ACL Plastics : Quarterly Financial Statements for the period ended 30th June 2022

Interim Financial Statements

For the 3 months ended 30th June 2022

(Unaudited)

ACL PLASTICS PLC (PQ 87)

ACL PLASTICS PLC
INCOME STATEMENT
						Unaudited
	Group		Company
for the quarter ended	30.06.2022	30.06.2021	Change	30.06.2022	30.06.2021	Change
	Rs'000	Rs'000	%	Rs'000	Rs'000	%
Revenue	772,840	675,682	14.4%	772,840	675,682	14.4%
Cost of sales	(531,284)	(589,758)	-9.9%	(531,284)	(589,758)	-9.9%
Gross profit	241,555	85,924	181.1%	241,555	85,924	181.1%
Other income	-	54		-	54
	241,555	85,977	181.0%	241,555	85,977	181.0%
Administrative expenses	(3,440)	(1,296)	165.5%	(3,231)	(1,296)	149.4%
Operating profit	238,115	84,682	181.2%	238,325	84,682	181.4%
Net finance income/ (expenses)	124,319	(9,910)	-1354.4%	121,121	(10,297)	-1276.3%
Profit before tax	362,434	74,772	384.7%	359,446	74,385	383.2%
Income tax	(67,200)	(13,390)	401.9%	(67,200)	(13,390)	401.9%
Net profit for the period			381.0%			379.1%
295,234	61,382	292,246	60,995
Earnings per share (Rs)	70.09	14.57		69.38	14.48

STATEMENT OF COMPREHENSIVE INCOME

for the quarter ended

Profit for the period

Other comprehensive income/(expenses)

Net change in fair value of available for sale financial assets

Other comprehensive income for the period,

net of tax

Total comprehensive income for the period

Group		Company
30.06.2022	30.06.2021	Change	30.06.2022	30.06.2021	Change
Rs'000	Rs'000	%	Rs'000	Rs'000	%
295,234	61,382	381.0%	292,246	60,995	379.1%
(11,772)	1,497	-886.5%	(11,772)	1,497	-886.5%
(11,772)	1,497	-886.5%	(11,772)	1,497	-886.5%
283,462	62,878	350.8%	280,474	62,491	348.8%

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.

ACL PLASTICS PLC
STATEMENT OF FINANCIAL POSITION
				Unaudited
	Group	Company
As at	30.06.2022	31.03.2022	30.06.2022	31.03.2022
	Rs'000	Rs'000	Rs'000	Rs'000
ASSETS
Non current assets
Property, plant & equipment	342,988	347,903	342,988	347,903
Right-of-use assets	1,571	1,576	1,571	1,576
Investment in subsidiary company	-	-	10,000	10,000
Financial assets at FV through OCI	37,324	49,096	37,324	49,096
	381,883	398,575	391,883	408,575
Current assets
Inventories	829,103	454,125	829,103	454,125
Trade & other receivables	836,499	1,326,154	794,499	1,279,554
Cash & cash equivalents	983,313	867,100	982,866	866,649
	2,648,915	2,647,378	2,606,468	2,600,328
Total assets	3,030,798	3,045,953	2,998,351	3,008,903
EQUITY
Stated capital	79,975	79,975	79,975	79,975
Revaluation reserve	185,885	185,884	185,885	185,884
Revenue reserve	170,000	170,000	170,000	170,000
Financial assets at FVOCI reserve	24,026	35,798	24,026	35,798
Retained earnings	2,093,852	1,798,618	2,021,141	1,728,895
Shareholders' fund	2,553,738	2,270,275	2,481,026	2,200,552
LIABILITIES
Non current liabilities
Defined benefit obligations	7,896	7,536	7,896	7,536
Deferred tax liabilities	51,511	51,511	51,511	51,511
	59,407	59,047	59,407	59,047
Current liabilities
Trade & other payables	253,719	429,918	322,682	491,289
Short term borrowings	-	177,268	-	177,268
Income tax payable	163,935	109,446	135,236	80,747
	417,654	716,631	457,918	749,304
Total liabilities	477,061	775,678	517,325	808,351
Total equity and liabilities	3,030,798	3,045,953	2,998,351	3,008,903
Net asset value per share (Rs)	606.23	538.94	588.97	522.39

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.

