Alumex : Interim Financial Statement as at 31 March 2024

Alumex PLC

Interim Report

Fourth Quarter

Twelve Month Ended 31st March, 2024

ALUMEX PLC | Page 1

Statement of Profit or Loss

For the period ended 31st March, 2024

			Company						Company
		Unaudited		Audited				Unaudited		Unaudited
		12 months to	12 months to				3 months to		3 months to
		31.03.24		31.03.23				Change	31.03.24		31.03.23				Change
		Rs.'000			Rs.'000		%			Rs.'000			Rs.'000		%
Revenue	10,992,977		10,214,848				8			3,627,336		2,609,291				39
Cost of sales	(8,727,344)	(8,165,158)		7			(2,767,651)	(1,781,582)		55
Gross profit	2,265,633		2,049,690				11			859,685		827,709				4
Other income	56,370		84,286				(33)		17,879		17,510				2
Distribution expenses	(430,941)	(321,925)		34			(107,007)	(87,550)		22
Administrative expenses		(838,426)	(589,573)		42			(217,562)	(184,397)		18
Results from operating activities	1,052,635		1,222,478				(14)		552,995		573,272				(4)
Finance Income	648,257		721,330				(10)		115,631		708,660				(84)
Finance Costs		(1,469,172)	(1,790,268)		(18)		(262,530)	(1,074,355)		(76)
Net finance costs		(820,915)	(1,068,938)		(23)		(146,899)	(365,696)		(60)
Profit/(Loss) before tax	231,721		153,540				51			406,096		207,576				96
Tax (expense)/Reversal	(45,649)	(163,750)		(72)		(84,477)	(73,360)		15
Profit/(Loss) for the period		186,072		(10,210)		>100			321,619		134,216				>100
Attributable to:
Owners of the Company		186,072		(10,210)		>100			321,619		134,216				>100
Earnings per share
Basic earnings per share (Rs.)	0.31		(0.02)					0.54		0.22
Statement of Comprehensive Income
		Company					Company
		Unaudited		Audited				Unaudited		Unaudited
		12 months to	12 months to				3 months to		3 months to
		31.03.24		31.03.23				Change	31.03.24		31.03.23				Change
		Rs.'000			Rs.'000		%			Rs.'000			Rs.'000		%
Profit/(Loss) for the Period		186,072		(10,210)		>100			321,619		134,216				>100
Other Comprehensive income
Actuarial gains / (losses) on defined benefit plans	21,105		(8,932)		>100			21,105		(8,932)		>100
Income tax effect on actuarial gains / (losses)	(6,332)	2,680				>100			(6,332)	2,680				>100
Revaluation of land	-		-							-		-
Income tax effect on revaluation surplus	-		(44,183)		(100)		-		(44,183)		(100)
Other comprehensive income/(Expense) for the period, net of tax	14,774		(50,435)					14,774		(50,435)
Total comprehensive income/(Expense) for the period, net of tax	200,845		(60,645)		>100			336,392		83,781				>100

ALUMEX PLC | Page 2

Statement of Financial Position

Company

Unaudited	Audited
as at	as at
31.03.24	31.03.23
Rs.'000		Rs.'000

ASSETS

Non - current assets

Property, plant & equipment Right of use asset/Lease Asset Intangible assets Investments in subsidiaries

Total non-current assets

Current assets

Inventories

Trade and other receivables Advances and prepayments Income tax recoverable Cash & cash equivalents

Total current assets

Total assets

EQUITY AND LIABILITIES

4,702,938 4,650,642

238,024 266,293

73,369 85,657

--

5,014,331 5,002,592

5,139,699 3,656,606

2,055,758 1,177,609

580,038 508,049

16,487 16,486

74,945 156,688

7,866,926 5,515,437

12,881,257 10,518,030

Stated capital	4	283,735	283,735
Capital reserves		228,056	228,056
Other components of equity		700,304	705,589
Revenue reserves		2,597,347	2,391,217
Total equity attributable to
owners of the parent		3,809,442	3,608,597
Non- controlling interest		-	-
Total Equity		3,809,442	3,608,597
Non - current liabilities
Interest bearing borrowings		931,990	656,122
Non Current Portion of Lease Liabilities		211,524	219,091
Employee benefit obligations		222,397	206,976
Deferred tax liability		496,199	444,218
Total non-current liabilities		1,862,110	1,526,407
Current liabilities
Trade and other payables		2,082,149	1,693,480
Current portion of long term interest bearing borrowings		655,630	573,067
Current Portion of Lease Liability		67,941	76,428
Short-term interest bearing borrowings		4,378,523	3,017,627
Provisions		25,461	22,424
Income tax payable		-	-
Total current liabilities		7,209,705	5,383,026
Total liabilities		9,071,815	6,909,433
Total equity and liabilities
	12,881,257	10,518,030

