Agility and Adaptability
CHEMANEX PLC | INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED
31ST MARCH 2024
CHEMANEX PLC
Corporate Information
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 | |
P A Seresinhe (appointed w.e.f. 17.01.2024 ) | |
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 |
CHEMANEX PLC
CHEMANEX PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Quarter ended 31 March | Twelve months ended 31 March | |||||||||
2024 | 2023 | Variance | 2024 | 2023 | Variance | |||||
% | % | |||||||||
(In Rs. '000) | Note | |||||||||
Revenue | 1 | 224,178 | 234,971 | (5) | 788,965 | 1,063,645 | (26) | |||
Cost of sales | (177,897) | (161,008) | 10 | (600,404) | (665,828) | (10) | ||||
Gross profit | 46,281 | 73,963 | (37) | 188,561 | 397,817 | (53) | ||||
Other income | 2 | 18,553 | 10,666 | 74 | 55,808 | 64,006 | (13) | |||
Finance cost | (5,730) | (366) | 1,466 | (17,409) | (18,604) | (6) | ||||
Finance income | (875) | 6,925 | (113) | 5,535 | 7,632 | (27) | ||||
Net finance (expense)/ income | 3 | (6,605) | 6,559 | (201) | (11,874) | (10,972) | (8) | |||
Administrative expenses | (15,959) | (14,816) | 8 | (56,703) | (49,225) | 15 | ||||
Distribution expenses/ (reversal) | 14,240 | (31,267) | (146) | (39,040) | (106,289) | (63) | ||||
Impairment (charge)/reversal on trade receivables | 5,634 | (855) | (759) | 4,420 | 685 | (545) | ||||
Other operating expenses | 4 | (30) | (14,618) | (100) | (123) | (42,778) | (100) | |||
Profit before tax | 62,114 | 29,632 | 110 | 141,049 | 253,244 | (44) | ||||
Income tax expense | (5,561) | (19,624) | 72 | (29,340) | (85,698) | (66) | ||||
Profit for the period | 56,553 | 10,008 | 465 | 111,709 | 167,546 | (33) | ||||
Other comprehensive income | ||||||||||
Items that will not be re-classified to profit or loss | ||||||||||
Actuarial loss on retirement benefit obligation | (1,953) | (79) | 2,372 | (1,953) | (79) | 2,372 | ||||
Net gain/(loss) from fair value change of financial assets | 131,578 | 159,445 | (17) | 904,805 | (4,753) | (19,137) | ||||
Income tax expense on other comprehensive income | (19,551) | 1,200 | (1,729) | (19,551) | 1,200 | (1,729) | ||||
Total other comprehensive income | 110,074 | 160,566 | (31) | 883,301 | (3,632) | (24,420) | ||||
Total comprehensive income for the period | 166,627 | 170,574 | (2) | 995,009 | 163,914 | 507 | ||||
Profit attributable to: | ||||||||||
Equity holders of the Company | 56,553 | 10,008 | 465 | 111,709 | 167,546 | (33) | ||||
56,553 | 10,008 | 465 | 111,709 | 167,546 | (33) | |||||
Other comprehensive income attributable to: | ||||||||||
Equity holders of the Company | 110,074 | 160,566 | (31) | 883,301 | (3,632) | (24,420) | ||||
110,074 | 160,566 | (31) | 883,301 | (3,632) | (24,420) | |||||
Earnings per share | ||||||||||
Basic/Diluted earnings per share (Rs.) | 3.60 | 0.64 | 465 | 7.11 | 10.67 | (33) |
Figures in brackets indicate deductions.
The above figures are provisional & subject to audit.
