ACL Plastics : Quarterly Financial Statements for the period ended 31st December 2022

Interim Financial Statements

For the period ended 31st December 2022

ACL PLASTICS PLC (PQ 87)

ACL PLASTICS PLC

CONSOLIDATED INCOME STATEMENT

	Quarter Ended	Nine Months Ended
for the period ended	31.12.2022	31.12.2021		31.12.2022	31.12.2021
	Rs'000		Rs'000		Rs'000		Rs'000
Revenue		718,579			2,177,324
603,255	1,902,988
Cost of sales	(410,127)		(534,393)		(1,296,070)		(1,725,058)
Gross profit	193,128	184,186		606,918	452,265
Other operating income	586		389		3,125		2,199
	193,713	184,575		610,043	454,464
Administration cost	(1,062)		(2,168)		(7,520)		(4,464)
Operating profit	192,651	182,407		602,522	450,000
Net finance (cost) / income	26,464		(1,246)		178,779		(10,601)
Profit before tax	219,115	181,161		781,301	439,399
Taxation	(65,616)	(20,615)		(169,600)	(66,660)
Profit after tax	153,499		160,546		611,701		372,739
Earnings per share (Rs)	36.44	38.11		145.21	88.48

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of

Companies Act No 7 of 2007.

ACL PLASTICS PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarter Ended	Nine Months Ended
for the period ended	31.12.2022	31.12.2021		31.12.2022	31.12.2021
	Rs'000		Rs'000		Rs'000		Rs'000
Profit for the period	153,499	160,546		611,701	372,739
Other comprehensive income/(expenses)
Gains on revaluation of land and buildings	-	-		-	-
Net change in fair value of available for sale financial assets	(13,246)	10,343		(8,890)	29,229
Other comprehensive income for the period, net of tax
(13,246)		10,343		(8,890)		29,229
Total comprehensive income for the period	140,253		170,889		602,811		401,968

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of

Companies Act No 7 of 2007.

ACL PLASTICS PLC

COMPANY INCOME STATEMENT

	Quarter Ended	Nine Months Ended
for the period ended	31.12.2022	31.12.2021		31.12.2022	31.12.2021
	Rs'000		Rs'000		Rs'000		Rs'000
Revenue		718,579			2,177,324
603,255	1,902,988
Cost of sales	(410,127)		(534,393)		(1,296,070)		(1,725,058)
Gross profit	193,128	184,186		606,918	452,265
Other operating income	586		389		3,125		2,199
	193,713	184,575		610,043	454,464
Administration cost	(825)		(2,168)		(6,677)		(4,366)
Operating profit	192,889	182,407		603,366	450,098
Net finance (cost) / income	18,386		(1,246)		161,600		(13,133)
Profit/(loss) before tax	211,274	181,161		764,965	436,965
Taxation	(65,616)	(20,615)		(169,600)	(66,660)
Profit/(loss) after tax	145,658		160,546		595,365		370,305
Earnings/(loss) per share (Rs)	34.58	38.11		141.33	87.91

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of

Companies Act No 7 of 2007.

ACL PLASTICS PLC

COMPANY STATEMENT OF COMPREHENSIVE INCOME

	Quarter Ended	Nine Months Ended
for the period ended	31.12.2022	31.12.2021		31.12.2022	31.12.2021
	Rs'000		Rs'000		Rs'000		Rs'000
Profit for the period	145,658	160,546		595,365	370,305
Other comprehensive income/(expenses)
Gains on revaluation of land and buildings	-	-		-	-
Net change in fair value of available for sale financial assets	(13,246)	10,343		(8,890)	29,229
Other comprehensive income for the period, net of tax
(13,246)		10,343		(8,890)		29,229
Total comprehensive income for the period	132,412		170,889		586,475		399,534

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of

Companies Act No 7 of 2007.

ACL PLASTICS PLC

STATEMENT OF FINANCIAL POSITION

as at

ASSETS

Non current assets

Property, plant & equipment Pre-paid lease rentals Investment in subsidiary company Financial assets at OCI

Current assets

Inventories

Trade & other receivables

Cash & cash equivalents

Total assets

EQUITY

Stated capital

Revaluation reserve

Revenue reserve

Other reserve

Retained profit

Shareholders' fund

LIABILITIES

Non current liabilities

Defined benefit obligations

Deferred tax liabilities

Current liabilities

Trade & other payables

Short-term import loans

Bank overdraft

Total liabilities

Total equity and liabilities

Net asset value per share (Rs)

