Interim Financial Statementsfor the three months ended 30 June 2012
Kegalle Plantations PLC
As at 30 June 2012 2011 31 March 2012 2012 2011 31 March 2012
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
ASSETS
Non - Current Assets
Leasehold right to bare land 161,901 166,809 163,128 161,901 166,809 163,128
Immovable Estates Assets on Finance Lease 121,550 132,421 124,339 121,550 132,421 124,339
Tangible Assets other than Immature / Mature Plantations 392,697 385,611 400,195 458,310 456,072 467,490
Immature / Mature Plantations 1,210,966 1,045,413 1,181,548 1,210,966 1,045,413 1,181,548
Long Term Investments 450,000 450,000 450,000 419,602 408,654 411,245
2,337,114 2,180,254 2,319,210 2,372,328 2,209,369 2,347,750
Current Assets
Inventories 263,119 344,541 264,270 263,344 346,266 264,494
Trade & Other Receivable 312,786 299,800 275,548 325,523 313,537 281,008
VAT Recoverable 21,492 20,004 21,492 21,499 20,011 28,777
Amounts due from Related Companies 137,698 82,354 104,077 92,617 37,981 59,038
Short Term Investments 1,896,550 1,383,313 1,806,093 1,896,550 1,383,313 1,806,093
Cash and Bank Balances 12,960 32,743 12,783 12,975 32,784 12,802
2,644,605 2,162,755 2,484,263 2,612,508 2,133,892 2,452,212
Total Assets 4,981,719 4,343,009 4,803,473 4,984,837 4,343,261 4,799,962
EQUITY & LIABILITIES
Capital & Reserves
Stated Capital 250,000 250,000 250,000 250,000 250,000 250,000
General Reserve 225,000 225,000 225,000 225,000 225,000 225,000
Retained Profit 2,566,018 1,987,812 2,451,044 2,538,655 1,952,899 2,415,979
Shareholders' Fund 3,041,018 2,462,812 2,926,044 3,013,655 2,427,899 2,890,979
Non - Current Liabilities
Interest Bearing Loans & Borrowings 627,036 502,241 604,444 627,036 502,241 604,444
Retirement Benefit Obligations 404,757 457,516 403,037 404,852 457,611 403,132
Deferred Income 199,939 195,509 199,633 217,482 217,404 218,265
Deferred Tax Liabilities 61,409 - 40,492 61,409 - 40,492
Net Liability to the Lessor - Payable after one year 281,098 285,466 282,381 281,098 285,466 282,381
1,574,239 1,440,732 1,529,987 1,591,877 1,462,722 1,548,714
Current Liabilities
Interest Bearing Loans & Borrowings 123,379 41,592 107,132 123,379 41,592 107,132
Net Liability to the Lessor - Payable within one year 4,449 4,278 4,278 4,449 4,278 4,278
Trade & Other Payables 205,064 333,608 209,406 212,812 341,371 217,139
Dividend Payable 12,617 16,271 1,870 12,617 16,271 1,870
Amounts due to Related Companies 8,007 26,006 5,855 13,102 31,418 10,950
Income Tax Payable 12,946 17,710 18,900 12,946 17,710 18,900
366,462 439,465 347,441 379,305 452,640 360,269
Total Equity & Liabilities 4,981,719 4,343,009 4,803,473 4,984,837 4,343,261 4,799,962
Net Asset Value per Share (Rs.) 121.64 98.51 117.04 120.55 97.12 115.64
The above figures are subject to audit
These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
L C Herath (Mrs.)
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board of Directors of Kegalle Plantations PLC.
