Haycarb : Interim Financial Statement as of 31.12.2021

HAYCARB PLC

Co. Reg. No. PQ 59

No.400, Deans Road, Colombo-10, Sri Lanka

Interim Report

Nine Months ended 31 December 2021

Quarter-3 (2021/22)

Corporate Information

NAME OF COMPANY

Haycarb PLC

(A quoted public company with limited liability, incorporated in Sri Lanka in 1973)

COMPANY REGISTRATION NUMBER

PQ 59

STOCK EXCHANGE LISTING

The ordinary shares of the company are listed with the Colombo Stock Exchange

of Sri Lanka

DIRECTORS

Mohan Pandithage (Chairman)

Rajitha Kariyawasan (Managing Director)

Dhammika Perera

Arjun Senaratna

Sarath Ganegoda

Ms Jeevani Abeyratne

Dr Sarath Abayawardana

Sujeewa Rajapakse

M.S.P. Udaya Kumara

Brahman Balaratnarajah

Ms. Yogadinusha Bhaskaran (Alternate director to Mr. Dhammika Perera) Ms. Sharmila Ragunathan

Ali Asgar Munaver Caderbhoy

James Naylor

M.H. Jamaldeen

Ms. Shamalie Gunawardana

SUBSIDIARIES AND ASSOCIATES

Carbokarn Co. Limited (Bangkok, Thailand)

CK Regen Systems Co. Limited (Bangkok, Thailand) Shizuka Company Limited (Ratchaburi, Thailand)

Eurocarb Products Limited (Bristol, England)

Haycarb Holdings Australia (Pty) Limited (Victoria, Australia) Haycarb Holdings Bitung Limited (Tortola, British Virgin Islands) Haycarb USA Inc. (Woodlands, Texas, U.S.A)

PT Mapalus Makawanua Charcoal Industry (Bitung, Indonesia)

Puritas (Pvt) Limited

Recogen (Pvt) Limited

Ultracarb (Pvt) Limited

Haycarb Value Added Products (Pvt) Limited

PT. Haycarb Palu Mitra (Palu, Indonesia)

Carbotels (Pvt) Limited - Associate

Lakdiyatha (Pvt) Limited - Associate

Puricarb Pte.Ltd. (Singapore)

Haycarb Activated Carbon (Pvt) Limited (Chennai,India)

SECRETARIES

Hayleys Group Services (Pvt) Limited

400, Deans Road, Colombo 10, Sri Lanka.

Telephone [phone]

Fax: [phone]

E-mail: [e-mail]

REGISTERED OFFICE

Hayley Building

400, Deans Road, Colombo 10, Sri Lanka.

Telephone: [phone]

Fax: [phone]

