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DISTILLERIES COMPANY OF SRI LANKA LIMITED
Income Statements
For the year ended 31st March
Rs. ' 000 Consolidated Company
2004 2003 Variance 2004 2003 Variance
Gross Turnover 21,153,891 13,453,643 57.2% 12,257,562 10,779,823 13.7%
Net Turnover 10,743,379 6,198,129 73.3% 4,197,813 3,564,480 17.8%
Cost of Sales (8,388,897) (4,872,925) 72.2% (2,603,239) (2,397,819) 8.6%
Gross Profit 2,354,482 1,325,204 77.7% 1,594,574 1,166,661 36.7%
Other Operating Income 598,494 111,380 437.3% 893,297 44,250 1918.8%
Distribution Cost (106,182) (120,017) -11.5% (99,609) (112,148) -11.2%
Administrative Expenses (472,508) (442,153) 6.9% (197,386) (201,277) -1.9%
Amortisation of Goodwill (233,691) (20,651) 1031.6%
Other Operating Expenses (3,399) (74,985) (184,939) -59.5%
Profit from Operations 2,137,196 853,763 150.3% 2,115,891 712,547 196.9%
Net Financing Income/(Cost) 138,368 129,408 6.9% (184,060) 218,155 -184.4%
Profit from Operations After Financing Income 2,275,564 983,171 131.5% 1,931,831 930,702 107.6%
Income from Associate 408,375 189,833 115.1% - -
Profit Before Taxation 2,683,939 1,173,004 128.8% 1,931,831 930,702 107.6%
Taxation for the period (380,727) (370,221) 2.8% (311,092) (321,790) -3.3%
Profit After Taxation 2,303,212 802,783 186.9% 1,620,739 608,912 166.2%
Minority Interest (85,216) 77,461 -210.0% - -
Net Profit for the period 2,217,996 880,244 152.0% 1,620,739 608,912 166.2%
Earnings per Share
of Re. 1/- 7.39 2.93 5.40 2.03
DISTILLERIES COMPANY OF SRI LANKA LIMITED
Income Statement
Rs. ' 000 Consolidated Company
3 Months Ended 31st March Variance 3 Months Ended 31st March Variance
2004 2003 2004 2003
Gross Turnover 6,377,960 2,031,557 213.9% 1,581,631 1,257,737 25.8%
Net Turnover 5,584,580 1,745,782 219.9% 1,146,873 1,048,876 9.3%
Cost of Sales (4,381,151) (1,454,019) 201.3% (602,744) (709,891) -15.1%
Gross Profit 1,203,429 291,763 312.5% 544,129 338,985 60.5%
Other Operating Income 124,610 63,428 96.5% 471,461 38,409 1127.5%
Distribution Cost (37,412) (49,184) -23.9% (33,805) (44,767) -24.5%
Administrative Expenses (32,663) (29,302) 11.5% (21,833) (26,550) -17.8%
Other Operating Expenses (3,399) - (74,985) (184,939) -59.5%
Profit from Operations 1,254,565 276,705 353.4% 884,967 121,138 630.5%
Net Financing Income/(Cost) 346,071 97,555 254.7% (23,803) 111,924 -121.3%
Profit from Operations After Financing Income 1,600,636 374,260 327.7% 861,164 233,062 269.5%
Income from Associate 187,367 84,586 121.5% - -
Profit Before Taxation 1,788,003 458,846 289.7% 861,164 233,062 269.5%
Taxation for the period (146,862) (129,694) 13.2% (109,314) (99,211) 10.2%
Profit After Taxation 1,641,141 329,152 398.6% 751,850 133,851 461.7%
Minority Interest (150,887) 76,520 -297.2% - -
Net Profit for the period 1,490,254 405,672 267.4% 751,850 133,851 461.7%
DISTILLERIES COMPANY OF SRI LANKA LIMITED
Balance Sheets as at
Rs. ' 000 Consolidated Company
31st March 31st March
2004 2003 2004 2003
ASSETS
Non-current Assets
Property, Plant and Equipment 5,555,967 3,277,137 539,913 474,623
Investments in Subsidiary - 410,999 482,867
Investments in Jointly Controlled Entity - 20,000 20,000
Investments in Associates 1,743,556 1,314,699 548,904 877,678
Investments in Government Securities 11,658,874 - - -
Other Long Term Investments 2,807,730 1,053,349 6,026,635 1,033,199
