KELANI VALLEY PLANTATIONS PLC. Company Reg. No. - PQ 58

Transcription

1 Company Reg. No. - PQ 58 Quarterly Financial Statements For the Year Ended 31st December 2011

2 CORPORATE INFORMATION LEGAL FORM A Public Limited Company Incorporated in Sri Lanka on 18th June 1992 COMPANY NUMBER PQ58 DIRECTORS A.M. Pandithage Chairman J.A.G. Anandarajah (Managing Director - DPLP) G.K. Seneviratne ( Managing Director ) R. Seevaratnam F. Mohideen S.Siriwardana S.C.Ganegoda L.T.Samarawickrama S.T.Gunatilleke Dr.K.I.M.Ranasoma SUBSIDIARIES Kelani Valley Green Tea (Private) Limited Kalupahana Power Company (Private) Limited Kelani Valley Instant Tea (Private) Limited Mabroc Teas (Private) Limited SECRETARIES Hayleys Group Services (Private) Limited 400, Deans Road, Colombo 10, Sri Lanka Telephone: (4 Lines) Fax: info.sec@hayleys.com STOCK EXCHANGE LISTING The ordinary shares of the Company are listed with the Colombo Stock Exchange of Sri Lanka REGISTERED OFFICE/HEAD OFFICE 400, Deans Road, Colombo 10, Sri Lanka Telephone: (2Lines) / Fax: postmaster@kvpl.com Website : PRINCIPAL LINES OF BUSINESS Producing and Processing of Tea and Rubber KELANI VALLEY PLANTATIONS PLC

3 Company Reg. No. - PQ 58 KELANI VALLEY PLANTATIONS PLC Interim Financial Statements as at 31st December 2011 Balance Sheets As at As at As at As at Rs. '000 Rs. '000 Rs. '000 Rs. '000 ASSETS Non-Current Assets Leasehold property, plant & equipment 429, , , ,071 Freehold property, plant & equipment 1,313,432 1,276, , ,683 Improvements to leasehold property 1,842,496 1,600,354 1,842,496 1,600,354 Investment in subsidiaries , ,700 Goodwill on acquisition 33,310 33, Total non - current assets 3,618,605 3,363,527 3,561,877 3,336,808 Current Assets Inventories 678, , , ,616 Amounts due from subsidiaries ,473 48,530 Amounts due from other related companies 134, , , ,807 Trade and other receivables 565, , , ,461 Short-term investments 8,299 8, Short term deposits 363, , , ,157 Cash and cash equivalents 44,948 28,688 32,090 20,134 Total current assets 1,795,432 1,440,990 1,157, ,705 Total assets 5,414,037 4,804,517 4,719,309 4,317,513 EQUITY AND LIABILITIES Equity Stated capital 340, , , ,000 Revenue reserves 1,825,116 1,500,627 1,786,907 1,490,370 Total equity attributable to equity holders of the company 2,165,116 1,840,627 2,126,907 1,830,370 Non controlling interest 17,162 14, Total equity 2,182,278 1,855,269 2,126,907 1,830,370 Non-Current Liabilities Interest-bearing borrowings 136, , , ,414 Deferred income 476, , , ,963 Deferred tax liability 197, , , ,673 Retirement benefit obligations 980, , , ,754 Net liability to lessor 352, , , ,693 Total non - current liabilities 2,143,646 2,083,831 2,101,662 2,027,497 Current Liabilities Trade and other payables 478, , , ,877 Net liability to lessor payable within one year 5,370 5,161 5,370 5,161 Amounts due to subsidiaries - - 6, Amounts due to other related companies 6,051 12,405 6,051 12,405 Income tax payable 3, Interest-bearing borrowings payable within one year 71,463 73,300 49,463 54,300 Short-term interest bearing borrowings 518, , Bank overdraft 4,772 13, ,962 Total current liabilities 1,088, , , ,646 Total liabilities 3,231,759 2,949,248 2,592,402 2,487,143 Total equity and liabilities 5,414,037 4,804,517 4,719,309 4,317,513 It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No 7 of Sgd. Sarath Siriwardana Director - Finance The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board, Sgd. A.M.Pandithage Chairman 14th February 2012 Sgd. G.K.Seneviratne Managing Director

4 Interim Financial Statements for theyear ended 31st December 2011 INCOME STATEMENTS - GROUP Year Ended Year Ended Increase/ 3 Months to 3 Months to Increase/ (Decrease) (Decrease) Rs. '000 Rs. '000 % Rs. '000 Rs. '000 % Revenue 6,110,371 3,883, ,548,858 1,044, Cost of sales (5,209,884) (3,287,682) 58 (1,230,826) (837,941) 47 Gross profit 900, , , , Other income 75,507 36, ,159 26,859 (3) Administrative expenses (342,085) (161,662) 112 (82,618) (38,821) 113 Trading expenses (38,270) (8,988) Interest paid to Government. on finance lease (45,780) (66,833) (32) (12,733) (11,028) 15 Net finance cost (5,230) (20,236) (74) (1,771) (3,651) (51) Share of profit /(loss) of associate (net of tax) - -27,962 (100) - 2,994 (100) Profit before tax 544, , , , Tax expense (81,590) (29,538) 176 (50,937) (16,494) 209 Profit for the year 463, , , , Attributable to; Equity holders of the Company 460, , , , Non controlling interest 2,550 5,475 (53) (64) Profit for the period 463, , , , Earnings per share ( Rs ) Basic / Diluted

