Chevron Lubricants Lanka : Financial statements as of 31.03.2024

CHEVRON LUBRICANTS LANKA PLC INTERIM FINANCIAL STATEMENTS 31ST MARCH 2024

CHEVRON LUBRICANTS LANKA PLC

INTERIM FINANCIAL STATEMENTS - 31ST MARCH 2024

CONTENTS

Interim Comprehensive Income Statement

Interim Statement of Financial Position

Interim Statement of Changes in Equity

Interim Statement of Cash Flows

Selective Notes to the Interim Financial Statements

Corporate Information

Chevron Lubricants Lanka PLC

Interim Comprehensive Income Statement - by function of expenses

(Amounts in Rs.000's)

	Note
Revenue
Cost of sales
Gross profit
Distribution costs
Administrative expenses
Other operating income
Operating profit
Finance income	5
Finance costs	6
Profit before income tax
Income tax expense	7

Three months ended 31st March

2024	2023	Change %
7,061,474	6,250,730	13
(4,470,199)	(4,170,151)	7
2,591,275	2,080,579	25
(338,921)	(243,052)	39
(363,788)	(381,361)	(5)
441	531	(17)
1,889,006	1,456,697	30
130,445	234,683	(44)
(19,418)	(20,305)	(4)
2,000,033	1,671,075	20
(597,871)	(505,803)	18

Profit for the period	1,402,162	1,165,272	20
Earnings per share attributable
to the equity holders of the
company during the year
Basic earnings per share	5.84	4.86
(expressed in LKR)

Notes -The above figures are not audited.

Figures in brackets indicate deductions.

Chevron Lubricants Lanka PLC

Interim Comprehensive Income Statement - Continued

(Amounts in Rs.000's)
Note	Three months ended 31st March
	2024	2022	Change %
Profit for the period	1,402,162	1,165,272	20
Other comprehensive income:
Actuarial (loss)/gain on retirement benefit	-	-	-
obligations
Tax on other comprehensive income	-	-	-
Other Comprehensive income for the
-	-	-
period, net of tax
Total comprehensive income	1,402,162	1,165,272	20
for the period

Notes -The above figures are not audited.

Figures in brackets indicate deductions.

Chevron Lubricants Lanka PLC

Interim Statement of Financial Position

(Amounts in Rs.000's)
Note	31st March	31st December
	2024	2023
ASSETS
Non-current assets
Property, Plant & Equipment	1,569,305	1,611,884
Right of Use Asset - Leases	538,183	431,657
Trade and other receivables	71,991	58,677
	2,179,479	2,102,218
Current assets
Inventories	4,884,772	4,473,448
Trade and other receivables	3,127,876	2,097,004
Cash and cash equivalents	3,106,813	3,256,784
	11,119,461	9,827,236
Total assets	13,298,940	11,929,454
EQUITY AND LIABILITIES
Stated capital	600,000	600,000
Retained earnings	7,220,164	7,732,330
Total equity	7,820,164	8,332,330
Liabilities
Non-current liabilities
Retirement benefit obligations	290,921	329,380
Deferred tax liabilites	207,684	207,470
Lease Liabilities	567,345	465,151
	1,065,950	1,002,001
Current liabilities
Trade and other payables	3,264,889	1,616,629
Current income tax liabilities	1,096,547	943,559
Lease Liabilities	51,390	34,935
	4,412,826	2,595,123
Total liabilities	5,478,776	3,597,124
Total equity and liabilities	13,298,940	11,929,454
Net Assets per Share (Rs.)	32.58	34.72
Note: The above figures are not audited.

I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.

(Sgd)Nishshanka Dissanayaka

Manager Finance & Business Planning

The Board of Directors is responsible for the preparation and presentation of these financial statements. The financial statements were authorised for issue by the Board of Directors on 13 May 2024

(Sgd)Bertram Paul	(Sgd)Erande De Silva
Managing Director / Chief Executive	Director / Chief Financial Officer
Officer
13 May 2024