CHEMANEX PLC
CHEMANEX PLC
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Quarter ended 31 March
2024 2023 Variance
%
Twelve months ended 31 March
2024 | 2023 | Variance | ||
% | ||||
(In Rs. '000) | Note | ||||||
Revenue | 1 | 224,178 | 234,971 | (5) | 788,965 | 1,063,645 | (26) |
Cost of sales | (177,897) | (161,008) | 10 | (600,404) | (665,828) | (10) | |
Gross profit | 46,281 | 73,963 | (37) | 188,561 | 397,817 | (53) | |
Other income | 2 | 18,553 | 10,666 | 74 | 55,808 | 64,006 | (13) |
Finance cost | (5,730) | (366) | 1,466 | (17,409) | (18,604) | (6) | |
Finance income | (875) | 6,925 | (113) | 5,535 | 7,632 | (27) | |
Net finance income/(expenses) | 3 | (6,605) | 6,559 | (201) | (11,874) | (10,972) | (8) |
Administrative expenses | (15,959) | (14,816) | 8 | (56,703) | (49,225) | 15 | |
Distribution (expenses)/ reversal | 14,240 | (31,267) | (146) | (39,040) | (106,289) | (63) | |
Impairment (charge)/ reversal on trade receivables | 5,634 | (855) | (759) | 4,420 | 685 | (545) | |
Share of loss of equity accounted investees, net of | tax | - | (12,368) | (100) | - | (40,460) | (100) |
Profit before tax | 62,144 | 31,882 | 95 | 141,172 | 255,562 | (45) | |
Income tax expenses | (5,561) | (19,624) | (72) | (29,340) | (85,698) | (66) | |
Profit after tax from continuing operations | 56,583 | 12,258 | 362 | 111,832 | 169,864 | (34) | |
Profit from discontinued operations, net of tax | (3,171) | (5,544) | (43) | (484) | 7,686 | (106) | |
Profit for the period | 53,412 | 6,714 | 696 | 111,348 | 177,550 | (37) | |
Other comprehensive income | |||||||
Items that will not be re-classified to profit or loss | |||||||
Actuarial loss on retirement benefit obligation | (1,953) | (79) | 2,372 | (1,953) | (79) | 2,372 | |
Net gain/(loss) from fair value change of financial assets | 132,181 | 161,104 | (18) | 906,711 | (4,106) | (22,183) | |
Income tax expense on other comprehensive income | (19,551) | 1,200 | (1,729) | (19,551) | 1,200 | (1,729) | |
Other comprehensive income for the period, net of tax | 110,677 | 162,225 | (32) | 885,207 | (2,985) | (29,755) | |
Total comprehensive income for the period | 164,089 | 168,939 | (3) | 996,555 | 174,565 | 471 | |
Profit attributable to : | |||||||
Equity holders of the Company | 53,415 | 6,747 | 692 | 111,379 | 177,583 | (37) | |
Non-controlling interest | (3) | (33) | (91) | (31) | (33.00) | (6) | |
53,412 | 6,714 | 696 | 111,348 | 177,550 | (37) | ||
Other comprehensive income attributable to : | |||||||
Equity holders of the Company | 110,680 | 162,258 | (32) | 885,238 | (2,952) | (30,088) | |
Non-controlling interest | (3) | (33) | (91) | (31) | (33) | (6) | |
110,677 | 162,225 | (32) | 885,207 | (2,985) | (29,755) | ||
Basic/Diluted earnings per share from continuing operations (Rs.) | 3.60 | 0.78 | 362 | 7.12 | 10.81 | (34) | |
Basic/Diluted earnings per share (Rs.) | 3.40 | 0.43 | 692 | 7.09 | 11.31 | (37) |
Figures in brackets indicate deductions.
The above figures are provisional & subject to audit.
