Union Chemicals Lanka : Interim Financial Statements as of 25/12/2021

Interim Financial Statements for the Period - Ended

25th December. 2021

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
For The Period Ended 25Th Dec.,	Quarter	Quarter	Year	Year
Ended	Ended	Ended	Ended
	2021	2020	2021	25/12/20
				Audited
Continuing Operations	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Revenue	531,155	263,220	1,596,759	1,026,165
Cost of Sales	(406,059)	(198,718)	(1,294,306)	(786,581)
Gross profit/(loss)	125,096	64,501	302,453	239,584
Other operating income	296	912	7,425	6,532
Selling expenses	(702)	(11,181)	(19,210)	(22,238)
Administrative expenses	(19,165)	(17,699)	(79,510)	(70,164)
Results from Operating Activities	105,525	36,533	211,158	153,714
Financing income	501	854	1,718	1,580
Exchange gain /(loss)	(283)	(820)	(6,755)	(586)
Financing cost	(1,949)	(736)	(6,324)	(3,235)
Net financing cost	(1,730)	(702)	(11,362)	(2,241)
Profit before tax	103,795	35,831	199,796	151,473
Income tax expense	(17,195)	(10,749)	(39,889)	(43,355)
Profit for the period	86,599	25,081	159,907	108,118
Acturial gain/(loss) employee benefits	-	-	-	(1,679)
Total comprehensive income for the period	86,599	25,081	159,907	106,439
Earnings per Share (Rs.)	57.73	16.72	106.60	72.08
Figures are provisional& subject to audit.
Gross Profit	24%	25%	19%	23%

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STATEMENT OF FINANCIAL POSITION

	As at	As at
As at 25th Dec.,	2021	25/12/20
		Audited
	Rs.'000	Rs.'000
Assets
Property, plant & equipment	341,802	301,185
Intangible assets	-	-
Retirement benefit assets	8,148	8,147
Other financial assets	294	461
Total non-current assets	350,243	309,793
Current assets
Inventories	345,448	201,479
Trade and other receivables	362,951	241,135
Cash and cash equivalents	76,622	57,872
Total current assets	785,021	500,486
Total assets	1,135,265	810,279
Equity & liabilities
Equity
Stated capital (1,500,000 ordinary shares)	15,000	15,000
Retained earnings	760,314	643,907
Equity attributable to owners of the Company	775,314	658,907
Non-current liabilities
Retirement benefit Obligations	17,240	21,835
Deferred tax liability	3,211	3,211
Term Loans (Secured)	48,014	7,043
Total non-current liabilities	68,466	32,089
Current liabilities
Bank overdrafts	9,682	1,332
Loans and borrowings	32,765	29,290
Trade & other payables	202,541	53,976
Income tax payable	40,212	24,225
Dividend payable	6,286	10,460
Total current liabilities	291,485	119,283
Total equity & liabilities	1,135,265	810,279
	Rs.	Rs.
Net Assets per Share	516.88	439.27

Figures are provisional& subject to audit.

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
21st Jan 2022	Director

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STATEMENT OF CHANGES IN EQUITY

As at 25th Dec.,							Stated	Retained	Total
							Capital	Earnings
							Rs.'000	Rs.'000	Rs.'000
Balance as at 26	th	December, 2019	15,000	577,500	592,500
Profit for the period ended 25	th	December ,	2020	108,118	108,118
Other comprehensive incme						(1,679)	(1,679)
Final dividend - 2019 (Rs. 12.00)				(18,000)	(18,000)
Interim dividend - 2020 (Rs. 15.00)		(22,500)	(22,500)
Unclaimed dividend forfeited						468	468
Balance as at 25	th	December 2020	15,000	643,907	658,907
Balance as at 26	th	December, 2020	15,000	643,907	658,907
Profit for the quarter ended 25	th	Dece, 2021	-	159,907	159,907
Final dividend - 2020 (Rs. 14.00)				(21,000)	(21,000)
Interim dividend -2021 (Rs. 15.00)		(22,500)	(22,500)
Balance as at 25	th	December 2021	15,000	760,314	775,314

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STATEMENT OF CASH FLOW
For The Period Ended 25Th Dec.,	2021	2020
	RS.'000	RS.'000
		Audited
Cash flows from operating activities
Profit before Tax	199,796	151,473
Adjustment for:
Depreciation on property, plant and equipment	26,134	14,613
Amortisation on intangible assets	-	-
Provision for retirement gratuity - Funded	-	1,123
Expected return on plan assets	-	(891)
Provision for retirement gratuity - Unfunded	4,114	2,487
Impairment loss/(reversal) of trade receivasbles	(1,026)	3,971
(Gain)/Loss on disposal of property, plant and equipment	(5,367)	(2,932)
(Gain)/Loss on transaction of foreign currency	-	586
Interest income	(1,718)	(1,580)
Interest expense	6,324	3,235
Operating profit before working capital changes	228,258	172,085
(Increase)/Decrease in inventories	(143,969)	35,609
(Increase)/Decrease in trade and other receivables	(120,521)	(30,389)
Increase/(Decrease) in trade and other payables	148,049	11,240
Cash flows from operating activities	111,817	188,545
Retirement gratuity paid - funded obligation	(2,883)	(882)
Benefit paid by the plan	2,843	882
Retirement gratuity paid - unfunded obligation	(8,669)	(654)
Income tax paid	(23,896)	(37,163)
Interest paid	(5,809)	(3,627)
Net cash flows from operating activities	73,402	147,101
Cash flows from investing activities
Purchase and construction of property, plant and equipment.	(66,548)	(40,481)
Purchase and construction on intangible asset	-
Proceeds from disposal of property, plant and equipment	5,156	3,122
Loans granted to company officers		(750)
Loans repayment by company officers	167	108
Interest received	1,449	1,526
Net cash flows from investing activities	(59,775)	(36,475)
Cash flows from financing activities
loans obtained during the year	1,386,654	941,366
Repayment of loans	(1,342,208)	(962,469)
Dividend paid	(47,674)	(37,266)
Net cash inflows from financing activities	(3,227)	(58,369)
Net increase/(decrease) in-cash & cash equivalents	10,401	52,257
Cash & cash equivalents at the beginning of the year	56,540	4,283
Cash & cash equivalents at the end of the period	66,941	56,540
Analysis of cash and cash equivalents
Cash in hand and at bank	76,622	57,872
Bank overdrafts	(9,682)	(1,332)
	66,941	56,540
Figures are provisional& subject to audit.
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