Goodwill on Acquisition 2,395,466 82,603 - -
24,161,593 5,727,788 7,546,451 2,888,367
Current Assets
Inventories 1,407,878 1,205,412 909,433 791,373
Trade & Other Receivables 5,441,729 729,129 770,028 432,604
Amounts Due from Subsidiaries - - 2,576 10,079
Amounts Due from Related Companies 161,788 105,458 - -
Short Term Investments 11,398,902 - - -
Cash & Cash Equivalents 4,769,173 1,718,738 294,739 1,594,396
23,179,470 3,758,737 1,976,776 2,828,452
Total Assets 47,341,063 9,486,525 9,523,227 5,716,819
EQUITY AND LIABILITIES
Capital & Reserves
Share Capital 300,000 300,000 300,000 300,000
Capital Reserves 377,537 192,964 107,882 107,882
Revenue Reserves 5,406,828 3,345,751 4,258,956 2,773,217
6,084,365 3,838,715 4,666,838 3,181,099
Minority Interest 1,778,776 951,289 - -
Non-current Liabilities
Technical Reserves 1,686,785 - - -
Long Term Insurance Fund 22,729,663 - - -
Interest Bearing Loans & Borrowings 887,203 895,057 185,153 -
Deferred Taxation 31,041 35,816 28,037 32,821
Retirement Benefit Obligations 808,260 497,232 64,500 69,000
Deferred Income 218,500 190,382 - -
26,361,452 1,618,487 277,690 101,821
Current Liabilities
Trade and Other Payables 9,361,692 1,830,146 1,583,303 1,404,468
Amount due to Related Companies 45,815 25,738 - -
Income Tax Payable 408,880 104,031 140,470 100,557
Interest Bearing Loans & Borrowings 3,284,305 1,105,095 2,840,967 915,850
Dividend Payable 15,778 13,024 13,959 13,024
13,116,470 3,078,034 4,578,699 2,433,899
Total Equity and Liabilities 47,341,063 9,486,525 9,523,227 5,716,819
Net Asset Value per Share (Rs.) 20.28 12.80 15.56 10.60
The above figures are provisional and subject to audit. The above interim financial statements have been
prepared applying same accounting policies and methods of computation which have been applied in the
previous year.
Sgd/.- Sgd/.- Sgd/.-
D.Harold S. Jayawardena R.K. Obeyesekere Damien Fernando
Managing Director Director Finance Manager
DISTILLERIES COMPANY OF SRI LANKA LIMITED
Cash Flow Statements
Rs. ' 000 Consolidated Consolidated Company Company
31-03-2004 31-03-2003 31-03-2004 31-03-2003
Cash Generated from Operations
Profit before Taxation 2,683,939 1,173,004 1,931,831 930,702
Adjustment for
Depreciation 216,277 192,958 45,461 49,503
Provision for Retiring Gratuity 311,028 101,498 2,609 10,579
Gain on Disposal of Property, Plant & Equipment (2,720) (5,647) (1,150) (5,647)
Gain on Disposal of Investments (519,730) (6,897) (885,182) (6,897)
Interest Expenses 416,377 70,522 262,374 1,138
Amortisation of Goodwill on Acquisition 233,691 20,651 - -
Amortisation of Capital Grants (10,002) (8,261) - -
Amortisation of Surplus on Acquisition (33,853) (33,853) - -
Dividend Income (88,281) (51,905) (40,869) (69,454)
Dividend Income from Associate Company - - (30,267) (33,518)
Interest Income (466,464) (148,025) (7,178) (116,321)
Share of Associate Company Profit 408,375 (189,833) - -
Provision for fall in value of Investments - - 74,984 184,939
Operating Profit before Working Capital Changes 3,148,637 1,114,212 1,352,613 945,024
(Increase)/Decrease in Inventories 1,081,993 (32,302) (118,060) (47,563)
(Increase)/Decrease in Receivables (3,533,360) (165,427) (329,921) (122,529)
Increase/(Decrease) in Payables 22,472,143 (88,647) 178,835 (202,587)
Cash flows from Operating Activities 23,169,413 827,836 1,083,467 572,345
Interest Paid (416,377) (58,143) (262,374) (1,138)
