Union Chemicals Lanka : Interim Financial Statements for the Period Ended 25th December, 2022

Interim Financial Statements for the Period - Ended

25th December. 2022

UNION CHEMICALS LANKA PLC.

Converting Science to Technology

Reg.No: PQ 140

5th Floor, 50, Tickell Road, Colombo 02

Telephone: [phone],

Fax: [phone]

E-Mail:[e-mail]

STATEMENT OF COMPREHENSIVE INCOME
Th	Quarter	Quarter	Year	Year
For The Period Ended 25 Dece.,	Ended	Ended	Ended	Ended
	2022	2021	2022	2021
				Audited
Continuing Operations	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Rev enue	440,869	531,155	1,677,743	1,596,759
Cost of Sales	(310,827)	(406,059)	(1,170,744)	(1,292,031)
Gross profit/(loss)	130,042	125,096	507,000	304,728
Other operating income	2,268	296	5,106	7,527
Selling expenses	(8,058)	(702)	(17,560)	(17,781)
Administrative expenses	(23,285)	(19,165)	(86,155)	(80,084)
Results from Operating Activities	100,967	105,525	408,390	214,390
Financing income	6,043	501	21,957	1,718
Exchange gain /(loss)	(1,885)	(283)	(192,547)	(6,755)
Financing cost	(8,099)	(1,949)	(13,145)	(6,261)
Net financing cost	(3,941)	(1,730)	(183,735)	(11,298)
Profit before tax	97,026	103,795	224,656	203,092
Income tax expense	(33,008)	(17,195)	(66,550)	(31,387)
Profit for the period	64,017	86,599	158,106	171,705
Acturial gain/(loss) employee benefits	-	-	-	(2,225)
Total comprehensive income for the period	64,017	86,599	158,106	169,480
Earnings per Share (Rs.)	42.68	57.73	105.40	114.47

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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STATEMENT OF FINANCIAL POSITION
			As at	As at
As at 25	th	Dece.,	2022	2021
				Audited
Assets			Rs.'000	Rs.'000
Property, plant & equipment	319,401	341,665
Intangible assets	-	-
Retirement benefit assets	6,079	6,079
Financial assets	40,000	-
Other financial assets	931	294
Total non-current assets	366,411	348,038
Current assets
Inventories	694,287	345,449
Trade and other receivables	191,484	382,007
Cash and cash equivalents	76,457	76,623
Total current assets	962,229	804,079
Total assets	1,328,640	1,152,117
Equity & liabilities
Equity
Stated capital (1,500,000 ordinary shares)	15,000	15,000
Retained earnings	890,493	769,887
Equity attributable to owners of the Company	905,493	784,887
Non-current liabilities
Retirement benefit Obligations	18,046	16,205
Deferred tax liability	5,463	5,463
Term Loans (Secured)	-	2,690
Total non-current liabilities	23,509	24,358
Current liabilities
Bank overdrafts	84,105	9,699
Loans and borrowings	54,658	78,088
Trade & other payables	209,374	220,040
Income tax payable	39,224	28,672
Dividend payable	12,275	6,372
Total current liabilities	399,637	342,872
Total equity & liabilities	1,328,640	1,152,117
			Rs.	Rs.
Net Assets per Share	603.66	523.26

The above figures are provisional and unaudited unless stated otherwise.

I certify that these financial statements comply with the requirement of Companies Act No 07 of 2007.

		).
(Sgd).
UL Pushpakumara
Finance Manager
	(Sgd).	(Sgd).
	K. M Dissanayaka	H.A.D.U G Gunasekera
23rd Jan. 2023	Director	Managing Director
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STATEMENT OF CHANGES IN EQUITY
As at 25th Dece.,				Stated	Retained	Total
				Capital	Earnings
				Rs.'000	Rs.'000	Rs.'000
Balance as at 26th December, 2020	15,000	643,907	658,907
Profit for the year				-	171,705	171,705
Other comprehensive income			-	(2,225)	(2,225)
Final dividend - 2020 (Rs. 14.00)		-	(21,000)	(21,000)
Interim dividend - 2021 (Rs. 15.00)	-	(22,500)	(22,500)
th	December 2021	15,000	769,887	784,887
Balance as at 25
th	December 2021	15,000	769,887	784,887
Balance as at 25
Profit for the period ended 25	th	Dece. 2022	-	158,106	158,106
Final dividend - 2021 (Rs. 10.00)		-	(15,000)	(15,000)
Interim dividend - 2022 (Rs. 15.00)	-	(22,500)	(22,500)
th	December 2022	15,000	890,493	905,493
Balance as at 25

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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STATEMENT OF CASH FLOW
For The Period Ended 25Th Dece.,	2022	2021
		Audited
	RS.'000	RS.'000
Cash flows from operating activities
Profit before Tax	224,656	203,092
Adjustment for:
Depreciation on property, plant and equipment	24,917	26,140
Provision for retirement gratuity	2,707	2,293
Impairment loss/(reversal) of trade receivables	21,661	(3,546)
(Gain)/Loss on disposal of property, plant and equipment	445	(5,599)
(Gain)/Loss on transaction in foreign currency		6,755
Interest income	(21,957)	(1,718)
Interest expense	13,145	6,261
Operating profit before working capital changes	265,573	233,678
(Increase)/Decrease in inventories	(348,839)	(143,970)
(Increase)/Decrease in trade and other receivables	173,155	(144,181)
Increase/(Decrease) in trade and other payables	(12,167)	165,604
Cash flows from operating activities	77,722	111,131
Retiring gratuity paid	(864)	(8,687)
Income tax paid	(55,998)	(23,895)
Interest paid	(11,643)	(5,800)
Net cash flows from operating activities	9,215	72,749
Cash flows from investing activities
Investing in treasury bills	(40,000)	-
Purchase & construction of property, plant and equipment	(3,142)	(66,676)
Proceeds from disposal of property, plant and equipment	44	5,806
Interest income received	17,664	1,449
Net cash flows from investing activities	(25,434)	(59,421)
Cash flows from financing activities
loans obtained during the year	1,367,504	1,382,597
Repayment of loans	(1,393,623)	(1,338,152)
Staff loans (granted)/recovered	(637)	199
Dividend paid	(31,598)	(47,588)
Net cash inflows from financing activities	(58,354)	(2,944)
Net increase/(decrease) in-cash & cash equivalents	(74,572)	10,384
Cash & cash equivalents at the beginning of the year	66,924	56,540
Cash & cash equivalents at the end of the period	(7,648)	66,924
Analysis of cash and cash equivalents
Cash in hand and at banks	76,457	76,623
Bank overdrafts	(84,105)	(9,699)
	(7,648)	66,924

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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