CHEMANEX PLC
CHEMANEX PLC | ||||||||||
STATEMENT OF FINANCIAL POSITION | ||||||||||
Company | Group | |||||||||
31 March | 31 March | 31 March | 31 March | |||||||
As at | Note | 2024 | 2023 | 2024 | 2023 | |||||
(In Rs. '000) | ||||||||||
Non-Current Assets | ||||||||||
Property, plant & equipment | 19,999 | 28,399 | 19,999 | 28,399 | ||||||
Intangible assets | 660 | 799 | 660 | 799 | ||||||
Equity investment at fair value through OCI | 298,844 | 231,719 | 298,844 | 231,719 | ||||||
Deferred tax assets | - | 14,217 | - | 14,217 | ||||||
319,503 | 275,134 | 319,503 | 275,134 | |||||||
Current Assets | ||||||||||
Inventories | 140,046 | 194,018 | 140,046 | 194,018 | ||||||
Trade and other receivables | 198,098 | 123,155 | 198,098 | 123,155 | ||||||
Equity investment at fair value through OCI | 3,170,694 | 2,005,369 | 3,170,694 | 2,005,369 | ||||||
Deposits with banks | 7,466 | 7,589 | 7,466 | 7,589 | ||||||
Cash & cash equivalents | 5 | 100 | 138,425 | 100 | 138,425 | |||||
3,516,404 | 2,468,556 | 3,516,404 | 2,468,556 | |||||||
Assets classified as held for distribution | 47,000 | 47,000 | 59,980 | 58,320 | ||||||
3,563,404 | 2,515,556 | 3,576,384 | 2,526,876 | |||||||
Total Assets | 3,882,907 | 2,790,690 | 3,895,887 | 2,802,010 | ||||||
EQUITY & LIABILITIES | ||||||||||
Stated capital | 126,250 | 126,250 | 126,250 | 126,250 | ||||||
Capital reserves | - | - | 3,000 | 3,000 | ||||||
Revenue reserves | 3,416,992 | 2,461,250 | 3,499,171 | 2,541,853 | ||||||
Equity attributable to equity holders of the parent | 3,543,242 | 2,587,500 | 3,628,421 | 2,671,103 | ||||||
Non- controlling interests | - | - | (2,832) | (2,801) | ||||||
Total Equity | 3,543,242 | 2,587,500 | 3,625,589 | 2,668,302 | ||||||
Non-Current Liabilities | ||||||||||
Loans and borrowings | - | 3,880 | - | 3,880 | ||||||
Retirement benefit obligations | 5,815 | 3,259 | 5,815 | 3,259 | ||||||
Deferred tax liabilities | 8,114 | - | 8,114 | - | ||||||
13,929 | 7,139 | 13,929 | 7,139 | |||||||
Current Liabilities | ||||||||||
Trade payable | 27,336 | 7,342 | 27,336 | 7,342 | ||||||
Income tax payable | 7,803 | 53,524 | 7,803 | 53,524 | ||||||
Accruals & other payable | 117,727 | 125,303 | 47,418 | 54,871 | ||||||
Loans and borrowings | 172,871 | 9,882 | 172,871 | 9,882 | ||||||
325,737 | 196,051 | 255,428 | 125,619 | |||||||
Liabilities classified as held for distribution | - | - | 941 | 950 | ||||||
Total liabilities | 339,666 | 203,190 | 270,298 | 133,708 | ||||||
Total Equity & Liabilities | 3,882,907 | 2,790,690 | 3,895,887 | 2,802,010 | ||||||
Net Assets per share (Rs.) | 225.58 | 164.74 | 231.01 | 170.06 |
The above figures are provisional & subject to audit.
I certify that the above Financial Statements comply with the requirements of the Companies Act No. 7 of 2007.
(Sgd. ) D D Wickramanayake
Chief Financial Officer
The Board of Directors is responsible for these Financial Statements.