S S Poholiyadde
Director/CEO
Colombo
06 August 2012
BALANCE SHEET
INTERIM FINANCIAL STATEMENTS
J H P Ratnayeke
Director
Company Group
Kegalle Plantations PLC 2012/13 - Q1
Year Ended Year Ended
Variance 31 March Variance 31 March
For the Three Months Ended 30 June 2012 2011 + / (-) 2012 2012 2011 + / (-) 2012
Rs. '000 Rs. '000 % Rs. '000 Rs. '000 Rs. '000 % Rs. '000
Continuing Operations
Revenue 628,123 693,581 (9) 2,809,230 628,123 693,581 (9) 2,809,230
Cost of Sales (475,075) (636,487) 25 (1,937,105) (475,075) (636,487) 25 (1,937,105)
Gross Profit 153,048 57,094 168 872,125 153,048 57,094 168 872,125
Other Operating Income 80,133 35,456 126 229,265 80,133 35,456 126 229,265
Administrative Expenses (15,113) (16,483) 8 (51,703) (15,113) (16,483) 8 (51,703)
Management Fee (26,461) (9,914) (167) (142,967) (26,461) (9,914) (167) (142,967)
Finance Cost (33,603) (25,005) (34) (107,560) (33,603) (25,005) (34) (107,560)
Profit from Operations after Finance Cost 158,004 41,148 284 799,160 158,004 41,148 284 799,160
Share of Result of Associates - - - - 9,724 347 (2,702) 6,020
Profit before Taxation 158,004 41,148 284 799,160 167,728 41,495 304 805,180
Income Tax Expenses (43,031) (9,774) (340) (117,054) (44,397) (9,774) (354) (120,136)
Profit for the Period from continuing operations 114,974 31,374 266 682,106 123,331 31,721 289 685,044
Discontinued Operations
(Loss) after tax for the Period from discontinued operations - - - - (655) (811) 19 (3,554)
Profit for the period 114,974 31,374 266 682,106 122,676 30,910 297 681,490
Basic Earnings Per Share from Continuing Operations (Rs.) 4.60 1.25 27.28 4.93 1.27 27.40
Dividend Per Share (Rs.) - - 7.50 - - 7.50
The above figures are subject to audit
Company Group
INTERIM FINANCIAL STATEMENTS
INCOME STATEMENT
Kegalle Plantations PLC 2012/13 - Q1
For the Three Months Ended 30 June 2012 2011 2012 2011
Rs. '000 Rs. '000 Rs. '000 Rs. '000
CASH FLOWS FROM / (USED IN) OPERATING ACTIVITIES
Net Profit before Taxation from continuing operations 158,004 41,148 167,728 41,495
Net (Loss) before Taxation from discontinued operations - - (655) (811)
ADJUSTMENTS FOR
Depreciation, Amortization and Impairment Loss 22,921 21,349 24,603 23,156
Provision for Defined Benefit Plan Costs 10,386 133,160 10,386 133,160
Amortization of Grants (1,437) (1,436) (2,525) (2,524)
Share of Result of Associates - - (9,724) (347)
Finance Cost 10,305 15,443 10,309 15,446
Operating Profit before Working Capital Changes 200,179 209,664 200,122 209,575
(Increase)/Decrease in Trade & Other Receivables (37,238) (69,390) (37,238) (69,390)
(Increase)/Decrease in Inventories 1,151 47,114 1,151 47,114
(Increase)/Decrease in amounts due from Related Companies (33,621) 29,713 (33,621) 29,713
Increase/(Decrease) in Trade & Other Payables (4,343) 14,180 (4,286) 14,269
Increase/(Decrease) in amounts due to Related Companies 2,152 10,208 2,152 10,208
Cash Generated from / (used in) Operations 128,280 241,489 128,280 241,489
Defined Benefit Plan Costs Paid (8,666) (10,670) (8,666) (10,670)
Finance Cost Paid (10,305) (15,443) (10,309) (15,446)
ESC/Income Tax Paid (28,068) (5,690) (28,068) (5,690)
Net Cash from Operating Activities 81,241 209,686 81,237 209,683
CASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES
Grant Received 1,743 207 1,743 207
Field Development Expenditure (39,147) (37,661) (39,147) (37,661)
Purchase of Property, Plant & Equipment (1,678) (6,124) (1,678) (6,124)
Long Term Investment - (225,000) - (225,000)
Net Cash from / (used in) Investing Activities (39,082) (268,578) (39,082) (268,578)
CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES
Dividend Paid 10,747 3,795 10,747 3,795
Payment of Government Lease Rentals (1,112) (1,028) (1,112) (1,028)
Proceeds from Loans 68,620 213,240 68,620 213,240
Repayment of Loans (25,694) (12,978) (25,694) (12,978)
Net Cash from / (used in) Financing Activities 52,561 203,029 52,561 203,029
Net Increase/(Decrease) in Cash & Cash Equivalents 94,720 144,137 94,716 144,134
Cash & Cash Equivalents at the beginning of the period Note A 1,814,790 1,271,919 1,814,809 1,271,963
Cash & Cash Equivalents at the end of the period Note B 1,909,510 1,416,056 1,909,525 1,416,097
NOTES
A. Cash & Cash Equivalents at the beginning of the period
Cash & Bank Balances 12,783 10,263 12,802 10,307
Investment in Treasury Bills, REPO & Others 1,806,093 1,289,494 1,806,093 1,289,494
Bank Overdrafts (4,086) (27,838) (4,086) (27,838)
1,814,790 1,271,919 1,814,809 1,271,963
B. Cash & Cash Equivalents at the end of the period
Cash & Bank Balances 12,960 32,743 12,975 32,784
Investment in Treasury Bills, REPO & Others 1,896,550 1,383,313 1,896,550 1,383,313
1,909,510 1,416,056 1,909,525 1,416,097
The above figures are subject to audit
INTERIM FINANCIAL STATEMENTS
CASH FLOW STATEMENT
Company Group
Kegalle Plantations PLC 2012/13 - Q1
For the Three Months Ended 30 June 2012
Stated General Accumulated Total Stated General Accumulated Total
Capital Reserve Profit Capital Reserve Profit
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Balance as at 31 March 2011 250,000 225,000 1,968,938 2,443,938 250,000 225,000 1,934,489 2,409,489
Net Profit for the period - - 31,374 31,374 - - 30,910 30,910
Dividend Paid - (12,500) (12,500) - - (12,500) (12,500)
Balance as at 30 June 2011 250,000 225,000 1,987,812 2,462,812 250,000 225,000 1,952,899 2,427,899
Balance as at 31 March 2012 250,000 225,000 2,451,044 2,926,044 250,000 225,000 2,415,979 2,890,979
Net Profit for the period - - 114,974 114,974 - - 122,676 122,676
Dividend Paid - - - - - - -
Balance as at 30 June 2012 250,000 225,000 2,566,018 3,041,018 250,000 225,000 2,538,655 3,013,655
The above figures are subject to audit
31 March
For the Three Months Ended 30 June 2012 2011 2012
Rs. Rs. Rs.
1. Market Price per Share
Highest 110.00 234.90 234.90
Lowest 86.20 180.50 76.00
Last Traded 91.00 183.10 103.00
2.
3.
4.
5.
6.
INTERIM FINANCIAL STATEMENTS
Company Group
STATEMENT OF CHANGES IN EQUITY
The Interim Financial Statements of the Company/Group are unaudited and have been prepared on the basis of the same accounting
policies and methods applied for the year ended 31 March 2012 and are in compliance with Sri Lanka Accounting Standard 35 - Interim
Financial Reporting. Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the Interim Financial
Statements of the Company/Group.
The presentation and classification of figures for the corresponding period of the previous year have been amended, where relevant, for
better presentation and to be comparable with those of the current year.
Stated Capital of Kegalle Plantations PLC amounts to Rs. 250,000,010 represented by 25,000,001 Ordinary Shares.
NOTES TO THE FINANCIAL STATEMENTS
The Company is in the process of adopting Sri Lanka Accounting Standards (SLFRS/LKAS) with effect from 1st April 2012 and the impact
to the Statement of Comprehensive Income and Net Assets Base has not been determined and such work is presently in progress. The
Interim Financial Statements are also prepared in accordance with the second option given in the "Ruling on the Comparative Figures in
the Interim Financial Statements" issued by The Institute of Chartered Accountants of Sri Lanka dated 2nd March 2012.