Income Tax Paid (397,390) (327,954) (271,179) (327,340)
Retiring Gratuities paid (217,332) (57,758) (7,109) (9,079)
Net Cash flows from Operating Activities 22,138,314 383,981 542,805 234,788
Cash flows from Investing Activities
Acquisition of Subsidiaries (4,597,500) - - -
Acquisition of Property, Plant & Equipment (303,577) (346,725) (113,659) (88,008)
Grants Received 38,119 27,592 - -
Investment in Government Securities (4,406,897) - - -
Purchases of Shares (2,029,801) (325,659) (5,370,473) (325,658)
Dividend Received 88,281 51,905 40,869 69,454
Dividend Received from Associate Company 30,267 33,518 30,267 33,518
Proceeds on Sale of Property, Plant & Equipment 2,548 44,286 1,150 5,647
Proceeds on Sale of Investments 1,794,880 16,222 1,587,870 16,222
Interest Received 466,464 148,025 7,178 116,321
(8,917,216) (350,836) (3,816,798) (172,504)
Cash flows from Financing Activities
Dividend paid to Minority - (32,955) - -
Term Loan Received - 15,592 - -
Repayment of Loans (7,854) (6,183) - -
Dividend paid (132,246) (140,582) (135,935) (140,582)
Lease Rental paid - (14,126) -
(140,100) (178,254) (135,935) (140,582)
Cash & Cash Equivalents
At the Beginning of the year 689,975 835,084 678,546 756,844
Net Movement during the period 13,080,998 (145,109) (3,409,928) (78,298)
13,770,973 689,975 (2,731,382) 678,546
Short Term Deposits 11,398,902 1,528,481 25,358 1,450,308
Cash in Transit 80,810 78,113 80,810 78,113
Cash in Hand & Bank 4,688,363 112,144 188,570 65,975
Bank & Other Borrowings (2,397,102) (1,028,763) (3,026,120) (915,850)
13,770,973 689,975 (2,731,382) 678,546
DISTILLERIES COMPANY OF SRI LANKA LIMITED
Statement of Changes in Equity
Consolidated Share Capital General Exchange Retained Total
Rs.' 000 Capital Reserves Reserves Fluctuation Earnings
Reserve
Balance as at 1st April 2002 300,000 184,564 2,163,441 20,299 280,341 2,948,645
Exchange Fluctuation Reserve - Associate - - - 1,426 - 1,426
Share Option Scheme - Associate - 6,706 - - - 6,706
Revaluation of Land - Associate - 1,694 - - - 1,694
Net Profit - - - - 880,244 880,244
Transfers - - 475,000 - (475,000) -
Balance as at 31st March 2003 300,000 192,964 2,638,441 21,725 685,585 3,838,715
Balance as at 1st April 2003 300,000 192,964 2,638,441 21,725 685,585 3,838,715
Exchange Fluctuation Reserve - Associate - - - (270) - (270)
Adjustment due to Holding Change in Associa - (6,882) (2,150) (1,405) (18,094) (28,531)
Share Option Scheme - Associate - 5,288 - - - 5,288
Surplus on Revaluation - Associate - 186,167 - - - 186,167
Net profit - - - - 2,217,996 2,217,996
Dividend - - - - (135,000) (135,000)
Balance as at 31st March 2004 300,000 377,537 2,636,291 20,050 2,750,487 6,084,365
Company Share Capital General Retained Total
Rs.' 000 Capital Reserves Reserves Earnings
Balance as at 1st April 2002 300,000 107,882 2,160,000 4,305 2,572,187
Net profit - - - 608,912 608,912
Transfers - - 475,000 (475,000) -
Balance as at 31st March 2003 300,000 107,882 2,635,000 138,217 3,181,099
Balance as at 1st April 2003 300,000 107,882 2,635,000 138,217 3,181,099
Net profit 1,620,739 1,620,739
Dividend (135,000) (135,000)
Balance as at 31st March 2004 300,000 107,882 2,635,000 1,623,956 4,666,838
Market Price per Share (Rs.) 2004 2003
Highest 35.00 10.25
Lowest 8.75 7.00
At the end of Period 22.00 9.25
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