Signed for and on behalf of the Board by;
(Sgd .) E M M Boyagoda | (Sgd .) S A B Ekanayake | (Sgd .) S A B P W M R R W T Wegodapola |
Director | Director | Company Secretary |
Colombo | ||
17th May 2024 |
CHEMANEX PLC
CHEMANEX PLC
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH
COMPANY | Stated | Total Equity | ||||
Fair Value | Retained | |||||
Capital | ||||||
(In Rs. '000) | ||||||
Reserve | Earnings | |||||
Balance as at 01 April 2022 | 126,250 | (49,140) | 2,377,890 | 2,455,000 | ||
Profit for the period | - | - | 167,546 | 167,546 | ||
Other comprehensive income | - | (3,577) | (55) | (3,632) | ||
De-recognition of financial assets due to disposal | - | 5,599 | (5,599) | - | ||
Dividends | - | - | (31,414) | (31,414) | ||
Balance as at 31 March 2023 | 126,250 | (47,118) | 2,508,368 | 2,587,500 | ||
Balance as at 01 April 2023 | 126,250 | (47,118) | 2,508,368 | 2,587,500 | ||
Profit for the period | - | - | 111,709 | 111,709 | ||
Dividends | - | - | (39,268) | (39,268) | ||
Other comprehensive income | - | 884,668 | (1,367) | 883,301 | ||
Balance as at 31 March 2024 | 126,250 | 837,550 | 2,579,442 | 3,543,242 |
Figures in brackets indicate deductions.
The above figures are provisional & subject to audit.
CHEMANEX PLC
CHEMANEX PLC
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH
GROUP
(In Rs. '000)
Balance as at 01 April 2023
Profit for the period
Dividends
Other comprehensive income De-recognition of financial assets due to disposal
Capital Reserves | ||
Stated Capital | Reserve on | |
Script | ||
Issue | ||
126,250 | 3,000 | |
- | - | |
- | - | |
- | - | |
- | - |
Revenue Reserves | Non- | |||||||
Retained | Total | |||||||
Fair Value | Controlling | Total Equity | ||||||
Reserves | ||||||||
Earnings | Interest | |||||||
Reserve | ||||||||
(52,914) | 2,451,583 | 2,527,919 | (2,768) | 2,525,151 | ||||
- | 177,583 | 177,583 | (33) | 177,550 | ||||
- | (31,414) | (31,414) | - | (31,414.00) | ||||
(2,930) | (55) | (2,985) | (2,985) | |||||
5,599 | (5,599) | - | - | - |
Balance as at 31 | March 2023 | 126,250 | 3,000 | (50,245) | 2,592,098 | 2,671,103 | (2,801) | 2,668,302 |
Balance as at 01 | April 2023 | 126,250 | 3,000 | (50,245) | 2,592,098 | 2,671,103 | (2,801) | 2,668,302 |
Profit for the period | - | - | - | 111,379 | 111,379 | (31) | 111,348 | |
Dividends | - | - | - | (39,268) | (39,268) | - | (39,268) | |
Other comprehensive income | - | - | 886,574 | (1,367) | 885,207 | - | 885,207 | |
Balance as at 31 March 2024 | 126,250 | 3,000 | 836,329 | 2,662,842 | 3,628,421 | (2,832) | 3,625,589 |
Figures in brackets indicate deductions.
The above figures are provisional & subject to audit.
