over past 3 years. 

With vertical analysis, we can conclude that fluctuation in operating profit over the past 3 years is mainly due to fluctuations in cost of sales driven by price fluctuation in raw materials.

Fluctuation in Net profits is due to material increase in interest cost, which is 18% compared to sales revenue. Interest cost was only 6% vs sales revenue in 2022.

 

Five year performance – Income Statement:

Company has managed to reduce their “cost of sales (COS) as a percentage of revenue” over FY19 and FY20 but with difficult economic conditions with covid and rupee depreciation has worsened “cost of sales as a percentage of revenue ratio” in recent few years from FY21 to FY23.

In a more favorable note, “Selling and distribution expenses as a percentage of revenue” seem to have declined over the past 5 years from 5% in FY19 to 3% in FY23 whilst “admin expenses as a percentage of revenue” also reduced from 7% in FY19 to 6% in FY23.    

“Cost of financing as percentage of revenue” has gradually decline over the years form 9% in FY19 to 6% in FY22 but with monitory policy measures implemented by Sri Lankan government to curtail inflation, “interest cost as a percentage of revenue” increased materially to 18% in FY23.

Overall net margins (net profit as a percentage of revenue) has remained close to 1% over past 5 years (other than FY22 and FY21).

Vertical Analysis – Income Statement

	2023	2022	2021	2020	2019		2017
Revenue	100%	100%	100%	100%	100%		100%
Cost of Sales	-80%	-78%	-74%	-80%	-81%		-81%
Gross Profit	20%	22%	26%	20%	19%		19%
Other Income	1%	1%	4%	1%	3%		6%
Selling and Distribution Expenses	-3%	-3%	-3%	-6%	-5%		-4%
Administrative Expenses	-6%	-6%	-6%	-7%	-7%		-7%
Operating Profit	12%	14%	21%	8%	10%		14%
Finance Cost	-18%	-6%	-5%	-9%	-9%		-4%
Finance Income	7%	5%	1%	0%	0%		0%
Profit Before Tax	2%	13%	17%	-1%	1%		11%
Income Tax Expenses	-2%	-2%	-2%	0%	1%		-2%
Profit/(loss) for the Year	0%	11%	15%	-1%	1%		9%

 

FY23 Statement of Financial Position Behavior:

Ratio of Non-current assets vs total assets increased to 48% in 2023 mainly driven by increased significance of PP&E in the composition as depicted by the ratio of PP&E as a percentage of non-current assets at 96% in 2023 vs 91% in 2022.

Inventory position within current assets also increased to 66% of total current assets compared to 49% in 2022. This increase was due to higher material prices driving the value of the inventory holding rather than Alumex maintaining a larger raw material stock. Cash position has come down to 3% of current assets in 2023 Vs 13% in 2022, which shows a significant cash burn for the company.

Long term interest baring borrowings declined to 43% of total noncurrent liability (64% in FY22). This benefit was completely offset by the increase in short term borrowings as shown as 56% of current liability position vs 40% in 2022.

 

Five Year Movement - Statement of Financial Position Behavior:

Noncurrent assets as a percentage of total assets have gradually declined over the past five years from 58% in FY19 to 48% in FY23. This is mainly due to a more controlled approach in investments in PP&E driving PP&E as a proportion of non-current assets to decline from 98% in FY19 to 93% in FY23.

Significance of inventory within current assets has gradually improved over the years as depicted bby improving ratio of “inventory to total current assets”.

Proving of timely collection from trade receivables, the “trade receivables as a percentage of current assets” has declined from 32% in FY19 to 21% in FY23. 

Long term and short term debt has largely followed a declining trend over the past five years but with fluctuation in interest rates, I believe Alumex couldn’t reap the benefits of overall decline in company borrowings. 

Trade payables as percentage of current liability has worsened overall from 43% in FY18 to 31% in FY23 signaling of more frequent trade payable settlements (a more frequent cash outflow).   

 

