Annual report for 2004/05 - Hemas Holdings, Ltd

Report of the DirectorsDIRECTORS’ REPORTThe Directors of Hemas Holdings Limited present their Report together with the Audited Financial Statements of the companyand its subsidiaries for the year ended 31st March 2005.GROUP ACTIVITIES AND BUSINESS REVIEWThe group is engaged in several diverse business activities which are described on pages 16 to 21 of this report. The principalactivities of the Holding Company is disclosed in the financial accounts, note 1.2 on page 40. A review of Group’s operationsduring the year with the comments on operational results and future prospects is contained in the CEO’s statement, SectorReports and the Financial Review.GROUP TURNOVER & PROFITSThe turnover of the group excluding associate companies was Rs. 8.8 billion. An analysis of which is given in Note 3 to thefinancial statements. The group profit excluding the share of profits of associate companies amounted to Rs. 1,021 million.The group profit before taxation was Rs. 1,025 million and after taxation, extra ordinary items & minority interest the netprofit attributable to the group was Rs. 804 million.The sector contributions to the group turnover and net profit is stated in the Financial Review on page 14.DIVIDENDSThe company paid a 1st interim dividend of 12.5% in November 2004 and 2nd interim dividend of 17.5% in April 2005.PROPERTY, PLANT & EQUIPMENTThe details relating to the movement in property, plant & equipment are given in Note 10 to the financial statements.INVESTMENTSThe information relating to the investments is given in notes 12, 13 & 14 to the financial statements and the FinancialReview.SHARE CAPITALDuring the year, the issued share capital of the company was increased from Rs 780,000,000 to Rs 791,295,500 comprising of79,129,550 ordinary shares with a par value of Rs 10/-. The increase in share capital is attributable to options exercised inrespect of 1,129,550 shares.RESERVESThe total group reserves amounted to Rs. 2.75 billion, the details are disclosed in the Statement of Changes in Equity on page 38.SHARE INFORMATIONInformation relating to earnings, dividends, net assets, market value per share is disclosed in the Financial Highlights, in thisreport.DIRECTORSNames and profiles of the Directors of the company as at the end of the financial year, appear on pages 8 and 9 of this report.Mr Lalith De Mel, Mr Simon Scarff and Mr Maithri Wickremesinghe are non executive directors. All the directors held officethroughout the year.32H E M A S H O L D I N G S L I M I T E D