CHEMANEX PLC
CHEMANEX PLC | ||||||||
STATEMENT OF CASH FLOW | ||||||||
Cash flow statement | Company | Group | ||||||
For the period ended 31 March | 2024 | 2023 | 2024 | 2023 | ||||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |||||
Cash flow from operating activities | ||||||||
Cash generated from operations (Note A) | 127,634 | 384,352 | 124,060 | 388,738 | ||||
Interest paid | (14,541) | (17,363) | (18,248) | (17,363) | ||||
Retirement benefit costs paid | (635) | - | (635) | - | ||||
Income tax paid | (72,282) | (31,733) | (72,282) | (31,733) | ||||
Net cash inflow from operating activities | 40,176 | 335,256 | 32,895 | 339,642 | ||||
Cash flow from investing activities | ||||||||
Acquisition of investments | (327,645) | (73,488) | (327,785) | (73,567) | ||||
Addition to property, plant & equipment | (1,245) | (15,056) | (1,245) | (15,056) | ||||
Proceeds from disposal of investments | - | 3,152 | - | 3,152 | ||||
Dividend received from other companies | 27,169 | 36,979 | 27,169 | 36,979 | ||||
Investment in bank deposits | 123 | (7,589) | 123 | (7,589) | ||||
Interest income received | 5,535 | 7,632 | 8,950 | 15,390 | ||||
Net cash (outflow)/ inflow from investing activities | (296,063) | (48,370) | (292,788) | (40,691) | ||||
Cash flow from financing activities | ||||||||
Dividend paid | (39,268) | (31,414) | (39,268) | (31,414) | ||||
Settlement of lease liability | (9,882) | (8,979) | (9,882) | (8,979) | ||||
Net cash outflow from financing activities | (49,150) | (40,393) | (49,150) | (40,393) | ||||
Net increase in cash & cash | ||||||||
equivalents during the period | (305,037) | 246,493 | (309,043) | 258,558 | ||||
Cash & cash equivalents at the beginning of the period | 138,425 | (109,053) | 191,636 | (63,775) | ||||
Unrealised exchange gain/(loss) on cash & cash equivalent | 589 | 985 | 4,296 | (3,147) | ||||
Cash & cash equivalents at the end of the period (Note B) | (166,023) | 138,425 | (113,111) | 191,636 | ||||
Note A - Cash generated from operations | ||||||||
Profit before tax from continued operations | 141,049 | 253,244 | 141,172 | 255,562 | ||||
(Loss)/ profit before tax from discontinued operations | - | - | (374) | 7,817 | ||||
Adjustments for: | ||||||||
Depreciation on property, plant & equipment | 2,033 | 679 | 2,033 | 679 | ||||
Impairment of investment in Rainforest Ecolodge (Private) Limited | - | 42,690 | - | - | ||||
Amortization of intangible assets | 139 | 139 | 139 | 139 | ||||
Amortization of right of use of assets | 7,612 | 5,894 | 7,612 | 5,894 | ||||
Provision for retirement benefit | 1,238 | 837 | 1,238 | 837 | ||||
Reversal of provision for impairment of trade receivable | (4,420) | (685) | (4,420) | (685) | ||||
Provision for inter company receivable | 123 | 88 | - | - | ||||
Reversal of provision for write down of inventories | (24,633) | 47,189 | (24,633) | 47,189 | ||||
Dividend income | (27,169) | (36,979) | (27,169) | (36,979) | ||||
Interest income | (5,535) | (7,632) | (8,950) | (11,258) | ||||
Interest expense | 16,820 | 17,619 | 16,820 | 17,619 | ||||
Share of equity accounted investees | - | - | - | 40,460 | ||||
Operating profit before working capital changes | 107,257 | 323,083 | 103,468 | 327,274 | ||||
(Increase)/decrease in trade and other receivables | (70,646) | 142,070 | (70,546) | 142,158 | ||||
(Increase)/ decrease in inventories | 78,605 | (85,180) | 78,605 | (85,180) | ||||
Increase in trade and other payables | 12,418 | 4,379 | 12,533 | 4,486 | ||||
Cash generated from operations | 127,634 | 384,352 | 124,060 | 388,738 | ||||
Note B - Analysis of cash & cash equivalents at the end of the year | ||||||||
Cash in hand, at bank and investment in government securities | 100 | 138,425 | 53,012 | 191,636 | ||||
Interest bearing short-term borrowings | (166,123) | - | (166,123) | - | ||||
(166,023) | 138,425 | (113,111) | 191,636 | |||||
Figures in brackets indicate deductions.
The above figures are provisional & subject to audit.
