Chemanex : Quarterly Financial Statement for the period ended 31st December 2022

Name of Company

Chemanex PLC

Legal Status

A Public Quoted Company with Limited Liability

Under the provisions of Companies Act No 7 of 2007

Registered Office

52, Galle Face Court 2,

Colombo-3.

Date of Incorporation

28 August 1974

Company Registration Number

PQ 64

Directors

P R Saldin - Chairman

E M M Boyagoda

S A B Ekanayake

Company Secretary

S A B P W M R R W T Wegodapola

Auditors

Ernst & Young

Chartered Accountants

201, De Saram Place

Colombo 10.

Legal Advisers

Nithya Partners

Attorneys-at - Law

97A, Galle Road, Colombo 3.

Subsidiary Companies

Chemanex Exports (Pvt) Limited (Non operating)

Chemcel (Pvt) Limited (Non operating)

Bankers

Commercial Bank of Ceylon PLC

Standard Chartered Bank

Hatton National Bank PLC

National Development Bank PLC

Nations Trust Bank PLC

Quarter ended 31 December

Nine months ended 31 December

2022

2021

Variance

2022

2021

Variance

%

%

(In Rs. '000)

Note

Revenue

1

221,047

161,456

37

828,674

462,919

79

Cost of sales

(146,621)

(119,389)

23

(504,820)

(353,174)

43

Gross profit

74,426

42,067

77

323,854

109,745

195

Other income

2

18,704

9,211

103

53,340

42,236

26

Finance cost

(598)

(1,587)

(62)

(18,238)

(2,236)

716

Finance income

624

1,793

(65)

707

2,667

(73)

Net finance income

3

26

206

(87)

(17,531)

431

4,168

Administrative expenses

(11,566)

(9,755)

19

(34,409)

(28,476)

21

Distribution expenses

(33,419)

(10,830)

209

(75,022)

(32,741)

129

Impairment reversal/(loss) on trade receivables

1,654

1,103

50

1,540

1,091

(41)

Other operating expenses

4

(10,068)

-

100

(28,160)

(5,393)

422

Profit before tax

39,757

32,002

24

223,612

86,893

157

Income tax expense

(17,496)

(8,075)

(117)

(66,074)

(20,774)

218

Profit for the period

22,261

23,927

(7)

157,538

66,119

138

Other comprehensive income

Items that will not be re-classified to profit or loss

Net gain/(loss) from fair value change of financial assets

(32,376)

(6,070)

433

(164,198)

78,313

(310)

Total other comprehensive income

(32,376)

(6,070)

433

(164,198)

78,313

(310)

Total comprehensive income for the period

(10,115)

17,857

(157)

(6,660)

144,432

(105)

Profit attributable to:

Equity holders of the Company

22,261

23,927

(7)

157,538

66,119

138

22,261

23,927

(7)

157,538

66,119

138

Other comprehensive income attributable to:

Equity holders of the Company

(32,376)

(6,070)

433

(164,198)

78,313

(310)

(32,376)

(6,070)

433

(164,198)

78,313

(310)

Earnings per share

Basic/Diluted earnings per share (Rs.)

1.42

1.52

(7)

10.03

4.21

138

(In Rs. '000)

Note

Revenue

1

221,047

161,456

37

828,674

462,919

79

Cost of sales

(146,621)

(119,389)

23

(504,820)

(353,174)

43

Gross profit

74,426

42,067

77

323,854

109,745

195

Other income

2

18,704

9,211

103

53,340

42,236

26

Finance cost

(598)

(1,587)

(62)

(18,238)

(2,236)

716

Finance income

624

1,793

(65)

707

2,667

(73)

Net finance income

3

26

206

(87)

(17,531)

431

4,168

Administrative expenses

(11,566)

(9,755)

19

(34,409)

(28,476)

21

Distribution expenses

(33,419)

(10,830)

209

(75,022)

(32,741)

129

Impairment reversal/(loss) on trade receivables

1,654

1,103

50

1,540

1,091

(41)

Share of loss of equity accounted investees, net of

(10,000)

-

-

(28,092)

(5,393)

421

Profit before tax

39,825

32,002

24

223,680

86,893

157

Income tax expenses

(17,496)

(8,075)

117

(66,074)

(20,774)

218

Profit after tax from continuing operations

22,329

23,927

(7)

157,606

66,119

138

Profit from discontinued operations, net of tax

1,268

258

391

13,230

1,054

1,155

Profit for the period

23,597

24,185

(2)

