Annual Report 2010-2011 - Colombo Stock Exchange

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Notes to the Financial Statements Contd. 21 Group segmental reporting contd. Business segment Rubber Tyre Plastics Retail Services Plantations Inter/Intra Group segment eliminations Year ended March 31 2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Turnover External sales 1,767,918 2,100,782 2,858,233 9,042,785 50,272 6,519,298 - 22,339,288 Inter segment sales 132,102 84,836 221,519 19,498 654,040 638,677 (1,750,672) - Intra segment sales 43,789 926,289 1,400,293 160,576 - 130,432 (2,661,379) - Net turnover 1,943,809 3,111,907 4,480,045 9,222,859 704,312 7,288,407 (4,412,051) 22,339,288 Results Segment results 64,758 299,640 320,743 515,318 177,840 822,697 (231,298) 1,969,697 1,969,697 Finance costs (969,147) Share of associate company profits 59,609 Profit before taxation 1,060,159 Income tax expense (330,592) Profit for the year from continuing operations 729,567 Profit / (loss) after tax from discontinued operations (17,873) 711,694 Minority interest (131,490) Profit / (loss) attributable to equity holders of parent 580,204 Segmental assets Assets 2,318,959 1,480,950 2,265,447 4,832,359 5,733,862 9,944,975 (9,392,654) 17,183,898 Investments in associates 119,950 - - 25,006 101,545 29,960 (95,542) 180,919 Consolidated total assets 17,364,817 Segmental liabilities Trade and other payables 138,832 136,622 426,045 970,675 302,308 1,355,983 - 3,330,465 Non interest bearing liabilities 90,330 139,203 39,560 119,087 50,104 1,804,005 (58,165) 2,184,124 Interest bearing liabilities 691,374 403,699 559,561 723,066 2,653,977 1,522,588 - 6,554,265 12,068,854 Other information Capital expenditure 16,414 20,568 313 25,257 7,407 548,899 - 618,858 Depreciation 80,206 40,059 57,586 113,071 50,661 266,643 - 608,225 Impairment of Property Plant & Equipment 16,000 - - - - 13,093 - 29,094 Segmental cash flow Operating (21,192) 375,619 130,677 553,642 676,561 1,028,229 (587,700) 2,155,836 Investing (66,132) (20,512) (120,744) (20,829) (482,588) (709,975) 879,032 (541,748) Financing 228,981 (247,630) 398,969 81,892 (476,446) (16,102) (218,856) (249,192) Geographical segment Sri Lanka USA Europe Other Inter/Intra Group segment eliminations Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Turnover 23,411,238 227,712 767,914 593,802 (2,661,378) 22,339,288 Richard Pieris and Company PLC | Annual Report 2010/2011 94
22 Other operating income Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Profit from sale of property, plant and equipment 1,627 1,038 - - Amortisation of capital grants and subsidies (Note 15) 22,303 23,508 - - Exchange gain 6,382 6,986 - - Interest income 134,078 61,710 - - Scrap sales 12,107 11,004 - - Rental income 132,851 98,520 - - Change in the value of short term Investments 17,483 34,082 17,483 34,082 Negative goodwill 16,200 - - - Sundry income 149,875 119,031 - 4,515 492,906 355,879 17,483 38,597 23 Other operating expenses Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 VAT on management fees of plantation companies 47,609 36,865 - - Loss on disposal of subsidiary 10,319 - - - Amortisation and impairment of intangible assets 45,208 10,725 - - Others 61,908 10,579 - - 165,044 58,169 - - 23.1 During the year the Group disposed 706,500 shares of RPC Timberline (Pvt) Limited (a subsidiary of the group with a controlling interest of 75%) to Papoose International (Pvt) Ltd and thereby the termination of the joint venture between the Richard Pieris Group and Papoose. The Group’s interest after the disposal was reduced to 49% where the Group ceases to exercise any influence over the financial and operating policies of the entity. 24 Profits from operations is stated after charging Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Directors’ remuneration & fees 39,472 44,488 17,683 15,496 Auditors’ remuneration & fees 11,358 15,871 617 600 Depreciation 584,916 584,008 25,393 25,878 Amortisation of property, plant and equipment 23,427 24,217 - - Impairment losses (Included in administrative expenses) 62,019 29,093 - - Provision for retiring gratuity 282,843 557,486 3,103 9,799 Staff costs including EPF/ETF contributions 4,254,549 3,817,863 41,975 30,696 Legal fees 6,292 6,896 611 146 Donations 4,123 1,969 219 201 Allowance for bad and doubtful debts & bad debts written off 108,909 147,073 73,249 53,749 Allowance for value of Investment 6,000 - 6,000 - Amortisation of Intangible Assets 10,808 10,725 - - 95 Annual Report 2010/2011 | Richard Pieris and Company PLC
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Richard Pieris & Company PLC Annual
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4 Financial Highlights 5 Corporate
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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 - Retail Retail The s
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Sector Review - Retail Special even
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Sector Review - Plantations The yea
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Sector Review - Plantations Organiz
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Sector Review - Tyre The Tyre Secto
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Sector Review - Plastics Plastics T
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Sector Review - Plastics traffic co
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Sector Review - Rubber The Group’
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Sector Review - Service and Other S
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Sector Review - Service and Other T
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Corporate Social Responsibility A C
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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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Page 48 and 49: Our People Another key factor in th
Page 50 and 51: Group Structure PLASTISHELLS LIMITE
Page 52 and 53: Group Structure ASIAN ALLIANCE INSU
Page 54 and 55: Annual Report of the Board of Direc
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Page 60 and 61: Report of the Remuneration Committe
Page 62 and 63: Statement of Directors’ Responsib
Page 64 and 65: Balance Sheet Group Company As at M
Page 66 and 67: Cash Flow Statement Group Company 2
Page 68 and 69: Statement of Changes in Equity Attr
Page 70 and 71: Notes to the Financial Statements C
Page 106 and 107: Ten Year Summary Net Turnover Rs. m
Page 108 and 109: Shareholder Information The Ordinar
Page 110 and 111: Group Real Estate Portfolio Freehol
Page 112 and 113: Glossary of Financial Terms Contd.
Page 114 and 115: Notes Contd. Richard Pieris and Com
Page 116 and 117: Notice of Meeting NOTICE IS HEREBY
Page 118 and 119: Form of Proxy Contd. INSTRUCTIONS A
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