DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009
Annual Report- 2008/2009 - Colombo Stock Exchange
Annual Report- 2008/2009 - Colombo Stock Exchange
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Notes to the Financial Statements<br />
Analysis of long term loans by the year of repayment<br />
Long term loans repayable within 1 year<br />
from the reporting date<br />
Long term loans repayable between 2-5 years<br />
from the reporting date<br />
Long term loans repayable after 5 years<br />
from the reporting date<br />
Consolidated<br />
2009<br />
Rs ‘000<br />
2008<br />
Rs ‘000<br />
Company<br />
2009<br />
Rs ‘000<br />
2008<br />
Rs ‘000<br />
306,438 251,075 - 30,253<br />
740,043 843,110 - -<br />
111,217 144,006 - -<br />
1,157,698 1,238,191 - 30,253<br />
Gross liability<br />
19.2 Finance lease obligations net of interest<br />
Consolidated<br />
2009<br />
Rs ‘000<br />
2008<br />
Rs ‘000<br />
At beginning of the year 739,588 767,652<br />
Repayments during the year (23,658) (28,248)<br />
Effect of movements in foreign exchange 11 185<br />
At end of the year 715,941 739,589<br />
Finance cost allocated to future periods (342,824) (361,074)<br />
Net liability 373,117 378,515<br />
Payable within 1 year<br />
Gross liability 20,212 23,652<br />
Finance cost allocated to future periods (14,908) (18,273)<br />
Net liability transferred to current liabilities (note 22) 5,304 5,379<br />
Payable within 2-5 years<br />
Gross liability 78,392 79,001<br />
Finance cost allocated to future periods (57,312) (58,096)<br />
Net liability 21,080 20,905<br />
Payable after 5 years<br />
Gross liability 617,338 636,935<br />
Finance cost allocated to future periods (270,605) (284,704)<br />
Net liability 346,733 352,231<br />
Net liability payable after 1 year 367,813 373,136<br />
The net liability comprises of a carrying value of a lease obtained by Dipped Products (Thailand ) Ltd., from<br />
National Finance Public Company to the value of Rs 538,669 (2008 - Rs 1,356,158) and carrying value of a lease<br />
obtained by Kelani Valley Plantations <strong>PLC</strong>., (KVPL) from JEDB/SLSPC to the value of Rs 372,579,090 (2008 -<br />
Rs 377,158,863).<br />
The lease rentals payable by KVPL for JEDB/SLSPC have been amended with effect from June 18, 1996 to an<br />
amount substantially higher than previous nominal lease rental of Rs 500 per estate per annum.<br />
The basic rental payable under the revised basis is Rs 19,598,000 per annum. This amount is to be inflated annually<br />
by the Gross Domestic Product (GDP) deflator in the form of contingent rent.<br />
This lease agreement was further amended on August 1, 2002 freezing annual lease rental at Rs 25,839,041 for a<br />
period of six years commencing from June 18, 2002. Hence, the GDP deflator adjustment has been frozen at<br />
Rs 6,241,041 per annum until June 17, 2008.<br />
66<br />
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
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