The Financial Position as at 31st March 2024 and Statement of Profit or Loss, Statement of Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flow for the Twelve months then ended are drawn up from the unaudited financial statements of the Company and they provide the information required by the Colombo Stock Exchange.

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.

Sgd

R P P K Rajapaksha

Director / Chief Financial Officer

Signed for and on behalf of the Board

The Board of Directors are responsible for these Financail Statements. Signed for and on behalf of the Board,
Sgd	Sgd
A M Pandithage	D W P N Dediwela
Chairman	Managing Director
07th May 2024

ALUMEX PLC | Page 3

Statement of Changes in Equity

For the period ended 31st March, 2024

Alumex PLC

Balance as at 1st at April, 2023

Profit for the period

Surcharge tax paid

Other Comprehensive income

Actuarial gains / (losses) on defined benefit plans Income tax effect on actuarial gains / (losses) Revaluation of land

Income tax effect on Revaluation surplus

Total other comprehensive income

Total Comprehensive income for the period

Transactions with owners, recorded directly in equity

Dividends to equity holders

Transfers

Total contributions by and distributions to owners

Balance as at 31st March 2024

Balance as at 31st March, 2023

Alumex PLC

Balance as at 1st at April, 2022

Charge relating to Surcharge Tax

Balance as at 1st at April, 2022

Profit for the period

Other Comprehensive income

Actuarial gains / (losses) on defined benefit plans Income tax effect on actuarial gains / (losses) Revaluation of land

Income tax effect on Revaluation surplus

Depreciation Transfer for Building

Total other comprehensive income

Total Comprehensive income for the period

Transactions with owners, recorded directly in equity

Dividends to equity holders

Transfer

Total contributions by and distributions to owners

Balance as at 31st March 2023

Stated	Capital	Revaluation	Retained	Total
capital	reserve	reserve	earnings	Equity
Rs. '000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
283,735	228,056	705,589	2,391,217	3,608,597
-	-	-	186,072	186,072
-	-	-	-	-
-	-		21,105	21,105
-	-	-	(6,332)	(6,332)
-	-		-	-
-	-	-	-	-
-	-	-	14,774	14,774
-	-	-	200,845	200,845
-	-	-	-	-
-	-	(5,285)	5,285	-
-	-	(5,285)	5,285	-
283,735	228,056	700,304	2,597,347	3,809,442
283,735	228,056	755,057	2,615,154	3,882,002
-	-	-	(63,108)	(63,108)
283,735	228,056	755,057	2,552,046	3,818,894
-	-	-	(10,210)	(10,210)
-	-	-	(8,932)	(8,932)
-	-	-	2,680	2,680
-	-	-	-	-
-	-	(44,183)	-	(44,183)
				-
-	-	(44,183)	(6,252)	(50,435)
-	-	(44,183)	(16,463)	(60,645)
-	-	-	(149,651)	(149,651)
		(5,285)	5,285	-
-	-	(5,285)	(144,366)	(149,651)
283,735	228,056	705,589	2,391,217	3,608,597

