Annual Report 10/11 - ACL Cables PLC

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ACL Cables PLC Annual Report 2010/114ACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACACL CaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaCaC blblblblblblblblblblblblblblblblblblblblblblesesesesesesesesesesesesesesesesesesesesesesesesesesesesese PLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCLCAnnAnnAnnAnnAnnAnAnnAnnAnnAnnAnnAnnAnnAnnAnnAnAnnAnnAnnAnAnAnnAnnAnnAnAnnAnnAnnAnnnnnnnnAnnnnAnnAnnAnnA nualualualualualualualuaualualuauauauauaualualualualualuauaualualualualualualuaualaualuauaualuauauauauaualuReReReReReReReReReReReReReReReReReReReReReReReReReReReReReReReRepopopopopopopoporororpopopoporororoporpoporpoporpopopoporpoporporpoporporporpoporpororp rt 2t 2t2t 2t 2t 2t2t 2t2t 2t 2t 2t 2t 2t 2t 2t 2t 2t2t 2t 2t 2t 2t 2t 201001001010010010010010010100100100100100100100101001010101010100101001001010100100101001010101001010101001 /1/11/1/1/11/11/1/1/1/11/11111111/1/11/1/1/1/11/1111/11/1/1/1111/11/1/11/11/1/ 1/ 1114
ACL Cables PLC Annual Report 2010/11Chairman's ReviewAgainst this vibrant economic backdrop, the turnoverof the Group increased to Rs. 9.6 Bn from Rs. 7.2 Bn inthe previous year, an increase of 32%.On behalf of the Board of Directors I am happy to welcome you to the Forty-Ninth Annual GeneralMeeting of ACL Cables PLC and to present the annual report and audited financial statements forthe year ended 31st March 2011.Bright Prospects for Local EconomyThe Sri Lankan economy recorded a growth of 8% as per the Central Bank of Sri Lanka (CBSL)’s2010 annual report. This is the second highest growth rate recorded since Sri Lanka gainedindependence in 1948. The year 2010 was the first full year of peace for the country after a 30-year protracted war.Undoubtedly, greater economic activity is visible island-wide. Post-war growth and developmentactivities in the form of new highways, repairs to existing roads, port expansions, improvementof the power sector and expansion of transmission and distribution of power, will serve tostrengthen the country’s infrastructure, which has been neglected over the past few decades.Commendable Group PerformanceAgainst this vibrant economic backdrop, the turnover of the Group increased to Rs. 9.6 Bn fromRs. 7.2 Bn in the previous year, an increase of 32%. The Profit before Tax of the Group increased toRs. 450 Mn from Rs. 196 Mn in the previous year, marking an increase of 129%.Meanwhile, the finance costs of the Group declined slightly in the year under review to Rs. 226million from Rs. 270 million in 2009/10, largely due to reduced borrowing costs. I am happy toreport that all our subsidiary companies contributed substantially to this exceptional financialperformance.The Group has been successful in maintaining its dominant position in the industry despite stiffcompetition. In a positive development, our new head office building at No. 60 Rodney Street,Colombo 08 was completed after the year under review and has been occupied by our staff tocommence operations in June 2011. However, since the head office was occupied after the balancesheet date, it has not been capitalised as yet in the financial statements.Furthermore, the Company purchased land in extent approximately 2 and 2/3 Acres adjoining thePiliyandala factory for a sum of Rs. 55 Mn in July 2010. This land has been earmarked for futureexpansions of the Group.5
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Corporate InformationCOMPANY NAMEAC
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Annual Report 10/11 - ACL Cables PLC

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