Income Statements

(Amounts expressed in Sri Lankan Rs. ’000)

Group Company
For the year ended 31st March 2008  2007  Change  2008  2007  Change 
Note % %

Revenue 11 15,583,756 9,620,950 62 41,828 122,142 (66) 

Direct

operating

expenses

(6,765,383) (4,848,143) 40 (11,100) (81,062) (86) 






8,818,373 4,772,807 85 30,728 41,080 (25) 
Changes in fair value of
biological assets 25 779,113 346,191 125 –  –  –   
Changes in fair value of
investment properties 23 –  197,529  (100) –  –  –   
Gain/(loss) on mark to market valuation
of short-term investments 30 (45,025) 154,241 (129) (13,079) 31,662 (141) 
Other income 12 27,089 76,512 (65) –  –  –   
Distribution expenses (1,521,808) (741,011) 105 –  –  –    
Administrative expenses (1,786,185) (1,322,721) 35 (6,181) (5,083) 22
Other operating

expenses

(118,715) (117,374) 1   –  –  – 
Profit

from operations

13 6,152,842 3,366,174 83 11,468 67,659 (83) 
Finance expenses 14 (832,961) (539,058) 55  –  –  –    
Foreign

exchange

gain/(loss)

15 (39,149) (58,112) (33) –  5,576 (100)

Profit before net results of associate 5,280,732 2,769,004 91 11,468 73,235 (84)
Share of net results of associate

16 35,620 22,797 56 –  –  – 

Profit before taxation 11 5,316,352 2,791,801 90 11,468 73,235 (84) 

Income tax expenses
Taxation - Current taxation (1,170,630) (367,765) 218 (2,632) (250) 953
-

Deferred

taxation (272,241) (324,092) (16) –  –  – 






17 (1,442,871) (691,857) 109 (2,632) (250) 953
Profit for the year
11 3,873,481 2,099,944 84 8,836 72,985 (88) 

Profit Attributable to
Equity holders of the parent 11 1,490,660 811,641 84 8,836 72,985 (88) 
Minority

shareholders

11 2,382,821 1,288,303 85 –  –  –    

3,873,481 2,099,944 84 8,836 72,985 (88) 

Earnings per ordinary share (Rs.) 19 148.34 80.37 85 0.16 6.51 (100) 
Dividend per ordinary share* (Rs.) 18 5.00 5.50 (9) 5.00 5.50 (9)

Notes from pages 26 to 110 form an integral part of these Financial Statements.

* Based on proposed dividend.

Figures in brackets indicate deductions.

22 Annual Report 2007/08 Bukit Darah PLC

Balance Sheets

(Amounts expressed in Sri Lankan Rs. ’000)

Group Company
As at 31st March Note 2008  2007   2008  2007 
 

Assets
Non-Current Assets
Property, plant & equipment 20 13,794,454 11,825,786 –  –   
Capital work in progress 21 907,243 1,867,803 –  – 
Prepaid lease payment 22 309,416 317,910 –  – 
Investment properties 23 1,370,947 1,370,779 –  –   
Intangible assets 24 299,196 291,275 –  –   
Biological assets 25 9,142,432 7,308,318 –  –   
Investment in subsidiaries 26 –  –  1,326,739 1,326,739
Investment in associates 26 394,185 350,117 36 36
Long-term investments 26 2,854,017 2,278,884 –  –   
Advances pending capitalisation 29 –  –  1,189,965 1,189,965
Deferred

tax asset



17 243,180 107,674 –  –   
Total

non-current

assets

29,315,070 25,718,546 2,516,740 2,516,740

Current Assets
Inventories 27 2,242,139 1,530,237 –  –   
Trade and other receivables 28 2,097,622 1,287,247 405 45
Short-term investments 30 345,387 623,257 78,902 102,452
Short-term deposits 31 387,102 531,363 25,141 48,434
Cash in hand and at bank

31 1,678,451 639,422 53,230 6,695
Total

current assets

6,750,701 4,611,526 157,678 157,626
Total assets
36,065,771 30,330,072 2,674,418 2,674,366

Equity
Stated capital 32 101,804 101,804 101,804 101,804
Capital reserves 33 1,136,051 1,048,370 40,000 40,000
Revenue

reserves



34 7,609,533 6,164,628 2,507,916 2,510,577
Total equity attributable to
equity holders of the parent 8,847,388 7,314,802 2,649,720 2,652,381
Minority

shareholders’

equity interest 12,412,246 10,256,725 –  –   
Total

equity

21,259,634 17,571,527 2,649,720 2,652,381

Non-Current Liabilities
Long-term borrowings 35 4,154,213 4,135,831 –  –   
Trade and other payables 36 658,918 1,673,847 –  –   
Retirement benefit obligations 37 103,599 76,548 –  –   
Deferred

tax liability

17 2,069,085 1,679,402 – 

–   
Total

non-current

liabilities

6,985,815 7,565,628 – 

–   

Current Liabilities
Trade and other payables 36 2,355,432 1,951,023 21,989 21,032
Current tax liabilities 1,247,436 153,976 2,709 953
Long-term borrowings falling due
within one year 35 1,249,581 831,888 –  –   
Short-term borrowings 35 1,002,999 1,652,015 –  – 
Bank

overdraft
35 1,964,874 604,015 –  – 
Total

current

liabilities

7,820,322 5,192,917 24,698 21,985
Total

liabilities

14,806,137 12,758,545 24,698 21,985
Total equity and liabilities
36,065,771 30,330,072 2,674,418 2,674,366
Net assets per ordinary share 884.56 731.30 264.79 265.06

I certify that these Financial Statements are in compliance with the requirements of Companies Act No. 7 of 2007.

