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LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016
The Board of Directors of Luxchem Corporation Berhad (“LCB” or “the Company”) is pleased to announce the
following unaudited consolidated results of LCB and its subsidiaries (collectively known as “the Group”) for the
quarter ended 30 September 2016.
The Company is principally involved in investment holding while the subsidiaries of the Company are principally
involved in the marketing and distribution of industrial chemicals and materials and the manufacture of Unsaturated
Polyester Resins.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Individual Quarter
(3 months)
Current
Qua rte r
Ended
30-Sep-16
RM
Revenue
Cos t of sales
Gross profit
Other opera ting income
Selling and distri bution cos ts
Administra tive expenses
Administra tive expenses - Share Option Expense
Other opera ting expe nses
Operating profit
Finance costs
Profit before Tax
Taxation
Profit for the period

Total compre hensive income for the period

Pre ceding Year
Corresponding
Quarter Ended
30-Sep-15
RM

179,358,420
(159,813,383)
19,545,036
769,084
(1,388,555)
(3,886,579)
(790,781)
(27,909)
14,220,295
(785,728)
13,434,567
(3,404,362)
10,030,205

Re-mea surement of define d
bene fit obligations
Excha nge gain/ (los s) on trans lation of
foreign operations
Gain/(loss) on revaluation of available-for-sa le
investme nts
Total other comprehensive income

Cumulative Quarters
(9 months)
Current
Year
Ended
30-Sep-16
RM

Pre ceding
Yea r
Ended
30-Sep-15
RM

169,169,230
515,176,550
(151,151,606) (455,975,896)
18,017,624
59,200,654
5,300,007
4,097,739
(1,273,328)
(4,131,658)
(4,103,794)
(14,544,883)
(2,032,520)
(3,268)
(150,817)
17,937,241
42,438,514
(616,872)
(1,998,284)
17,320,369
40,440,230
(4,448,332)
(10,171,540)
12,872,037
30,268,690

502,742,920
(451,161,185)
51,581,735
9,339,220
(3,884,308)
(11,093,672)
(8,719,218)
(44,853)
37,178,905
(1,791,722)
35,387,183
(11,200,179)
24,187,004

-

-

-

3,280

641,613

1,317

40,267
43,546

79,295
720,907

10,073,752

13,592,944

30,049,540

24,313,742

(220,467)
(219,149)

(118,018)
244,756
126,738

Profit attributable to:
-Owners of the pa rent
-Non controlling interest

9,956,150
74,055

13,003,749
(131,712)

29,990,024
278,665

24,361,875
(174,871)

Total comprehensive income attributable to:
-Owners of the pa rent
-Non controlling interest

9,985,640
88,112

13,537,628
55,316

29,799,182
250,358

24,532,369
(218,628)

3.68
3.44

4.95
4.52

11.09
10.37

Earnings per share - Basic (Sen)
Earnings per share - Fully Diluted (Sen)

9.30
8.70

The condensed consolidated statement of comprehensive income should be read in conjunction with the audited
financial statements for the financial year ended 31 December 2015 and the accompanying explanatory notes attached
to this quarterly financial report.

1

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

NOTES TO CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Current Quarter
Ended
30-Sep-16
RM
260,421
508,662
785,728
452,453
(1,462,667)
919,051
(3,086)

Interest Income
Other income
Interest Expense
Depreciation & amortisation
Foreign exchange (Gain)/Los s - realised
Foreign exchange (Gain)/Los s - unrea lised
(Gain)/loss on derivatives

2

Current Year
to date Ended
30-Sep-16
RM
1,145,212
2,952,527
1,998,284
1,247,314
125,650
(49,048)
(28,705)

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Unaudited
As at
30-Sep-16
RM

ASSETS
Non-current Assets
Property, pla nt and equipme nt
Inve stme nt properti es
Intangible assets
Other inve stme nts
Goodwil l
Deferred tax as sets

