Paints&ch.gdr Regulatory News (PCLD)

21 May 2007 07:00

Paints and Chemical Industries Co.17 May 2007 Paints and Chemical Industries Company S.A.E. The Consolidated Financial Statements Together with Auditor's Review Report As of March 31, 2007 Review Report to the Board of Directors of Paints and Chemical IndustriesCompany S.A.E. We have reviewed the accompanying consolidated balance sheet of Paints andChemical Industries Company as at March 31 2007, and the related consolidated statements of income, cash flows and changes in equity for the period then ended. These financial statements are the responsibility of the company's management. Our responsibility is to issue a report on these financial statements based on our review. We conducted our review in accordance with the Egyptian Standard on Auditingapplicable to review engagements. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarilyto inquiries of company personnel and analytical procedures applied to financialdata and thus provides less assurance than an audit. We have not performed an audit and, accordingly, we do not express an audit opinion. Based on our review, nothing has come to our attention that causes us to believethat the accompanying consolidated financial statements are not presented fairly in all material respects in accordance with Egyptian Accounting Standards. Cairo, May 13, 2007 Kamel M. Saleh ACAF.E.S.A.A (RAA 8510)SBA-DELOITTE Original 1 of 2 PAINTS AND CHEMICAL INDUSTRIES COMPANY S.A.E. --------------------------------------------- Consolidated Balance Sheet -------------------------- As of March 31, 2007 -------------------- Consolidated Pachin ------------ ------ Notes 31/3/2007 30/6/2006 31/3/2007 30/6/2006 ----------- ----------- ----------- ----------- EGP EGP EGP EGP ----- ----- ----- -----Long-Term AssetsProperty, plant & equipment (2b, 4) 177 123 259 181 488 215 18 158 069 18 800 526Projects under construction (2c, 5) 26 526 810 19 126 833 896 041 806 754Other Long-Term Assets Investment in subsidiary companies (2e, 6) -- -- 212 395 000 212 395 000Other long-term investments (7) 774 906 774 906 774 906 774 906Other long term assets (8) 16 016 000 -- 16 016 000 -- --------- --------- --------- ---------Total Long-Term Assets 220 440 975 201 389 954 248 240 016 232 777 186 --------- --------- --------- --------- Current Assets Inventories (Net) (2f, 9) 189 227 990 112 453 338 89 516 975 58 676 842Letters of Credit 3 943 969 2 398 273 461 878 1 766 906Accounts receivable (Net) (2g, 10) 42 758 270 33 086 939 33 154 964 26 056 374Notes receivable (Net) (11) 27 225 622 33 357 692 843 588 5 693 332Due from subsidiary companies (12) -- -- 375 742 6 284 784Other debit balances (13) 44 269 806 45 147 260 55 504 892 109 958 191Available for sales investments (2h, 14) 11 516 030 78 861 641 188 838 33 025 289Cash and cash equivalents (2i, 15) 87 030 835 60 739 676 35 893 594 24 877 121 --------- --------- --------- ---------Total Current Assets 405 972 522 366 044 819 215 940 471 266 338 839 --------- --------- --------- --------- Current Liabilities Provisions (16 A) 36 235 309 33 235 309 33 854 702 30 854 702Banks - overdraft (17) 41 111 726 6 122 191 19 478 515 1 451 380Accounts and notes payable (18) 51 966 485 31 732 920 13 105 775 10 124 190Dividends payable -- 257 986 -- 257 986Due to subsidiary companies (19) -- -- 13 652 693 --Other credit balances (20) 28 581 379 34 038 814 14 919 039 20 169 177 --------- --------- --------- ---------Total Current Liabilities 157 894 899 105 387 220 95 010 724 62 857 435 --------- --------- --------- ---------Working Capital 248 077 623 260 657 599 120 929 747 203 481 404 --------- --------- --------- ---------Total Investments 468 518 598 462 047 553 369 169 763 436 258 590 ========= ========= ========= =========Share Capital and Reserves Share capital(21) 200 000 000 200 000 000 200 000 000 200 000 000Reserves (22) 182 311 140 174 508 002 166 415 698 162 610 049Retained earnings 6 824 029 3 063 605 2 308 839 1 043 740Profit for the period / year 76 235 104 81 328 926 77 841 72 237 416 --------- --------- --------- ---------Total Share Capital and Reserves 465 370 273 458 900 533 368 802 378 435 891 205 --------- --------- --------- ---------Minority Interest 153 304 151 999 -- --Long-term liabilities (23) 2 995 021 2 995 021 367 385 367 385 --------- --------- --------- ---------Total Financing of WorkingCapital and Long-Term Assets 468 518 598 462 047 553 369 169 763 436 258 590 ========= ========= ========= ========= - The accompanying notes from (1) to (28), form an integral part of the financial statements. Financial Controller The Managing Director Chairman of the Board - Auditors' Report attached. PAINTS AND CHEMICAL INDUSTRIES COMPANY S.A.E. ----------------------------------------------- Consolidated Income Statement -------------------------------- For the Period Ended March 31, 2007 ------------------------------------- Consolidated Pachin -------------- -------- Notes 31/3/2007 31/3/2006 31/3/2007 31/3/2006 ----------- ----------- ----------- ----------- EGP EGP EGP EGP ----- ----- ----- -----Net sales (3) 376 453 637 341 207 218 109 769 781 101 981 610Cost of sales (294 194 546) (266 718 185) (104 381 477) (94 432 022) ----------- ----------- ----------- ----------Gross Profit 82 259 091 74 489 033 5 388 304 7 549 588 ----------- ----------- ----------- ---------- General and administrativeexpenses (8 769 027) (8 637 395) (6 669 445) (7 090 746)Provisions (3 000 000) (3 000 000)Allowance for attending theBoard of Directors ( 161 200) ( 101 500) ( 86 000) ( 46 500) ----------- ----------- ----------- ----------Profit (loss)from Operations 70 328 864 65 750 138 (4 367 141) 412 342Interest expenses (2 130 629) (2 572 596) ( 789 206) (1 405 161)Profit on saleof investments 1 332 010 1 079 567Investment income 3 114 333 2 282 715 978 313 2 081 156Interest income 2 020 319 1 433 397 988 287 692 481Capital gain 73 050 34 561 73 050 --Other income 296 368 37 000 283 686 34 269Provisions nolonger required 3 000 000 3 000 000Losses from foreigncurrency translation ( 429 097) ( 299 718) ( 89 148) ( 105 827) ----------- ----------- ----------- ----------Profit before taxes 76 273 208 67 997 507 77 841 2 788 827Income taxes -- -- -- --Deferred taxes -- -- -- -- ----------- ----------- ----------- ----------Profit after Tax 76 273 208 67 997 507 77 841 2 788 827Minority interest ( 38 104) ( 32 591) -- -- ----------- ----------- ----------- ----------Profit after tax andminority interest 76 235 104 67 964 916 77 841 2 788 827Employees' andDirectors' bonus (7 158 333) (4 266 667) -- (2 441 667) ----------- ----------- ----------- ----------Profit attributableto shareholders 69 076 771 63 698 249 77 841 347 160 =========== =========== =========== ========== Consolidated Earnings per share 3.45 3.18 0.03 0.02 Financial Controller The Managing Director Chairman of the Board Follow the link below to view the full details of the Consolidated Financial Statements together with the Auditor's Review Report as of March 31, 2007; http://www.rns-pdf.londonstockexchange.com/rns/8407w_2-2007-5-21.pdf This information is provided by RNS The company news service from the London Stock Exchange