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MAL SEP2011

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									MALWATTE VALLEY PLANTATIONS PLC
PROVISIONAL FINANCIAL STATEMENTS FOR
THE THREE MONTHS PERIOD ENDED 30TH SEPTEMBER 2011
INCOME STATEMENTS
                                                    3 Months 3 Months         9 Months      9 Months        Audited
                                                        ended       ended        ended          ended Year ended
                                                      30.09.11     30.09.10    30.09.11       30.09.10      31.12.10
                                                     (Rs.'000)    (Rs.'000)    (Rs.'000)     (Rs.'000)      (Rs.'000)
Turnover                                              651,385      796,193   2,399,742   2,522,343         3,410,109
Cost of Sales                                        (621,883)    (679,031) (2,006,160) (2,069,041)       (2,832,033)

Gross Profit                                           29,501     117,162      393,583        453,302       578,075

Other operating income                                 23,101       21,091      53,567         91,592       112,336
Administration expenses                               (51,880)     (46,664)    (125,045)     (108,278)     (158,310)
Gain/(Loss) on initial recognition and change in
fair value of Timber stock                                -            -                                      7,796
Finance Cost                                          (14,195)     (19,013)    (43,849)       (68,190)     (106,169)
Profit/(Loss) before taxation                         (13,472)      72,577     278,255        368,427       433,728

Income Tax                                              (5,408)           -      (5,408)           -          (9,509)


Profit/(Loss) for the period                          (18,880)      72,577     272,847        368,427       424,219




Earnings per share                                                                 1.10            1.49         1.71
Net Assets per share                                                               8.20            6.89         7.10
Market value of shares
Highest price - Voting                                                            10.50          73.40         96.90
                - Non Voting                                                      10.20
Lowest price - Voting                                                              5.90          31.50         31.50
                - Non Voting                                                       5.10
Last traded price - Voting                                                         7.00          71.40         82.40
                    - Non Voting                                                   6.30



STATEMENT OF CHANGES IN EQUITY
                                                                               Stated      Accumulated      Total
                                                                              Capital         Profit
                                                                              Rs.'000        Rs.'000       Rs.'000
Balance as at 31st December 2009                                                373,000      1,025,038     1,398,038
Income Tax Adjustment for 2007 & 2008                                               -          (38,645)      (38,645)
Net Profit / (Loss) for the period                                                             368,427       368,427
Dividend Paid                                                                       -         (22,459)      (22,459)
Balance as at 30th September 2010                                               373,000      1,332,361     1,705,361


Balance as at 31st December 2010                                                373,000      1,383,909     1,756,909
Net Profit / (Loss) for the period                                                             272,847       272,847
Balance as at 30th September 2011                                               373,000      1,656,756     2,029,756


11/17/2011
Gain on revaluation of Timber Stock at it's fair value as at 31.12.2006
has not been adjusted.
                               MALWATTE VALLEY PLANTATIONS PLC
                             PROVISIONAL FINANCIAL STATEMENT AS AT
                                              30TH SEPTEMBER 2011
                                                BALANCE SHEET
                                                                                                           Audited


                                                              As at              As at                  Year ended

                                                            30.09.2011        30.09.2010           31.12.2010
ASSETS                                                       (Rs'000)          (Rs'000)             (Rs'000)
NON CURRENT ASSETS
Leasehold Property, Plant & Equipment                            397,827             419,686              414,410
Property, Plant & Equipment                                      992,922             916,791              915,744
Improvement to Leasehold Property                                699,481             652,984              669,777
Investments                                                           16                  16                   16
Timber stocks                                                    577,925             569,913              577,740
                                                               2,668,170           2,559,390            2,577,687
CURRENT ASSETS
Inventories                                                      373,205             371,523              397,077
ACT Receivable                                                        10               1,542                   10
WHT Receivable                                                     2,406               6,840                2,134
ESC Receivable                                                     8,897               7,462                4,404
VAT Receivable                                                       803                 -                    803
Trade & Other Receivables                                        120,244             125,531              154,224
Amount due from Related Parties                                   64,405              46,095               46,299
Short Term Investments                                           224,144             242,169              232,507
Cash & Bank Balances                                             110,593              86,199               63,369
                                                                 904,706             887,361              900,826
TOTAL ASSETS                                                   3,572,877           3,446,751            3,478,513
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Stated Capital                                                   373,000             373,000              373,000
Accumulated Profit /(Losses)                                   1,656,756           1,332,361            1,383,909
TOTAL EQUITY                                                   2,029,756           1,705,361            1,756,909