Audite d
As at
31-Dec-15
RM

37,743,405
115,024
328,784
939,555
35,802,888
240,656

27,699,521
116,979
376,351
1,160,021
236,101

75,170,312

29,588,973

38,575,814
117,991,184
6,953
1,506,023
97,846,288

51,207,773
127,650,410
1,206,810
113,253,287

255,926,262

293,318,280

Total Assets

331,096,574

322,907,253

EQUITY AND LIABILITIES
Equity Attributable to Owners of the Parent
Share capita l
Share premium
Other res erves
Reta ined profits
Total equity attributable to owners of the Company
Non-controlling interests

137,629,276
11,729,738
4,416,726
62,753,594
216,529,334
408,128

132,537,200
2,689,578
4,081,393
51,977,659
191,285,830
(294,780)

Total Equity

216,937,462

190,991,050

579,328
226,327
1,123,818

177,229
222,043
689,850

1,929,473

1,089,122

48,257,425
316,475
60,140,746
3,514,993
112,229,639

61,402,920
62,306
61,733,393
21,752
7,606,710
130,827,081

Total Liabilities

114,159,112

131,916,203

Total Equity and Liabilities

331,096,574

322,907,253

0.79

0.73

Current Assets
Inve ntories
Trade and other receivables
Derivative fina nci al assets
Tax recoverable
Depos its , cash and bank balance s

Non-current Liabilities
Hire purchase
Retirement benefits
Deferred tax liabilities

Current Liabilities
Trade and other payables
Hire purchase pa yables
Bankers' acceptances
Derivative fina nci al liabilities
Taxation

Net Assets per ordina ry share attri butable to
ordinary equity holders of the Compa ny (RM)

The condensed consolidated statement of financial position should be read in conjunction with the audited financial
statements for the financial year ended 31 December 2015 and the accompanying explanatory notes attached to this
quarterly financial report.

3

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Current Year
to date Ended
30-Sep-16
RM
Cash flows from oper ating activities
Profit before taxation
Adj us tments for :Amortisation of i ntangi bl e as s ets
Depreci ation of property, pl ant and equi pment
Amortisation of i nvestment property
Defined benefi t obl i gati ons
Di vi dend i ncome
Loss of di spos al of a n i nvestment
Net gai n on c hanges i n fa i r val ue of forward exchange contracts
Net gai n on di spos al of pr operty, pl ant and equi pment
Impai rment l os ses on tra de receivabl es
Interes t income
Interes t expense
Inventori es wri tten off
Wri te down i n va l ue of i nventori es
Property, pl ant and equi pment wri tten off
Unreal i sed los s on for eign exchange
Revers al of i mpai rment l os ses on tra de receivabl es
Share opti ons expense

40,440,230

Pre ceding Year
Corresponding
Period Ended
31-Dec-15
RM
54,396,582

106,262
1,139,097
1,955
(126,448)
(28,705)
(32,767)
(1,145,212)
1,998,284
162,905
(49,048)
2,032,520

104,978
1,566,704
2,607
70,049
(12,286)
16,325
50,432
551,501
(1,81 2,442)
2,391,878
691,806
527,369
3,362
(334,807)
(938,743)
4,432,101

Operating profit before working capital changes
Decrease / (Increas e) in i nventori es
Decrease / (Increas e) in tra de and other receivabl es
(Decrease) / Increas e in trade and other payabl es

44,499,074
16,601,649
16,062,959
(17,309,167)

61,707,416
(16,683,991)
(10,919,331)
21,462,596

Cash generate d from oper ations
Tax pa i d
Interes t received
Interes t pai d
Retirement benefi t pai d
Net cash (used in)/from operating activities

59,854,516
(14,885,373)
1,145,212
(1,998,284)
44,116,071

55,566,690
(9,38 0,237)
1,812,442
(2,39 1,878)
(681)
45,606,336

Cash flows from investing activities
Acqui si tion of a s ubs i di ary
Purchase of property, pl ant and equi pment
Purchase of intangi bl e as sets
Purchase of an i nvestment
Addi tiona l i nj ection of c api tal from Non-control l i ng i nterest
Proceeds from dispos al of a n i nvestment
Proceeds from dispos al of property, pl ant and equi pment
Di vi dend recei ved
Net cash us ed in i nvesting acti vi ties

