Interim Financial Statements and Dividend Announcement
Interim Financial Statements and Dividend Announcement
Interim Financial Statements and Dividend Announcement
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Multi-Chem Limited<br />
Registration No. 198500318Z<br />
<strong>Interim</strong> <strong>Financial</strong> <strong>Statements</strong> <strong>and</strong> <strong>Dividend</strong> <strong>Announcement</strong><br />
For the financial period from 1 January 2013 to 31 March 2013<br />
STATEMENTS OF FINANCIAL POSITION REVIEW<br />
Presented below is a review of material changes in the key statements of financial position items for the<br />
financial period ended 31 March 2013.<br />
Cash <strong>and</strong> cash equivalents at the Group level decreased by $4.1m from $44.3m to $40.2m. The decrease<br />
was mainly due to payment to trade <strong>and</strong> other payables. At the Company level, cash <strong>and</strong> cash equivalents<br />
decreased from $8.0m to $863,000. The decrease was mainly due to loan to a subsidiary.<br />
Trade <strong>and</strong> other receivables of the Group decreased by $1.6m from $50.4m to $48.8m, due to lower<br />
revenue attained in 1Q2013. The increase at the Company level by $11.0m from $15.9m to $26.9m was<br />
mainly due to loan to a subsidiary <strong>and</strong> dividend receivables from subsidiaries.<br />
Inventories at the Group level decreased by $8.5m from $29.6m to $21.1m mainly due to better<br />
management of stocks <strong>and</strong> lesser stocks purchased due to lower sales attained in 1Q2013.<br />
Investment in an associated company decreased by $48,000 from $617,000 to $569,000 mainly due to the<br />
share of loss of $48,000 in 1Q2013. There is no change at the Company level as the investment is accounted<br />
for at cost, as opposed to the equity method at Group level.<br />
Property, plant <strong>and</strong> equipment increased by $178,000 from $28.9m to $29.1m at the Group level mainly<br />
due to purchase of new plant <strong>and</strong> equipment net of depreciation charge <strong>and</strong> disposal of plant <strong>and</strong> equipment.<br />
The increase at the Company level is mainly due to purchase of new plant <strong>and</strong> equipment.<br />
Trade <strong>and</strong> other payables decreased by $12.8m from $46.9m to $34.1m at the Group level due mainly to<br />
lesser purchases place to vendor because of lower sales. The increase at the Company level by $629,000<br />
from $1.6m to $2.2m was mainly due to year 2013 share of profits not paid yet.<br />
Borrowings increased at Group level mainly due to draw down of short term loans from the banks. The<br />
decrease at Company level is mainly due to repayment of term loans to the banks.<br />
Multi-Chem Limited, Page 14 of 22
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