Elpitiya Plantations Plc Annual Report 2010/11 - Colombo Stock ...

More documents

Recommendations

Info

Notes to the Financial Statements Year Ended 31 st March 2011 5. TANGIBLE ASSETS Balance Additions Disposals Balance OTHER THAN IMMATURE/MATURE as at for the during the as at PLANTATIONS 31.03.2010 year Year 31.03.2011 Rs. Rs. Rs. Rs. Cost Buildings 19,974,422 - - 19,974,422 Motor Vehicles 61,386,516 775,000 - 62,161,516 Plant & Machinery 120,286,288 19,808,142 - 140,094,430 Furniture & Fittings 10,230,013 593,956 - 10,823,969 Equipment 47,257,494 5,352,179 - 52,609,673 Water Sanitation 202,951,568 29,505,564 - 232,457,132 462,086,301 56,034,841 - 518,121,142 Assets on Sheen Mini Hydro Project Plant & Machinery 57,453,147 291,282 - 57,744,429 Equipment 4,098,854 48,600 - 4,147,454 Motor Vehicles 99,889 - - 99,889 Civil Construction & Others 81,380,332 - - 81,380,332 143,032,222 339,882 - 143,372,104 Assets Acquired on Finance Lease Motor Vehicles 19,359,784 10,800,000 - 30,159,784 Plant & Machinery 73,280,594 - - 73,280,594 92,640,378 10,800,000 - 103,440,378 697,758,901 67,174,723 - 764,933,624 Balance charge Accumulated Balance as at for the depreciation as at 31.03.2010 Year on disposals 31.03.2011 Rs. Rs. Rs. Rs. Depreciation Buildings 3,979,487 503,530 - 4,483,017 Motor Vehicles 60,102,672 729,457 - 60,832,129 Plant & Machinery 81,411,893 8,245,438 - 89,657,331 Furniture & Fittings 5,985,626 577,131 - 6,562,757 Equipment 27,554,895 3,861,642 - 31,416,537 Water Sanitation 45,367,639 11,257,220 - 56,624,859 224,402,212 25,174,418 - 249,576,630 Assets on Sheen Mini Hydro Project Plant & Machinery 6,041,219 4,314,448 - 10,355,667 Equipment 721,949 513,829 - 1,235,778 Motor Vehicles 19,978 19,978 - 39,956 Civil Construction & Others 2,034,508 2,034,508 - 4,069,016 8,817,654 6,882,763 - 15,700,417 Assets Acquired on Finance Lease Motor Vehicles 9,154,992 4,411,957 - 13,566,949 Plant & Machinery 22,249,688 5,496,045 - 27,745,733 31,404,680 9,908,002 - 41,312,682 264,624,546 41,965,183 - 306,589,729 Written Down Value 433,134,355 458,343,895 Balance Additions Capitalised Balance as at for the during the as at 31.03.2010 Year Year 31.03.2011 Rs. Rs. Rs. Rs. Capital Work-in-Progress 25,479,762 941,117 (24,825,005) 1,595,874 TOTAL WRITTEN DOWN VALUE 458,614,117 459,939,769 The assets shown above are those movable assets vested in the Company by gazette notification at the date of formation of the company (22 June 1992) and all investments in tangible assets by the company since its formation. The assets taken over by way of estate leases are set out in Notes 3 & 4. Further, the valuation of immovable JEDB / SLSPC estate assets on finance lease (other than leasehold property) and tangible assets other than immature / mature plantations taken over as at 22 June 1992 is based on net book values obtained from the state plantations corporation and Janatha Estate Development Board as at such date. These values were not made available to us by individual asset. 40 Elpitiya Plantations Plc Annual Report 2010/11
