Alumex : Interim Financial Statement as at 30.09.2022

Alumex PLC

Interim Report

Second Quarter

Six Months Ended 30th September, 2022

ALUMEX PLC | Page 1

Income Statements

For the period ended 30th September, 2022

Consolidated				Consolidated						Consolidated
	Audited				Unaudited	Unaudited						Unaudited	Unaudited
	year ended				6 months to	6 months to						3 months to	3 months to
31.03.22				30.09.22		30.09.21			Change	30.09.22		30.09.21			Change
	Rs.'000				Rs.'000		Rs.'000			%				Rs.'000		Rs.'000			%
9,595,282		Revenue	5,209,438		3,927,490			33				2,297,508		2,423,012			(5)
(7,316,667)	Cost of sales	(4,467,489)	(3,040,536)	47				(1,985,739)	(1,850,263)	7
2,278,615		Gross profit	741,948		886,954			(16)		311,768		572,749			(46)
53,141		Other income	34,296		13,566			>100				19,973		8,852			>100
(267,516)	Distribution expenses	(145,854)	(109,488)	33				(70,246)	(54,759)	28
(576,512)	Administrative expenses	(259,906)	(263,655)	(1)		(110,516)	(127,654)	(13)
1,487,728		Results from operating activities		370,485		527,377			(30)		150,979		399,188			(62)
452,482		Finance Income	12,788		11,403			12				8,049		3,342			>100
(558,455)	Finance Costs	(373,171)	(115,141)	>100				(310,419)	(53,438)	>100
(105,973)	Net finance costs		(360,383)	(103,738)	>100				(302,370)	(50,096)	>100
1,381,755		Profit before tax	10,102		423,638			(98)		(151,390)	349,092			>100
(229,849)	Tax (expense)/Reversal	(1,725)	(73,156)	(98)		27,692		(63,609)	>100
		Profit for the period							(98)						>100
1,151,906			8,377		350,482				(123,698)	285,483
			Attributable to:
1,151,906		Owners of the Company		8,377		350,482			(98)		(123,698)	285,483			>100
			Earnings per share
1.92		Basic earnings per share (Rs.)	0.01		0.59								(0.21)	0.48
			Statements of Comprehensive Income
Consolidated				Consolidated							Consolidated
	Audited				Unaudited	Unaudited						Unaudited	Unaudited
	year ended				6 months to	6 months to						3 months to	3 months to
31.03.22				30.09.22		30.09.21			Change	30.09.22		30.09.21			Change
	Rs.'000				Rs.'000		Rs.'000		%				Rs.'000	Rs.'000		%
1,151,906		Profit for the Period		8,377		350,482			(98)		(123,698)	285,483			>100
			Other Comprehensive income
(12,394)	Actuarial gains / (losses) on defined benefit plans	-		-								-		-			-
2,200		Income tax effect on actuarial gains / (losses)	-		-								-		-			-
152,952		Revaluation of land	-		-								-		-			-
(27,149)	Income tax effect on revaluation surplus	-										-		-
115,609	Other comprehensive income for the period, ne	-		-								-		-			-
1,267,515		Total comprehensive income for the period, net		8,377		350,482			(98)		(123,698)	285,483			>100
			Attributable to
1,267,515		Owners of the parent		8,377		350,482								(123,698)	285,483

