FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2022
CHEMANEX PLC
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 | |
S Fernando - CEO (resigned w.e.f 26.08.2021 ) | |
Company Secretary | 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 | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
% | % | |||||||||||
(In Rs. '000) | Note | |||||||||||
Revenue | 1 | 176,761 | 109,930 | 61 | 639,680 | 441,401 | 45 | |||||
Cost of sales | (120,178) | (84,185) | 43 | (473,352) | (337,924) | 40 | ||||||
Gross profit | 56,583 | 25,745 | 120 | 166,328 | 103,477 | 61 | ||||||
Other income | 2 | 21,298 | 11,960 | 78 | 63,534 | 36,947 | 72 | |||||
Finance cost | (10,683) | (3,518) | 204 | (12,919) | (8,450) | 53 | ||||||
Finance income | 1,464 | 2,780 | (47) | 4,131 | 14,394 | (71) | ||||||
Net finance income | 3 | (9,219) | (738) | 1,149 | (8,788) | 5,944 | 248 | |||||
Administrative expenses | (11,167) | (10,425) | 7 | (39,643) | (33,759) | 17 | ||||||
Distribution expenses | (17,112) | (13,026) | 31 | (49,853) | (38,132) | 31 | ||||||
Impairment reversal/(loss) on trade receivables | 1,243 | (794) | (257) | 2,334 | 767 | (204) | ||||||
Other operating expenses | 4 | 1,201 | (5,292) | (123) | (4,192) | (14,639) | (71) | |||||
Profit before tax | 42,827 | 7,430 | 476 | 129,720 | 60,605 | 114 | ||||||
Income tax expense | (9,672) | (3,540) | (173) | (30,446) | (15,473) | 97 | ||||||
Profit for the period | 33,155 | 3,890 | 752 | 99,274 | 45,132 | 120 | ||||||
Other comprehensive income | ||||||||||||
Items that will not be re-classified to profit or loss | ||||||||||||
Actuarial gain/(loss) on retirement benefit obligation | 125 | (403) | (131) | 125 | (403) | (131) | ||||||
Net (loss)/gain from fair value change of financial asset | (96,821) | 224,416 | (143) | (18,508) | 697,711 | (103) | ||||||
Income tax expense on other comprehensive income | 9,027 | 6,322 | 43 | 9,027 | (3,351) | (369) | ||||||
Total other comprehensive income | (87,669) | 230,335 | (138) | (9,356) | 693,957 | (101) | ||||||
Total comprehensive income for the period | (54,514) | 234,225 | (123) | 89,918 | 739,089 | (88) | ||||||
Profit attributable to: | ||||||||||||
Equity holders of the Company | 33,155 | 3,890 | 752 | 99,274 | 45,132 | 120 | ||||||
33,155 | 3,890 | 752 | 99,274 | 45,132 | 120 | |||||||
Other comprehensive income attributable to: | ||||||||||||
Equity holders of the Company | (87,669) | 230,335 | (138) | (9,356) | 693,957 | (101) | ||||||
(87,669) | 230,335 | (138) | (9,356) | 693,957 | (101) | |||||||
Earnings per share | ||||||||||||
Basic/Diluted earnings per share (Rs.) | 2.11 | 0.25 | 752 | 6.32 | 2.87 | 120 |
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 | Twelve months ended 31 March | |||||||||||
2022 | 2021 | Variance | 2022 | 2021 | Variance | |||||||
% | % | |||||||||||
(In Rs. '000) | Note | |||||||||||
Revenue | 1 | 176,761 | 109,930 | 61 | 639,680 | 441,401 | 45 | |||||
Cost of sales | (120,178) | (84,185) | 43 | (473,352) | (337,924) | 40 | ||||||
Gross profit | 56,583 | 25,745 | 120 | 166,328 | 103,477 | 61 | ||||||
Other income | 2 | 21,298 | 11,960 | 78 | 63,534 | 36,947 | 72 | |||||
Finance cost | (10,683) | (3,518) | 204 | (12,919) | (8,450) | 53 | ||||||
Finance income | 1,464 | 2,780 | (47) | 4,131 | 14,394 | (71) | ||||||
Net finance income | 3 | (9,219) | (738) | 1,149 | (8,788) | 5,944 | 248 | |||||
Administrative expenses | (11,167) | (10,425) | 7 | (39,643) | (33,759) | 17 | ||||||
Distribution expenses | (17,112) | (13,026) | 31 | (49,853) | (38,132) | 31 | ||||||
Impairment reversal/(loss) on trade receivables | 1,243 | (794) | (257) | 2,334 | 767 | (204) | ||||||
Share of loss of equity accounted investees, net of | tax | (716) | (5,292) | (86) | (6,109) | (40,623) | (85) | |||||
Profit before tax | 40,910 | 7,430 | 451 | 127,803 | 34,621 | 269 | ||||||
Income tax expenses | (9,672) | (3,540) | 173 | (30,446) | (15,473) | 97 | ||||||
Profit after tax from continuing operations | 31,238 | 3,890 | 703 | 97,357 | 19,148 | 408 | ||||||
Profit from discontinued operations, net of tax | 13,391 | 4,396 | 205 | 14,445 | 4,378 | 230 | ||||||
Profit for the period | 44,629 | 8,286 | 439 | 111,802 | 23,526 | 375 | ||||||
Other comprehensive income | ||||||||||||
