Union Chemicals Lanka : Interim Financial Statements for the Quarter Ended 25th September, 2022

Interim Financial Statements for the Period - Ended

25th September. 2022

UNION CHEMICALS LANKA PLC.

Converting Science to Technology

Reg.No: PQ 140

04th Floor, 50, Sarathi Building, Hyde Park Corner, Colombo 02

Telephone: [phone],

Fax: [phone]

E-Mail:[e-mail]

STATEMENT OF COMPREHENSIVE INCOME
Th	Quarter	Quarter	Nine Months	Nine Months	Year
For The Period Ended 25 Sept,	Ended	Ended	Ended	Ended	Ended
	2022	2021	2022	2021	25/12/21
					Audited
Continuing Operations	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Rev enue	411,067	408,470	1,236,874	1,065,604	1,596,759
Cost of Sales	(267,941)	(338,917)	(859,917)	(888,247)	(1,292,031)
Gross profit/(loss)	143,126	69,553	376,958	177,356	304,728
Other operating income	2,027	389	2,838	7,129	7,527
Selling expenses	1,361	(6,632)	(9,502)	(18,508)	(17,781)
Administrative expenses	(20,532)	(19,691)	(62,871)	(60,345)	(80,084)
Results from Operating Activities	125,983	43,619	307,423	105,634	214,390
Financing income	9,884	(3)	15,914	1,216	1,718
Exchange gain /(loss)	(3,991)	(1,811)	(190,662)	(6,473)	(6,755)
Financing cost	(3,670)	(2,877)	(5,045)	(4,376)	(6,261)
Net financing cost	2,223	(4,692)	(179,793)	(9,632)	(11,298)
Profit before tax	128,207	38,927	127,630	96,001	203,092
Income tax expense	10,702	(9,129)	(33,541)	(22,694)	(31,387)
Profit for the period	138,909	29,798	94,089	73,308	171,705
Acturial gain/(loss) employee benefits	-	-	-	-	(2,225)
Total comprehensive income for the period	138,909	29,798	94,089	73,308	169,480
Earnings per Share (Rs.)	92.61	19.87	62.73	48.87	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
As at 25	th	Sept,	2022	2021	25/12/21
					Audited
Assets			Rs.'000	Rs.'000	Rs.'000
Property, plant & equipment	325,117	342,702	341,665
Intangible assets	-	-	-
Retirement benefit assets	6,079	8,148	6,079
Other financial assets	417	262	294
Total non-current assets	331,612	351,113	348,038
Current assets
Inventories	511,255	307,422	345,449
Trade and other receivables	189,117	328,590	382,007
Cash and cash equivalents	145,406	10,054	76,623
Total current assets	845,777	646,066	804,079
Total assets	1,177,390	997,178	1,152,117
Equity & liabilities
Equity
Stated capital (1,500,000 ordinary shares)	15,000	15,000	15,000
Retained earnings	848,976	696,215	769,887
Equity attributable to owners of the Company	863,976	711,215	784,887
Non-current liabilities
Retirement benefit Obligations	17,370	16,218	16,205
Deferred tax liability	5,463	3,211	5,463
Term Loans (Secured)	-	56,084	2,690
Total non-current liabilities	22,833	75,513	24,358
Current liabilities
Bank overdrafts	45,427	792	9,699
Loans and borrowings	47,116	53,598	78,088
Trade & other payables	172,118	121,927	220,040
Income tax payable	15,484	27,847	28,672
Dividend payable	10,437	6,286	6,372
Total current liabilities	290,582	210,450	342,872
Total equity & liabilities	1,177,390	997,179	1,152,117
			Rs.	Rs.	Rs.
Net Assets per Share	575.98	474.14	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).
(Sgd).	H.A.D.U G Gunasekera
UL Pushpakumara	Managing Director
Finance Manager
	(Sgd).
	R De Zilwa
26 th Oct 2022	Director
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STATEMENT OF CHANGES IN EQUITY
As at 25th Sept,						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)
Balance as at 25	th	December 2021	15,000	769,887	784,887
Balance as at 26th December, 2020	15,000	643,907	658,907
Profit for the quarter ended 25	th	Sept. 2021	-	73,308	73,308
Final dividend - 2020 (Rs. 14.00)				-	(21,000)	(21,000)
Balance as at 25	th	Sept, 2020				15,000	696,215	711,215
Balance as at 25	th	December 2021	15,000	769,887	784,887
Profit for the quarter ended 25	th		Sept. , 2022	-	94,089	94,089
Final dividend - 2021 (Rs. 10.00)				-	(15,000)	(15,000)
Balance as at 25	th	Sept, 2022				15,000	848,976	863,976

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 Sept,	2022	2021
	RS.'000	RS.'000
Cash flows from operating activities
Profit before Tax	127,630	96,001
Adjustment for:
Depreciation on property, plant and equipment	18,857	20,003
Provision for retirement gratuity	2,030	3,068
Impairment loss/(reversal) of trade receivasbles	26,491	(898)
(Gain)/Loss on disposal of property, plant and equipment	441	(5,156)
Interest income	(15,914)	(1,216)
Interest expense	5,045	4,376
Operating profit before working capital changes	164,580	116,177
(Increase)/Decrease in inventories	(165,807)	(105,943)
(Increase)/Decrease in trade and other receivables	169,544	(86,611)
Increase/(Decrease) in trade and other payables	(49,005)	67,378
Cash flows from operating activities	119,313	(8,998)
Retiring gratuity paid	(864)	(8,684)
Income tax paid	(46,730)	(19,071)
Interest paid	(3,963)	(3,796)
Net cash flows from operating activities	67,756	(40,550)
Cash flows from investing activities
Purchase & construction of property, plant and equipment	(2,805)	(61,529)
Proceeds from disposal of property, plant and equipment	44	5,156
Interest income received	12,780	1,270
Net cash flows from investing activities	10,019	(55,102)
Cash flows from financing activities
loans obtained during the year	1,209,129	1,091,307
Repayment of loans	(1,242,790)	(1,017,958)
Staff loans (granted)/recovered	(123)	199
Dividend paid	(10,936)	(25,174)
Net cash inflows from financing activities	(44,720)	48,374
Net increase/(decrease) in-cash & cash equivalents	33,055	(47,278)
Cash & cash equivalents at the beginning of the year	66,924	56,540
Cash & cash equivalents at the end of the period	99,979	9,262
Analysis of cash and cash equivalents
Cash in hand and at bank	145,406	10,054
Bank overdrafts	(45,427)	(792)
	99,979	9,262

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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