Annual Report 2009/10 - Colombo Stock Exchange

30 Sierra Cables PLC - Annual Report 2009/10 Connecting Sri Lanka to Progress
Notes to the Financial Statements
GROUP
COMPANY
As at 31 March 2010 2009 2010 2009
Rs. Rs. Rs. Rs.
9. Investments No. of % of
9.1 Investments in Subsidiaries
Unquoted Investments
Shares
Holding
Alucop Cables Ltd 23,451,978 100 - - 281,062,906 281,062,906
Alucop Marketing (Pvt) Ltd 704,442 100 - - 7,044,375 7,044,375
Sierra Engineering & Construction (Pvt) Ltd 10,003 100 - - 20 20
[Formerly known as Alucop Engineering (Pvt) Ltd]
Sierra Power (Pvt) Ltd 2 100 - - 10 -
Less: Provision for impairment of investments
in Alucop Marketing (Pvt) Ltd. - - (5,000,000) -
9.2 Investment in Associate
Movement during the year
- - 283,107,311 288,107,301
Balance at the beginning of the year 186,411,187 171,263,340 - -
Share of profit for the period 24,334,501 20,634,926 - -
Dividend received (6,376,151) (5,487,079) - -
Disposed during the year (111,895,926) - - -
Transfered to other long-term Investment (92,473,611) -
- 186,411,187 - -
Associate Company - Central Industries PLC - 186,411,187 - 25,712,683
- 186,411,187 - 25,712,683
9.2.a
On 18 February 2010, Sierra Cables PLC disposed of 667,600 shares in its associate company, Central Industries PLC for a net
consideration of Rs.146.5 Mn. Consequently, the holding (including the indirect holding) was reduced to 16.75% from 37.01% and
it ceased to be an associate.
The share of profit of Rs.24.3 Mn. recognised during the period has been based on the unaudited Financial Statements of Central
Industries PLC for the 09 months ended 31 December 2009. Further, the profit on disposal of the associate and the amount of the
balance investment transferred to other long-term investments has also been based on the same unaudited figures.