E - mail : [e-mail] Website:http://www.haycarb.com

Page 1

Haycarb PLC

INCOME STATEMENT

Audited			Unaudited		Unaudited			Unaudited		Unaudited
year ended	For the period ended	9 months to			3 months to
31.03.2021			31.12.2021	31.12.2020		Change	31.12.2021	31.12.2020		Change
Rs.'000			Rs.'000		Rs.'000	%		Rs.'000		Rs.'000	%
	CONSOLIDATED					+/(-)						+/(-)
25,484,559	Revenue	23,287,196	18,827,040		24		8,437,660	6,947,808		21
(17,947,691)	Cost of sales		(17,991,668)		(13,058,312)	38		(6,399,886)		(5,014,363)	28
7,536,868	Gross profit	5,295,528	5,768,728		(8)		2,037,774	1,933,445		5
94,287	Other operating income	86,522	86,423		0		12,788	33,122		(61)
(219,930)	Selling & distribution expenses	(195,250)	(120,576)	62		(106,797)	(49,383)	116
(2,975,521)	Administrative expenses		(2,668,251)		(2,171,773)	23		(909,817)		(791,531)	15
4,435,704	Results from operating activities	2,518,549	3,562,802		(29)		1,033,948	1,125,653		(8)
372,789	Finance income	354,547	265,577		34		53,110	91,590		(42)
(324,030)	Finance cost	(463,798)	(375,302)	24		(143,874)	(112,382)	28
48,759	Net finance income/ (cost)	(109,251)	(109,725)	(0)		(90,764)	(20,792)	337
5,799	Share of profit of equity accounted investees (net of tax)		(4,635)		(7,461)	(38)		(1,506)		(3,506)	(57)
4,490,262	Profit before income tax	2,404,663	3,445,616		(30)		941,678	1,101,355		(14)
(923,755)	Tax expense		(483,337)		(619,695)	(22)		(165,921)		(240,226)	(31)
3,566,507	Profit for the period		1,921,326		2,825,921		(32)		775,758		861,129		(10)
	Attributable to:
3,046,834	Equity holders of the parent	1,564,200	2,407,297		(35)		588,941	699,102		(16)
519,673	Non-controlling interest	357,126	418,624		(15)		186,817	162,027		15
3,566,507	Profit for the period		1,921,326		2,825,921		(32)		775,758		861,129		(10)
	Earnings per share
10.25	Basic earnings per share (Rs.)*	5.26	8.10			1.98	2.35
	COMPANY
10,139,930	Revenue	10,990,068	7,361,573		49		3,956,175	2,757,430		43
(7,648,028)	Cost of sales		(9,186,552)		(5,436,234)	69		(3,356,524)		(2,198,194)	53
2,491,902	Gross profit	1,803,516	1,925,339		(6)		599,651	559,236		7
797,236	Other operating income	401,251	376,573		7		98,086	163,406		(40)
(24,426)	Selling & distribution expenses	(30,664)	(17,896)	71		(16,225)	(4,663)	248
(1,247,116)	Administrative expenses		(1,173,731)		(912,778)	29		(424,199)		(350,649)	21
2,017,596	Results from operating activities	1,000,372	1,371,238		(27)		257,313	367,330		(30)
280,950	Finance income	253,125	207,117		22		35,375	67,043		(47)
(134,460)	Finance cost	(276,012)	(165,943)	66		(72,370)	(21,949)	230
146,490	Net finance income/(cost)		(22,887)		41,174		(156)		(36,995)		45,094		(182)
2,164,086	Profit before income tax	977,485	1,412,412		(31)		220,318	412,424		(47)
(270,264)	Tax expense	(106,222)	(169,026)	(37)		(29,816)	(59,979)	(50)
1,893,822	Profit for the period		871,263		1,243,386		(30)		190,502		352,445		(46)
6.37	Basic earnings per share (Rs.) *	2.93	4.18				0.64	1.19

Notes on pages 7 and 8 form an integral part of these financial statements.

Figures in brackets indicate deductions.

• Previous year (2020) calculations are adjusted base on the shares subdivision of 1:10 that took place on 10th February 2021 for comparison purpose.

Page 2

Haycarb PLC

STATEMENT OF OTHER COMPREHENSIVE INCOME

	Group		Company
	Unaudited	Unaudited		Unaudited	Unaudited
For the Nine months ended 31st December	2021	2020	2021	2020
	Rs. '000	Rs. '000		Rs. '000	Rs. '000
Profit for the Period	1,921,326	2,825,921	871,263	1,243,386
Other comprehensive income
Net Exchange differences on translation of foreign entities	(120,927)	449,839	-	-
Net gain/(loss) on available-for-sale financial assets	174,956	1,173,799	174,956	1,173,799
Actuarial gains and (losses) on defined benefit plans	-	18	-	-
Other comprehensive income for the period (net of tax)	54,029	1,623,656	174,956	1,173,799
Total comprehensive income for the period (net of tax)	1,975,355	4,449,577	1,046,219	2,417,185
Attributable to:
Equity holders of the parent	1,686,630	3,944,340	1,046,219	2,417,185
Non-controlling interests	288,725	505,237		-	-
	1,975,355	4,449,577	1,046,219	2,417,185
For the Three months ended 31st December	2021	2020	2021	2020
	Rs. '000	Rs. '000		Rs. '000	Rs. '000
Profit for the Period	775,758	861,129	190,502	352,445
Other comprehensive income
Net Exchange differences on translation of foreign entities	60,618	347,653	-	-
Net gain/(loss) on available-for-sale financial assets	(321,431)	493,911	(321,431)	493,911
Other comprehensive income for the period (net of tax)	(260,813)	841,582	(321,431)	493,911
Total comprehensive income for the period (net of tax)	514,945	1,702,711	(130,929)	846,356
Attributable to:
Equity holders of the parent	305,483	1,445,031	(130,929)	846,356
	-	-	-	-
Non-controlling interests	209,462	257,680		-	-
	514,945	1,702,711	(130,929)	846,356