NON CURRENT LIABILITIES & DEFERRED INCOME
Interest Bearing Loans & Barrowings                              139,706             225,234              201,943
Retiring Benefit Obligations                                     698,998             682,748              719,641
Deferred Income                                                  128,432             135,609              133,649
Net Liability to the Lessor repayable after one year             155,244             157,514              156,979
                                                               1,122,381           1,201,105            1,212,211
CURRENT LIABILITIES
Trade and Other Payable                                          269,588             287,760              345,233
Dividend Payable                                                   3,237               4,611                3,346
Interest Bearing Loans & Barrowings                              106,238             163,713              140,264
Net Liability to the Lessor payable within one year                2,291               2,224                2,224
WHT payable                                                          -                   -                    -
ESC payable                                                          -                   -                  2,428
VAT Payable                                                          638               1,081                  -
NBT Payable                                                          424                 267                  309
Income Tax Payable                                                   -                 6,588                1,082
Bank overdraft                                                    38,325              74,040               14,507
                                                                 420,740             540,285              509,394
TOTAL EQUITY AND LIABILITIES                                   3,572,877           3,446,751            3,478,513

  Approved and signed for and on behalf of the Board of Directors of Malwatte Valley Plantations PLC




Sgd.W.L.Bogtstra                                                           Sgd.K.G.M.Piyaratne.
Managing Director/CEO.                                                     Director - Finance
                                      MALWATTE VALLEY PLANTATIONS PLC
                                     PROVISIONAL FINANCIAL STATEMENTS FOR
                                  THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2011
                                                    CASH FLOW STATEMENT
                                                                                                      Audited
                                                                                                    Year ended
                                                                              2011        2010     31.12.2010

CASH FLOW FROM OPERATING ACTIVITIES                                       (Rs.'000)   (Rs.'000)   (Rs'000)
Net profit before taxation                                                 278,255     368,427       433,728
Adjustment for
Dividend Income                                                                 -4          (1)           (1)
Interest Income                                                            (8,282)    (16,283)       (20,232)
Depreciation/Amortisation                                                  66,448      70,102        101,884
Provision for Defined Benefit Plan                                         40,572      43,566         97,889
Amortisation of Grants                                                     (6,991)     (6,645)        (9,321)
Finance Cost                                                               43,849      68,190        106,169
Profit on disposal of Property,Plant & Equipments                          (3,749)    (11,773)        (9,428)
Change in fair value of Timber Stock                                          -           -           (7,796)
Operating profit before working capital changes                           410,098     515,581        692,892

(Increase) / Decrease Trade & other receivables                            29,215      (1,100)       (21,299)
(Increase) / Decrease in Inventories                                       23,872     (80,327)      (105,880)
Increse / (Decrease) in trade & other payables                            (80,180)    (29,629)        21,926
(Increse) / Decrease in amounts due from related parties                  (18,106)      2,055          1,850
Cash generated from operation                                             364,900     406,581        589,490
Finance cost paid                                                         (28,970)    (60,587)       (78,863)
Tax Paid                                                                   (5,408)    (38,645)       (52,399)
Defined Benefit Plan Cost Paid                                            (61,214)    (34,943)       (52,373)
Net cash from operating activities                                        269,307     272,406        405,856

CASH FLOW FROM INVESTMENT ACTIVITIES
Purchase of Investments                                                      8,363     (63,689)      (54,027)
Dividend Income received                                                         4           1             1
Grant Received                                                               1,774       3,625         4,341
Proceeds from sale of Property, Plant & Equipment                            3,749      11,773        14,954
Field development expenditure                                              (46,071)    (32,661)      (53,147)
Expenditure on Timber Cultivation                                             (185)       (328)         (359)
Purchase of Property, Plant & Equipment                                   (110,675)    (62,049)      (89,341)
Interest Income                                                              8,282      16,283        20,232
Net cash used in investment activities                                    (134,760)   (127,044)     (157,346)

