DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Notes to the Financial Statements According to the ruling given by the Urgent Issue Task Force (UITF) of The Institute of Chartered Accountants of Sri Lanka, the amount stated in the Financial Statements have been adjusted to reflect the followings; i. Future liability on the annual lease payment of Rs 19,598,000 will continue until the year 2045. The Net Present Value of this liability at a 4% discounting rate (as recommended by UITF) would result in a liability of Rs 372,579,090. ii. iii. The Net Present Value of Rs 372,579,090 is represented by a gross liability of Rs 715,327,000 (Rs 19,598,000 x36 ½ years ) and interest in suspense of Rs 342,747,910. The charge to the Income Statement during the current period is Rs 21.2 million (2008 - Rs 21.4 million). 20. Deferred income Grants Consolidated 2009 Rs ‘000 2008 Rs ‘000 Grants At beginning of the year 287,155 237,885 Received during the year 111,266 49,270 At end of the year 398,421 287,155 Amortisation At beginning of the year 40,878 32,716 Amortised during the year 11,352 8,162 At end of the year 52,230 40,878 Carrying amount 346,191 246,277 Kelani Valley Plantations <strong>PLC</strong>., received grants from the Plantation Reform Project (PRP), Plantation Human Development Trust and the Ministry of Community Development for workers’ facilities, and other infrastructure facilities. The amount incurred is capitalised under relevant classification of property, plant and equipment and the corresponding grant component is reflected under grants which is amortised over the useful life span of the asset. 21. Trade & other payables Consolidated 2009 Rs ‘000 2008 Rs ‘000 Company 2009 Rs ‘000 2008 Rs ‘000 Trade payables 756,823 801,385 97,062 83,110 Other payables including accrued expenses 516,428 580,344 57,472 39,030 Unclaimed dividends 2,115 13,715 2,115 13,715 22. Interest bearing borrowings - due within one year 1,275,366 1,395,444 156,649 135,855 Consolidated 2009 Rs ‘000 2008 Rs ‘000 Company 2009 Rs ‘000 2008 Rs ‘000 Finance lease obligations net of interest - (note 19.2) 5,304 5,379 - - Term loans - (note 19.1) 306,438 251,075 - 30,253 Short term loans and bank overdraft (unsecured) 2,405,206 1,896,960 473,189 483,027 23. Amounts due to subsidiaries 2,716,948 2,153,414 473,189 513,280 Company 2009 Rs ‘000 2008 Rs ‘000 Hand Protection 63,333 239,390 Plantations 324,293 453,333 387,626 692,723 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 67
Notes to the Financial Statements 24. Segment information a. Geographical segment information Turnover 2009 Percentage 2008 Percentage Asia/Africa 4.74 4.24 South America 10.22 7.47 Australasia 1.80 2.30 Europe 52.18 50.82 North America 12.26 16.16 81.20 80.99 Indirect exports 18.09 18.29 Sri Lanka 0.71 0.72 b. Business segment information 100.00 100.00 Hand Protection Plantations Inter - Segment Total 2009 Rs ‘000 2008 Rs ‘000 2009 Rs ‘000 2008 Rs ‘000 2009 Rs ‘000 2008 Rs ‘000 2009 Rs ‘000 2008 Rs ‘000 Turnover 9,462,829 8,845,503 3,108,570 2,827,974 (675,414) (520,582) 11,895,985 11,152,895 Profit before tax 322,833 158,192 293,603 457,777 - - 616,436 615,969 Non- cash expenses Depreciation & ammortisation of leased assets 261,061 251,354 122,939 111,735 - - 384,000 363,089 Retiring gratuity 32,424 42,990 97,003 137,738 - - 129,427 180,728 Provision for agents’ indemnity fund 4,344 3,947 - - - - 4,344 3,947 Capital expenditure 217,910 279,770 581,217 399,516 - - 799,127 679,286 Total assets 6,903,919 6,564,762 4,092,104 3,621,523 (569,390) (588,062) 10,426,633 9,598,223 Investments in associates - - 90,297 98,609 - - 90,297 98,609 Non - interest bearing liabilities 1,349,163 2,156,057 1,822,471 1,699,557 (468,390) (581,461) 2,703,244 3,274,153 Cash flows from - operating activities 136,514 441,821 405,147 143,536 48,080 25,524 589,741 610,881 - investing activities (397,141) (389,198) (261,016) (217,479) (48,080 ) (25,524) (706,237) (632,201) - financing activities (4,869) (331,121) (188,127) (111,159) - - (192,996) (442,280) 25. Contingent liabilities The contingent liability as at March 31, 2009 on guarantees given by the Company to third parties amounted to Rs 289,418,762 (2008 - Rs 297,620,310). Total of this sum relates to facilities obtained by subsidiaries. The contingent liability as at March 31, 2009 on retiring gratuity has been disclosed in Note 17. 26. Capital expenditure commitments The approximate amount of capital expenditure approved by the Directors and not contracted for as at March 31, 2009 amounts to Rs 307,006,000 (2008 - Rs 620,616,814 ). The approximate capital expenditure contracted for which no provision is made in the Financial Statements as at March 31, 2009 amounts to Rs 40,435,708 (2008 - Rs 82,021,289). 27. Palma Ltd. The Group utilises the premises and other assets of Palma Ltd., for manufacturing operations of Texnil (Pvt) Ltd. In view of the suspension of commercial operations of Palma Ltd the carrying value of the investment has been written down by Rs 20 million, to reduce the investment to its recoverable value. 28. Companies with different accounting years Kelani Valley Plantations <strong>PLC</strong>., (KVPL), Dipped Products (Thailand) Ltd. (DPTL) and ICOGUANTI S.p.A. (ICO) prepare their annual Financial Statements on calendar year basis. The Financial Statements of KVPL, DPTL and ICO drawn up to December 31, 2008 have been consolidated. 68 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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DIPPED PRODUCTS PLC / ANNUAL REPORT
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For more details: visit : www.dpl-f
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Chairman’s Statement “Group tur
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INPUT MATERIALS AND IMPLEMENTS TO A
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Managing Director’s Review “The
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Managing Director’s Review “…
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Managing Director’s Review “KVP
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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 and 30: Annual Report of the Board Donation
Page 31 and 32: Annual Report of the Board Stock ma
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
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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: 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
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DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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