Page 3

Haycarb PLC			-			-	-	-
STATEMENT OF FINANCIAL POSITION
	Group	Company		Group			Company
	Audited	Audited		Unaudited	Unaudited		Unaudited		Unaudited
31.03.2021		31.03.2021	As at 31st December	2021			2020	2021	2020
	Rs.'000	Rs.'000		Rs.'000	Rs.'000		Rs.'000		Rs.'000
				ASSETS
				Non-Current Assets
6,424,329		2,755,155	Property, plant and equipment	7,148,830			6,036,008	3,352,400	2,468,437
163,849		103,687	Right-of-use assets	117,550			96,922	77,766	73,506
233,141		24,351	Intangible assets	233,315			216,345	28,689	6,403
-		1,494,769	Investments in subsidiaries	-			-	1,494,769	1,494,769
615,302		92,903	Investment in equity accounted investees	610,668			602,042	92,903	92,903
1,932,662		1,888,388	Other non-current financial assets	2,102,200			1,450,646	2,063,344	1,406,242
	62,403		-	Deferred tax assets	72,496			52,376		-		-
9,431,686		6,359,253		10,285,059			8,454,339	7,109,871	5,542,260
				Current Assets
8,621,022		2,561,370	Inventories	10,521,412			7,199,591	2,992,744	2,120,569
4,316,402		2,408,600	Trade and other receivables	5,419,457			4,302,096	4,360,175	1,881,120
-		693,362	Amounts due from subsidiaries	-			-	334,229	608,104
15,242		-	Amounts due from related parties	37,781			16,398	18,309	900
38,090		165	Amounts due from equity accounted investees	54,426			32,653	178	164
634,841		220,748	Other current assets	724,572			608,217	313,547	222,691
	2,335,633		677,133	Cash in hand and at bank	2,196,250			2,176,281		691,227		912,232
15,961,230		6,561,378		18,953,898			14,335,236	8,710,409	5,745,780
	25,392,916		12,920,631	Total Assets	29,238,957			22,789,575		15,820,280		11,288,040
				EQUITY & LIABILITIES
				Equity
331,774		331,774	Stated capital	331,774			331,774	331,774	331,774
686,284		442,458	Capital reserves	686,284			675,744	442,458	442,458
	12,383,079		6,791,605	Revenue reserves	13,460,605			11,574,652		7,228,720		6,152,549
13,401,137		7,565,837	Total equity attributable to equity holders of the company	14,478,663			12,582,170	8,002,952	6,926,781
	1,751,304		-	Non-controlling interest	2,008,206			1,840,681		-		-
15,152,441		7,565,837	Total equity	16,486,869			14,422,851	8,002,952	6,926,781
				Non-Current Liabilities
467,591		462,197	Interest-bearing loans & borrowings	698,240			457,490	698,240	443,690
112,674		78,914	Non-current lease liability	73,203			79,950	57,865	60,272
139,477		77,865	Deferred tax liabilities	137,193			157,979	77,864	94,193
	858,505		672,672	Employee benefit obligations	955,424			740,118		739,152		560,129
1,578,247		1,291,648	Total non-current liabilities	1,864,060			1,435,537	1,573,121	1,158,284
				Current Liabilities
1,886,784		828,699	Trade and other payables	1,588,338			1,515,706	806,146	607,935
4,316,882		2,750,655	Interest-bearing loans & borrowings	7,230,602			2,976,730	4,962,452	2,124,540
63,206		33,430	Current lease liability	62,878			27,434	33,430	20,928
538,498		17,855	Other current liabilities	531,412			747,650	78,227	19,158
-		214,177	Amounts due to subsidiaries	-			-	146,214	274,557
1,256,334		60,608	Amounts due to other related parties	1,289,325			1,246,594	217,738	72,136
	600,524		157,722	Income tax payable	185,473			417,073		-		83,721
	8,662,228		4,063,146	Total Current Liabilities	10,888,028			6,931,187		6,244,207		3,202,975
10,240,475		5,354,794	Total Liabilities	12,752,088			8,366,724	7,817,328	4,361,259
	25,392,916		12,920,631	Total Equity and Liabilities	29,238,957			22,789,575		15,820,280		11,288,040
45.10		25.46	Net assets per share ( Rs.)*	48.73			42.35	26.93	23.31
"It is certified that the financial statements set out on pages 2 to 8 have been prepared in compliance with the requirements of the
Companies Act No. 07 of 2007".
(1)				-			-			-
				Sgd.
				……………………….
				Ms. M J A S Abeyratne
				Finance Director
				Signed for and on behalf of the Board,
				Sgd.					Sgd.
				……………………….				…………………….
				A M Pandithage				H S R Kariyawasan
				Chairman					Director
				9th February 2022

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