Quarterly Financial Report as of 31-03-2011 - Colombo Stock ...

KOTMALE HOLDINGS PLCProvisional Financial StatementsTwelve months ended 31 st March 2011Member of C T Holdings Group

KOTMALE HOLDINGS KOTMALE PLC HOLDINGS PLCINCOME STATEMENTGroupFor the period ended Jan-MarChange April-MarChange2011 2010 (%) 2010/11 2009/10 (%)(Audited)Revenue 434,434 346,317 25 1,543,380 1,348,176 14Cost of sales (339,716) (263,201) 29 (1,214,795) (1,059,270) 15Gross profit 94,718 83,116 328,585 288,906Other operating income 1,395 2,798 (50) 15,873 9,895 60Dividend income - - - -Selling & distribution expenses (46,345) (30,986) 50 (176,093) (130,750) 35Administrative expenses (19,116) (24,022) (20) (83,180) (65,449) 27Impairment of goodwill - - - - (5,369) (100)Finance expenses (3,338) (1,286) 160 (8,114) (10,172) (20)Profit / ( loss ) before tax 27,314 29,620 77,071 87,061Tax expenses (2,117) (9,703) (78) (1,787) (21,555) (92)Profit / ( loss ) after tax 25,197 19,917 75,284 65,506Rs.Cts Rs.Cts Rs.Cts Rs.CtsEarnings / (losses) per share 0.80 0.63 2.40 2.09Note : All values are in rupees '000s unless otherwise stated.The above figures are subject to audit01Provisional Financial StatementsTwelve months ended 31st March 2011

KOTMALE HOLDINGS PLCCASH FLOW STATEMENTFor the twelve months endedMar-11Group31-03-2010(Audited)Company31-03-2010Mar-11 (Audited)Cash flows from operating activitiesNet profit / ( loss ) before taxation 77,071 87,061 (72,754) 133,591Adjustments for:Amortization of grant (1,911) (1,911) - -Goodwill impairment - 5,369 - -Interest expenses 8,114 10,172 290 1,277Depreciation 28,869 28,343 - -Provision for retirement benefit obligations 2,742 3,243 - -Deferred taxation (105) - - -Cash generated from operations before changes in working capital 114,779 132,277 (72,464) 134,868(Increase) / decrease in inventories (29,269) 4,357 - -(Increase) / decrease in trade & other receivables 1,893 (36,284) 63,999 (64,638)(Increase) / decrease in prepayments & deposits 26,516 7,307 - -(Increase) / decrease in amounts due from related parties (45,378) 100,482 43,799 15,549Increase / ( decrease ) in trade & other payables 8,336 2,953 (590) (785)Increase / ( decrease ) in amounts due to related parties - (8,684) - -Cash generated from / (used in) operations 76,877 202,408 34,744 84,993Tax paid - (29,911) - (2,890)Interest paid (8,114) (10,172) (290) (1,277)Gratuity paid (811) (773) - -Net cash generated from / (used in) operating activities 67,952 161,552 34,454 80,826Cash flow from investing activitiesAcquisition of property , plant and equipment (25,622) (22,855) - -Movement in capital work in progress (10,794) - - -Movement in investment 1,880 (30,382) 30,000 -(34,536) (53,237) 30,000 -Net cash generated from / (used in) investing activitiesMovement in finance lease (1,180) (2,239) - -Movement in borrowings (12,064) 8,270 - -Dividend paid (62,800) (62,800) (62,800) (62,800)Net cash from / (used in) financing activities (76,044) (56,769) (62,800) (62,800)Net increase / (decrease) in cash & cash equivalents (42,628) 51,546 1,654 18,026Cash & cash equivalents at beginning of the period 70,911 19,365 (382) (18,408)Cash & cash equivalents at end of the period ( A ) 28,283 70,911 1,272 (382)( A ) Analysis of cash & cash equivalents at end of the periodCash in hand & at bank 28,517 71,520 1,362 72Bank overdrafts (234) (609) (90) (454)28,283 70,911 1,272 (382)Note : All values are in rupees '000s unless otherwise stated.The above figures are subject to audit05Provisional Financial StatementsTwelve months ended 31st March 2011

KOTMALE HOLDINGS PLCNOTES TO THE FINANCIAL STATEMENTSGroupCompanyAs at 31 st March 2011 2010 2011 20101 Net assets per share 17.41 17.01 7.78 12.102 Share Price (Rs.)Jan ~ March2011 2010Highest 80.00 20.50Lowest 46.00 12.75Closing 53.50 16.003The result for the quarter ended 31 st March 2011 and the balance sheet as at 31 st March 2011 are provisional andsubject to audit.4The same accounting policies are followed as in the annual report for the year ended 31 st March 2010.5 Where appropriate, the previous year's presentation has been amended to conform to the current classification.6 The number of shares represented by stated capital as at 31 st March 2011 is 31,400,000.7 There are no contingent assets or contingent liabilities as at 31 st March 2011.8 All known expenditure items have been provided for.9 Kotmale Milk Foods Ltd could not recommence it's commercial operation due to unfavorable condition in the global milk powder market.Therefore, the Board of Directors of the Kotmale Holdings PLC has decided to write off the loan amounting to Rs. 40,605,562 as a financialassistance.10 The Company invested Rs. 30,000,000 for the acquisition of Kotmale Milk Foods Ltd. However, Kotmale Milk Foods Ltd. has not recommence itsoperation during last 13 months. Therefore, the Board of Directors of the Company has decided to provided in full for the above investment.11 No events other than disclosed above, have accrued since the balance sheet date which would require any adjustment or disclosure in thefinancial Statements in the provisional financial statements.06Provisional Financial StatementsTwelve months ended 31st March 2011