Vertical Analysis – Statement of Financial Position

Non-Current Assets	2023	2022	2021	2020	2019	2018
Property, Plant and Equipment	93%	91%	91%	96%	98%	98%
Intangible Assets	2%	2%	3%	2%	2%	1%
Right-of-Use Assets	5%	6%	5%	1%	0%	0%
Investments in Subsidiaries	0%	1%	1%	1%	1%	1%
	48%	41%	55%	58%	58%	55%
Current Assets
Inventories	66%	49%	52%	63%	61%	57%
Trade and Other Receivables	21%	20%	28%	29%	32%	32%
Advances and Prepayments	9%	19%	5%	3%	3%	2%
Income Tax Receivable	0%	0%	0%	2%	2%	1%
Cash and Cash Equivalents	3%	13%	15%	3%	2%	8%
	52%	59%	45%	42%	42%	45%
Total Assets	100%	100%	100%	100%	100%	100%
Equity and Liabilities
Stated Capital	8%	10%	13%	17%	16%	17%
Reserves	26%	32%	37%	46%	45%	37%
Retained Earnings	66%	58%	50%	37%	39%	46%
Total Equity	34%	26%	32%	27%	28%	30%
Non-Current Liabilities
Interest Bearing Loans and Borrowings	43%	64%	60%	78%	78%	78%
Non-Current Portion of Lease Liability	14%	13%	14%	2%	0%	0%
Retirement Benefit Liability	14%	8%	9%	6%	6%	7%
Deferred Tax Liabilities	29%	14%	18%	14%	16%	15%
	15%	16%	20%	28%	25%	25%
Current Liabilities
Trade and Other Payables	31%	45%	52%	40%	37%	43%
Current Portion of Long-Term Interest Bearing Borrowings	11%	10%	21%	25%	18%	15%
Current Portion of Lease Liability	1%	1%	1%	1%	0%	0%
Short-Term Interest Bearing Borrowings	56%	40%	25%	34%	44%	42%
Provisions	0%	0%	0%	0%	1%	0%
Income Tax Liabilities	0%	4%	1%	0%	0%	0%
	51%	59%	49%	46%	48%	45%
Total Equity and Liabilities	100%	100%	100%	100%	100%	100%

7. Trend Analysis

Trend analysis loos at change in annual financial performance in a given year compared to base year. In the following analysis, I have used 2018 performance as the base year and am evaluating financial performance growth in subsequent years in comparison to 2018 financial performance.

Overall, revenue seems to be following an increasing trend over that past five years, with relatively higher revenue boosts experienced over the past two years. Raw material cost an operating costs was in a declining trend up until 2021 but experienced a major hike in 2021 resulting in thin margins for the company. Cost increases in 2023 compared to 2018 was less material in-comparison to cost 2022. Tax cost seems to be in an increasing trend over the past two years. 

 

Trend Analysis – Income Statement

All values in Rs "000"	2023	2022	2021	2020	2019	2018
Turnover	10,214,848	9,595,282	6,021,532	4,729,950	5,031,000	4,422,461
Profit Before Tax	153,540	1,381,755	1,022,298	66,887	176,835	514,726
Taxation	-163,750	-229,849	-181,287	-36,038	-50,355	-150,368
Profit After Tax	-10,209	1,151,906	841,011	30,849	126,480	364,358
Profit Attributable to the Group/Company	-10,209	1,151,906	841,011	30,849	126,480	364,358

 

Turnover	106%	159%	127%	94%	114%	100%
Profit Before Tax	11%	135%	1528%	38%	34%	100%
Taxation	71%	127%	503%	72%	33%	100%
Profit After Tax	-1%	137%	2726%	24%	35%	100%
Profit Attributable to the Group/Company	-1%	137%	2726%	24%	35%	100%

 

 

 

Trend Analysis – Statement of Financial Position

All Values In Rs "000"	2023	2022	2021	2020	2019	2018
Stated Capital	283,735	283,735	283,735	283,735	283,735	283,735
Reserves	933,645	983,113	862,595	807,020	812,305	665,481
Retained Earnings	2,391,217	2,615,154	1,827,320	1,291,090	1,257,256	1,303,415
Assets Employed
Non-Current Assets	5,002,590	4,752,064	4,045,857	3,805,099	3,828,096	3,335,359
Current Assets	5,515,437	7,317,236	3,628,542	2,992,572	3,148,422	3,067,145
Current Liability Net of Borrowings	1,715,902	2,859,333	1,681,094	894,208	1,173,347	1,136,353
Capital Employed	8,150,932	8,805,380	5,608,756	5,536,202	5,440,646	4,936,370
	2023	2022	2021	2020	2019	2018
Stated Capital	100%	100%	100%	100%	100%	100%
Reserves	95%	114%	107%	99%	122%	100%
Retained Earnings	91%	143%	142%	103%	96%	100%
Assets Employed
Non-Current Assets	105%	117%	106%	99%	115%	100%
Current Assets	75%	202%	121%	95%	103%	100%
Current Liability Net of Borrowings	60%	170%	188%	76%	103%	100%
Capital Employed	93%	157%	101%	102%	110%	100%

 

9.Conclusion:
Considering that gradual decline in interest rates and recommencement and increase in construction activity, I believe Alumex will be able to transfer the increased cost (raw material and operational) to the buyer through increased prices. I believe this will strengthen the financial performance of the company by end FY24 and beyond. Further, lower interest rates might reduce the material prices as well and will filter down to the bottom-line. The company has a growing and strengthening presence in the export market which I believe would diversify the geographical risk faced by the company from dependency on the Sri Lankan market.