ALUMEX PLC | Page 4

Statement of Cash Flow

For the period ended 31st March, 2024

		Company
Cash Flows from Operating Activities		Unaudited	Audited
		12 months to	12 months to
		31.03.24					31.03.23
		Rs.'000	Rs.'000
Profit before taxation	231,721					153,540
Adjustments for,
Finance Cost	830,232					1,208,112
Finance Income	(5,419)				(17,667)
Provision for Gratuity	55,401					42,689
(Profit) / Loss on Disposal of Property, Plant and Equipment	2,608					(491)
Provision/(Reversal) for Bad Debts	(2,279)				(9,989)
Provision/(Reversal) for Impairment of Property,Plant & Equipment	(5,238)				(36,975)
Depreciation and Amortization		379,340					382,982
Operating profit before working capital changes	1,486,366					1,722,201
(Increase) / Decrease in Inventories	(1,483,097)				(54,478)
(Increase) / Decrease in Trade and Other Receivables	(770,488)				1,220,820
(Increase) / Decrease in Advances and Prepayments	(177,371)				15,466
Increase / (Decrease) in Trade and Other Payables		391,706					(876,396)
Cash generated from operating activities	(552,884)				2,027,613
Finance Cost Paid	(793,854)				(1,170,750)
Surcharge Tax Paid	-					(63,108)
Income Tax Paid	-					(241,018)
Retirement Benefit Liability Paid		(18,873)				(10,907)
Net cash from operating activities		(1,365,612)				541,830
Cash Flows from Investing Activities
Acquisition of Property, Plant and Equipment/ Intangible asset	(365,578)				(554,432)
Proceeds from Sale of Property, Plant and Equipment	2,595					1,793
Finance Income Received		5,419					17,667
Net cash flows used in investing activities		(357,564)				(534,972)
Cash Flows from Financing Activities
Repayment of Interest Bearing Loans and Borrowings	(641,569)				(551,192)
Proceeds from Interest Bearing Loans and Borrowings	1,000,000					-
Lease Rental Paid	(77,895)				(73,825)
Dividend Paid		-					(269,373)
Net cash flows from/ (used in) financing activities		280,536					(894,390)
Net increase/ (decrease) in cash and cash equivalents	(1,442,639)				(887,531)
Cash and cash equivalents at the beginning of the year		(2,860,939)				(1,973,408)
Cash and cash equivalents at end of the period		(4,303,578)				(2,860,939)
Analysis of Cash & Cash Equivalents
Cash in Hand and at Bank	74,945					156,688
Short-term interest bearing borrowings		(4,378,523)				(3,017,627)
Cash and cash equivalents at end of the period	(4,303,578)				(2,860,939)

ALUMEX PLC| Page 5

Notes to the Financial Statements

01. BASIS OF PREPARATION

The Interim Condensed Financial Statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2023.

The accounting policies adopted in the preparation of the Interim Condensed Consolidated Financial Statements are consistent with those followed in the preparation of the Annual Consolidated Financial Statements for the year ended 31st March 2023.

The Interim Condensed Financial Statements also provide information required by the Colombo Stock Exchange.

02. COMPARATIVE INFORMATION

Previous year's figures and phrases have been re-arranged wherever necessary to conform to current year presentation.

03. EARNINGS PER SHARE

Basic Earning Per Share is calculated by dividing the net profit for the period attributable to ordinary shareholders by the weighted average number of shares outstanding during the period

		Company
		Unaudited	Audited
		as at	as at
		31.03.24		31.03.23
		Rs.'000			Rs.'000
Profit for the Period	186,072			(10,210)
Weighted Average No. of Shares	598,605,680			598,605,680
Diluted and Basic Earnings Per Share	0.31			(0.02)
04. STATED CAPITAL
		Unaudited	Audited
		as at	as at
		31.03.24		31.03.23
		Rs.'000	Rs.'000
Issued and fully paid
598,605,680 Ordinary Shares		283,735			283,735

05. CONTINGENCIES, CAPITAL AND OTHER COMMITMENTS

There has been no significant change in the nature of the contingencies and other commitments, which were disclosed in the annual report for the year ended 31st March 2023.

06. EVENTS OCCURRING AFTER THE REPORTING DATE

No circumstances have arisen since the reporting date, which would require adjustments to, or disclosure in the Financial Statements.

