Annual Report - 2008 - Colombo Stock Exchange

More documents

Recommendations

Info

Ceylon Theatres PLC | Annual Report 2008 | 78Notes to the AccountsFinancial Institution Repayment Terms PrincipalRs’000InterestRateSecurityAnnualRepaymentRs’0002008Rs’000Seylan BankCompany Total - HoranaPlantations PLC48 equal monthly installments23,64213.32%Primary mortgage overpromisoryNote and Right of lien overLeasedMotor Vehicles-23,642254,210Ceylon Theatres PLCCommercial bank10 bi-annual installments of Rs12.5m125,00018%- 20%Shares of Cargills (Ceylon)Limited and CT LandDevelopment Ltd25,00025,000Commercial bank10 bi-annual installments of Rs 5m50,00018%- 20%10,00025,000Total Company - CeylonTheatres PLC50,0002,548,615
Ceylon Theatres PLC | Annual Report 2008 | 7922.5 The lease rentals have been amended with effect from 22nd June 1996 to an amount substantially higher than the previousnominal lease rental of Rs.500/- per estate per annum. The basic rental payable under the revised basis is Rs.5.228 Mn perannum. This amount is to be inflated annually by the Gross Domestic Product (GDP) deflator in the form of contingent rent.This lease agreement was further amended on 10th June 2005, freezing the annual lease rental at Rs.7.472 Mn for aperiod of six years commencing from 22nd June 2002. Hence, the GDP deflator adjustment will be frozen at Rs.2.244 Mnper annum until 21st June 2008. Accordingly, the Financial Statements of Ceytea Plantations Management Limited havebeen adjusted in the current financial year in order to reflect the future net liability in the following manner :-Future liability on the revised annual lease payment of Rs.7.472 Mn will continue until 21st June 2008, and thereafter from22nd June 2008, annual lease payment will remain at Rs.5.228 Mn, until 21st June 2045. The net present value of thisliability at a 4% discounting rate would result in a liability of Rs.107.529 Mn.The Net Present Value at date is represented by :-Rs. ‘000Gross Liability - Overdue 8,784- 37 Years at Rs.5.228 Mn per annum 193,436202,220Less: Interest in Suspense (94,691)Net Present Value 107,529GroupCompany008 2007 2008 2007Rs ‘000 Rs ‘000 Rs’000 Rs ‘00023 Retirement Benefit Costs - GratuityAs at 1st April 498,352 444,391 12,289 13,306Charge for the year 171,801 104,781 3,200 -Subsidiaries not consolidated (118) - - -Payments made during the year (53,851) (50,820) (680) (1,017)As at 31st March 616,184 498,352 14,809 12,28923.1 LiabilityThis obligation is not externally funded.23.2 Actuarial ValuationNo acturial valuationof retirement gratuities has been carried out except as stated in Note 23.3 below.23.3 Horana Plantations PLCIn the case of Horana Plantations PLC, the actuarial present value of all benefits accrued to the existing employees of thescheme based on the current labour wage rate as at 31st March 2008 was Rs.213.81 million (2007 - Rs.165.74 million). If the
Page 1 and 2:
Learning from the Past… Investing
Page 3 and 4:
Ceylon Theatres PLC | Annual Report
Page 5 and 6:
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30: Ceylon Theatres PLC | Annual Report
Page 79: Ceylon Theatres PLC | Annual Report
Page 103 and 104: Produced by Copyline (Pvt) Ltd Prin
show all

Annual Report - 2008 - Colombo Stock Exchange

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?