Chemanex : Quarterly Financial Statements for the Period ended 31st March 2022

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