170,836

67,173

154

Other comprehensive income

Items that will not be re-classified to profit or loss

Net loss from fair value change of financial assets

(32,633)

(6,271)

420

(165,210)

78,595

(310)

Other comprehensive income for the period, net of tax

(32,633)

(6,271)

420

(165,210)

78,595

(310)

Total comprehensive income for the period

(9,036)

17,914

(150)

5,626

145,768

(96)

Profit attributable to :

Equity holders of the Company

23,597

24,185

(2)

170,836

67,173

154

Non-controlling interest

-

-

-

-

-

-

23,597

24,185

(2)

170,836

67,173

154

Other comprehensive income attributable to :

Equity holders of the Company

(32,633)

(6,271)

420

(165,210)

78,595

(310)

Non-controlling interest

-

-

-

-

-

-

(32,633)

(6,271)

420

(165,210)

78,595

(310)

Basic/Diluted earnings per share from continuing operations (Rs.

1.42

1.52

(7)

10.03

4.21

138

Basic/Diluted earnings per share

(Rs.)

1.50

1.54

(2)

10.88

4.28

154

CHEMANEX PLC

STATEMENT OF FINANCIAL POSITION

Company

Group

31

31 March

31

31

31 March

31

December

December

December

December

2022

2022

As at

Note

2022

2021

2022

2021

(In Rs. '000)

Non-Current Assets

Property, plant & equipment

1,875

4,692

6,100

1,875

4,692

6,100

Intangible assets

833

938

973

833

938

973

Equity accounted investees

14,598

42,690

41,176

12,368

40,460

41,176

Equity investment at fair value through OCI

198,244

198,244

192,089

198,244

198,244

192,089

Deferred tax assets

15,740

15,740

21,927

15,740

15,740

21,927

231,290

262,304

262,265

229,060

260,074

262,265

Current Assets

Inventories

257,365

156,027

107,339

257,365

156,027

107,339

Trade and other receivables

203,683

264,628

131,696

203,683

264,628

131,696

Equity investment at fair value through OCI

1,812,289

1,973,261

2,005,096

1,812,289

1,973,261

2,005,096

Deposits with banks

8,429

-

-

8,429

-

-

Cash & cash equivalents

5

17,402

17,109

152,747

17,402

17,109

152,747

2,299,168

2,411,025

2,396,878

2,299,168

2,411,025

2,396,878

Assets classified as held for distribution

47,000

47,000

47,000

62,083

49,792

37,125

2,346,168

2,458,025

2,443,878

2,361,251

2,460,817

2,434,003

Total Assets

2,577,458

2,720,329

2,706,143

2,590,311

2,720,891

2,696,268

EQUITY & LIABILITIES

Stated capital

126,250

126,250

126,250

126,250

126,250

126,250

Capital reserves

-

-

-

3,000

3,000

3,000

Revenue reserves

2,290,676

2,328,750

2,383,264

2,372,881

2,398,669

2,442,515

Equity attributable to equity holders of the parent

2,416,926

2,455,000

2,509,514

2,502,131

2,527,919

2,571,765

Non- controlling interests

-

-

-

(2,768)

(2,768)

(2,744)

Total Equity

2,416,926

2,455,000

2,509,514

2,499,363

2,525,151

2,569,021

Non-Current Liabilities

Loans and borrowings

-

-

-

-

-

Retirement benefit obligations

3,058

2,343

3,445

3,058

2,343

3,445

3,058

2,343

3,445

3,058

2,343

3,445

Current Liabilities

Trade payable

3,404

23,652

54,888

3,404

23,652

54,953

Income tax payable

43,491

2,282

9,364

43,491

2,282

9,364

Accruals & other payable

110,579

104,614

120,677

40,058

34,075

50,057

Loans and borrowings

-

132,438

8,255

-

132,438

8,255

157,474

262,986

193,184

86,953

192,447

122,629

Liabilities classified as held for distribution

-

-

-

937

950

1,173

Total liabilities

160,532

265,329

196,629

90,948

195,740

127,247

Total Equity & Liabilities

2,577,458

2,720,329

2,706,143

2,590,311

2,720,891

2,696,268

Net Assets per share (Rs.)

153.88

156.30

159.77

159.30

160.94

163.73

(Sgd. ) P R Saldin

(Sgd .) S A B Ekanayake

(Sgd .) S A B P W M R R W T Wegodapola

Chairman

Director

Company Secretary

Colombo

17th January 2023