There has been no material changes in the nature of the contingent liabilities, other than what was disclosed in the Annual Report for the
year ended 31 March 2012.
There are no other events subsequent to the Balance Sheet date, which require disclosure in the Interim Financial Statements.
Kegalle Plantations PLC 2012/13 - Q1
NOTES TO THE FINANCIAL STATEMENTS CONTD…
7. Twenty largest shareholders of the Company are as follows ;
As at
Number of
Shares
% of the
HoldingNumber of
Shares
% of the
Holding
RPC Plantation Management Services (Pvt) Ltd 17,625,282 70.50% 17,591,500 70.37%
J B Cocoshell (Pvt) Ltd 606,500 2.43% 606,500 2.43%
Deutsche Bank AG As Trustee for Sri Lanka 465,581 1.86% - -
Almar Trading Co. (Pvt) Ltd 270,000 1.08% 270,000 1.08%
HSBC International Nominees Ltd-SSBT-Deustche Bank 200,000 0.80% 200,000 0.80%
Tranz Dominion, L.L.C 185,000 0.74% 185,000 0.74%
Seylan Bank PLC / Symphony Capital Ltd 176,636 0.71% 123,798 0.50%
Mr. A. Singh 134,200 0.54% 118,800 0.48%
Waldock Mackenzie Ltd / Hi-Line Trading (Pvt) Ltd 131,999 0.53% 131,999 0.53%
Waldock Mackenzie Ltd / Hi-Line Towers (Pvt) Ltd 129,600 0.52% 129,600 0.52%
Employees Provident Fund 122,300 0.49% 122,300 0.49%
Mr. M. M. Fuad 102,645 0.41% 117,600 0.47%
Deutsche Bank AG As Trustee for Namal Acuity Fund 100,000 0.40% 100,000 0.40%
Deutsche Bank AG As Trustee for National Equity Fund 100,000 0.40% 100,000 0.40%
Cocoshell Activated Carbon Company Limited 97,700 0.39% 97,700 0.39%
Waldock Mackenzie Ltd / Symphony Capital Ltd 94,200 0.38% 94,200 0.38%
Mr. M. J. Fernando 85,500 0.34% 85,500 0.34%
Commercial Bank of Ceylon PLC / D. S. J. V. Costa 69,200 0.28% 69,200 0.28%
Askold (Pvt) Ltd 67,250 0.27% 75,000 0.30%
Deutsche Bank AG As Trustee for Comtrust Equity Fund 61,200 0.24% - -
Sub Total 20,824,793 83.30% - -
Balance held by 9,313 Shareholders
(31 March 2012 - 9,337 Shareholders) 4,175,208 16.70% 4,344,704 17.38%
Total Shares 25,000,001 100.00% 25,000,001 100.00%
The percentage of shares held as follows;
Number of
Shares
% of the
HoldingNumber of
Shares
% of the
Holding
Public Holding 7,374,412 29.50% 7,408,194 29.63%
Other Holding 17,625,589 70.50% 17,591,807 70.37%
25,000,001 100.00% 25,000,001 100.00%
8. The number of shares held by the Board of Directors are as follows ;
As at 30 June 201231 March
2012
Dr. Sena Yaddehige - -
Mr. J H P Ratnayeke - -
Mr. S S Poholiyadde 307 307
Prof. R C W M R A Nugawela - -
Dr. S S B D G Jayawardena - -
INTERIM FINANCIAL STATEMENTS
Number of Shares
30 June 2012 31 March 2012
30 June 2012 31 March 2012
Kegalle Plantations PLC 2012/13 - Q1
Company
Rubber Tea Coconut Others Total
For the Three Months Ended 30 June 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Revenue 350,501 407,709 250,913 251,642 11,088 13,690 15,621 20,538 628,123 693,579
Revenue Expenditure (198,589) (213,803) (236,733) (262,497) (6,811) (6,040) - - (442,132) (482,340)
Depreciation / Amortization (15,172) (13,387) (7,115) (7,327) (248) (248) (22) (22) (22,557) (20,984)
Other Non Cash Expenses - Gratuity (6,207) (70,764) (4,178) (62,397) - - - - (10,386) (133,161)
Segment Results 130,533 109,755 2,887 (80,579) 4,029 7,402 15,599 20,516 153,048 57,094
