25 th Dece, 2016 UNION CHEMICALS LANKA PLC. Interim Financial Statements for the Period - Ended. Converting Science to Technology. Reg.

Transcription

1 Interim Financial Statements for the Period - Ended 25 th Dece, 2016 UNION CHEMICALS LANKA PLC. Converting Science to Technology Reg.No: PQ th Floor, 50, Sarathi Building, Hyde Park Corner, Colombo 02 Telephone: , , Fax: ucll@ucll.lk

2 STATEMENT OF COMPREHENSIVE INCOME For The Period Ended 25Th Dec., Quarter Ended Quarter Ended Year Ended Year Ended Audited Continuing Operations Rs.'000 Rs.'000 Rs.'000 Rs.'000 Revenue 197, , , ,939 Cost of Sales (142,469) (151,441) (558,920) (576,167) Gross profit/(loss) 54,605 51, , ,772 Other operating income 1,638 2,609 10,611 4,022 Selling expenses (5,798) (6,517) (23,255) (16,342) Administrative expenses (12,355) (15,818) (55,999) (52,362) Results from Operating Activities 38,091 31, , ,090 Exchange gain /(loss) (795) (81) (1,037) (75) Financing cost (737) (609) (1,327) (2,943) Net financing cost (1,532) (689) (2,365) (3,018) Profit before tax 36,559 31, , ,072 Income tax expense (15,489) (8,680) (35,213) (38,778) Profit for the period 21,070 22,322 96,101 91,294 Acturial gain/(loss) employee benefits (673) Total comprehensive income for the period 21,070 22,322 96,101 90,621 Earnings per Share (Rs.)

3 STATEMENT OF FINANCIAL POSITION As at 25 th Dec., Audited Rs.'000 Rs.'000 Assets Property, plant & equipment 176, ,491 Intangible assets 6 12 Retirement benefit assets 6,315 6,315 Receivables Total non-current assets 182, ,124 Current assets Inventories 156, ,639 Trade and other receivables 199, ,521 Cash and cash equivalents 71,033 3,228 Total current assets 427, ,388 As at As at Total assets 610, ,512 Equity & liabilities Equity Stated capital (1,500,000 ordinary shares) 15,000 15,000 Retained earnings 466, ,558 Equity attributable to owners of the Company 481, ,558 Non-current liabilities Retirement benefit Obligations 13,513 15,302 Deferred tax liability 5,318 5,318 Total non-current liabilities 18,831 20,620 Current liabilities Bank overdrafts 1, Loans and borrowings 19,531 19,652 Trade & other payables 65,779 53,010 Income tax payable 15,200 25,098 Dividend payable 8,045 6,305 Total current liabilities 110, ,334 Total equity & liabilities 610, ,512 Rs. Rs. Net Assets per Share I certify that these financial statements comply with the requirement of Companies Act No 07 of figures are provisional& subject to audit. (Sgd.) UL Pushpakumara Finance Manager 26 th Jan 2017 Director (Sgd.) H.A.D.U G Gunasekera Managing Director (Sgd.) K. M Dissanayaka 3

4 STATEMENT OF CHANGES IN EQUITY As at 25th Dec., Stated Retained Total Capital Earnings Rs.'000 Rs.'000 Rs.'000 Balance as at 26th December, , , ,437 Profit for the period ended 25th December, ,294 91,294 Acturial gain/(loss) employee benefits (673) (673) Final dividend (Rs. 7.00) (10,500) (10,500) Interim dividend (Rs. 8.00) (12,000) (12,000) Balance as at 25th December , , ,558 Balance as at 26th December, , , ,558 Profit for the nine months ended 25th Dece., ,101 96,101 Final dividend (Rs. 9.00) (13,500) (13,500) Interim dividend (Rs. 8.00) (12,000) (12,000) Balance as at 25th December , , ,159 4

5 STATEMENT OF CASH FLOW For The Period Ended 25Th Dec., RS. 000 RS. 000 Cash flows from operating activities Profit before Tax 134, ,072 Adjustment for: Depreciation on property, plant and equipment 14,253 10,084 Amortisation on intangible assets - 5 Provision for retirement gratuity 2,844 2,609 Impairment loss/(reversal) of trade receivasbles - (3,008) Provision for inventory 2,813 (Surpls)/deficit on retirement benefit plan assets (558) (Gain)/Loss on disposal of property, plant and equipment (5,835) (2,193) Tax refund claimed (7,259) Interest expense 1,327 3,018 Operating profit before working capital changes 147, ,583 (Increase)/Decrease in inventories 17,003 (21,918) (Increase)/Decrease in trade and other receivables 10,679 (36,701) Increase/(Decrease) in trade and other payables 9,328 20,777 Cash flows from operating activities 184,295 97,741 Retiring gratuity paid (4,633) (252) Income tax paid (45,111) (24,420) Interest paid (1,387) (3,040) Net cash flows from operating activities 133,164 70,029 Cash flows from investing activities Purchase & construction of property, plant and equipment (51,916) (19,992) Purchase of intangibale asset - - Proceeds from disposal of property, plant and equipment 6,003 2,209 Interest income received 2,888 Net cash flows from investing activities (43,025) (17,783) Cash flows from financing activities loans obtained during the year 774, ,136 Repayment of loans (774,452) (837,396) Dividend paid (23,760) (21,045) Net cash inflows from financing activities (23,882) (48,305) Net increase/(decrease) in-cash & cash equivalents 66,255 3,941 Cash & cash equivalents at the beginning of the year 3,048 (982) Cash & cash equivalents at the end of the period 69,303 2,959 Analysis of cash and cash equivalents Cash in hand and at bank 71,033 3,228 Bank overdrafts (1,729) (269) 69,303 2,959 5