ALUMEX PLC | Page 6

Investor Information

01. MARKET VALUE OF SHARES
The market value of an ordinary share of Alumex PLC was as follows:
	31.03.2024	31.03.2023
	Rs.	Rs.
Last traded price	9.60	8.20
Highest price recorded for the three months ending	10.00	9.10
Lowest price recorded for the three months ending	8.00	6.10
Market capitalisation (Rs. Mn.)	5,747	4,909
02. RATIOS	31.03.2024	31.03.2023
Net assets per share	6.36	6.03
Price earnings ratio (times) (Annualised)	30.88	(480.79)
Return on Equity	5.02%	-0.27%
Return on Assets	1.44%	-0.10%
Current Ratio	1.09	1.05
Gearing	62%	56%
03. SHARE TRADING FROM 1st April, 2023 TO 31st March, 2024
No. of transactions	13,584
No. of shares traded	96,502,732
Value of shares traded (Rs.)	878,431,757

ALUMEX PLC | Page 7

Investor Information

04. TWENTY LARGEST SHAREHOLDERS AS AT 31st March 2024

	Name of the Shareholder	No.of Shares as	%	No.of Shares as	%
	at 31.03.2024	at 31.12.2023
1	Hayleys PLC	314,826,064	52.59	314,826,064	52.59
2	Akbar Brothers Pvt Ltd A/C No.1	80,169,400	13.39	80,169,400	13.39
3	Dean Foster (Pvt) Ltd A/C No.1	28,427,800	4.75	28,427,800	4.75
4	Mr.D.W.P.N.Dediwela	21,338,400	3.56	21,338,400	3.56
5	Sampath Bank PLC/Dr. T. Senthilverl	7,800,000	1.30	7,800,000	1.30
6	Rubber Investment Trust Ltd A/c No. 01	6,030,421	1.01	5,480,421	0.92
7	Deutsche Bank AG-National Equity Fund	3,766,949	0.63	4,108,164	0.69
8	EWB Equities (Private) Limited	3,000,000	0.50	-	0.00
9	Mr. K. D. H. Perera	2,944,907	0.49	2,944,907	0.49
10	Dr. T.Senthilverl	2,901,012	0.48	-	0.00
11	SSBT-ParametricTax-Managed Emerging Markets Fund	2,884,726	0.48	2,884,726	0.48
12	DFCC Bank PLC/J N Lanka Holdings Company (Pvt) Ltd	2,800,000	0.47	2,800,000	0.47
13	Guardian Fund Management Limited/The Aitken Spence and Associated Companies	2,314,838	0.39	2,314,838	0.39
Executive Staff Provident Fund
14	Mr. H.G. Balasuriya	2,312,253	0.39	1,162,253	0.19
15	Bank of Ceylon No. 1 Account	2,254,360	0.38	2,254,360	0.38
16	Mr. J. W. Nanayakkara /Mrs. H. D. Nanayakkara	2,100,000	0.35	2,100,000	0.35
17	Mr. A. M. Weerasinghe	2,000,000	0.33	2,000,000	0.33
18	Dr. C.D. Wickramatillake	2,000,000	0.33	99,000	0.02
19	Hatton National Bank PLC-Asture Alpha Fund	1,745,764	0.29	1,575,875	0.26
20	Mr. A.L.F. De Mel	1,600,000	0.27	1,600,000	0.27
		493,216,894	82.39	482,211,333	80.83

There were no non voting shares as at 31st March 2024.

05. PUBLIC HOLDING
	31.03.2024	31.12.2023
Percentage of public holding	25.60%	25.60%
Total number of shareholders representing the public holding	5,217	5,218
Flot-adjusted market capitalization	Rs. 1,471,133,319	Rs. 1,241,268,738

The Company complies with option 1 of the Listing Rules 7.13.1 (i) (b) - Which requires Float Adjusted Market Capitalization of Rs.1 Bn and minimum number of shareholders of 200

06. DIRECTORS' SHAREHOLDINGS AS AT 31st MARCH 2024

Directors' holdings of ordinary shares in the Company were as follows

	No of Shares
Name of Director	31.03.2024		31.12.2023
Mr.A.M.Pandithage	20,000		20,000
Mr.D.W.P.N.Dediwela	21,338,400		21,338,400
Mr.S.C.Ganegoda	460,000		460,000
Mr.S.Munaweera	40,000		40,000
Mr.R.P.P.K. Rajapaksha	39,814		39,814
Mr. A.A. Akbarally	-		-
Dr. L.J.S.H. Cabral, PC	-		-
Mr. M.J.S. Rajakariar (Appointed w.e.f. 3rd January 2024)	-		-
Mr. D.T.R. de Silva (Appointed w.e.f. 3rd January 2024)	-		-
Mr. R.P. Pathirana (Resigned w.e.f. 30th June 2023)	-		-
Mr. A.J. Hirdaramani - Alternate Director to Mr. R.P. Pathirana (Ceased to be an
Alternate w.e.f. 30th June 2023)	-		-
Mr. T.A. Akbarally - Alternate Director to Mr. A.A. Akbarally)(Resigned w.e.f. 31st
December 2023)	-		-
Total	21,898,214		21,898,214

