Annual Report 2009/10 - Colombo Stock Exchange

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2 Sierra Cables PLC - Annual Report 2009/10 Connecting Sri Lanka to Progress Group Financial Review Group Results During the year under review the group turnover reflects a growth in Tender & Project Business by 22% & 21% respectively. Profitability The Gross Profit margin of the Group has increased by 6% though the Turnover has decreased by 32% over the previous year. This shows a better control over the profitability by improvement in production efficiencies and cost control. Further 40% decrease in Finance Costs and 50% decrease in Energy Costs supported to achieve higher Pre- Tax Profit. Earnings per Share shows a remarkable growth over last year leading to the increase in net margin from 1.7% to 10.4% during the year. Also the Group’s Return on Equity and Return on Assets show the better performance. Other Income Other Income of the Group has increased by 35% due to the disposal of significant portion of associate company share during the year under review. Finance and Growth The Group is in a situation to invest in growth projects financing through debt in the presence of a low debt equity ratio of 32 : 68 respectively. During the year under review the Group diversified to a hydro power project which promises an attractive Return on Investment. Capital Expenditure The Group has incurred Rs.102 million against Capital Expenditure which utilized on purchasing new machinery and upgrading of existing machinery there by acquiring new technology to meet future demands of the industry. Taxation The Group made an Income Tax provision of Rs.23 million which was paid during the year itself through quarterly taxes and withholding taxes. Further the Group has paid Rs.121 million to the Government by way of Direct Sales Taxes during the year. Financial Indicators The Group’s Long-term Loans decreased by 24% while Shortterm Borrowings including Overdrafts have increased by 16%. Shareholders' Funds consist of 65% Stated Capital and 35% Revenue Reserves. Accounting Policies and Disclosures The Accounting Policies of the Group have been reviewed and amended where necessary, to comply with the Sri Lanka Accounting and Auditing Standards Act No.15 of 1995. The Group has adopted the practice of making full disclosure of both financial and non-financial information to enable the existing and potential shareholders to assess the performance of the Group and its future.
Connecting Sri Lanka to Progress Sierra Cables PLC - Annual Report 2009/10 3 Board of Directors W.A.P. Perera - Chairman Mr. W.A.P. Perera is a founder Director of Sierra Construction (Private) Limited and serves as the Chairman & Chief Executive Officer of Sierra Cables PLC. He has over 30 years experience in the construction industry. F.A.W. Irugalbandara Mr. F.A.W. Irugalbandara is a founder Director of Sierra Construction (Private) Limited and is a Chartered Architect by profession with over 30 years experience in the construction industry. D.N.N. Lokuge Mr. D.N.N. Lokuge is a founder Director of Sierra Construction (Private) Limited with 30 years experience in the construction industry. D.S. Panditha Mr. D.S. Panditha is the Executive Director of Sierra Cables PLC. He is a member of both the Institute of Incorporated Engineers and the Institute of Marketing (SL). He has over 35 years of experience in the cable and plastic industry. J.H.P. Ratnayake Mr. J.H.P. Ratnayake is a Senior Corporate Lawyer who is also the precedent partner of Paul Ratnayake Associates, a leading firm in Sri Lanka which he founded in 1987 handling all areas of law and International Legal Consultancy work. Mr. Ratnayake is a Solicitor of England and Wales and an Attorneyat-Law of the Supreme Court of Sri Lanka. He has been awarded a Masters Degree in Law by the University of London. E.A.D.T.B. Perera Mr. E.A.D.T.B. Perera is a founder Director of Sierra Construction (Private) Limited with 30 years experience in the construction industry. Dr. D.G.K.E. Weerapperuma Dr. Kamal Weerapperuma is the Managing Director of PE Consultancy Services Ltd. Previously, he held the positions of CEO/Director of Delmege Forsyth Group, Kelani Cables Ltd., Executive Director of Haycarb Ltd. and Research Fellow in Chemical Engineering, Imperial College, University of London. He served as a Consultant to several industries and banks and also served on several public sector committees including those in the Ministries of Science and Technology and in the Ministry of Industry. Dr. Weerapperuma holds a B.Sc Degree from University of Ceylon, M.Sc. and Ph.D. Degree from the UK. He is a Chartered Engineer, UK, a Fellow of the Institute of Materials, Mining and Minerals, UK and an Alumnus of “Insead”, France. R.M.S. Fernando Mr. R.M.S. Fernando is the former Secretary to the Ministry of Enterprise Development Investment Promotion, Industrial Policy and Constitutional Affairs and former CEO and Director of National Development Bank of Sri Lanka. Mr. Fernando is a Graduate in Law and an Attorney-at-Law. He is also a Fellow of the Chartered Institute of Bankers, London, and the Chartered Institute of Management Accountants. Mr. Fernando is also a companion of the Chartered Institute of Management Accountants, London. At present he is Chairman of United Motors PLC., Orient Financial Services Corporation Ltd. and Latex Green Ltd. He also serves on the Board of several other companies both quoted and nonquoted. Currently, Mr. Ratnayake holds directorships in 62 Companies of which 08 are Public Quoted Companies. He has also been elected/appointed as Chairman/Deputy Chairman to several of these companies. He is also Chairman of P.R. Secretarial Services (Pvt) Ltd.
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