ALUMEX PLC | Page 2

Income Statements

For the period ended 30th September, 2022

	Company				Company				Company
	Audited				Unaudited	Unaudited				Unaudited	Unaudited
	year ended				6 months to	6 months to				3 months to	3 months to
	31.03.22				30.09.22		30.09.21				Change	30.09.22		30.09.21			Change
	Rs.'000				Rs.'000		Rs.'000		%			Rs.'000		Rs.'000			%
	9,042,944		Revenue	5,209,438		3,711,823				40			2,297,508		2,244,278			2
	(7,027,596)	Cost of sales	(4,467,489)	(2,922,957)		53			(1,985,739)	(1,725,603)	15
	2,015,348		Gross profit	741,948		788,866				(6)		311,768		518,675			(40)
	51,973		Other income	34,296		13,566				>100			19,973		8,852			>100
	(261,289)	Distribution expenses	(145,854)	(106,681)		37			(70,246)	(53,497)	31
	(554,063)	Administrative expenses		(259,906)	(253,023)		3			(110,516)	(122,647)	(10)
	1,251,969	Results from operating activities	370,485		442,727				(16)		150,979		351,383			(57)
	440,172		Finance Income	12,788		11,359				13			8,049		3,406			>100
	(535,723)	Finance Costs	(373,171)	(110,763)		>100			(310,419)	(50,770)	>100
	(95,551)	Net finance costs		(360,383)	(99,404)		>100			(302,370)	(47,364)	>100
	1,156,418		Profit before tax	10,102		343,324				(97)		(151,390)	304,019			>100
	(189,670)	Tax (expense)/Reversal	(1,725)	(61,725)		(97)		27,692		(56,061)	>100
	966,748		Profit for the period		8,377		281,599				(97)		(123,698)	247,958			>100
			Attributable to:
			Owners of the Company		8,377		281,599				(97)		(123,698)	247,958			>100
			Earnings per share
	1.62		Basic earnings per share (Rs.)	0.01		0.47							(0.21)	0.41
			Statements of Comprehensive Income
	Company				Company					Company
	Audited				Unaudited	Unaudited				Unaudited	Unaudited
	year ended				6 months to	6 months to				3 months to	3 months to
	31.03.22				30.09.22		30.09.21				Change	30.09.22		30.09.21			Change
	Rs.'000				Rs.'000		Rs.'000		%			Rs.'000	Rs.'000		%
	966,748		Profit for the Period		8,377		281,599				(97)		(123,698)	247,958			>100
			Other Comprehensive income
	(7,870)	Actuarial gains / (losses) on defined benefit plans	-		-							-		-			-
	1,397		Income tax effect on actuarial gains / (losses)	-		-							-		-			-
	139,952		Revaluation of land	-		-							-		-			-
	(24,841)	Income tax effect on revaluation surplus	-									-		-
	108,638	Other comprehensive income for the period, ne	-		-							-		-			-
	1,075,386		Total comprehensive income for the period, net		8,377		281,599				(97)		(123,698)	247,958			>100
			Attributable to
	1,075,386		Owners of the parent		8,377		281,599							(123,698)	247,958

ALUMEX PLC | Page 3

Statements of Financial Position

Consolidated	Company		Company			Consolidated
Audited	Audited		Unaudited	Unaudited	Unaudited
as at	as at		as at	as at	as at
31.03.22		31.03.22		30.09.22		30.09.21		30.09.21
							(Restated)	(Restated)
Rs.'000		Rs.'000	Notes	Rs.'000			Rs.'000		Rs.'000

		ASSETS
		Non - current assets
4,390,421	4,166,241	Property, plant & equipment
272,775	272,775	Right of use asset/Lease Asset
88,868	88,868	Intangible assets

• 30,000 Investments in subsidiaries
  4,752,064 4,557,884 Total non-current assets

		Current assets
3,602,127	3,247,592	Inventories
1,586,449	1,347,316	Trade and other receivables
1,262,417	1,240,377	Advances and prepayments
-	-	Income tax recoverable
866,243	843,214	Cash & cash equivalents
7,317,236	6,678,499	Total current assets
12,069,300	11,236,383	Total assets

EQUITY AND LIABILITIES

4,593,459	3,502,087	3,706,298
261,602	185,540	185,540
86,583	102,254	102,254
-	30,000	-
4,941,644	3,819,881	3,994,092
4,158,326	2,919,870	3,405,631
1,087,971	781,490	943,363
1,060,077	601,097	626,421
46,708	-	2,249
508,023	730,486	766,355
6,861,105	5,032,942	5,744,019
11,802,751	8,852,824	9,738,111

283,735	283,735	Stated capital	5	283,735	283,735	283,735
228,056	228,056	Capital reserves		228,056	228,056	228,056
755,057	711,715	Other components of equity		731,065	604,534	631,896
2,615,154	1,732,361	Revenue reserves		2,445,041	1,222,092	1,997,616
		Total equity attributable to
3,882,002	2,955,867	owners of the parent		3,687,897	2,338,417	3,141,303

• - Non- controlling interest
  3,882,002 2,955,867 Total Equity

Non - current liabilities

-	-	-
3,687,897	2,338,417	3,141,303

1,128,989	1,128,989	Interest bearing borrowings	878,856	978,522	978,522
286,046	286,046	Non Current Portion of Lease Liabilities	281,391	188,920	188,920
166,265	148,940	Employee benefit obligations	176,673	135,857	148,903
238,321	245,033	Deferred tax liability	271,019	226,784	223,717
1,819,621	1,809,008	Total non-current liabilities	1,607,938	1,530,083	1,540,063
		Current liabilities
2,614,366	2,951,594	Trade and other payables	2,277,638	2,536,027	2,467,953
651,392	651,392	Current portion of long term interest bearing borrowings	573,067	858,617	858,617
17,301	17,301	Current Portion of Lease Liability	17,301	17,301	17,301
2,839,651	2,642,751	Short-term interest bearing borrowings	3,617,551	1,429,319	1,552,703
19,687	17,093	Provisions	21,359	15,136	17,190
225,280	191,377	Income tax payable	-	127,923	142,980
6,367,677	6,471,508	Total current liabilities	6,506,915	4,984,323	5,056,744
8,187,298	8,280,516	Total liabilities	8,114,854	6,514,406	6,596,808
12,069,300	11,236,383	Total equity and liabilities	11,802,751	8,852,824	9,738,111