Other Operating Income 80,133 35,456
Administrative Expenses (15,113) (16,483)
Management Fee (26,461) (9,914)
Finance Cost (33,603) (25,005)
Income Tax Expenses (43,031) (9,774)
Profit for the Period 114,974 31,374
Group
Rubber Tea Coconut Others Total
For the Three Months Ended 30 June 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000
Revenue 350,501 407,709 250,913 251,642 11,088 13,690 15,621 20,538 628,123 693,579
Revenue Expenditure (198,589) (213,803) (236,733) (262,497) (6,811) (6,040) - - (442,132) (482,340)
Depreciation / Amortization (15,172) (13,387) (7,115) (7,327) (248) (248) (22) (22) (22,557) (20,984)
Other Non Cash Expenses - Gratuity (6,207) (70,764) (4,178) (62,397) - - - - (10,386) (133,161)
Segment Results 130,533 109,755 2,887 (80,579) 4,029 7,402 15,599 20,516 153,048 57,094
Other Operating Income 80,133 35,456
Administrative Expenses (15,113) (16,483)
Management Fee (26,461) (9,914)
Finance Cost (33,603) (25,005)
Profit from Operations after Finance Cost 158,004 41,148
Share of Result of Associates 9,724 347
Profit before Taxation 167,728 41,495
Income Tax Expenses (44,397) (9,774)
Profit for the period from continuing operations 123,331 31,721
(Loss) after tax for the period from discontinued operations (655) (811)
Profit for the Period 122,676 30,910
The above figures are subject to audit
INTERIM FINANCIAL STATEMENTS
SEGMENT INFORMATION
SEGMENT INFORMATION
Kegalle Plantations PLC 2012/13 - Q1
CORPORATE INFORMATION
Name of the Company : KEGALLE PLANTATIONS PLC
Legal Form : A Quoted Public Company with limited liability,
Incorporated in Sri Lanka under the Companies Act No. 07 of 2007.
Date of Incorporation : 22 June 1992
Company Registration No : New Registration No. P Q 135 [ Old No. N (PBS/CGB) 140]
Head/Registered Office : No. 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
Principal Business Activities : Cultivation, Manufacture and Sale of Rubber, Tea, Coconut,
Cardamom & other agricultural produce.
Ultimate Parent Enterprise : Richard Pieris & Company PLC
No. 310, High Level Road, Nawinna, Maharagama, Sri Lanka.
Board of Directors : Dr. Sena Yaddehige - Chairman
Mr. J H P Ratnayeke - Deputy Chairman
Mr. S S Poholiyadde - Chief Executive Officer
Prof. R C W M R A Nugawela
Dr. S S B D G Jayawardena
Stock Exchange Listing : The Ordinary Shares of the Company are listed with the
Colombo Stock Exchange of Sri Lanka.
Secretaries : Richard Pieris Group Services (Pvt) Limited
No. 310, High Level Road, Nawinna, Maharagama, Sri Lanka
Telephone : + (94) 11 4310500
Auditors : Messrs. Ernst & Young, Chartered Accountants,
201, De Saram Place, Colombo 10.
Bankers : Hatton National Bank PLC
Bank of Ceylon - Corporate Branch & Regional Branches
NDB Bank PLC
Peoples Bank
Seylan Bank PLC
Commercial Bank of Ceylon PLC
Legal Advisors : Paul Ratnayeke Associates
International Legal Consultants,
Solicitors and Attorneys-at-Law,
No. 59, Gregory’s Road,
Colombo 7, Sri Lanka.
Contact Details : Telephone : + (94) 11 4310500
Facsimile : + (94) 11 4310799
Website : www.arpico.com
E-mail : [email protected]
Kegalle Plantations PLC310, High Level Road,Nawinna, Maharagama, Sri Lanka.