Lion Brewery (Ceylon) PLC Annual Report 2011 - Carson and ...

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Annual Report of the Board of Directors on the affairs of the Company 18 Lion Brewery (Ceylon) PLC Annual Report 2011 The Board of Directors of Lion Brewery (Ceylon) PLC (the Company) is pleased to present its Report and Financial Statements of the Company for the financial year ended 31st March 2011. The details set out herein provide the pertinent information required by the Companies Act No. 07 of 2007, Listing Rules of the Colombo Stock Exchange and are guided by recommended best accounting practices. The Annual Report was approved by the Directors on 26th May 2011. Principal Activity of the Company The principal activity of the Company remained brewing, bottling and sale of high quality beers, under license, for local and export markets. Review of Operations and Future Developments The Chairman’s Statement and the Review of Operations describe in detail the performance during the year together with comments on the financial results and future developments of the Company. Significant Events During the Year The details of significant events during the year are contained in the Chief Executive’s Review on pages 6 to 12 of this Report. Statement of Directors Responsibilities The responsibilities of the Directors, in relation to the Financial Statements, are detailed in the following paragraphs, whilst the responsibilities of the Auditors are set out in the Report of the Auditors. According to Companies Act No. 07 of 2007 and the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, the Directors are required to prepare Financial Statements for each financial year, giving a true and fair view of the state of affairs of the Company as at the end of the financial year and of the results for the said period. In preparing these Financial Statements the Directors are required to ensure that: - appropriate accounting policies have been selected and applied consistently, while material departures, if any, have been disclosed and explained. - all applicable Accounting Standards have been complied with and, - reasonable and prudent judgments and estimates have been made. The Directors are responsible for ensuring that the Company maintains sufficient accounting records to disclose with reasonable accuracy, the financial position of the Company in order to ensure that the Financial Statements of the Company meet with the requirements of Companies Act No. 07 of 2007 and the Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995. They are also responsible for taking reasonable measures to safeguard the assets of the Company and in this regard to give proper consideration to the establishment of appropriate systems of internal control with a view to prevent, detect and rectify frauds and other irregularities.
Annual Report of the Board of Directors on the affairs of the Company Contd. 19 Lion Brewery (Ceylon) PLC Annual Report 2011 These Financial Statements have been prepared on a going concern basis, since the Directors are of the view that the Company has adequate resources to continue operations for the foreseeable future from the date of signing these Financial Statements. The Directors are also of the view that they have discharged their responsibilities as set out in this statement. Financial Statements The Financial Statements which include Income Statement, Balance Sheet, Cash Flow Statement, Statement of Changes in Equity and Notes to the Financial Statements of the Company for the year ended 31st March 2011 are set out on pages 34 to 58 of this report. Financial Results For the year ended 31st March 2011 2010 In Rs.’000s The profit available for appropriation is: - Current year 1,013,422 640,503 - Brought forward 1,207,821 611,068 2,221,243 1,251,571 From which the following appropriations have been made: Dividends - Preference 12.5% (2010 -12.5%) 43,750 43,750 Ordinary Rs.3/- per share (2010 - Nil) 240,000 - Leaving a balance to be carried forward of 1,937,483 1,207,821 Reserves After the above mentioned appropriations, the total reserves of the Company stand at Rs.2,798.01 million (2010 - Rs.1,440.45 million) comprising Capital Reserves of Rs.860.52 million (2010 - Rs.232.63 million) and Revenue Reserves of Rs.1,937.49 million (2010 - Rs. 1,207.82 million). Details are shown in the Statement of Changes in Equity on page 36. Capital Expenditure The total expenditure on the purchase of capital assets by the Company during the year amounted to Rs.668.69 million (2010 - Rs.118.24 million). The movements in capital assets during the year are set out in Notes 12 and 13 to the Financial Statements.
Page 1: Lion Brewery (Ceylon) PLC Annual Re
Page 4 and 5: 2 Lion Brewery (Ceylon) PLC Annual
Page 6 and 7: Chairman’s Statement 4 Lion Brewe
Page 8 and 9: Chief Executive’s Review 6 Lion B
Page 10 and 11: Chief Executive’s Review Cont. 8
Page 16 and 17: Profiles of Directors Contd. 14 Lio
Page 18 and 19: Senior Management Team 16 Lion Brew
Page 22 and 23: Annual Report of the Board of Direc
Page 30 and 31: Audit Committee Report 28 Lion Brew
Page 33 and 34: 31 Financial Report Financial calen
Page 35 and 36: 33 Independent Auditors Report TO T
Page 37 and 38: 35 Balance Sheet As at 31st March 2
Page 39 and 40: 37 Cash Flow Statement For the year
Page 41 and 42: 39 Notes to the Financial Statement
Page 61 and 62: 59 Value Added Statement For the ye
Page 63 and 64: 61 Five Year Summary contd. Year en
Page 65 and 66: 63 Income Statement For the year en
Page 67 and 68: 65 Five Year Summary Year ended 31s
Page 69 and 70: 67 Information to Shareholders and
Page 71 and 72:
69 Glossary of Financial Terms Appr
Page 73 and 74:
71 Form of Proxy I/We…………
Page 75 and 76:
Corporate Information NAME OF COMPA
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