5 Interim Financial Statements for the Year ended 31st December 2011 INCOME STATEMENTS - COMPANY Year Ended Year Ended Increase/ 03 months to 03 months to Increase/ (Decrease) (Decrease) Rs. '000 Rs. '000 % Rs. '000 Rs. '000 % Revenue 4,264,561 3,838, ,078,840 1,022,884 5 Cost of sales (3,564,927) (3,281,850) 9 (810,118) (831,243) (3) Gross profit 699, , , , Other income 61,596 38, ,401 27,785-9 Administrative expenses (217,905) (157,025) 39 (53,679) (37,270) 44 Interest paid to Government. on finance lease (45,780) (66,833) (32) (12,733) (11,028) 15 Net finance cost 3,261 (14,053) (123) 8,898 (2,409) (469) Profit before tax 500, , , , Tax expense (68,269) (18,095) 277 (49,809) (8,464) 488 Profit for the year 432, , , , Earnings per share ( Rs ) Basic / Diluted

6 Interim Financial Statements as at 31st December 2011 Company Reg. No. - PQ 58 STATEMENTS OF CHANGES IN EQUITY Group Attributable to equity holders of the company Non controlling Total Stated General Retained Total interest equity capital reserve earnings Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 01st January , , ,593 1,556,593 22,324 1,578,917 Profit for the period 320, ,677 5, ,152 Dividends (34,000) (34,000) - (34,000) Transfers 270,000 (270,000) Adjustment due to changes in holding (2,643) (2,643) (13,157) (15,800) Balance as at 31st December ,000 1,205, ,627 1,840,627 14,642 1,855,269 Profit for the period 460, ,489 2, ,039 Dividends (136,000) (136,000) -30 (136,030) Transfers 155,000 (155,000) Balance as at 31st December ,000 1,360, ,116 2,165,116 17,162 2,182,278 Company Stated General Retained Total capital reserve earnings equity Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at 01st January , , ,749 1,524,749 Profit for the period 339, ,621 Dividends (34,000) (34,000) Transfers 270,000 (270,000) - Balance as at 31st December ,000 1,205, ,370 1,830,370 Profit for the period 432, ,537 Dividends (136,000) (136,000) Transfers 155,000 (155,000) - Balance as at 31st December ,000 1,360, ,907 2,126,907

7 Interim Financial Statements for the year ended 31st December 2011 Company Reg. No. - PQ 58 CASH FLOW STATEMENT Group Company Year Ended Year Ended Year Ended Year Ended Rs. '000 Rs. '000 Rs. '000 Rs. '000 Cash Flows from Operating Activities Cash generated from operations( Note A) 633, , , ,337 Interest paid -91,290 (110,754) (67,701) (104,494) Taxes paid -15,895 (9,220) (10,740) (8,927) Retirement benefit obligations paid (74,143) (58,739) (73,184) (58,739) Net cash flow from operating activities 451, , , ,177 Cash Flows from Investing Activities Field development expenditure (288,070) (211,726) (288,070) (211,726) Interest received 32,593 23,685 21,617 23,608 Exchange gain 4, Dividend received Acquisition of property, plant & equipment (148,733) (80,780) (78,028) (80,545) Net cash paid on investment in Mabroc Teas (Pvt) Ltd - (90,880) - - Proceeds from disposal of property, plant & equipment 30,732 3,929 22,573 3,929 Investment In subsidiaries - - (14,193) (212,000) Loans repayment by group companies - 75,000-75,000 Net cash used in investing activities (369,354) (280,772) (335,228) (401,734) Net cash Inflow before financing activities 82, , , ,443 Cash flows from financing activities Dividend paid (136,515) (30,426) (135,041) (30,426) Capital settlement of net liability to lessor (5,161) (4,959) (5,161) (4,959) Short term loans obtained during the year 200, Long term loans repaid during the year (91,425) (175,949) (72,425) (158,585) Grants received 13,977 55,181 13,977 54,821 Net cash used in financing activities -18,150 (156,153) -198,650 (139,149) Net increase/(decrease) in cash and cash equivalents 64,492 93, ,809 (26,706) Cash and cash equivalents at the beginning of the year 338, , , ,035 Cash and cash equivalents at the end of the period (Note B) 403, , , ,329 Note A : Cash generated from operations Profit before tax 544, , , ,716 Adjustments for : Share of loss of associate - 27, Net finance expenses 51,010 87,069 42,519 80,886 Profit on disposal of property, plant & equipment (26,202) (3,929) (20,290) (3,929) Dividend income (1) - (873) - Depreciation 153, , , ,527 Lease amortisation 23,698 23,694 23,698 23,694 Provision for retirement benefit obligations 182, , , ,626 Amortisation of capital grants (18,018) (17,378) (17,991) (17,342) Provision for falling value of investment Provision/(reversal) for obsolete stocks 2,042 (110) (103) (110) Provision/(reversal) for doubtful debts -1,246 (1,940) 764 (1,940) Operating profit before working capital changes 912, , , ,128 (increase)/ decrease in inventories -25,973 (38,303) -71,275-14,748 (increase)/ decrease in trade and other receivables (273,605) (41,919) 27,189 (34,940) (increase)/ decrease in amounts due from related companies 19,306 (36,304) 34,362 (49,887) increase/ (decrease) in trade and other payables 7,207 40,703 37,662 40,224 increase/ (decrease) in amount due to related companies (6,354) 3,619 (938) 4,560 Cash generated from operating activities 633, , , ,337 Note B : Analysis of cash and cash equivalents Cash and bank balances 44,948 28,688 32,090 20,134 Short - term deposits 363, , , , , , , ,291 Bank overdraft (4,772) (13,158) (1) (1,962) Cash and cash equivalents 403, , , ,329