(34,938,968)
(5,604,009)
(58,695)
452,550
34,689
126,448
(39,987,985)

(3,05 1,361)
(212,873)
(24,840)
8,675
12,286
(3,26 8,113)

Cash flows from financing activities
Proceeds from issuance of shares under ESOS
Term Loan repa yment
Bankers ' acc eptances obtai ned, net of repayment
Hire purchase ins tal ments pa i d
Di vi dend pa i d
Net cash from/(used in)/ financing activities

3,617,563
(838,954)
(3,656,163)
472,594
(19,219,634)
(19,624,594)

3,644,674
6,194,633
(102,881)
(13,196,700)
(3,46 0,274)

(15,496,508)
113,253,287
89,509

38,877,949
74,157,347
217,991

Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Foreign exchange difference
Cash and cash equivalent at end of the period
Cash and cash equivalents at end of year comprised:Deposits with financial institutions
Cash and bank balances

97,846,288

113,253,287

34,196,732
63,649,555
97,846,288

52,994,934
60,258,353
113,253,287

The condensed consolidated statement of cash flows should be read in conjunction with the audited financial
statements for the financial year 31 December 2015 and the accompanying explanatory notes attached to this
quarterly financial report.

4

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

Property, plant and equipment
Inventories
Trade and other receivables
Cash and bank balances
Borrowings
Trade and other payables
Current and deferred taxation
Total net assets at fai r value
Goodwill ari sing from acquisition
Total purchase consideration
Satisfied by:
Shares alloted (5,184,851 x RM1.7744)
Cash
Acqusition pri ce satisfied by cash
Less: Cash and bank balances acquired
Cash flow on acquisition

Current Year
to date Ended
30-Sep-16
RM
5,730,745
3,844,448
6,044,094
1,361,032
(2,612,726)
(3,896,411)
(774,070)
9,697,112
35,802,888
45,500,000
9,200,000
36,300,000
45,500,000
36,300,000
(1,361,032)
34,938,968

5

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the 6 months ended 30 June 2016
Attributable to Owners of the Company
Non - distributable
Distributable
Exchange Fair value
Share
Share
translation adjustment
Option
Retained
premium
reserve
reserve
reserve
profits
RM
RM
RM
RM
RM

Share
capital
RM
2016
Balance at 1 January 2016

132,537,200

Profit/(Loss) for the yea r
Exchange gain/(loss ) on transla tion of
foreign opera tions
Los s on cha nges in fair value of
availa ble -for-sa le fina ncial assets
Reme asurement of defined benefit
obligations
Additional inje cti on of capi tal
Total comprehensive income/(loss)
for the year

-

-

-

-

-

-

-

-

-

-

(153,570)

2,592,426

Transac tions with owners of the
Company
Share options granted under ESOS
Issuance of sha res purs uant to ESOS

2,499,650

Cance llat ion of Share options
Dividends paid

121,430

-

Shares issued for acqui sition of subs idi ary

Balance at 30 Sep 16

2,689,578

-

51,977,659

191,285,830

-

-

29,987,089

29,987,089

-

-

-

(153,570)

(28,3 07)

(181 ,877)

-

-

(220,466)

-

(220 ,466)

-

-

(220,466)

11,729,738

-

-

29,987,089

2,032,520
(1,31 4,6 73)

9,040,160
-

-

(32,1 40)

Total
RM

3,095,284

(220,466)

(153,570)

-

137,629,276

864,679

Noncontrolling
inte rests
RM

Total
RM

(8,480)
-

644,214

3,804,652

-

29,613,053

(294,77 9) 190,991,050

278,667

30,26 5,756

452,550

452,550

702,910

30,31 5,964

2,592,426

2,592,426

2,032,520
10,225,138

2,032,520
10,22 5,138

8,480
(19,219,634)

(19,2 19,634)