CASH FLOW FROM FINANCE ACTIVITIES
Proceeeds from issue of share capital                                                   23,000
Dividends paid                                                                 -       (22,459)      (22,459)
Payment of Governemnt Lease Rental                                         (14,879)     (7,603)      (27,306)
Proceeds from loans                                                        361,516     395,081       546,723
Repayment of Loans                                                        (457,778)   (594,883)     (793,267)
Net cash used in financing activities                                     (111,141)   (206,864)     (296,309)
Net increases / ( Decreases) in cash & cash equivalents                     23,406     (61,502)      (24,798)
Cash & cash equivalents at beginning of the period - Note - A               48,862      73,661        73,661
Cash & cash equivalents at the end of the period - Note - B                 72,268      12,159        48,862
NOTE A
Cash& Cash Equivalents at the beginning of the period
Cash & Bank Balance                                                         63,369    128,905        128,905
Bank Overdrafts                                                            (14,507)   (55,244)       (55,244)
                                                                            48,862     73,661         73,661
NOTE B
Cash and cash equivalents at the end of the period
Cash & Bank Balance                                                       110,593       86,199        63,369
Bank Overdrafts                                                           (38,325)     (74,040)      (14,507)
                                                                           72,268       12,159        48,862
                           MALWATTE VALLEY PLANTATIONS PLC
                          PROVISIONAL FINANCIAL STATEMENTS FOR
                     THE NINE MONTHS PERIOD ENDED 30TH SEPTEMBER 2011
                             NOTES TO THE FINANCIAL STATEMENT

                                                 2011              2010
                                               (Rs.'000)         (Rs.'000)
   TURNOVER
          TEA                                    1,413,440          1,653,858
          RUBBER                                   555,615            421,301
          COCONUT                                    2,390              2,373
          TEA EXPORT                               397,677            405,518
          OTHERS                                    30,621             39,293
                                                 2,399,742          2,522,343
    COST OF SALE
             TEA                                 1,404,219          1,480,405
             RUBBER                                198,566            180,153
             COCONUT                                 1,256              1,082
             TEA EXPORT                            392,371            401,025
             OTHERS                                  9,748              6,376
                                                 2,006,160          2,069,041

    SEGMENT RESULTS
           TEA                                      9,221            173,453
           RUBBER                                 357,049            241,148
           COCONUT                                  1,134              1,291
           TEA EXPORT                               5,306              4,493
           OTHERS                                  20,873             32,917
                                                  393,583            453,302

NOTES TO THE FINANCIAL STATEMENTS
1. Stated Capital represents 224,590,160 number of issued & fully Paid Ordinary Shares including one Golden
   Share held by the Treasury which has special rights and 23,000,000 number of Non voting shares.
2. The Company subdivided its ahares on 4th April 2011 in the proportion of 10 shares for every 01 share
    held.
3. Accounting policies and methods of computation adopted for the preparation of provisional financial
   statements are same as those in the previous audited financial statements.
4. The above figures are provisional and subject to audit.
5. No circumstances have arisen since the Balance Sheet date, which would
    require adjustments or disclosure in the Financial statements.
6. There has not been a significant change in the nature of the contigent liabilities which were disclosed
   in the Annual Report for the year ended 31st December 2010.
TOP 20 VOTING SHAREHOLDER’S LIST AS AT 30TH SEPTEMBER 2011

