Union Chemicals Lanka : Financial statements as at 30th June 2022

Interim Financial Statements for

the Period - Ended

25th June. 2022

UNION CHEMICALS LANKA PLC.

Converting Science to Technology

Reg.No: PQ 140

04th Floor, 50, Sarathi Building, Hyde Park Corner, Colombo 02

Telephone: [phone],

Fax: [phone]

E-Mail:[e-mail]

STATEMENT OF COMPREHENSIVE INCOME
Th	Quarter	Quarter	Six Months	Six Months	Year
For The Period Ended 25 June,	Ended	Ended	Ended	Ended	Ended
	2022	2021	2022	2021	25/12/21
					Audited
Continuing Operations	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Rev enue	399,025	288,313	825,807	657,134	1,596,759
Cost of Sales	(262,300)	(243,445)	(591,976)	(549,330)	(1,292,031)
Gross profit/(loss)	136,725	44,868	233,831	107,803	304,728
Other operating income	171	660	811	6,741	7,527
Selling expenses	(6,918)	(4,904)	(10,863)	(11,876)	(17,781)
Administrative expenses	(22,419)	(21,225)	(42,339)	(40,654)	(80,084)
Results from Operating Activities	107,559	19,399	181,440	62,015	214,390
Financing income	5,080	488	6,031	1,220	1,718
Exchange gain /(loss)	(96,126)	(1,786)	(186,671)	(4,661)	(6,755)
Financing cost	(168)	(988)	(1,376)	(1,499)	(6,261)
Net financing cost	(91,214)	(2,286)	(182,017)	(4,940)	(11,298)
Profit before tax	16,345	17,113	(577)	57,074	203,092
Income tax expense	(26,776)	(4,858)	(44,243)	(13,565)	(31,388)
Profit for the period	(10,432)	12,256	(44,820)	43,509	171,704
Acturial gain/(loss) employee benefits	-	-	-	-	(2,225)
Total comprehensive income for the period	(10,432)	12,256	(44,820)	43,509	169,479
Gross profit	34%	16%	28%	16%	19%
Earnings per Share (Rs.)	-6.95	8.17	-29.88	29.01	114.47

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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STATEMENT OF FINANCIAL POSITION
		As at	As at	As at
th	June,	2022	2021	25/12/21
As at 25
				Audited
		Rs.'000	Rs.'000	Rs.'000
Assets
Property, plant & equipment	331,719	311,937	341,665
Intangible assets	-	-	-
Retirement benefit assets	6,079	8,148	6,079
Other financial assets	231	125	294
Total non-current assets	338,029	320,210	348,038
Current assets
Inventories	533,839	415,105	345,449
Trade and other receivables	216,979	322,248	382,007
Cash and cash equivalents	351,465	25,321	76,623
Total current assets	1,102,283	762,674	804,079
Total assets	1,440,312	1,082,884	1,152,117
Equity & liabilities
Equity
Stated capital (1,500,000 ordinary shares)	15,000	15,000	15,000
Retained earnings	710,067	666,416	769,887
Equity attributable to owners of the Company	725,067	681,416	784,887
Non-current liabilities
Retirement benefit Obligations	16,693	18,240	16,204
Deferred tax liability	5,463	3,211	5,463
Term Loans (Secured)	-	43,043	2,690
Total non-current liabilities	22,156	64,495	24,357
Current liabilities
Bank overdrafts	-	8,477	9,699
Loans and borrowings	4,150	163,606	78,088
Trade & other payables	625,183	120,179	220,040
Income tax payable	43,014	25,325	28,672
Dividend payable	20,742	19,386	6,372
Total current liabilities	693,089	336,973	342,872
Total equity & liabilities	1,440,312	1,082,884	1,152,117
		Rs.	Rs.	Rs.
Net Assets per Share	483.38	454.28	523.26

The above figures are provisional and unaudited unless stated otherwise.

I certify that these financial statements comply with the requirement of Companies Act No 07 of 2007.

	(Sgd).
(Sgd).	H.A.D.U G Gunasekera
UL Pushpakumara	Managing Director
Finance Manager
	(Sgd).
	K. M Dissanayaka
26 th June 2022	Director
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STATEMENT OF CHANGES IN EQUITY
As at 25th June,					Stated	Retained	Total
					Capital	Earnings
					Rs.'000	Rs.'000	Rs.'000
Balance as at 26th December, 2020	15,000	643,907	658,907
Profit for the period ended 25th December , 2020		171,704	171,704
Other comprehensive income				(2,225)	(2,225)
Final dividend - 2020 (Rs. 14.00)				(21,000)	(21,000)
Interim dividend - 2021 (Rs. 15.00)		(22,500)	(22,500)
Balance as at 25th December 2021	15,000	769,886	784,886
Balance as at 26th December, 2020	15,000	643,907	658,907
Profit for the quarter ended 25th Jun. , 2021	-	43,509	43,509
Final dividend - 2020 (Rs. 14.00)				(21,000)	(21,000)
Balance as at 25th Mar, 2021			15,000	666,416	681,416
Balance as at 26	th	December, 2021	15,000	769,886	784,886
Profit for the quarter ended 25	th	June , 2022	-	(44,820)	(44,820)
Final dividend - 2021 (Rs. 10.00)			-	(15,000)	(15,000)
Balance as at 25	th	June, 2022			15,000	710,067	725,067

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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STATEMENT OF CASH FLOW
For The Period Ended 25Th June,	2022	2021
	RS.'000	RS.'000
Cash flows from operating activities
Profit before Tax	(577)	57,074
Adjustment for:
Depreciation on property, plant and equipment	12,576	13,268
Provision for retirement gratuity	1,353	2,045
Impairment loss/(reversal) of trade receivasbles	26,475	(945)
(Gain)/Loss on disposal of property, plant and equipment	71	(5,156)
Interest income	(6,031)	(1,220)
Interest expense	1,376	1,499
Operating profit before working capital changes	35,244	66,565
(Increase)/Decrease in inventories	(188,391)	(213,626)
(Increase)/Decrease in trade and other receivables	141,489	(79,670)
Increase/(Decrease) in trade and other payables	405,610	65,765
Cash flows from operating activities	393,953	(160,965)
Retiring gratuity paid	(864)	(5,639)
Income tax paid	(29,901)	(12,464)
Interest paid	(1,844)	(1,055)
Net cash flows from operating activities	361,344	(180,123)
Cash flows from investing activities
Purchase & construction of property, plant and equipment	(2,716)	(24,028)
Proceeds from disposal of property, plant and equipment	14	5,156
Interest income received	3,094	721
Net cash flows from investing activities	392	(18,150)
Cash flows from financing activities
loans obtained during the year	400,044	825,431
Repayment of loans	(476,671)	(655,116)
Staff loans (granted)/recovered	63	336
Dividend paid	(630)	(12,074)
Net cash inflows from financing activities	(77,195)	158,577
Net increase/(decrease) in-cash & cash equivalents	284,541	(39,696)
Cash & cash equivalents at the beginning of the year	66,924	56,540
Cash & cash equivalents at the end of the period	351,465	16,844
Analysis of cash and cash equivalents
Cash in hand and at bank	351,465	25,321
Bank overdrafts	-	(8,477)
	351,465	16,844

The above figures are provisional and unaudited unless stated otherwise.

Figures in brackets indicate deductions.

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