Chevron Lubricants Lanka PLC

Interim Statement of Cash Flows

(Amounts in Rs.000's)
	Note	Period ended 31st March
		2024	2023
Cash flows from operating activities
Cash generated from operations	(i)	2,237,140	(1,789,009)
Interest paid		(19,418)	(20,305)
Retirement benefits paid		(56,952)	-
Income tax paid		(444,669)	(434,673)
Net cash generated from operating activities		1,716,101	(2,243,986)
Cash flows from investing activities
Purchase of Property, Plant & Equipment		(7,921)	(5,302)
Proceeds from disposal of Property, Plant & Equipment		-	510
Interest received		68,512	48,670
Net cash used in investing activities		60,591	43,878
Cash flows from financing activities
Payment of Lease liabilities		(6,662)	(3,550)
Dividends paid		(1,920,000)	-
Net cash used in financing activities		(1,926,662)	(3,550)
Net increase / (decrease) in cash and cash equivalents		(149,970)	(2,203,658)
Movement in cash and cash equivalents
Cash and cash equivalents at beginning of period		3,256,783	3,876,290
Increase in cash and cash equivalents		(149,970)	(2,203,658)
Cash and cash equivalents at end of period		3,106,813	1,672,632

Note (i)	Period ended 31st March
		2024	2023
Cash generated from operations
Profit before taxation	2,000,033	1,671,075
Adjustments for :
Depreciation on property, plant and equipment	50,500	44,149
Depreciation on right-of-use assets	18,785	12,296
Property, plant and equipment Writtenoff	-	-
Amortisation of marketing support fee paid	2,971	5,287
(Profit)/Loss on disposal of property, plant and equipment	0	(510)
Interest income	(66,367)	(48,670)
Interest expense	19,418	20,305
(Reversal of provision)/Provision for impairment on trade receivables	-	-
Defined benefit obligations	18,493	15,318
Changes in working capital		-
- trade and other receivables	(1,033,636)	579,255
-	inventories	(411,324)	(1,976,680)
-	payables	1,638,267	(2,110,833)
Cash generated from operations	2,237,140	(1,789,009)

Chevron Lubricants Lanka PLC

Interim Statement of Changes in Equity

(Amounts in Rs.000's)
	Stated		Retained		Total
	Capital		Earnings		Equity
Balance at 1st January 2023	600,000	5,559,131	6,159,131
Profit for the period	Nil	1,165,272	1,165,272
Other comprehensive income for the period	Nil		Nil		Nil
Transactions with owners - Dividends	Nil		Nil		Nil
Unclaimed Dividends transferred to Retained Earnings	Nil	5,800	5,800
Unaudited balance as at 31st March 2023	600,000		6,730,203		7,330,203
Balance at 1st January 2024	600,000	7,732,330	8,332,330
Profit for the period	Nil	1,402,162	1,402,162
Other comprehensive loss for the period	Nil		Nil		Nil
Transactions with owners - Dividends	Nil	(1,920,000)	(1,920,000)
Unclaimed Dividends transferred to Retained Earnings	Nil	5,672	5,672
Unaudited balance as at 31st March 2024	600,000		7,220,164		7,820,164

Chevron Lubricants Lanka PLC

Notes to the Financial Statement for the period ended 31/03/2024

1. General information
   Chevron Lubricants Lanka PLC carries on the business of importing, blending, distributing and marketing of lubricant oils and greases. The Company is a public limited liability company incorporated and domiciled in Sri Lanka. The address of its registered office is Level 16, MAGA ONE, 200 Nawala Road, Narahenpita, Colombo 5.
   The Company has its primary listing on the Colombo Stock Exchange.
   These financial statements have been approved for issue by the Board of Directors on 13 May 2024
2. Basis of preparation
   These condensed interim financial statements of Chevron Lubricants Lanka PLC for the period ended 31st March 2024, do not include all the information required for full annual financial statements. They have been prepared in accordance with LKAS 34 and with those SLFRS and IFRIC interpretations issued and effective at the time of their preparation and applicable for interim financial statements.
3. Accounting policies
   The accounting policies adopted are consistent with those of the previous financial year.
4. Net assets per share has been computed based on number of shares in issue as at 31/03/2024.

5	Finance Income	Period ended 31st March
		2024	2023
	Interest Income	66,367,022	48,669,937
	Foreign exchange transaction and translation gains	64,077,570	186,013,113
		130,444,592	234,683,050
6	Finance Cost	Period ended 31st March
		2024	2023
	Interest charge on lease liabilities	(19,417,832)	(11,626,963)
	Interest expense on bank overdraft	-	-
	Interest expense on overdue trade liabilities	-	(8,677,859)
	Foreign exchange transaction and translation losses	-	-
		(19,417,832)	(20,304,822)
7	Income Taxes & Deferred Tax
	(a) Income Tax

In reference to the Inland Revenue (Amendment) Act, No.45 of 2022, the Company has computed and accounted its income tax expense stemming from Business Income & Investment Income applying the standard rate of 30% in these condensed interim financial statements for the period ended 31st March 2024. During the comparative period the Company computed and accounted its income tax expense stemming from Business Income & Investment Income applying the standard rate of 30%.