KOTMALE HOLDINGS PLCINVESTORS' INFORMATION01 Top Twenty ShareholdersNo.Names of ShareholdersNo. of Shares as at31st March 2011Holdings%1 Cargills Quality Foods (Private) Limited 25,659,472 81.622 Mr P.S. Mathavan 281,800 0.903 Janashakthi Insurance Plc 267,500 0.854 Mrs.M.Mathews 178,800 0.575 Mouldex Limited 158,000 0.506 Mrs.D F E S Ollegasegrem 140,000 0.457 Mr J.A.S. Priyantha 125,000 0.408 Merchant Credit of Sri Lanka Limited. 104,200 0.339 The Bishop of Galle 100,000 0.3210 Mr S.V.Kodikara 100,000 0.3211 Mr P.K.D.G.Jayananda 100,000 0.3212 Mr R.Somachandra & Mrs D.N.D Jayathilaka (Joint) 99,000 0.3113 Thurston Investments Limited 98,800 0.3114 Mr A.L.N.Dunusinghe 72,000 0.2315 Mr A.N.C.A.Nuwarapaksa 68,400 0.2216 Mr H.Y.M.Basheer 61,700 0.2017 Mr G.G.R.Kariyawasam 59,700 0.1918 Frist Capital Markets Limited /Mr G Mahinthan 50,100 0.1619 Mr A.P.Rupasiri 50,000 0.1620 Bartleet Finance Limited /Hans Anton Van Starrex 50,000 0.1602 Directors ShareholdingMr. V. R. Page -Mr. M. I. Abdul Wahid -Mr. M. S. Jude Fernando -Mr. P. S. Mathawan 281,800Mr. A. T. P. Edirisinghe -Mr. S. Mendis -Mr. S. D. M. Young -03 Public HoldingsNumber of shares held by the public 5,458,728Percentage held by the public 17.38%07Provisional Financial StatementsTwelve months ended 31st March 2011

KOTMALE HOLDINGS PLCCORPORATE INFORMATIONName of the CompanyKotmale Holding PLCLegal formIncorporated as a Public Company in 1967 under the provisions of the Companies Ordinance No.51 of1938 and subsequently re-registered under the Companies Act No.7 of 2007 on 6th May 2008.In 1969 theCompany was listed on the Colombo Stock Exchange.Company Registration No - PQ 213Board of DirectorsMrs. Manjula Mathews - (Resigned w.e.f. 5th January 2011)Mr . Dinesh Schaffter - (Resigned w.e.f. 5th January 2011)Mr . Ramesh Schaffter - (Resigned w.e.f. 5th January 2011)Mr . Eardly Perera - (Resigned w.e.f. 5th January 2011)Mr . Nihara E Rodrigo - (Resigned w.e.f. 5th January 2011)Mr . Stuart Young – Chairman (Appointed w.e.f. 5th January 2011)Mr . V.R. Page – Deputy Chairman (Appointed w.e.f. 5th January 2011)Mr . M.I. Abdul Wahid – Managing Director (Appointed w.e.f. 5th January 2011)Mr . P.S. Mathavan - (Appointed w.e.f. 5th January 2011)Mr . A.T.P. Edirisinghe - (Appointed w.e.f. 5th January 2011)Mr . Sunil Mendis - (Appointed w.e.f. 5th January 2011)Mr . M.S.J. Fernando - Director/ CEO KOTMALE HOLDINGS PLCRegistered Office40, York StreetColombo 01.Company SecretaryMr . S.L.W. DissanayakeAuditorsKotmale Holdings PLC, Company & Group;M/s Nihal Hettiarahchi & CoChartered Accountants622B, Kotte Road, KotteAll the Subsidiaries under the Kotmale Holdings PLC;BRD Silva & Co.22/4, Vijaya Kumaratunga Mw,Colombo 05.BankersDFCC Vardhana BankHatton National Bank PLCThe Hongkong & Shanghai Banking CoporationPan Asia Banking CorporationSeylan Bank PLCSubsidiariesKotmale Dairy Products (Pvt) Ltd.Kotmale Milk Foods Ltd.Kotmale Milk Products Ltd.Kotmale Products Ltd.Kotmale Marketing (Pvt) Ltd.Kotmale Kiri (Pvt) Ltd.08Provisional Financial StatementsTwelve months ended 31st March 2011

KOTMALE HOLDINGS PLCKOTMALE HOLDINGS PLCNo 40,York Street,Colombo 01Tele: 011-47496401WWW.Kotmale.lk