DIPPED PRODUCTS PLC / ANNUAL REPORT 2008—2009

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Notes to the Financial Statements 29. Related party disclosures Key Management Personnel comprise the Directors of the Company. Directors’ remuneration, in respect of the Company and the Group for the financial year ended March 31, 2009 are given in note 5 to the Financial Statements. Details of the Directors and their spouses shareholdings are given in Annual Report of the Board on page 27. Dipped Products PLC., its subsidiary companies Grossart (Pvt) Ltd., Venigros (Pvt) Ltd., Palma Ltd., Neoprex (Pvt) Ltd., Texnil (Pvt) Ltd., Feltex (Pvt) Ltd., DPL Plantations (Pvt) Ltd., Hanwella Rubber Products Ltd and sub subsidiary company Kelani Valley Plantations PLC., are provided office space with related support services and infrastructure and services such as secretarial, personnel, administration, data processing and export shipping by ultimate parent company Hayleys PLC., and the cost amounting to Rs 99,822,343 (2008 – Rs 81,061,859) has been reimbursed by these companies. Messrs. N. G. Wickremeratne., A. M. Pandithage., R. A. Ebell and J. A.G. Anandarajah who are Directors of the Company are also Directors of Hayleys PLC. Dipped Products PLC., its subsidiary companies Grossart (Pvt) Ltd., Venigros (Pvt) Ltd., Palma Ltd., Neoprex (Pvt) Ltd., Texnil (Pvt) Ltd., Feltex (Pvt) Ltd., DPL Plantations (Pvt) Ltd., Hanwella Rubber Products Ltd and sub subsidiary company Kelani Valley Plantations PLC., have entered into trading transactions under normal commercial terms with the following affiliate companies: Sales to Agro Technica Ltd., Hayleys Agro Products Ltd., Hayleys Consumer Products Ltd and HJS Condiments Ltd., during the year amounted to Rs 835,032 (2008 – Rs 2,179,024). The cost relating to purchases of goods and services from Agility Logistics (Pvt) Ltd., Civaro Lanka (Pvt) Ltd., Clarion Shipping (Pvt) Ltd., CMA-CGM Lanka (Pvt) Ltd., Global Holidays (Pvt) Ltd., Hayleys Advantis Ltd., Hayleys Agro Fertilizers (Pvt) Ltd., Hayleys Agro Products Ltd., Hayleys Consumer Products Ltd., Hayleys Electronics (Retailing) Ltd., Hayleys Industrial Solutions Ltd., Hayleys-MGT Knitting Mills PLC., Logiventures (Pvt) Ltd., Maritime Agencies (Pvt) Ltd., MIT Cargo (Pvt) Ltd., NYK Line Lanka (Pvt) Ltd., Puritas (Pvt) Ltd., Ravi Industries Ltd and Volanka Insurance Services (Pvt) Ltd., during the year amounted to Rs 239,497,590 (2008 – Rs 146,360,569). Mr. N. G. Wickremeratne who is a Director of the Company is also a Director of HJS Condiments Ltd and Puritas (Pvt) Ltd. Mr. R. A. Ebell who is a Director of the Company is also a Director of Agro Technica Ltd., Hayleys Electronics (Retailing) Ltd and Volanka Insurance Services (Pvt) Ltd. Messrs N. G. Wickremeratne and A. M. Pandithage who are Directors of the Company are also Directors of Agility Logistics (Pvt) Ltd., Civaro Lanka (Pvt) Ltd., Clarion Shipping (Pvt) Ltd., CMA-CGM Lanka (Pvt) Ltd., Global Holidays (Pvt) Ltd., Hayleys Agro Fertilizers (Pvt) Ltd and NYK Line Lanka (Pvt) Ltd. Messrs N. G. Wickremeratne., A. M. Pandithage and R. A. Ebell who are Directors of the Company are also Directors of Hayleys Advantis Ltd., Hayleys Consumer Products Ltd., Hayleys Industrial Solutions Ltd., Hayleys Agro Products Ltd., Logiventures (Pvt) Ltd., Maritime Agencies (Pvt) Ltd., MIT Cargo (Pvt) Ltd and Ravi Industries Ltd. Messrs N. G. Wickremeratne., A. M. Pandithage and R. Seevaratnam who are Directors of the Company are also Directors of Hayleys-MGT Knitting Mills PLC. The Company had an agreement with Mr. J. A. G. Anandarajah, who is a Director of the Company for leasing of residential premises at 66B/7, Sri Maha Vihara Road, Dehiwela at a monthly rental of Rs 2,826. Mr. B.A.Mahipala who is a Director of Hanwella Rubber Products Ltd., is also a Director of Hanwella Estate Development (Pvt) Ltd. During this year, Hanwella