Group	Company
Unaudited		Audited	Unaudited		Audited
31.12.2022	31.03.2022		31.12.2022	31.03.2022
Rs'000		Rs'000		Rs'000		Rs'000
332,884	347,903		332,884	347,903
1,560	1,576		1,560	1,576
-	-		10,000	10,000
40,206	49,096		40,206	49,096
374,650		398,575		384,650		408,575
769,896	454,125		769,896	454,125
1,006,189	1,326,154		952,526	1,279,554
862,309	871,008		861,865	870,558
2,638,394	2,651,287		2,584,286	2,604,236
3,013,044	3,049,862		2,968,936	3,012,811
79,975	79,975		79,975	79,975
185,884	185,884		185,884	185,884
170,000	170,000		170,000	170,000
26,908	35,798		26,908	35,798
2,347,132	1,798,618		2,261,073	1,728,895
2,809,899		2,270,275		2,723,840		2,200,552
2,503	7,536		2,503	7,536
51,511	51,511		51,511	51,511
54,014		59,047		54,014		59,047
133,834	539,363		175,786	572,036
15,297	177,268		15,297	177,268
-	3,908		-	3,908
149,131		720,539		191,083		753,212
203,145		779,586		245,097		812,259
3,013,044		3,049,862		2,968,936		3,012,811
667		539		647		522

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.

Sg.D

...............................................

Mahesh Amarasiri

Group Chief Financial Officer

Sg.D	Sg.D
................................................	..............................................
U G Madanayake	Suren Madanayake
Chairman	Managing Director
Colombo
13 February 2023

ACL PLASTICS PLC

STATEMENT OF CHANGES IN EQUITY

	Stated		Revaluation		Revenue		Other		Retained		Total
	Capital		Reserve		Reserve		Reserve		Profit
(a) Group	Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000
Balance at 01st April 2022	79,975	185,884	170,000	35,798	1,798,618	2,270,275
Net profit for the period	-	-	-	-	611,701	611,701
Gains on revaluation of land and buildings	-	-	-	-	-	-
Net change in fair value of OCI financial assets	-	-	-	(8,891)	-	(8,891)
Transfers upon disposals of OCI investments	-	-	-	-	-	-
Total comprehensive income	-		-		-		(8,891)		611,701		602,811
Dividends paid	-	-	-	-	(63,188)	(63,188)
Balance at 31st December 2022	79,975		185,884		170,000		26,908		2,347,132		2,809,899
	Stated		Revaluation		Revenue		Other		Retained		Total
	Capital		Reserve		Reserve		Reserve		Profit
(b) Company	Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000
Balance at 01st April 2022	79,975	185,884	170,000	35,798	1,728,895	2,200,553
Net profit for the period	-	-	-	-	595,365	595,365
Gains on revaluation of land and buildings	-	-	-	-	-	-
Net change in fair value of OCI financial assets	-	-	-	(8,890)	-	(8,890)
Transfers upon disposals of OCI investments	-	-	-	-	-	-
Total comprehensive income	-		-		-		(8,890)		595,365		586,475
Dividends paid	-	-	-	-	(63,188)	(63,188)
Balance at 31st December 2022	79,975	185,884	170,000		26,908		2,261,073		2,723,840
	Stated		Revaluation		Revenue		Other		Retained		Total
	Capital		Reserve		Reserve		Reserve		Profit
(a) Group	Rs'000		Rs'000		Rs'000		Rs'000		Rs'000		Rs'000
Balance at 01st April 2021	79,975	190,989	170,000	30,086	1,106,946	1,577,997
Net profit for the period	-	-	-	-	372,739	372,739
Net change in fair value of OCI financial assets	-	-	-	-	-	-
Total comprehensive income	-		-		-		-		372,739		372,739
Dividends paid	-	-	-	-	(42,125)	(42,125)
Balance at 31st December 2021	79,975		190,989		170,000		30,086		1,437,560		1,908,611
Balance at 01st January 2022	79,975	190,989	170,000	30,086	1,437,560	1,908,611
Net profit for the period	-	-	-	-	348,287	348,287
Actuarial gain / (loss) on defined benefit obligatio	-	-	-	-	9,350	9,350
Deferred tax on actuarial gain / (loss)	-	-	-	-	(1,683)	(1,683)
Net change in fair value of OCI financial assets	-	-	-	5,712	-	5,712
Total comprehensive income for the period	-		-		-		5,712		355,953		361,665
Transfer from revaluation reserve	-	(6,225)	-	-	6,225	-
Deferred tax on transfer	-	1,121	-	-	(1,121)	-
Dividend Paid	-	-	-	-	-	-
Balance at 31st March 2022	79,975		185,884		170,000		35,798		1,798,618		2,270,275