Chemanex : Quarterly Financial Statements for the 3 Months ended 30th June 2022

Interim Financial Statements

For the period ended 30th June 2022

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
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

		Three months ended 30 June
		2022		2021		Variance
				%
(In Rs. '000)	Note
Revenue	1	256,392	141,758	81
Cost of sales		(136,050)	(110,783)	23
Gross profit		120,342	30,975	289
Other income	2	24,503	20,212	21
Finance cost		(11,458)	(709)	1,516
Finance income		62	85	(27)
Net finance income	3	(11,396)	(624)	(1,726)
Administrative expenses		(11,020)	(9,008)	22
Distribution expenses		(15,443)	(9,808)	57
Impairment reversal/(loss) on trade receivables		314	(324)	197
Other operating expenses	4	(1,356)	(5,393)	(75)
Profit before tax		105,944	26,030	307
Income tax expense		(23,475)	(5,228)	349
Profit for the period		82,469	20,802	296
Other comprehensive income
Items that will not be re-classified to profit or loss
Net loss from fair value change of financial assets	(330,833)	(112,709)	194
Total other comprehensive income		(330,833)	(112,709)	194
Total comprehensive income for the period		(248,364)	(91,907)	170
Profit attributable to:
Equity holders of the Company		82,469	20,802	296
		82,469	20,802	296
Other comprehensive income attributable to:
Equity holders of the Company		(330,833)	(112,709)	194
		(330,833)	(112,709)	194
Earnings per share
Basic/Diluted earnings per share (Rs.)		5.25	1.32	296

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

		Three months ended 30 June
		2022		2021		Variance %
(In Rs. '000)	Note
Revenue	1	256,392	141,758	81
Cost of sales		(136,050)	(110,783)	23
Gross profit		120,342	30,975	289
Other income	2	24,503	20,212	21
Finance cost		(11,458)	(709)	1,516
Finance income		62	85	(27)
Net finance income	3	(11,396)	(624)	(1,726)
Administrative expenses		(11,020)	(9,008)	22
Distribution expenses		(15,443)	(9,808)	57
Impairment reversal/(loss) on trade receivables		314	(324)	197
Share of loss of equity accounted investees, net of tax		(1,356)	(5,393)	(75)
Profit before tax		105,944	26,030	307
Income tax expenses		(23,475)	(5,228)	349
Profit after tax from continuing operations		82,469	20,802	296
Profit from discontinued operations, net of tax		10,618	245	4,234
Profit for the period		93,087	21,047	342
Other comprehensive income
Items that will not be re-classified to profit or loss
Net loss from fair value change of financial assets		(331,794)	(112,460)	195
Other comprehensive income for the period, net of tax		(331,794)	(112,460)	195
Total comprehensive income for the period		(238,707)	(91,413)	161
Profit attributable to :
Equity holders of the Company		93,087	21,047	342
Non-controlling interest		-	-	0
		93,087	21,047	342
Other comprehensive income attributable to :
Equity holders of the Company		(331,794)	(112,460)	195
Non-controlling interest		-	-	-
		(331,794)	(112,460)	195
Basic/Diluted earnings per share from continuing operations (Rs.)		5.25	1.32	296
Basic/Diluted earnings per share (Rs.)		5.93	1.34	342

Figures in brackets indicate deductions.

The above figures are provisional & subject to audit.

CHEMANEX PLC

CHEMANEX PLC
STATEMENT OF FINANCIAL POSITION
				Company						Group
		30 June		31 March		30 June		30 June		31 March		30 June
As at	Note	2022		2022		2021		2022		2022		2021
(In Rs. '000)
Non-Current Assets
Property, plant & equipment		3,286	4,692	8,020	3,286	4,692	8,020
Intangible assets		903	938	1,042	903	938	1,042
Equity accounted investees		41,334	42,690	41,176	39,104	40,460	41,176
Equity investment at fair value through OCI		198,244	198,244	192,089	198,244	198,244	192,089
Deferred tax assets		15,740	15,740	26,056	15,740	15,740	26,056
		259,507	262,304	268,383	257,277	260,074	268,383
Current Assets
Inventories		265,661	156,027	107,769	265,661	156,027	107,769
Trade and other receivables		239,016	264,628	168,939	239,016	264,628	168,939
Equity investment at fair value through OCI		1,645,662	1,973,261	1,800,149	1,645,662	1,973,261	1,800,149
Cash & cash equivalents	5	27,775	17,109	34,302		27,775	17,109	34,302
		2,178,114	2,411,025	2,111,159	2,178,114	2,411,025	2,111,159
Assets classified as held for distribution		47,000	47,000	47,000		59,471	49,792	36,236
		2,225,114	2,458,025	2,158,159		2,237,585	2,460,817	2,147,395
Total Assets		2,484,621	2,720,329	2,426,542	2,494,862	2,720,891	2,415,778
EQUITY & LIABILITIES
Stated capital		126,250	126,250	126,250	126,250	126,250	126,250
Capital reserves		-	-	-	3,000	3,000	3,000
Revenue reserves		2,080,386	2,328,750	2,162,632		2,159,962	2,398,669	2,235,970
Equity attributable to equity holders of the parent	2,206,636	2,455,000	2,288,882		2,289,212	2,527,919	2,365,220
Non- controlling interests		-	-	-		(2,768)	(2,768)	(17,673)
Total Equity		2,206,636	2,455,000	2,288,882	2,286,444	2,525,151	2,347,547
Non-Current Liabilities
Loans and borrowings		-	-	4,241	-	-	4,241
Retirement benefit obligations		2,581	2,343	2,481		2,581	2,343	2,481
		2,581	2,343	6,722	2,581	2,343	6,722
Current Liabilities
Trade payable		23,328	23,652	20,356	23,328	23,652	20,356
Income tax payable		24,282	2,282	2,024	24,282	2,282	2,024
Accruals & other payable		109,338	104,614	100,743	38,799	34,075	29,703
Loans and borrowings		118,456	132,438	7,815		118,456	132,438	7,815
		275,404	262,986	130,938		204,865	192,447	59,898
Liabilities classified as held for distribution		-	-	-		972	950	1,611
Total liabilities		277,985	265,329	137,660		208,418	195,740	68,231
Total Equity & Liabilities		2,484,621	2,720,329	2,426,542	2,494,862	2,720,891	2,415,778
Net Assets per share (Rs.)		140.49	156.30	145.72	145.74	160.94	150.58

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 .) S A B P W M R R W T Wegodapola
Chairman	Director	Company Secretary
Colombo
20th July 2022

CHEMANEX PLC