Financial Statements - The United Basalt Products Ltd

Financial Statements
Year ended June 30, 2009 (cont’d...)
16. CASH AND CASH EQUIVALENTS (cont’d...)
The acquisition of property, plant and equipment was financed as follows:
The Group The Company
2009 2008 2009 2008
Non-cash transactions Rs’000 Rs’000 Rs’000 Rs’000
Total acquisition cost (Note 4) 229,193 181,863 114,732 94,503
Financed by cash (201,834) (151,943) (92,985) (67,619)
Financed by finance leases 27,359 29,920 21,747 26,884
17. SHARE CAPITAL AND RESERVES
The Group and The Company
2009 2008 2009 2008
(a) Share capital Number Number Rs’000 Rs’000
Authorised:
Ordinary shares of Rs. 10. each 22,091,702 22,091,702 220,917 220,917
Issued and fully paid:
Ordinary shares of Rs. 10. each 22,091,702 22,091,702 220,917 220,917
The Group The Company
2009 2008 2009 2008
(b) Reserves Rs’000 Rs’000 Rs’000 Rs’000
Share premium 7,354 7,354 7,354 7,354
Associate companies (note (i)) 68,090 68,090 - -
Revaluation reserve (note (ii)) 568,746 568,746 446,969 446,969
Fair value reserve (note (iii)) 43,099 59,929 38,437 55,267
Translation reserve (note (iv)) 8,032 4,321 - -
Retained earnings 803,214 711,224 794,323 686,588
1,498,535 1,419,664 1,287,083 1,196,178
(i) Associate companies represent reserves other than retained earnings arising on consolidation of associates.
(ii) The revaluation reserve is used to record increases in the fair value of land and buildings and decreases to the extent that
such decrease relates to an increase on the same asset previously recognised in equity.
(iii) The fair value reserve records fair value changes on available-for-sale financial assets.
(iv) The translation reserve is used to record exchange differences arising from the translation of the financial statements of
overseas subsidiaries.
Bank loans and overdrafts are
secured by fixed and floating
charges on the Group’s assets
and bear interest between PLR
+0.5% and PLR +1.5% per annum.
Unsecured loans are repayable at
call. The rates of interest at June
30, 2009 was 7.75% (2008:10.5%).
Leasing finance carries interest
at an annual rate between 8.5%
and 13.25%. Leased liabilities are
effectively secured as the rights
to the leased assets revert to the
lessor in the event of default.
18. BORROWINGS
The Group The Company
2009 2008 2009 2008
Non-current Rs’000 Rs’000 Rs’000 Rs’000
Bank loans 348,349 163,289 258,349 162,740
Obligations under finance lease 57,813 58,398 50,697 53,140
406,162 221,687 309,046 215,880
Current
Bank overdrafts 210,520 292,798 185,507 279,711
Bank loans 87,000 148,692 77,000 147,000
Unsecured loans 243,684 230,475 243,684 230,475
Obligations under finance lease 24,950 27,302 21,773 24,990
566,154 699,267 527,964 682,176
Total borrowings 972,316 920,954 837,010 898,056
Bank loans are payable as follows:
Within one year 87,000 148,692 77,000 147,000
After one year and before two years 81,250 22,549 51,250 22,000
After two years and before five years 227,250 66,000 167,250 66,000
After five years 39,849 74,740 39,849 74,740
435,349 311,981 335,349 309,740
Finance lease liabilities:
Minimum lease payments:
Within one year 32,683 35,320 28,587 32,300
After one year and before two years 27,705 25,940 24,659 23,213
After two years and before five years 39,459 42,141 34,199 38,633
After five years - 1,586 - 1,586
99,847 104,987 87,445 95,732
Future finance charges on finance leases (17,084) (19,287) (14,975) (17,602)
Present value of finance lease liabilities 82,763 85,700 72,470 78,130
The present value of finance lease liabilities
may be analysed as follows:
Within one year 24,950 27,302 21,773 24,990
After one year and before two years 22,484 20,427 20,056 18,195
After two years and before five years 35,329 36,443 30,641 33,417
After five years - 1,528 - 1,528
82,763 85,700 72,470 78,130
64 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 THE UNITED BASALT PRODUCTS LTD | ANNUAL REPORT 2009 65