Colombo

15th August 2022

ACL PLASTICS PLC
STATEMENT OF CASH FLOWS
				Unaudited
	Group	Company
for the quarter ended	30.06.2022	30.06.2021	30.06.2022	30.06.2021
	Rs'000	Rs'000	Rs'000	Rs'000
Cash flows from operating activities:
Operating profit before taxation	362,434	74,772	359,446	74,385
Adjustments for:
Depreciation	4,915	3,607	4,915	3,607
Interest expense	4,671	5,812	4,671	5,812
Interest income	(11,454)	(202)	(8,257)	-
Dividend Income	-	(54)	-	(54)
Gratuity provision	360	360	360	360
Operating profit before changes in working capital
360,925	84,295	361,135	84,110
(Increase) / Decrease in:
Inventories	(374,978)	(132,186)	(374,978)	(132,187)
Trade & other receivables	489,665	(351,047)	485,065	(351,341)
Increase / (Decrease) in:
Trade & other payables	(176,199)	(160,272)	(168,607)	(159,591)
Amount due to related companies			-	-
Cash generated from / (used in) operations	299,413	(559,211)	302,615	(559,009)
Tax (paid) / refund	(12,711)	(8,059)	(12,711)	(8,059)
Interest paid	(4,671)	(5,812)	(4,671)	(5,812)
Net cash generated from / (used in) operating activities	282,032	(573,083)	285,233	(572,880)
Cash flows from investing activities
Dividend received	-	54	-	54
Interest received	11,454	202	8,257	-
Net cash generated from / (used in) investing activities	11,454	256	8,257	54
Cash flows from financing activities
Proceeds/(repayments) of import loans	(177,268)	458,923	(177,268)	458,923
Lease Rental Paid	(6)	(6)	(6)	(6)
Net cash generated from / (used in) financing activities	(177,273)	458,918	(177,273)	458,918
Net increase / (decrease) in cash & cash equivalents	116,213	(113,909)	116,216	(113,909)
Cash & cash equivalents at the beginning of the period	867,100	402,120	866,649	401,657
Cash & cash equivalents at the end of the period	983,313	288,211	982,866	287,748
The period end cash and cash equivalents comprise,
Cash at bank and in hand	983,313	288,211	982,866	287,748
	983,313	288,211	982,866	287,748

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.

ACL PLASTICS PLC

STATEMENT OF CHANGES IN EQUITY

(a) Group

Balance at 01st April 2022 Net profit for the period

Net change in Financial assets at FVOCI Total comprehensive income for the period

Balance at 30th June 2022

(b) Company

Balance at 01st April 2022 Net profit for the period

Net change in Financial assets at FVOCI Total comprehensive income for the period

Balance at 30th June 2022

(a) Group

Balance at 01st April 2021 Net profit for the period

Actuarial gain / (loss) on defined benefit obligation Deferred tax on actuarial gain / (loss)

Net change in Financial assets at FVOCI Total comprehensive income for the period

Transfer from revaluation reserve

Deferred tax on transfer

Dividend Paid

Balance at 31st March 2022

(b) Company

					Unaudited
Stated	Revaluation	Revenue	Other	Retained	Total
Capital	Reserve	Reserve	Reserve	earnings
Rs'000	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000
79,975	185,885	170,000	35,798	1,798,618	2,270,275
-	-	-	-	295,234	295,234
-	-	-	(11,772)	-	(11,772)
-	-	-	(11,772)	295,234	283,462
79,975	185,885	170,000	24,026	2,093,852	2,553,738
Stated	Revaluation	Revenue	Other	Retained	Total
Capital	Reserve	Reserve	Reserve	earnings
Rs'000	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000
79,975	185,885	170,000	35,798	1,728,895	2,200,552
-	-	-	-	292,246	292,246
-	-	-	(11,772)	-	(11,772)
-	-	-	(11,772)	292,246	280,474
79,975	185,885	170,000	24,026	2,021,141	2,481,026
Stated	Revaluation	Revenue	Other	Retained	Total
Capital	Reserve	Reserve	Reserve	earnings
Rs'000	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000
79,975	190,989	170,000	30,086	1,106,946	1,577,996
-	-	-	-	721,026	721,026
-	-	-	-	9,350	9,350
-	-	-	-	(1,683)	(1,683)
-	-	-	5,712	-	5,712
-	-	-	5,712	728,693	734,405
-	(6,225)	-	-	6,225	-
-	1,121	-	-	(1,121)	-
-	-	-	-	(42,125)	(42,125)
79,975	185,885	170,000	35,798	1,798,618	2,270,275
Stated	Revaluation	Revenue	Other	Retained	Total
Capital	Reserve	Reserve	Reserve	earnings
Rs'000	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000

Balance at 01st April 2021 Net profit for the period

Actuarial gain / (loss) on defined benefit obligation Deferred tax on actuarial gain / (loss)

Net change in Financial assets at FVOCI Total comprehensive income for the period

Transfer from revaluation reserve Deferred tax on transfer Dividend Paid

Balance at 31st March 2022

79,975	190,989	170,000	30,086	1,041,810	1,512,860
-	-	-		716,439	716,439
-	-	-	-	9,350	9,350
-	-	-	-	(1,683)	(1,683)
-	-	-	5,712	-	5,712
-	-	-	5,712	724,105	729,818
-	(6,225)	-	-	6,225	-
-	1,121	-	-	(1,121)	-
-	-	-	-	(42,125)	(42,125)
79,975	185,885	170,000	35,798	1,728,895	2,200,552

Above figures are provisional and subject to audit.

It is certified that these financial statements have been prepared in compliance with the requirements of Companies Act No 7 of 2007.