Annual Report 2010-2011 - Colombo Stock Exchange

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Notes to the Financial Statements Contd. 25 Finance cost Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Interest on long term loans 363,835 591,758 80,243 89,899 Interest on short term loans 430,782 377,389 98,074 109,877 794,617 969,147 178,317 199,776 26 Share of results of associates Group 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Turnover 2,965,608 2,548,762 Profit before tax 474,589 263,728 Group’s share of profit before tax 113,008 59,609 Total assets and total liabilities of the associates amounts to Rs. 4,707 mn (2009/2010 Rs. 3,103 mn) and Rs.69mn (2009/2010 Rs. 2.354 mn) respectively. The Group can influence up to 33.33% of the voting rights of the AEN Palm Oil with an effective holding of 19.58%. 27 Income tax expense Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 27.1 Taxation on current year profit Richard Pieris and Company PLC 25,415 - 25,414 - Subsidiaries 548,855 298,000 - - 574,270 298,000 25,414 - Associates 620 613 - - Dividend tax 56,068 28,802 - - Deferred taxation (Note 27.3) (14,392) 3,177 - - 616,566 330,592 25,414 - Richard Pieris and Company PLC | Annual Report 2010/2011 96
27.2 Reconciliation of accounting profit to income tax expense of the company and its subsidiaries Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Profit before tax from continuing operations 2,768,757 1,060,159 504,303 134,589 Profit before tax from discontinued operations (11,609) (17,873) - - Profit from associate companies (113,008) (59,609) - - 2,644,140 982,677 504,303 134,589 Disallowed items 1,691,542 1,773,235 205,837 121,216 Allowable expenses (2,061,580) (1,392,471) (600,080) (300,464) Tax exempt income (1,247,464) (520,723) - - Losses of tax exempt companies - 31,025 - - 1,026,638 873,743 110,060 (44,659) Tax loss brought forward (3,141,561) (3,392,906) (501,408) (458,943) Tax losses carried forward 2,989,665 3,184,767 462,887 503,602 Taxable income 874,742 665,604 71,539 - Income tax @ 35% 516,092 258,593 25,039 - Income tax @ 20% - 13,725 - - Income tax @ 15% 44,981 20,282 - - Income tax at other rates 3,656 6,367 - - Social Responsibility Levy (1.5%) 8,820 4,394 375 - 573,549 303,361 25,414 - (Over) / under provision in the previous year 721 (5,361) 574,270 298,000 25,414 - Associates 620 613 - - Dividend tax 56,068 28,802 - - Deferred tax (14,392) 3,177 - - Total income tax expense/reversal 616,566 330,592 25,414 - 27.3 Deferred tax expenses / (reversal) Group Company 2010/2011 2009/2010 2010/2011 2009/2010 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Accelerated depreciation for tax purpose (29,957) (7,532) 2,829 2,870 Retirement benefit obligations (644) (12,679) (3,947) (1,759) Benefit arising from tax losses 15,527 38,018 1,118 (1,111) Others 682 (14,630) - - Total deferred tax (reversal) / charge (14,392) 3,177 - - The deferred tax effect on undistributed reserves of subsidiaries has not been recognised since the parent can control the timing of the reversal of these temporary differences. 97 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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Risk Management Risk Exposure Group
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
Page 120: Richard Pieris & Company PLC 310, H
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Annual Report 2010-2011 - Colombo Stock Exchange

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