Annual Report - 2008 - Colombo Stock Exchange

More documents

Recommendations

Info

Ceylon Theatres PLC | Annual Report 2008 | 38Annual Report of the Board of Directorson the Affairs of the CompanyThe Directors are pleased to submit the Annual Reporttogether with the Audited Financial Statements of CeylonTheatres Ltd and the Consolidated Audited FinancialStatements of the Group for the year ended 31st March2008.ActivitiesThe Chairman’s Statement and Review of operations onpages 9 and 12 describe the Group’s activities and importantevents during the year. The attached audited accounts reflectthe state of affairs of the Company and the Group at theBalance Sheet date.The company merged with the subsidiary Millers PLC (MPL)on 13th March 2008, resulting in the assets and liabilities ofMPL becoming part of the Company. On 12th March 2008,the operations of MPL together with the operating assetswere transferred to a wholly owned subsidiary namely MillersDistributors Limited.Two subsidiaries, LCL Distributors Ltd and Great WesternInvestment (Pvt) Ltd have ceased operations and have goneinto voluntary liquidation since the end of the last financialyear and have not been consolidated in the Group’s financialstatements for the current year.Results and dividendsPROFITS GROUP COMPANY008 2007 2008 2007Rs’000 Rs’000 Rs’000 Rs’000Profit Attributable to Equity Holders of theCompany amounted to 437,730 265,314 156,584 38,668From which your Directors have made thefollowing appropriationsPaid Interim Dividends of Rs 8.00 per share(2007 - Interim Rs 5.00 per share & Final 5.00 per share) (17,994) (22,492) (17,994) (22,492)To which is addedbrought forward profit of the Company 1,218,626 964,784 136,625 120,449adjusted for - - - 137,206Prior year adjustments - (1,757)Brought forward negative goodwill - 12,777Disposal of revalued land 10,492Deferred Tax on Revaluation (13,811)Applicable portion of the brought forward profit of Millers PLC 558,454 - 179,1912,193,497 1,218,626 591,612 136,625
Ceylon Theatres PLC | Annual Report 2008 | 39ReservesAfter the above mentioned appropriations, the total reservesof the Group stand at Rs 3.92 bn (2007 – Rs 2.14 bn), whilethe total reserves of the company stand at Rs 1.69 mn (2007- Rs 0.43bn).Capital ExpenditureThe Group’s capital outlay on Property, Plant and Equipmentamounted to Rs 1.97 bn (2007 – Rs 1.81 bn) while theCapital outlay of the Company on Property, Plant andEquipment amounted to Rs 11.3 mn (2007 - Rs 255,000).The movement of Property, Plant and Equipment during theyear is given in Note 9 to the accounts.ShareholdersThere were 1,231 registered shareholders as at 31st March2008 (2007 - 464 shareholders). An analysis of shareholdersaccording to size and holdings and the names of the 20largest shareholders of the Company are given on pages 91and 92.DirectorateThe Directors listed on Page 5 have been Directors of theCompany throughout the year under review except for Mr.Sunil Mendis and Mr. J B L De Silva who were appointed tothe Board on 24th March 2008. Mr. R Selvaskandan wasappointed a Director on 8th August 2008. Details of Directorsof subsidiary companies as at the Balance Sheet date aregiven on pages 94 to 96 of this report.and being eligible offer themselves for re-election. Mr. SunilMendis, Mr. J B L De Silva and R Selvaskandan also retirebeing eligible offer themselves for re-election.The election of the retiring Directors has the unanimoussupport of the other Directors.Directors’ Interest in ContractsThe Directors’ interests in contracts and proposed contractswith the company are included in Note 32 to the accounts.The Directors have declared their interests at meetings of theBoard.Directors’ ShareholdingsThe Directors’ Shareholdings in the company were as follows:As AtAs At-Mar-2008 31-Mar-2007Mr Anthony A Page 128,866 117,527Mr A T P Edirisinghe 407 332Mr L R Page 725 473Mr J C Page 57,145 62,000Mr V R Page 91,545 90,671Mr Sunil Mendis - -Mr J B L de Silva 3 -Mrs T A Selvaratnam 29,960 29,800Mr. J C Page, Mr. V R Page and Mrs. T A Selvaratnam retireby rotation in terms of the Company’s Articles of Association
Page 1 and 2: Learning from the Past… Investing
Page 3 and 4: Ceylon Theatres PLC | Annual Report
Page 17: Ceylon Theatres PLC | Annual Report
Page 39: Ceylon Theatres PLC | Annual Report
Page 91 and 92:
Ceylon Theatres PLC | Annual Report
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Produced by Copyline (Pvt) Ltd Prin
show all

Annual Report - 2008 - Colombo Stock Exchange

Create successful ePaper yourself

Delete template?

Save as template?