2011 Annual Report - Cargills (Ceylon)

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28 Annual Report 2011Financial informationAnnual Report of the Directors on the affairs of the Company .......................................................................................................................................Statement of Directors’ responsibilities..........................................................................................................................Independent Auditors’ report..........................................................................................................................Income statements..........................................................................................................................Balance sheets..........................................................................................................................Statements of changes in equity..........................................................................................................................Cash flow statements..........................................................................................................................Notes to the financial statements..........................................................................................................................29 - 3132333435363738 - 66
Annual Report 201129Annual Report of the Directors on the affairs of theCompanyThe Directors are pleased to submit the Annual Report together with the audited financial statements of Cargills (Ceylon) PLC andconsolidated audited financial statements of the Group for the year ended 31 March 2011.Review of the yearThe chairman’s statement describes in brief the Group’s affairs, performance and important events of the year.ActivitiesManufacturing of and trading in Food and Beverage and Distribution are the principal activities.The Group:a) Operates a chain of supermarkets, convenience stores and a hyper market.b) Distributes world renowned brands of beverages and other FMCG products.c) Manufactures / produces / processes and markets processed meats, dairy ice creams, milk, jams, cordials, sauces, biscuits andbeverages.d) Operates the ‘Kentucky Fried Chicken’ franchise restaurants in Sri Lanka, by processing of agricultural produce.e) Operates a Hotel in hill - country.f) Operates a chain of photo processing outlets.Financial statementsThe audited financial statements include the income statements, balance sheets, statements of changes in equity and notes to thefinancial statements of the Company and the Group for the financial year ended 31 March 2011 are given on page 34 to 66 form anintegral part of the Annual Report of the Board.Auditors’ reportThe auditors’ report is set out on page 33.Accounting policiesThe accounting policies adopted in the preparation of the financial statements are given on the pages 38 to 43. There were no significantchanges to the accounting policies of the Group during the year.Results and dividendsGroupCompanyFor the year ended 31 March 2011 2010 2011 2010Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000 Rs. ‘ 000Profit for the year after taxation amounted to 1,094,173 712,392 555,285 315,443After deducting the amount attributable to minority interest of 5,623 - - -The profit attributable to shareholders was 1,088,550 712,392 555,285 315,443To which profit brought forward from previous year is added 1,522,745 989,553 407,152 270,909Transfer to General reserve 100,000 - 100,000 -Leaving an amount available to the Companyfor appropriation of 2,511,295 1,701,945 862,437 586,352From which your Directors have made appropriationsas follows :Dividend paid for the year ended 31 March 2010Interim 20 Cents per share - 44,800 - 44,800Final 30 Cents per share - 67,200 - 67,200Interim 30 Cents per share - 67,200 - 67,200Dividend paid for the year ended 31 March 2011Final 80 Cents per share 179,200 - 179,200 -Interim 50 Cents per share 112,000 - 112,000 -Leaving an unappropriated balance to be carried forward of 2,220,095 1,522,745 571,237 407,1522,511,295 1,701,945 862,437 586,352An interim dividend of 50 Cents per share (Rs. 112,000,000) was paid on 7 February 2011 for the year ended 31 March 2011. A finaldividend of Rs. 1 per share (Rs. 224,000,000) is proposed for the year ended 31 March 2011. These will be reflected in the subsequentyear’s financial statements. (refer note 11 to the financial statements on page 47).ReservesAfter the above mentioned appropriations, the total reserves of the Group stands at Rs. 6,829 Mn (2010 - Rs. 6,010 Mn), while the totalreserves of the Company stand at Rs. 4,675 Mn (2010 - Rs. 4,391 Mn).Stated capitalStated capital of the Company as at 31 March 2011 was Rs. 131 Mn. The details of the stated capital is given in note 21 to the financialstatements on page 55.
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2011 Annual Report - Cargills (Ceylon)

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