Items that will not be re-classified to profit or loss | ||||||||||||
Actuarial gain/( loss) on retirement benefit obligation | 125 | (403) | (131) | 125 | (403) | (131) | ||||||
Net (loss)/ gain from fair value change of financial assets | (97,651) | 224,293 | (144) | (19,056) | 698,332 | (103) | ||||||
Income tax expense on other comprehensive income | 9,027 | 6,322 | 43 | 9,027 | (3,351) | (369) | ||||||
Other comprehensive income for the period, net of tax | (88,499) | 230,212 | (138) | (9,904) | 694,578 | (101) | ||||||
Total comprehensive income for the period | (43,870) | 238,498 | (118) | 101,898 | 718,104 | (86) | ||||||
Profit attributable to : | ||||||||||||
Equity holders of the Company | 44,653 | 8,286 | 439 | 111,826 | 23,526 | 375 | ||||||
Non-controlling interest | (24) | - | 100 | (24) | - | 100 | ||||||
44,629 | 8,286 | 439 | 111,802 | 23,526 | 375 | |||||||
Other comprehensive income attributable to : | ||||||||||||
Equity holders of the Company | (88,499) | 230,212 | (138) | (9,904) | 694,578 | (101) | ||||||
Non-controlling interest | - | - | - | - | - | - | ||||||
(88,499) | 230,212 | (138) | (9,904) | 694,578 | (101) | |||||||
Basic/Diluted earnings per share from continuing operations (Rs. | 1.99 | 0.25 | 704 | 6.20 | 1.22 | 408 | ||||||
Basic/Diluted earnings per share (Rs.) | 2.84 | 0.53 | 439 | 7.12 | 1.50 | 375 |
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 | 2022 | 2021 | 2022 | 2021 | |||
(In Rs. '000) | ||||||||
Non-Current Assets | ||||||||
Property, plant & equipment | 4,692 | 38,339 | 4,692 | 38,339 | ||||
Intangible assets | 938 | 1,077 | 938 | 1,077 | ||||
Investment in subsidiaries | - | - | - | - | ||||
Equity accounted investees | 42,690 | 46,569 | 40,460 | 46,569 | ||||
Equity investment at fair value through OCI | 198,244 | 192,089 | 198,244 | 192,089 | ||||
Deferred tax assets | 15,740 | 26,056 | 15,740 | 26,056 | ||||
262,304 | 304,130 | 260,074 | 304,130 | |||||
Current Assets | ||||||||
Inventories | 156,027 | 114,092 | 156,027 | 114,092 | ||||
Trade and other receivables | 264,628 | 113,022 | 264,628 | 113,022 | ||||
Equity investment at fair value through OCI | 1,973,261 | 1,945,825 | 1,973,261 | 1,945,825 | ||||
Cash & cash equivalents | 5 | 17,109 | 18,166 | 17,109 | 18,166 | |||
2,411,025 | 2,191,105 | 2,411,025 | 2,191,105 | |||||
Assets classified as held for distribution | 47,000 | 47,000 | 49,792 | 35,713 | ||||
2,458,025 | 2,238,105 | 2,460,817 | 2,226,818 | |||||
Total Assets | 2,720,329 | 2,542,235 | 2,720,891 | 2,530,948 | ||||
EQUITY & LIABILITIES | ||||||||
Stated capital | 126,250 | 126,250 | 126,250 | 126,250 | ||||
Capital reserves | - | - | 3,000 | 3,000 | ||||
Revenue reserves | 2,328,750 | 2,254,539 | 2,398,669 | 2,327,383 | ||||
Equity attributable to equity holders of the parent | 2,455,000 | 2,380,789 | 2,527,919 | 2,456,633 | ||||
Non- controlling interests | - | - | (2,768) | (17,673) | ||||
Total Equity | 2,455,000 | 2,380,789 | 2,525,151 | 2,438,960 | ||||
Non-Current Liabilities | ||||||||
Loans and borrowings | - | 36,888 | - | 36,888 | ||||
Retirement benefit obligations | 2,343 | 2,000 | 2,343 | 2,000 | ||||
2,343 | 38,888 | 2,343 | 38,888 | |||||
Current Liabilities | ||||||||
Trade payable | 23,652 | 10,255 | 23,652 | 10,255 | ||||
Income tax payable | 2,282 | 3,047 | 2,282 | 3,047 | ||||
Accruals & other payable | 104,614 | 101,015 | 34,075 | 29,975 | ||||
Loans and borrowings | 132,438 | 8,241 | 132,438 | 8,241 | ||||
262,986 | 122,558 | 192,447 | 51,518 | |||||
Liabilities classified as held for distribution | - | - | 950 | 1,582 | ||||
Total liabilities | 265,329 | 161,446 | 195,740 | 91,988 | ||||
Total Equity & Liabilities | 2,720,329 | 2,542,235 | 2,720,891 | 2,530,948 | ||||
Net Assets per share (Rs.) | 156.30 | 151.58 | 160.94 | 156.40 |
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
Finance Manager
The Board of Directors is responsible for these Financial Statements.
Signed for and on behalf of the Board by;
(Sgd. ) P R Saldin | (Sgd .) S A B Ekanayake | (Sgd .) T Wegodapola |
Chairman | Director | Company Secretary |
Colombo | ||
20th May 2022 |
CHEMANEX PLC
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Chemanex plc published this content on 20 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2022 11:44:09 UTC.