The Financial Position as at 30th September, 2022 and Income Statements ,Statements of Comprehensive Income, Changes in Equity and Cash Flow for the six months then ended are drawn up from the unaudited financial statements of the Company, its Subsidiaries and they provide the information required by the Colombo Stock Exchange.

It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007 .

*Alco Industries (Private) Limited a wholly owned subsidiary of Alumex PLC was amalgamated with Alumex PLC with effect from effect from 23rd August 2022 in terms of Section 242 of the Companies Act No 7 of 2007 and continue as Alumex PLC, hence no Consolidated Statements of Financial Position was presented as at 30th September 2022.

Sgd

R P P K Rajapaksha

Director / Chief Financial Officer

Signed for and on behalf of the Board

Sgd	Sgd
A M Pandithage	D W P N Dediwela
Chairman	Managing Director
27th October 2022

ALUMEX PLC | Page 4

Statements of Changes in Equity

For the period ended 30th September, 2022

Consolidated

		Attributable to owners of the parent
	Stated	Capital	Revaluation	Retained	Shareholders'	Total
	capital	reserve	reserve	earnings	Funds	Equity
	Rs. '000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 1st at April, 2022 (Adjusted)	283,735	228,056	731,065	2,586,316	3,829,172	3,829,172
Profit for the period	-	-	-	8,377	8,377	8,377
Other Comprehensive income
Actuarial gains / (losses) on defined benefit plans	-	-	-	-	-	-
Income tax effect on actuarial gains / (losses)	-	-	-	-	-	-
Revaluation of land	-	-	-	-	-	-
Income tax effect on Revaluation surplus	-	-	-	-	-	-
Total other comprehensive income	-	-	-	-	-	-
Total Comprehensive income for the period	-	-	-	8,377	8,377	8,377
Transactions with owners, recorded directly in equity
Dividends to equity holders	-	-	-	(149,651)	(149,651)	(149,651)
Transfers	-	-	-	-	-	-
Total contributions by and distributions to owners	-	-	-	(149,651)	(149,650)	(149,650)
Balance as at 30th September 2022 (Adjusted)	283,735	228,056	731,065	2,445,041	3,687,898	3,687,897

• Alco Industries (Private) Limited ("Alco") a wholly owned subsidiary of Alumex PLC was amalgamated with Alumex PLC with effect from effect from 23rd August 2022 in terms of Section 242 of the Companies Act No 7 of 2007 and continue as Alumex PLC, hence as at 30th September 2022, the Statements of Changes in Equity of Consolidated and Company are equal.

Balance as at 1st at April, 2021	283,735	228,056	634,539	1,827,320	2,973,650	2,973,650
Charge relating to Surcharge Tax	-	-	-	(63,108)	(63,108)	(63,108)
Balance as at 1st at April, 2021 (Adjusted)	283,735	228,056	634,539	1,764,212	2,910,542	2,910,542
					-	-
Profit for the period	-	-	-	350,482	350,482	350,482
Other Comprehensive income
Actuarial gains / (losses) on defined benefit plans	-	-	-	-	-	-
Income tax effect on actuarial gains / (losses)	-	-	-	-	-	-
Revaluation of land	-	-	-	-	-	-
Income tax effect on Revaluation surplus	-	-	-	-	-	-
Total other comprehensive income	-	-	-	-	-	-
Total Comprehensive income for the period	-	-	-	350,482	350,482	350,481
					-	-
Transactions with owners, recorded directly in equity
Dividends to equity holders	-	-	-	(119,721)	(119,721)	(119,721)
Transfers			(2,643)	2,643	-	-
Total contributions by and distributions to owners	-	-	(2,643)	(117,078)	(119,721)	(119,721)
Balance as at 30th September 2021 (Adjusted)	283,735	228,056	631,896	1,997,616	3,141,303	3,141,303

ALUMEX PLC | Page 5