DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Annual Report of the Board Profits After making provisions for all known liabilities and depreciation on property, plant & equipment the profit earned by the Group before taxation was And taxation on Group profits amounting to were deducted 2009 Rs ‘000 2008 Rs ‘000 616,437 615,969 (113,709) (100,627) The Group was left with a profit of 502,728 515,342 And the amount attributable to minority interest of (139,858) (144,220) And the balance of the previous year net of final dividend and appropriations were adjusted 1,212,942 1,114,953 The profit before appropriation was 1,575,818 1,486,075 Appropriations Your Directors have made appropriations as follows: Interim dividend - Nil (2008 – Rs. 1.50 per share) - 89,792 Proposed final dividend of Rs. 3.00 per share (2008 – Rs. 1.50 per share) 179,585 89,793 Total appropriations 179,585 179,585 Dividend The Board of Directors have recommended a payment of a first & final dividend of Rs. 3.00 per share payable on July 3, 2009 to the shareholders of the issued ordinary shares of the Company as at close of business on June 26, 2009. The total dividend of Rs. 3.00 per share distributed to shareholders comprise tax exempt dividends received by the Company and will therefore be free of income tax in the hands of shareholders. The Directors have confirmed that the company satisfies the solvency test requirement under Section 56 of the Companies Act No. 7 of 2007 for the dividend proposed. A solvency certificate has been sought from the Auditors of the Company. Statutory payments The Directors are satisfied that all statutory payments in relation to Employees and the Government have been made up to date. Taxation The Company has entered into an agreement with the Board of Investment of Sri Lanka and has been granted a 10 year tax holiday as “Thrust Industries” up to March 31, 2009 on its business activity. Other income of the Company is liable to taxation at the rate of tax of 35%. Capital expenditure Group expenditure on property, plant & equipment during the year amounted to Rs. 799,080,053 (2008 - Rs. 679,286,042). The movement in property, plant & equipment during the year is set out in Note 9 to the Financial Statements. Market value of properties The value of land owned by the Group is stated at cost or valuation. Information on valuation of land are explained in Note 9 to the Financial Statements. Events after the Balance Sheet date No circumstances have arisen since the Balance Sheet date which would require adjustment to or disclosure in, other than those disclosed in note 30 to the Financial Statements. Going concern The Directors, after making necessary inquiries and reviews including review of the Group’s budget for the ensuing year, capital expenditure requirements, future prospects and risks, cash flows and borrowing facilities, have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Therefore the going concern basis has been adopted in the preparation of the Financial Statements. D I P P E D P R O D U C T S P L C A N N U A L R E P O R T 2 0 0 8 – 2 0 0 9 29
Annual Report of the Board Stock market information Information relating to earnings, dividend, net assets per share and share trading are given on pages 70 to 74. Major shareholdings The twenty major shareholders as at March 31, 2009 are given on page 73 in this report. Annual general meeting The Annual General Meeting will be held at the Auditorium of the Institute of Chartered Accountants of Sri Lanka No. 30A, Malalasekera Mawatha, Colombo 07 on June 26, 2009 at 3.00 p.m. The Notice of the Annual General Meeting appears on page 76. For and on behalf of the Board N G Wickremeratne Chairman J A G Anandarajah Managing Director Hayleys Group Services (Pvt) Limited Secretaries 400, Deans Road, Colombo 10 May 12, 2009 30 D I P P E D P R O D U C T S P L C A N N U A L R E P O R T 2 0 0 8 – 2 0 0 9
Page 1 and 2: DIPPED PRODUCTS PLC / ANNUAL REPORT
Page 3 and 4: For more details: visit : www.dpl-f
Page 5 and 6: Chairman’s Statement “Group tur
Page 7 and 8: INPUT MATERIALS AND IMPLEMENTS TO A
Page 9 and 10: Managing Director’s Review “The
Page 11 and 12: Managing Director’s Review “…
Page 13 and 14: Managing Director’s Review “KVP
Page 15 and 16: Managing Director’s Review “Our
Page 17 and 18: partnerships Our partnership with B
Page 19 and 20: technology 18 The high speed latex
Page 21 and 22: environment “Firstlight” cares
Page 23 and 24: IT TRAINING CENTRE INGESTRE ESTATE
Page 25 and 26: INPUT MATERIALS COMMUNITY CAPACITY
Page 27 and 28: Financial Calendar 2008/2009 Interi
Page 29: Annual Report of the Board Donation
Page 33 and 34: Corporate Governance Responsibiliti
Page 35 and 36: Corporate Governance Major transact
Page 37 and 38: Corporate Governance Level of compl
Page 39 and 40: Audit Committee Report Composition
Page 41 and 42: Income Statements For the year ende
Page 43 and 44: Statements of Changes in Equity Con
Page 45 and 46: Cash Flow Statements For the year e
Page 47 and 48: Accounting Policies 3.1.2 Associate
Page 49 and 50: Accounting Policies commercially fe
Page 51 and 52: Accounting Policies 5.2. Agents’
Page 53 and 54: Accounting Policies 11.1.2. Permane
Page 55 and 56: Notes to the Financial Statements 1
Page 65 and 66: Notes to the Financial Statements Y
Page 67 and 68: Notes to the Financial Statements A
Page 71 and 72: Ten Year Financial Review Gross Div
Page 73 and 74: The Share 1. Stock exchange listing
Page 75 and 76: The Share History of dividend and s
Page 77 and 78: Notice of Meeting DIPPED PRODUCTS P
Page 79 and 80: Form of Proxy INSTRUCTIONS AS TO CO

DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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