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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