62,753,594

216,529,333

408,131

(19,2 19,634)
216,937,463

For the nine months ended 30 Sep 2015
Attributable to Owners of the Company
Non - distributable
Distributable
Exchange Fair value
Share
Share
translation adjustment
Option
Retained
premium
reserve
reserve
reserve
profits
RM
RM
RM
RM
RM

Share
capital
RM
2015
Balance at 1 January 2015
Profit/(Loss) for the yea r
Exchange gain/(loss ) on transla tion of
foreign opera tions
Los s on cha nges in fair value of
availa ble -for-sa le fina ncial assets
Reme asurement of defined benefit
obligations
Total comprehensive income/(loss)
for the year
Transac tions with owners of the
Company
Share options granted under ESOS
Issuance of sha res purs uant to ESOS
Cance llat ion of share options
Fina l dividend of 5 sen per sha re in respec t of the
fina ncial year ended 31 December 2013
Balance at 30 Sep 2015

130,000,000

250,4 83

232,554

-

-

-

-

-

(74,2 59)

-

-

-

-

-

-

-

-

(74,2 59)

431,536

-

25,429,399

156,343,972

-

-

24,361,875

24,361,875

-

-

-

(74,2 59)

-

-

244,757

244,757
-

2,325,500
-

2,219,023
-

-

-

-

-

132,325,500

2,469,506

158,295

-

Noncontrolling
inte rests
RM

Total
RM

-

244,757

-

676,293

8,719,218
(1,22 8,0 53)
(213,060)

7,278,105

-

24,361,875

24,532,373

213,060

8,719,218
3,316,470
-

(13,196,700)

(13,1 96,700)

36,807,634

179,715,333

Total
RM

(98,7 75) 156,245,197
(174,87 1)

24,18 7,004

(43,7 56)

(118 ,015)

-

244,757

(218,62 8)

-

24,31 3,745

8,719,218
3,316,470
(13,1 96,700)

(317,40 3) 179,397,930

The condensed consolidated statement of cash flows should be read in conjunction with the audited financial
statements for the financial year 31 December 2015 and the accompanying explanatory notes attached to this
quarterly financial report.

6

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

PART A

A1.

NOTES PURSUANT TO THE FINANCIAL REPORTING STANDARD 134 (“FRS 134”),
INTERIM FINANCIAL REPORTING

Basis of Preparation
The unaudited interim financial statements have been prepared in accordance with the Malaysian Financial
Reporting Standard (“MFRS”) 134 Interim Financial Reporting and Chapter 9 Part K of the Bursa Securities
Listing Requirements. Unless otherwise described below, the accounting policies and method of computation
adopted for the interim financial statements were consistent with those adopted for the audited financial
statements for the year ended 31 December 2015.
The accounting policies applied by the Group are consistent with those applied in the annual financial
statements for the year ended 31 December 2015 other than the application of a new MFRS and amendments
to MFRSs which became effective for annual period beginning on 1 January 2016. The initial application of
these new MFRS and amendments to MFRSs has no material impact on this interim financial reporting.

A2.

Auditors’ Report
There was no qualification on the audited financial statements of the Company for the financial year ended
31 December 2015.

A3.

Seasonal or cyclical factors
The business operations of the Group were not significantly affected by seasonal or cyclical factors during
the period under review

A4.

Items of Unusual nature and Amount
There were no items affecting assets, liabilities, equity, net income or cash flows that are unusual because of
their nature, size or incidence in the quarterly financial reports.

7

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

PART A

A5.

NOTES PURSUANT TO THE FINANCIAL REPORTING STANDARD 134 (“FRS 134”),
INTERIM FINANCIAL REPORTING

Issuance, Cancellations, Repurchase, Resale and Repayments of Debt and Equity Securities
On 1 December 2014, the Company established an Employees' Share Option Scheme that entitles eligible
directors and employees of the Group ("Eligible Persons") to participate in the ordinary share capital of the
Company. The share option scheme has a tenure of five (5) years which expires on 30 November 2019.
The following shows the status of the options granted:
Date of grant

No. of
options
granted

No. of options No. of options No. of options
vested
vested
vested
As at
31-Dec-15

22-Jan-15
22-Jun-15
22-Jun-16

A6.