Rubber Products Ltd., has paid Rs 172,500 (2008 – Rs 165,000) and Rs 345,000 (2008 – Rs 330,000) to Mr. B.A.Mahipala and Hanwella Estate Development (Pvt) Ltd., respectively for leasing of factory land. 30. Events after the Balance Sheet date Proposed dividend Directors have proposed the payment of first and final dividend of Rs 3.00 for the year ended March 31,2009 which will be declared at the Annual General Meeting to be held on June 26, 2009. In accordance with Sri Lanka Accounting Standard No.12 (Revised) on Events after the Balance Sheet date, the proposed final dividend has not been recognised as a liability as at Balance Sheet date. No other circumstances have arisen since the Balance Sheet date which would require adjustments to, or disclosure in 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 69
Ten Year Financial Review Gross Dividend/Dividend Rate Rs. mn % 250 40 200 30 150 20 100 10 50 2009 Rs’000 2008 Rs’000 2007 Rs’000 2006 Rs’000 Trading Results Gross turnover 11,895,985 11,152,895 9,412,610 7,109,400 Profit before tax 616,437 615,969 774,530 415,013 Taxation (113,709) (100,627) (106,242) (66,128) Profit after tax 502,728 515,342 668,288 348,885 Minority interest & pre acquisition profit (139,858) (144,220) (111,487) (62,422) Profit attributable to equity holders of the Company 362,870 371,122 556,801 286,463 0 0 Rs. mn 1,400 1,200 1,0000 800 600 400 200 0 Times 20 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Gross Dividend Dividend Rate Working Capital 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Price Earnings Ratio Non-Current Assets Property, plant & equipment 4,826,977 4,402,997 4,014,111 3,465,853 Investments 287,307 295,619 277,299 167,829 Other non-current assets 37,276 27,617 20,212 16,452 5,151,560 4,726,233 4,311,622 3,650,134 Current Assets 5,275,073 4,871,990 4,528,946 3,501,056 TOTAL ASSETS 10,426,633 9,598,223 8,840,568 7,151,190 Capital & Reserves Stated capital 598,615 598,615 598,615 598,615 Capital reserves 174,223 172,018 170,121 105,493 Revenue reserves 2,306,312 2,039,771 1,876,993 1,474,928 Shareholders’ funds 3,079,150 2,810,404 2,645,729 2,179,036 Preliminary & deferred expenditure - - - - 3,079,150 2,810,404 2,645,729 2,179,036 Minority Interest 785,912 710,504 593,048 457,459 Total Equity 3,865,062 3,520,908 3,238,777 2,636,495 Rs. 120 100 80 60 40 20 15 10 5 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Market Price Per Share All Share Price Index 0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 3,000 2,500 2,000 1,500 1,000 500 Non-Current Liabilities Deferred tax liability 140,385 133,120 107,428 87,587 Other non-current liabilities 2,412,009 2,382,001 2,289,016 2,118,794 2,552,394 2,515,121 2,396,444 2,206,381 Current Liabilities 4,009,177 3,562,194 3,205,347 2,308,314 TOTAL EQUITY AND LIABILITIES 10,426,633 9,598,223 8,840,568 7,151,190 Ratios & Other Information Earnings per share (Rs) 6.06 6.20 9.30 4.79 Return on equity (%) 11.8 13.2 21.0 13.1 Market price per share (Rs) 55.25 79.50 109.25 82.00 Price earnings ratio (times) 9.1 12.8 11.7 17.1 Dividend per share (Rs) 3.00 3.00 4.50 3.00 Net assets per share (Rs)** 51.44 46.95 44.20 36.40 Effective rate of dividend (%) 30.00 30.00 45.00 30.00 Dividend yield (%) 5.4 3.8 4.1 3.7 Dividend cover (times) 2.0 2.1 2.1 1.6 Debt equity ratio 0.78 0.85 0.87 0.97 Current ratio (times) 1.32 1.37 1.41 1.52 Market Price Per Share All Share Price Index Figures in brackets indicate deductions. ** computed based on 59,861,512 shares on issue as at March 31, 2009. 70 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
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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
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 69: Notes to the Financial Statements 2
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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