8 Notes to the Financial Statements: 1 These interim financial statements which have not been audited, comply with the Sri Lanka Accounting Standards 35 - Interim Financial Reporting and they also provide the information required by the Colombo Stock Exchange. 2 There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended No circumstances have arisen since the balance sheet date, which would require adjustment to or disclosure in the interim financial statements. 4 The managing agent DPL Plantations (Pvt) Ltd has waived the management fees in its entirety effective from Dividends Final proposed Rs.5/- per share ( Rs.4/- per share) Rs.170,000,005 /- Dividends are subject to the 10% tax deduction 6 Segmental Information (Rs.'000) - Group Revenue Gross profit Year Ended Year Ended Year Ended Year Ended Tea 4,359,956 2,539, ,062 95,743 Rubber 1,783,573 1,373, , ,401 Others 21,481 38,580 14,581 26,811 Less : Intra-group sales (Tea) (54,639) (68,031) - - 6,110,371 3,883, , ,955 Segmental Information (Rs.'000) - Company Revenue Gross pprofit/(loss) Year Ended Year Ended Year Ended Year Ended Tea 2,480,988 2,463,048 (56,210) 85,182 Rubber 1,783,573 1,373, , ,401 Others - 2,267 - (1,880) 4,264,561 3,838, , ,703

9 Investor Information Market value of shares Rs. Rs. Closing price on Highest price recorded for the year ending Lowest price recorded for the year ending Highest price recorded for the three months ending Lowest price recorded for the three months ending Market capitalisation (Rs.Mn) 3, , Share trading from 01st January 2011 to 31st December 2011 No. of Transactions 1,585 2,407 No. of Shares traded 1,148,300 4,265,600 Value of shares traded ( Rs. ) 190,264, ,191,980 Ratios Net assets per share Price earning ratio (times) (Annualised) First twenty shareholders as at 31st December 2011 No. of Shares Name of Shareholder as at % 1 DPL Plantations (Private) Limited 24,200, Waldock Mackenzie Limited/Mr.Lalith Prabash Hapangama 2,776, Bank of Ceylon A/c Ceybank Unit Trust 1,919, Mabroc Holdings (Private) Limited 512, Bank of Ceylon A/c Ceybank Century Growth Fund 424, Aviva NDB Insurance PLC-A/C No.7 357, Mr.T.T.T.Al-Nakib 128, Mr.M.M.Udeshi 119, Mr.H.G.Carimjee 110, Aviva NDB Insurance PLC-A/C No.3 109, Deutsche Bank AG-Comtrust Equity Fund 85, Dr.(Mrs.) V.Sivaprakasapillai 80, Dr.D.Jayanntha 76, Cargo Boat Development Company PLC 71, Mr.M.I.Abdul Hameed 70, Gampaha District Co-Operative Rural Bank Union Ltd 66, Mrs.P.N.Bhatt 51, Mrs.R.S.L.De Mel 50, Mr.K.C.Viganarajah 46, HSBC International Nominees Ltd-SSBT-Deutsche Bank 45, TOTAL 31,302, There were no non-voting shares as at 31st December The Public Holding percentage, as defined under Colombo Stock Exchange rules, was 28.82% as at 31st December The Golden Share holder The Golden share of Rs.10/- held by the Secretary to the Treasury, enjoy the following special rights. The concurrence of the Golden Shareholder should be obtained to sub-lease estate lands and amend the Articles of Association of the company in which the Golden shareholders rights are given. The Golden Shareholder, or his nominee, has the right to examine the books and accounts of the Company. The Company is required to submit a detailed quarterly report to the Golden Shareholder. The Golden Shareholder can request the Board of Directors of the Company to meet with him. Directors Shareholdings as at 31st December Name of shareholder No. of shares Mr.G K Seneviratne 4,000 Mr.S. Siriwardana 193