Annual Report 2010-2011 - Colombo Stock Exchange

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Notes to the Financial Statements Contd. Details of these schemes are presented in the table below. Number of Shares ESOP-1 ESOP-2 Available as at 1.4.2010 3,462,333 6,310,876 Options exercise before subdivision (ESOP1 at Rs. 78.46 and ESOP2 at Rs. 46.14) (131,866) (649,168) Share options issued under subdivision 46,626,538 79,263,912 Options exercised after subdivision (ESOP1 at Rs. 5.23 and ESOP2 at Rs. 3.08) (1,585,675) (175,005) 48,371,330 84,750,615 The company does not provide any financial assistance to the employees to purchase shares under this scheme. 34 Post balance sheet events There have been no material events occurring after the Balance Sheet date that require adjustments to or disclosure in the Financial Statements other than; (a) The Board of Directors of the company has declared a final dividend of Rs.0.10 per share for the financial year ended 31st March 2011. As required by section 56 (2) of the Companies Act No 07 of 2007, the Board of Directors has confirmed that the company satisfies the solvency test in accordance with section 57 of the Companies Act No 07 of 2007, and has obtained a certificate from the auditors, prior to declaring the dividend which is to be paid on 8th July 2011. In accordance with the Sri Lanka Accounting Standard 12 (revised 2005), Events after the Balance Sheet date, the final dividend has not been recognized as a liability in the financial statements as at 31st March 2011. 35 Related party disclosures 35.1 Transaction with related entities Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Nature of transactions Rs.’000 Rs.’000 Rs.’000 Rs.’000 35.1.1 Subsidiaries 35.1.2 Associates Amounts receivable as at 31 March 984,541 1,629,758 Amounts payable as at 31 March 177,515 148,167 Allocation of common personnel and administration expenses 145,636 148,490 Rendering of Services 63,877 67,946 Net investments made 113,333 240,000 Dividends received 537,881 231,300 Rent income 128,432 128,184 Royalty income 215,757 91,637 Allowances for doubtful debt 48,739 49,182 Amounts receivable as at 31 March 4,101 4,994 - - Amounts payable as at 31 March 1,783 1,300 - - Insurance premia paid/payable 52,596 72,462 19,653 14,545 Sale of goods/services 282,041 313,164 - - Purchase of goods/services 9,185 11,067 - - 35.1.3 Significant Investor Dividend paid 137,704 - 137,704 - Richard Pieris and Company PLC | Annual Report 2010/2011 102
35.1.4 Terms and conditions Transactions with related parties are carried out in the ordinary course of business. Outstanding balances at the year end are unsecured. 35.1.5 Off balance sheet items Guarantees given by the Company to Banks on behalf of related parties are disclosed in Note 13 to the financial statements. 35.2 Transactions with key management personnel of the company or its parent The Key Management Personnel include members of the Board of Directors of Richard Pieris and Company PLC and its subsidiary companies. a) Key management personnel compensation Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs.’000 Rs.’000 Rs.’000 Rs.’000 Short-term employee benefits 39,472 44,488 17,683 15,496 b) Other transactions with key management personnel Richard Pieris and Company carries out transactions with Key Management Personnel and their close family members on an arm’s length basis except any concessions which have been availed under concessionary schemes uniformly applicable to all staff. This is mainly evident in the Arpico sales outlets island wide. Post Employment Benefits to Key Management Personnel amounted to Rs.12 mn. c) Options granted to key management personnel The options granted and held by Key Management Personnel under the Employee Share Option Plan were as follows: 2010/2011 2009/2010 No. of Shares No. of Shares Options granted and obtained under ESOP-1 48,371,330 3,462,333 Cumulative options granted and obtained under ESOP-2 84,750,615 6,310,876 Value of options exercised by Key Management Personnel that resulted in increase in stated capital amounted to Rs. 48.4 mn. 35.3 Other related party disclosures (a) Legal fees amounting to Rs. 5.7 mn (2010 Rs. 3.6 mn) was paid by the Group to an entity in which a Key Management personnel was a Partner. (b) During the year the Group purchased goods amounting to Rs. 2 mn (2010 Rs. 1.89 mn) from an entity controlled by a key management personnel. 103 Annual Report 2010/2011 | Richard Pieris and Company PLC
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Richard Pieris & Company PLC Annual
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Financial Highlights 2010/2011 2009
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Chairman’s Review Need Image Rich
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Chairman’s Review It gives me gre
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Chairman’s Review Retail The reta
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The Board of Directors [1] Dr. Sena
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Sector Review - Plantations The yea
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Financial Review Geographical Turno
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Financial Review Minority Interest
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Financial Review Capital Structure
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Risk Management Risk Exposure Group
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Risk Management Risk Exposure Group
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Our People Another key factor in th
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Group Structure PLASTISHELLS LIMITE
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Group Structure ASIAN ALLIANCE INSU
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Annual Report 2010-2011 - Colombo Stock Exchange

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