Notes to the Financial Statements Year Ended 31 st March 2011 6. IMMATURE/MATURE PLANTATIONS Immature Mature Plantations Plantations total Rs. Rs. Rs. Cost At the beginning of the year 1,115,853,637 1,024,697,928 2,140,551,565 Additions 175,700,796 - 175,700,796 Transfers (362,798,305) 362,798,305 - At the end of the year 928,756,128 1,387,496,233 2,316,252,361 Depreciation At the beginning of the year - 169,458,890 169,458,890 Charge for the year - 41,029,844 41,029,844 At the end of the year - 210,488,734 210,488,734 Written Down Value - as at 31.03.2011 928,756,128 1,177,007,499 2,105,763,627 Written Down Value - as at 31.03.2010 1,115,853,637 855,239,045 1,971,092,682 These are investments in immature/ mature plantations since the formation of the Company. The assets (including plantation assets) taken over by way of estate leases are set out in Notes 3 and 4. Further investment in immature plantations taken over by way of these leases are shown in the above note. When such plantations become mature, the additional investments since take over to bring them to maturity, will be moved from immature to mature under this note. Borrowing costs amounting to Rs. 31,131,878/= (2010 - Rs. 97,507,174/=) incurred on borrowings obtained to meet expenses relating to immature plantations have been capitalised as part of the cost of the immature plantations. 7. LONG TERM INVESTMENTS 2011 2010 Rs Rs. AEN Palm Oil Processing (Pvt) Ltd. (7.1) 97,776,414 77,276,400 Tea Country Home (Pvt) Ltd. 10 10 Water Villas (Pvt) Ltd. 10 10 EPP Hydro Power (Pvt) Ltd. 10 - 97,776,444 77,276,420 7.1 AEN PALM OIL PROCESSING (PVT) LTD Balance B/F 77,276,400 46,811,727 Gross Dividend (14,207,983) (8,357,637) Share of Profit/ (Loss) of Joint venture 34,707,997 38,822,310 Total Carrying Value of Investment 97,776,414 77,276,400 The above investment represents the amount invested in AEN Palm Oil Processing (Pvt) Ltd. which is a joint venture company established with Namunukula Plantations PLC and Agalawatta Plantations PLC. 7.2 Company’s investment in Elpitiya Lifestyle Solutions (Pvt) Ltd recorded at Zero value due to losses of that Company. 8. INVENTORIES 2011 2010 Rs. Rs. Growing Crop - Nurseries 15,387,382 16,514,478 Produce Stock 289,377,545 158,345,882 Consumables & Spares 21,704,562 15,176,283 326,469,489 190,036,643 Elpitiya Plantations Plc Annual Report 2010/11 41
Page 1 and 2: Elpitiya Plantations Plc Annual Rep
Page 3 and 4: Contents Financial Highlights 02 Ch
Page 5 and 6: Chairman’s Statement It gives me
Page 7 and 8: Managing Director’s Review The fi
Page 9 and 10: Board of Directors Mr. J M S Brito
Page 11 and 12: Annual Report of the Board of Direc
Page 13 and 14: Audit Committee Report Composition
Page 15 and 16: Corporate Governance (contd.) • E
Page 17 and 18: Corporate Governance (contd.) 2. Au
Page 19 and 20: CORPORATE SUSTAINABILITY REPORT (co
Page 21 and 22: CORPORATE SUSTAINABILITY REPORT (co
Page 23 and 24: Management Team Head Office Left to
Page 25 and 26: Auditors’ Report Chartered Accoun
Page 27 and 28: Income Statement Year Ended 31 st M
Page 29 and 30: N note 2011 2010 Rs. Rs. CASH FLOWS
Page 31 and 32: Notes to the Financial Statements Y
Page 37 and 38: d) Leasehold Property Notes to the
Page 41: Notes to the Financial Statements Y
Page 45 and 46: 12. INTEREST BEARING LOANS AND BORR
Page 47 and 48: 13. RETIRING BENEFIT OBLIGATIONS 20
Page 53 and 54: 25. CAPITAL COMMITMENTS 2011 2010 F
Page 55 and 56: Value Added Statement Figures in Rs
Page 57 and 58: Ten Year Summary Year ended 31 st M
Page 59 and 60: Shareholder & Investor Information
Page 61 and 62: Financial Calendar 2010/2011 August
Page 63 and 64: Notice of Meeting NOTICE is hereby
Page 65 and 66: Form of Proxy I/We ……………
Page 67 and 68: Elpitiya Plantations Plc Annual Rep

Elpitiya Plantations Plc Annual Report 2010/11 - Colombo Stock ...

Create successful ePaper yourself

Delete template?

Save as template?