Annual Report 2009/10 - Colombo Stock Exchange

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8 Sierra Cables PLC - Annual Report 2009/10 Connecting Sri Lanka to Progress Report of the Board of Directors on the Affairs of the Company The Directors of Sierra Cables PLC, have pleasure in submitting their report together with the audited Financial Statements of the Company for the year ended 31st March 2010 and the Auditors’ Report thereon. Review of Performance for the year ended 31st March 2010 The operations of the Company for the year ended 31st March 2010 are reviewed in the Chairman’s Report. Principal Activities Sierra Cables PLC is the Holding Company of Alucop Cables Limited, Alucop Marketing (Private) Limited and Sierra Engineering and Construction (Private) Limited who carry out the operational aspects of manufacturing and marketing of cables. Financial Statements The Financial Statements of the Company are given in pages 18 to 37. Finanacial Results GROUP COMPANY 2010 2009 2010 2009 Rs. Rs. Rs. Rs. Turnover 1,037,425,535 1,515,318,233 - - Cost of Sales (817,053,329) (1,284,599,262) - - Gross Profit 220,372,206 230,718,971 - - Other Income 64,417,258 47,802,929 155,183,514 65,525,182 Selling & Distribution (56,318,845) (61,420,995) - - Administrative Expenses (48,453,881) (57.086,420) (10,101,303) (19,950,478 Other Operating Expenses - - (5,000,000) - Operating Profit 180,016,738 160,014,485 140,082,211 45,574,704 Finance Expenses (71,730,063) (134,233,405) (207,821) (419,817) Profit Before Associate Company’s Share of Profit 108,286,675 25,781,080 139,874,390 45,154,887 Share of Profit of Associate Company (Net of Income Tax) 24,334,501 20,634,926 - - Profit Before Taxation 132,621,176 46,416,006 139,874,390 45,154,887 Income Tax Expenses (24,472,818) (20,073,520) (2,908,373) (5,942,048) Profit for the year 108,148,358 26,342,486 136,966,017 39,212,839 Earning Per Share 0.20 0.05 0.25 0.07 Dividend Per Share - 0.06 - 0.06
Connecting Sri Lanka to Progress Sierra Cables PLC - Annual Report 2009/10 9 Report of the Board of Directors on the Affairs of the Company Auditors' Report The Auditors' Report on the Financial Statements is given in page 17. Accounting Policies The Accounting Policies adopted in the preparation of Financial Statements are given on pages 22 to 25. There were no material changes in the Accounting Policies adopted. Interest Register The Company maintains an Interest Register as required by the Companies Act No.07 of 2007. The information pertaining to Directors interest in contracts and their share ownership are disclosed in the Interest Register. Directors’ Remuneration and Other Benefits Directors’ remuneration in respect of the Company for the financial year ended 31st March 2010 is given in Note 27 to the financial statements. Property, Plant and Equipment Any analysis of the Property, Plant and Equipment of the Company is set out in Note 8 to the accounts on page 28. Directors The Directors of the Company for the year under review were as follows: Mr. W. A. P. Perera (Chairman) Mr. F. A. W. Irugalbandara (Director and Alternate Director to W. A. P. Perera) Mr. D. N. N. Lokuge (Director and Alternate Director to D. S. Panditha) Mr. E. A. D. T. B. Perera Mr. D. S. Panditha Mr. J. H. P. Ratnayeke Mr. R. M. S. Fernando Dr. D. G. K. E. Weerapperuma Ms. K. A. Suraweera (Alternate Director to E. A. D. T. B. Perera) Ms. G. S. M. Irugalbandara (Alternate Director to F. A. W. Irugalbandara) Investments Details of investments held by the Company are disclosed in Note 9 to the accounts on page 30. .Directors’ Interest in Shares of the Company Names of Director As at As at 31/03/2010 31/03/2009 Mr. W. A. P. Perera 3,920,510 3,920,510 Mr. D. S. Panditha 16,572,250 16,972,250 Mr. F. A. W. Irugalbandara 10 10 Mr. E. A. D. T. B. Perera 10 10 Mr. R. M. S. Fernando NIL NIL Ms. G. S. M. Irugalbandara (Alternate Director to F. A. W. Irugalbandara) 1,709,800 1,709,800 Mr. D. N. N. Lokuge 10 10 Mr. J. H. P. Ratnayake NIL NIL Dr. D. G. K. E. Weerapperuma NIL NIL Ms. K. A. Suraweera (Alternate Director to E. A. D. T. B. Perera) NIL NIL Retirement by Rotation Mr. E. A. D. T. B. Perera and Mr. D. S. Panditha retires by rotation in accordance with Article 91 of the Articles of Association of the Company and being eligible, offer themselves for re-election. Donations There were no donations made by the Company during the period under review.
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