CHEMANEX PLC SEGMENT INFORMATION
Note 1
For the period ended 31 March
Group
2024 | 2023 | |
(In Rs. '000) | |||
(a) | Industry segment revenue | ||
Rubber and plastic | 379,161 | 602,824 | |
Coating and packaging | 307,863 | 277,799 | |
Home and personal care | 101,941 | 183,022 | |
Total revenue from external customers | 788,965 | 1,063,645 | |
PROFIT BEFORE TAXATION | |||
(In Rs. '000) | |||
(b) | Industry segment | ||
Rubber and plastic | 62,198 | 168,978 | |
Coating and packaging | 41,655 | 44,150 | |
Home and personal care | 997 | 35,754 | |
104,850 | 248,882 | ||
Unallocated expenses | (7,612) | (5,894) | |
Other income | 55,808 | 64,006 | |
Finance cost (net) | (11,874) | (10,972) | |
Share of loss of equity accounted investees | - | (40,460) | |
Income tax expense | (29,340) | (85,698) | |
Profit from discontinued operations | (484) | 7,686 | |
111,348 | 177,550 | ||
The above figures are provisional & subject to audit.
Figures in brackets indicate deductions.
CHEMANEX PLC
Notes to the Financial Statements
For the period ended 31 March
Company
2024 | 2023 | |
Group
2024 | 2023 | |
(In Rs. '000) | ||||||||||
2 | Other income | |||||||||
Dividend income | 27,169 | 36,979 | 27,169 | 36,979 | ||||||
Direct sales commission | 13,224 | 12,784 | 13,224 | 12,784 | ||||||
Rent income | 15,249 | 13,863 | 15,249 | 13,863 | ||||||
Sundry income | 166 | 380 | 166 | 380 | ||||||
55,808 | 64,006 | 55,808 | 64,006 | |||||||
3 | Net finance income | Company | Group | |||||||
For the period ended 31 March | 2024 | 2023 | 2024 | 2023 | ||||||
(In Rs. '000) | ||||||||||
Interest income on deposits | 487 | 4,771 | 487 | 4,771 | ||||||
Staff loan | 214 | 100 | 214 | 100 | ||||||
Interest on repo investments | 4,834 | - | 4,834 | - | ||||||
Interest on treasury bills | - | 2,761 | - | 2,761 | ||||||
Finance cost (Note 3.1) | (17,409) | (18,604) | (17,409) | (18,604) | ||||||
- | ||||||||||
(11,874) | (10,972) | (11,874) | (10,972) | |||||||
3.1 | Finance cost | Company | Group | |||||||
For the period ended 31 March | 2024 | 2023 | 2024 | 2023 | ||||||
(In Rs. '000) | ||||||||||
Interest on short-term loans & overdrafts | 14,317 | 12,629 | 14,317 | 12,629 | ||||||
Interest on lease | 2,868 | 1,241 | 2,868 | 1,241 | ||||||
Loss on foreign currency | 224 | 4,734 | 224 | 4,734 | ||||||
17,409 | 18,604 | 17,409 | 18,604 | |||||||
4 | Other operating expenses | Company | ||||||||
For the period ended 31 March | 2024 | 2023 | ||||||||
(In Rs. '000) | ||||||||||
Impairment of investment in Rainforest Ecolodge (Private) Limited | - | 42,690 | ||||||||
Provision for intercompany receivable | 123 | 88 | ||||||||
123 | 42,778 | |||||||||
5 | Cash and Cash equivalents | Company | Group | |||||||
For the period ended 31 March | 2024 | 2023 | 2024 | 2023 | ||||||
(In Rs. '000) | ||||||||||
Cash and bank - Local Currency | 100 | 25,889 | 100 | 25,889 | ||||||
Investment in Government securities | - | 112,536 | - | 112,536 | ||||||
100 | 138,425 | 100 | 138,425 | |||||||
Bank overdrafts | (60,923) | - | (60,923) | - | ||||||
Money market borrowings | (105,200) | - | (105,200) | - | ||||||
Cash & Cash equivalents classified as held for sale and distribution | - | - | 52,912 | 53,211 | ||||||
Cash & Cash equivalents for cash flow purpose | (166,123) | 138,425 | (113,111) | 191,636 |
CHEMANEX PLC
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Chemanex plc published this content on 17 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2024 12:00:05 UTC.