ALUMEX PLC | Page 8

Corporate Information

NAME OF COMPANY

Alumex PLC

(A limited Liability company, incorporated in Sri

Lanka in 2007)

COMPANY NUMBER

PV 539 PQ

STOCK EXCHANGE LISTING

The ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka on 31 March 2014

REGISTERED OFFICE

Pattiwila Road,

Sapugaskanda, Makola,

Sri Lanka

Telephone: [phone]

Facsimile: [phone]

Website: www.alumexgroup.com

DIRECTORS

Mr. A.M. Pandithage - Chairman

Mr. S.C. Ganegoda - Deputy Chairman

Mr. D.W.D.N. Dediwela - Managing Director

Mr. A.A. Akbarally

Dr. L.J.S.H. Cabral, PC Mr. S. Munaweera Mr. R.P.P.K. Rjapaksha

Mr. M.J.S. Rajakariar (Appointed w.e.f. 3rd January 2024) Mr. D.T.R. de Silva (Appointed w.e.f. 3rd January 2024) Mr. R.P. Pathirana (Resigned w.e.f. 30th June 2023)

Mr. A.J. Hirdaramani - Alternate Director to Mr. R.P. Pathirana (Ceased to be an Alternate w.e.f. 30th June 2023) Mr. T.A. Akbarally - Alternate Director to Mr. A.A. Akbarally)(Resigned w.e.f. 31st December 2023)

AUDIT COMMITTEE (As re-constituted on 7th May 2024)

Mr. D.T.R. de Silva - Chairman

Mr. S. Munaweera

Mr. M.J.S. Rajakariar

REMUNERATION COMMITTEE (As re-constituted on 7th May 2024)

Mr. D.T.R. de Silva - Chairman

Dr. L.J.S.H. Cabral, PC

Mr. M.J.S. Rajakariar

NOMINATION AND GOVERNANCE COMMITTEE (Constituted on 7th May 2024)

Mr. D.T.R. de Silva - Chairman

Mr. M.J.S. Rajakariar

Dr. L.J.S.H. Cabral, PC

RELATED PARTY TRANSACTIONS REVIEW COMMITTEE (Constituted on 7th May 2024) Mr. D.T.R. de Silva - Chairman

Mr. M.J.S. Rajakariar

Dr. L.J.S.H. Cabral, PC

AUDITORS

Ernst & Young

Chartered Accountants

No. 201, De Seram Place

Colombo 10, Sri Lanka

INVESTOR RELATIONS

Please contact Corporate Affaires Unit

Telephone: [phone]

E-mail: [e-mail]

SECRETARIES

Hayleys Group Services (Private) Limited 400, Deans Road, Colombo 10, Sri Lanka Telephone:[phone] Facsimile: [phone]

E-mail: [e-mail]

Please direct any queries about the

administration of shareholdings to the Company Secretaries

BANKERS

Commercial Bank of Ceylon PLC

Foreign Branch

Commercial House, NO 21, Sir Razik Fareed Mawatha

Colombo 01, Sri Lanka

Sampath Bank PLC

Head Office,

No. 110, Sir James Peiris Mawatha

Colombo 02, Sri Lanka

Bank of Ceylon Corporate Branch 2nd Floor, Head Office

No. 04, Bank of Ceylon Mawatha Colombo 01, Sri Lanka

Hatton National Bank PLC

Head office, No. 479, T. B. Jayah Mawatha

Colombo 10, Sri Lanka

Citi Bank N.A. Colombo.

65C, Dharmapala Mawatha,

Colombo 07, Sri Lanka

Standard Chartered Bank

37 York Street

Colombo 1

People's Bank

Head Office, No.75, Sir Chittampalam A Gardiner Mawatha Colombo 02

Nation Trust Bank PLC

Millennium House,

Nawam Mawatha,Colombo 02

National Development Bank

No.40,Nawam Mawatha,Colombo 02

ALUMEX PLC | Page 9