No’s   Name/Address                                        No. of Shares    %

01     Wayamba Plantation (Private) Limited                139,839,160     62.26
02     Mr. Willem Lucas Bogtstra                            11,790,970      5.25
03     Pershing LLC S/A Avernach Grauson & Co.               8,449,000      3.76
04     Phillip Securities (Pvt) Ltd                          4,462,000      1.99
05     Mr. Maripapillai Radhakrishnan                        3,620,000      1.61
06     Dr. Niranjan Deepal Gunawardena                       1,000,000       .45
07     Mr.P Somadasa                                           937,600       .42
08     Employees provident Fund                                792,000       .35
09     Mr. Sivananthan Sivarangithan                           786,600       .35
10     Pan Asia Banking Corporation PLC/B R Fernando           770,000       .34
11     Cocoshell Activated Carbon Company Limited              677,000       .30
12     Commercial Bank of Ceylon PLC/D.S.J.V.Costa             570,000       .25
13     Carlines Holdings (Pvt) Ltd                             544,820       .24
14     Goldman Sachs & S/A Wexford Spectrum Trading Ltd        535,000       .24
15     Tranz Dominion,L.L.C.                                   520,000       .23
16     Seylan Bank PLC/Mr.S N C W M B C Kandegedera            462,000       .21
17     K C Vignarajah                                          438,000       .20
18     Bhadra Investments Limited                              391,000       .17
19     Qualitea Ceylon (Pvt) Ltd                               355,000       .16
20     Mr.T L M Nawash                                         304,900       .14

Public Shareholding % - 32.4%

TOP 20 NON-VOTING SHAREHOLDER’S LIST AS AT 30TH SEPTEMBER 2011

No’s   Name/Address                                        No. of Shares    %

01     Lanka Mountcastle (Pvt) Ltd                         19,166,000      83.33
02     Wadock Mackenzie Limited/Mr.H M S Abdulhussein         701,800       3.05
03     Mr.Yusuf Husseinally Abdulhussein                      502,900       2.19
04     Employees Provident Fund                               346,000       1.50
05     Credit Suisse Singapore                                193,200        .84
06     Mr. Sivananthan Sivarangithan                          143,100        .62
07     Essajee Carimjee & Company (Pvt) Ltd                   136,800        .59
08     Seylan Bank PLC/Jayantha Dewage                        112,000        .49
09     Eskimo Fashion Knitwear (Pvt) Ltd                       90,000        .39
10     Mr.Janakakumara Dias Senerath Gunasekera                67,000        .29
11     Mr.Llewllyn Alphonsus Joseph Fiedelis Morais            50,000        .22
12     Mr.Jayawickrama Gunapala                                50,000        .22
13     Mrs.Gnei Leona Rahim                                    45,000        .20
14     Mr.Liyanarachchige Don Deepaka Yasalal Perera           40,000        .17
15     Mr.Wanigasundara Appuhamilage Lochana G Karunaratne     40,000        .17
16     Mr.Arthur Isaac Chandrakumar Manickam                   35,000        .15
17     Mr.Pethigetanna Lalith Somaratne                        30,000        .13
18     Mr.Dilsiri Lamani Seneviratne                           30,000        .13
19     Mr.Edirisingha Mudiyanselage K Rathnasekera             28,800        .13
20     Ms. Dona Anusha Sanjeewani Weerasinghe                  20,700        .09

       Public Shareholding % -   - 16.6%
Directors Shareholdings in the Company - VOTING

Name                                     As at 30.09.2011              As at 30.09.2010
Mr. W L Bogtstra                               11,790,970                     1,239,597
Mr. Lucas Bogtstra                                100,000                        10,000
Mr. T R Gerlach                                       Nil                           Nil
Mrs. C A Gerlach                                      Nil                           Nil
Mr. K G M Piyaratne                                   Nil                           Nil
Mr. K A S Gunasekera                                  Nil                           Nil
Mr.G.C.De Silva                                       Nil                           Nil
Mr.Frits Bogtstra                                     Nil                           Nil
Mrs.P.Malalasekera                                    Nil                           Nil


Directors Shareholdings in the Company – NON-VOTING

Name                                     As at 30.09.2011              As at 30.09.2010
Mr. W L Bogtstra                                      Nil                           Nil
Mr. Lucas Bogtstra                                    Nil                           Nil
Mr. T R Gerlach                                       Nil                           Nil
Mrs. C A Gerlach                                      Nil                           Nil
Mr. K G M Piyaratne                                   Nil                           Nil
Mr. K A S Gunasekera                                  Nil                           Nil
Mr.G.C.De Silva                                       Nil                           Nil
Mr.Frits Bogtstra                                     Nil                           Nil
Mrs.P.Malalasekera                                    Nil                           Nil


+ Note : The company sub-divided its shares on 4th April 2011 in the proportion of 10 shares for every
         01 share held

								
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