31,986,00 0
1,446,00 0
2,540,00 0
35,972,00 0

6,397,200
289,20 0
6,686,400

YTD
Q3 2016

6,264,2 00
277,200
635,000
7,176,4 00

As at
30-Sep-16

12,661,400
566,400
635,000
13,862,800

Exercise
price/
option

Fair Value
/option

No. of options exercised

Note 1
RM

Note 2
RM

YTD Dec 15 Q1 2016
No
No

0.71
1.02
1.47

0.2 65
0.1 68
0.3 99

4,939,400
135,000
5,074,400

Vested Options
cancelled
Q2 2016
No

727,800 3,103,500
32,000
69,0 00
759,800 3,172,500

Q3 2016
No

YTD Sep 16 As at 30 Sep 16
No
No

992,0 00
45,0 00
30,0 00
1,0 67,000

4,8 23,300
146,000
30,000
4,9 99,300

Note 1 :

The res pective exercis e price of the share options as above, was determined based on the volume weighted average market price
of the Company's shares for the five (5) market days immedia tely preceding the date of offer with a 10% discount.

Note 2 :

The fair value of the share options granted was meas ured usi ng the Trinomial Option Pricing model.

Segmental Information
Segmental results by business activities:-

Current Quarter
Ended 30 Sep 16
( 3 months)
Revenue
Profit/
(loss)
Before Tax
RM
RM
Business Activities:
Investment Holding
Trading
Manufacturing
Total
Cons olidation Adjus tments

6,882,000
143,235,010
52,054,152
202,171,162
(22,812,742)
179,358,420

6,054,770
7,532,503
6,686,463
20,273,736
(6,839,168)
13,434,568

8

Current Year To Date
Ended 30 Sep 16
(9 months)
Revenue
Profit/
(loss)
Before Tax
RM
RM
19,882,000
416,850,246
144,258,260
580,990,506
(65,813,956)
515,176,550

17,149,611
25,424,392
17,831,443
60,405,445
(19,965,215)
40,440,230

44,000
12,000
56,000

Balance of vested
& exercisable
options as at
30-Sep-16
No
2,854 ,700
273 ,400
605 ,000
3,733 ,100

LUXCHEM CORPORATION BERHAD
(Company No: 224414-D)
(Incorporated in Malaysia)
QUARTERLY FINANCIAL REPORT AS AT 30 SEPTEMBER 2016

PART A

A7.

NOTES PURSUANT TO THE FINANCIAL REPORTING STANDARD 134 (“FRS 134”),
INTERIM FINANCIAL REPORTING

Valuation of property, plant and equipment
There was no valuation of the property, plant and equipment in the current period under review.

A8.

Capital commitments
Capital commitments as at 30 Sep 16

Capita l expenditure in respect of purcha se of property,
plant and equipment
- authorised and contracted for

A9.

Amount
RM

8,747,514

Changes in the Composition of the Group
There were no changes in the composition of the group during the current period and year to date other than
as disclosed below:
On 30 October 2015, the Company had announced that the Company had on 10 October 2015 obtained an
Investment Certificate dated 8 October 2015 for the establishment of a limited liability enterprise known as
Luxchem Vietnam Company Limited (“LVCL”). The principal activity of LVCL is distribution of industrial
chemical. The charter capital of LVCL is VND10,692,500,000 equivalent to USD500,000. The Company is
required to inject the fund of USD500,000 into LVCL within 90 days from the date of business registration.
On 30 November 2015, the Company had announced that LVCL had on 25 November 2015 obtained the
Certificate of Company Registration from Department of Planning & Investment of Ho Chi Minh City.
Following the issuance of the Certificate of Company Registration, LVCL is able to commence its business
in Vietnam.
For further detail, please refer to the announcements made on 30 October 2015 and 30 November 2015.
The Company has consolidated LVCL into its group accounts with effect from 1st quarter 2016.

9


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