(b) Deferred Tax

Deferred tax is calculated on all temporary differences under the liability method using an effective tax rate of 30.00%. During the comparative period, the Company used a Tax Rate of 30%.

1. No events have occurred since the statement of financial position date which would require adjustments to, or disclosure in, the financial statements.
2. There has not been a significant change to the disclosure made on contingent liabilities in the Financial Statements for the year ended 31st December 2023.
3. Share price movement

The market prices during the quarter	2024	2023	Year ended
				31.12.2023
Highest price	Rs.	110.25	109.25	109.25
Lowest price	Rs.	90.30	88.10	78.00
Last traded price Rs.	107.75	91.60	90.30

11 Stated Capital is represented by 240,000,000 ordinary Shares.

Notes to the Financial Statement for the year ended 31/03/2024 Continued

12 Names and the Number of Shares held by the largest 20 shareholders as at 31st March 2024 :

	Name of Shareholders	Number of	%
	Shares
1	CHEVRON CEYLON LIMITED	122,400,000	51.00
2	BNYM RE-BARCA GLOBAL MASTER FUND LP	12,931,372	5.39
3	RENUKA HOTELS PLC	5,201,918	2.17
4	SSBT-CHANGE GLOBAL FRONTIER MARKETS,LP	4,930,007	2.05
5	CARGO BOAT DEVELOPMENT COMPANY PLC	3,417,818	1.42
6	SRI LANKA INSURANCE CORPORATION LTD-LIFE FUND	3,400,000	1.42
7	J.B. COCOSHELL (PVT) LTD	2,589,687	1.08
8	CRESCENT LAUNDERERS AND DRY CLEANERS PVT LIMITED	2,000,000	0.83
9	BNYM RE- PIONEER MULTI-ASSET INCOME FUND	1,752,813	0.73
10	MRS. A. SELLIAH	1,700,000	0.71
11	MR. L.E. BADER	1,503,737	0.63
12	MR. M.M.C. COORAY	1,300,000	0.54
13	BANK OF CEYLON NO. 1 ACCOUNT	1,272,121	0.53
14	EMPLOYEE'S PROVIDENT FUND	1,238,803	0.52
15	BANK OF CEYLON-NO2 A/C (BOC PTF)	1,216,941	0.51
16	MR. A.P. SOMASIRI	1,200,000	0.50
17	MRS. A. KAILASAPILLAI	1,150,000	0.48
18	EMPLOYEES TRUST FUND BOARD	1,128,867	0.47
19	DR. S.P. JAYAWARDENA	900,399	0.38
20	COMMERCIAL BANK OF CEYLON PLC/N.P.D.A. SAMARANAYAKE &	900,000	0.38
S.V.R. SAMARANAYAKE
		172,134,483	71.74

13 Public Holding : 49%. The Number of shareholders representing the public holding was 9019

Compliant with CSE Rule 7.13.1 under option 1 - Float Adjusted Market	12,671,400,000
Capitalization (Rs.)

1. None of the Directors hold shares in the company
2. Mr. Bertram Paul is the Managing Director and the Chief Executive Officer of the Company.

Chevron Lubricants Lanka PLC

Corporate Information

Name of Company	Registrars to the Company
Chevron Lubricants Lanka PLC	S S P Corporate Services (Private)Limited
	546, Galle Road,
Legal Form	Colombo 3
Public Limited Liability Company
(Incorporated in 1992 and listed on the	Auditors to the Company
Colombo Stock Exchange)	Deloitte Partners
	Chartered Accountants
Company Registration Number	P.O.Box 918,100, Braybrooke Place ,Colombo 2.
PQ 54
Registered Office	Lawyers to the Company
Chevron Lubricants Lanka PLC	Julius & Creasy
Level 16, MAGA ONE,	Attorneys-at-Law and Notaries Public
200, Nawala Road,	No.371, R.A. De Mel Mawatha, Colombo 03
Narahenpita ,Colombo 5
Directors	Principal Bankers
Najam Shamsuddin - Chairman	Citibank NA
Bertram Paul - Managing Director / CEO	Deutsche Bank AG
Erande De Silva	Commercial Bank of Ceylon PLC
Haider Manasawala
Asite Talwatte
Harsha Cabral
Company Secretary	Web Address : www.chevron.lk
Erande De Silva	Email	: [e-mail]
Chevron Lubricants Lanka PLC	Telephone	: 94 11 4524524
Level 16, MAGA ONE,	Facsimile	: 94 11 4524566
200, Nawala Road,
Narahenpita ,Colombo 5