6 Notes to the Financial Statements 1.1 Accounting Policies and Methods The Interim Financial Statements of the Company have been prepared on the basis of the same accounting policies and methods applied for the period ended 25 th December 2015, and are in compliance with Sri Lanka Accounting Standards 34- Interim Financial Reporting. 1.2 Application of Sri Lanka Accounting Standards (SLFRS/LKRS) The Financial Statements for the period ended 25 th December 2012 were the first Financial Statements prepared and presented in accordance with Sri Lanka Accounting Standards (SLFRS/LKRS) effective from 1 st January Segmental Information Chemicals and Latex Total Chemicals and Latex Total plastics plastics For The Period Ended 25Th Dec., Reportable segmental analysis Segment rev enue 218, , , , , ,939 Segment result from operating activ ities 24, , ,678 26, , ,090 Net finance cost (435) (1,930) (2,365) (603) (2,414) (3,018) Segment profit before tax 24, , ,315 26, , ,072 As at 25th Dec., Property, plant and equipment 32, , ,176 27, , ,503 Inv entories 28, , ,636 34, , ,639 Trade and other receiv ables 57, , ,954 63, , ,521 Segment assets 118, , , , , ,663 Loans and borrowings 3,590 15,941 19,531 3,929 15,723 19,652 Trade and other payables 12,090 53,690 65,779 10,599 42,411 53,010 Segment liabilities 15,680 69,631 85,311 14,529 58,133 72, Related Party Transactions There have not been any significant changes in the nature of the related party transactions which were disclosed in the Annual Report as at 25th December Events Occurring after the Balance Sheet Date Subsequent to the date of the balance sheet no events have arisen which require adjustment and/or disclose in the Financial Statements. 1.6 Contingencies There were no changes in the nature of contingent liabilities, which were disclosed in the Annual Report for the year ended 25th December,

7 1.7 Other Significant Event and Transactions First Interim Dividend of Rs. 8/- per share for the financial period ended 25th December 2016 was be paid on 25 th Oct Market Value per Share during the quarter 25th Dec Rs. 25th Dec Rs. - Highest Price Lowest Price Closing Price as at Dec Directors Shareholding 25th Dec th Dec Dr. A M Mubarak - - H.A.D.U.G. Gunasekara (Managing Director) 638, ,823 People's Leasing & Finance PLC /Mr. H.A.D.U.G Gunasekara 151, ,187 G.R. Pathmaraj 9,687 9,687 T. N. Jayasinghe - - R. D Zilwa - - UL Pushpakumara - - K. M Dissanayaka Public Holding Public holding as at 25 th Dec., 2016 is % (As at 25th Dec was %) and number of public shareholders as at 25 th Sept., 2016 is

8 1.11 Top 20 Shareholders as at 25th Dec Names No. of Shares % Mr. H.A.D.U.G. Gunasekara 638, Sampath Bank PLC/Mr.Shabbir Husain Abbas Gulamhussain 223, People's Leasing & Finance PLC/Mr. H.A.D.U.G. GUnasekara 151, K. G. Inv estment Limited 88, Commercial Bank of Ceylon PLC/S.A. Gulamhusein 74, Mrs. K Gunaratnam 55, Mr.K. Gunaratnam (Decd) 29, Mrs. L.A.M. Gunasekara 17, Mr. K.C. Vignarajah 15, Mr.U.I. Suriyabandara 12, Mrs. S. Mahendran 10, Mrs. V. W ijayawardena 9, Mr. G.R. Pathmaraj 9, Ms. S. Gunaratnam 9, Mrs. P.G. King 9, Dr. A.C. Visv alingam 9, Colombo Inv estment Trust PLC 6, Colombo Fort Inv estments PLC 5, Mr. S.K. Hathramani 4, Mrs.Rathnakumari Someswaran Asministratrix of the Estate of Mr. Somasundaram 3,