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

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Notes to the Financial Statements Year Ended 31 st March 2011 19. OTHER INCOME AND GAINS 2011 2010 Rs. Rs. Profit from Refuse Tea Project 20,297,829 19,563,117 Profit on Hydro Power Project - Sheen MHP 42,484,013 33,566,601 Amortisation of Capital Grants 10,203,521 7,539,513 Income from Sub Lease 9,980,041 11,638,929 Interest Income 905,062 865,949 Sundry Income from Ceylon Choice Operations 713,460 - Others 14,471,603 7,923,631 99,055,529 81,097,740 20. FINANCE COST 2011 2010 Rs. Rs. Overdraft Interest 8,172,375 25,281,629 Term Loan Interest 123,522,295 176,631,810 Interest on Government Lease 7,722,408 7,821,931 Variable Lease Rental 30,271,138 5,073,428 Lease Interest 4,249,886 5,938,293 Interest Paid to related Companies 59,178 20,687,713 Exchange Loss 1,718,336 147,815 175,715,616 241,582,619 Amount Capitalised (31,131,878) (97,507,174) 144,583,738 144,075,445 21. PROFIT BEFORE TAXATION IS STATED AFTER CHARGING 2011 2010 Rs. Rs. Auditors fees 1,340,000 1,217,000 Depreciation/Amortisation 103,809,009 88,215,186 Defined Benefit Plan Costs 78,468,529 172,695,485 Defined Contributions Plan Costs - EPF & ETF 101,064,241 108,636,657 Others - Staff Costs (Including Estate Employees) 900,463,199 736,803,732 Director fees 1,050,000 1,019,000 Donations 25,000 235,988 22. INCOME TAX EXPENSE The Company is liable for income tax at the rate of 35% on its profit from manufacture & exempt on profit from agriculture. The carried forward tax losses of the Company as at 31 March 2011, amounts to Rs.1,315,351,044/- (provisional) 2009/2010 Rs.1,337,847,971/-). Current Tax Expense 2011 2010 Rs. Rs. Current Income Tax Expense 20,728,587 - 20,728,587 - 48 Elpitiya Plantations Plc Annual Report 2010/11
Notes to the Financial Statements Year Ended 31 st March 2011 22.1 Reconciliation between Current Tax (Expense) / Income and the product of Accounting Profit Multiplied by the Statutory Tax rate of (35%) as follows. 2011 2010 Rs. Rs. Accounting Profit / (Loss) before Tax and Joint Venture Profit 349,524,746 24,994,484 Tax effect on Accounting Profit / (Loss) 122,333,661 8,748,069 Tax effect on Aggregate Disallowed items 87,769,072 96,934,759 Tax effect on Aggregate Allowable items (115,479,601) (142,531,534) Business Profit / (Loss) 94,623,131 (36,848,706) Tax effect on interest income 316,772 - Tax effect on exempt Income - Agriculture (64,343,729) - Tax Losses Brought Forward & Utilized (10,708,661) - 19,887,513 - SRL 298,313 - Business Profit/(Loss) 20,185,825 - Last Year Under/(over) Provision 257,185 - ESC Setoff 285,577 - 20,728,587 - Provided in the accounts 20,728,587 - 23. EARNINGS PER SHARE The calculation of the basic earnings per share has been done based on profit after tax for the year divided by the weighted average number of ordinary shares outstanding during the year. The following reflects the income and share data used in the basic earnings per share computations. 2011 2010 RS. Rs. Amount used as the numerator Net profit /(loss) for the year 363,504,155 63,816,794 Amount used as the denominator Weighted average number of ordinary shares outstanding during the year 72,866,430 51,829,778 Elpitiya Plantations Plc Annual Report 2010/11 49
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 45 and 46: 12. INTEREST BEARING LOANS AND BORR
Page 47 and 48: 13. RETIRING BENEFIT OBLIGATIONS 20
Page 49: Notes to the Financial Statements Y
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

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