However, the weak liquidity position raises a concern and investors should be mindful of any further deterioration in the liquidity position.

Overall, I believe Alumex is a good investment opportunity to consider, especially at the currently discounted price of Rs9 per share (due to low financial performance in FY23). 

 

 

 

 

Appendix:

Appendix 01:

Financial Details

Income Statement (All values in Rs "000")	2023	2022	2021	2020	2019	2018
Revenue	10,214,848	9,042,944	5,562,394	4,351,891	4,516,788	3,866,900
Cost of Sales	-8,165,158	-7,027,596	-4,100,334	-3,480,974	-3,672,354	-3,119,674
Gross Profit	2,049,690	2,015,348	1,462,060	870,917	844,434	747,226
Other Income	84,286	51,973	225,083	24,482	127,576	213,645
Selling and Distribution Expenses	-321,925	-261,289	-185,072	-245,005	-210,139	-164,253
Administrative Expenses	-589,573	-554,063	-326,741	-295,981	-328,165	-253,950
Operating Profit	1,222,478	1,251,969	1,175,330	354,413	433,706	542,668
Finance Cost	-1,790,268	-535,723	-264,901	-412,137	-425,414	-151,632
Finance Income	721,330	440,172	43,449	15,117	21,235	18,184
Profit Before Tax	153,540	1,156,418	953,878	-42,607	29,527	409,220
Income Tax Expenses	-163,750	-189,670	-137,266	-12,590	25,421	-66,939
Profit/(loss) for the Year	-10,210	966,748	816,612	-55,197	54,948	342,281
EPS	-0.02	1.61	1.36	0.18	0.18	1.14
DPS	0.25	0.6	0.53	0	0.6	1.05
Statement of Financial Position  (All values in Rs "000")
Non-Current Assets	2023	2022	2021	2020	2019	2018
Property, Plant and Equipment	4,650,642	4,166,241	3,540,963	3,485,837	3,568,970	3,089,885
Intangible Assets	85,657	88,868	101,490	72,009	55,124	46,426
Right-of-Use Assets	266,293	272,775	198,325	45,820	0	0
Investments in Subsidiaries	0	30,000	30,000	30,000	30,000	30,000
	5,002,592	4,557,884	3,870,778	3,633,666	3,654,094	3,166,311
Current Assets
Inventories	3,656,606	3,247,592	1,670,701	1,684,732	1,594,881	1,443,879
Trade and Other Receivables	1,177,609	1,347,316	877,895	774,052	840,724	817,983
Advances and Prepayments	508,049	1,240,377	166,702	90,198	65,573	58,090
Income Tax Receivable	16,486	0	0	51234	39123	13965
Cash and Cash Equivalents	156,688	843,214	469,230	70,728	59,961	207,038
	5,515,438	6,678,499	3,184,528	2,670,944	2,600,262	2,540,955
Total Assets	10,518,030	11,236,383	7,055,306	6,304,610	6,254,356	5,707,266
Equity and Liabilities
Stated Capital	283,735	283,735	283,735	283,735	283,735	283,735
Reserves	933,645	939,771	829,945	774,607	779,892	640,268
Retained Earnings	2,391,217	1,669,253	1,125,965	617,213	669,910	788,262
Total Equity	3,608,597	2,892,759	2,239,645	1,675,555	1,733,537	1,712,265
Non-Current Liabilities
Interest Bearing Loans and Borrowings	656,122	1,128,989	823,025	1,353,950	1,198,750	1,133,750
Non Current Portion of Lease Liability	219,091	230,981	186,843	33,039	0
Retirement Benefit Liability	206,976	148,940	128,639	111,225	99,292	96,644
Deferred Tax Liabilities	444,218	245,033	241,633	241,868	247,603	216,580
	1,526,407	1,753,943	1,380,140	1,740,082	1,545,645	1,446,974
Current Liabilities
Trade and Other Payables	1,693,480	2,951,594	1,785,924	1,153,744	1,114,244	1,101,508
Current Portion of Long-Term Interest Bearing Borrowings	573,067	651,392	736,650	727,900	527,500	380,000
Current Portion of Lease Liability	76,428	72,366	18,629	23,698	0
Short-Term Interest Bearing Borrowings	3,017,627	2,642,751	855,249	972,909	1,311,460	1,061,367
Provisions	22,424	17,093	13,181	10,722	21,970	5,152
Income Tax Liabilities	0	254,485	25,888	0	0	0
	5,383,026	6,589,681	3,435,521	2,888,973	2,975,174	2,548,027
Total Equity and Liabilities	10,518,030	11,236,383	7,055,306	6,304,610	6,254,356	5,707,266

 

 

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