(Sgd.)
A.P. Weeratunge
Chief Financial Officer
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
These Financial Statements were approved by the Board on 26th May 2008.
Approved and signed on behalf of the Managers Approved and signed on behalf of the Board

(Sgd.) (Sgd.) (Sgd.)
D.C.R. Gunawardena M. Selvanathan P.C.P. Tissera
Director Director Director
Carsons Management Services (Private) Limited
Notes from pages 26 to 110 form an integral part of these Financial Statements.

Bukit Darah PLC Annual Report 2007/08 23

 Statements of Changes in Equity

(Amounts expressed in Sri Lankan Rs. ’000)

Attributable to Equity holders of the Parent
Share Capital Capital Reserves Revenue Reserves
Ordinary Share Preference Capital Revaluation Other General Retained Total Minority Total
Capital Share Redemption Reserve Capital Reserve Earnings Shareholders’
Capital Reserve Reserve Interest

Group
Balance as at 1st April 2006 100,000 1,804 40,000 34,851 705,947 200,881 4,816,956 5,900,439 8,830,784 14,731,223
Impairment of property,
plant & equipment –  –  –  (10,571) –  –  –  (10,571) (17,480) (28,051)
Effect of adopting
revised SLAS 25 –  –  –  –  –  –  326,682 326,682 –  326,682
Changes in equity –  –  –  –  105,475 (118,010) (194,966) (207,501) 336,814 129,313
Exchange translation
differences
–  –  –  –  172,668 378,621 –  551,289 34,978 586,267
Gain/(loss) recognised
directly in equity 100,000 1,804 40,000 24,280 984,090 461,492 4,948,672 6,560,338 9,185,096 15,745,434

Profit for
the period
–  –  –  –  –  –  811,641 811,641 1,288,303 2,099,944
Total recognised Income 100,000 1,804 40,000 24,280 984,090 461,492 5,760,313 7,371,979 10,473,399 17,845,378
Transfer –  –  –  –  –  433,525 (433,525) –  –  – 
Dividend
paid –  –  –  –  –  –  (57,177) (57,177) (216,674) (273,851)
Balance as 31st March 2007 100,000 1,804 40,000 24,280 984,090 895,017 5,269,611 7,314,802 10,256,725 17,571,527
Surplus on revaluation of
property, plant & equipment –  –  –  33,459 –  –  9,723 43,182 61,532 104,714
Changes in equity –  –  –  –  (36,407) 18,078 (153,230) (171,559) (339,194) (510,753)
Exchange translation
differences
–  –  –  90,629 –  91,171 –  181,800 284,136 465,936
Gain/(loss) recognised
directly in equity 100,000 1,804 40,000 148,368 947,683 1,004,266 5,126,104 7,368,225 10,263,199 17,631,424
Profit for the period –  –  –  –  –  –  1,490,660 1,490,660 2,382,821 3,873,481
Transfer
–  –  –  –  –  (26,697) 26,697 –  –  – 
Total recognised Income 100,000 1,804 40,000 148,368 947,683 977,569 6,643,461 8,858,885 12,646,020 21,504,905

Dividend
paid –  –  –  –  –  –  (11,497) (11,497) (233,774) (245,271)
Balance as at
31st March, 2008 100,000 1,804 40,000 148,368 947,683 977,569 6,631,964 8,847,388 12,412,246 21,259,634

Company
Balance as at
1st April, 2006 100,000 1,804 40,000 –  –  9,283 2,485,486 2,636,573 –  2,636,573
Profit for the period –  –  –  –  –  –  72,985 72,985 –  72,985
Transfer –  –  –  –  –  31,662 (31,662) –  –  –   
Dividend
paid –  –  –  –  –  –  (57,177) (57,177) –  (57,177)
Balance as at
31st March, 2007 100,000 1,804 40,000 40,945 2,469,632 2,652,381 –  2,652,381
Profit for the period –  –  –  –  –  –  8,836 8,836 –  8,836
Transfer –  –  –  –  –  (13,079) 13,079 –  –  –   
Dividend
paid –  –  –  –  –  –  (11,497) (11,497) –  (11,497)
Balance as at
31st March, 2008 100,000 1,804 40,000 –  –  27,866 2,480,050 2,649,720 –  2,649,720

In Accordance with Section 58 of Companies Act No. 7 of 2007, share capital has been re-classified as stated capital. The presentation of comparative information has been
reclassified accordingly.

Notes from pages 26 to 110 form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

24 Annual Report 2007/08 Bukit Darah PLC

Cash Flow Statements

(Amounts expressed in Sri Lankan Rs. ’000)

Group Company
For the year ended 31st March 2008  2007   2008  2007  

Cash Flows From Operating Activities

Profit/(loss) before taxation 5,316,352 2,791,801 11,468 73,235 
Adjustments for:
Foreign exchange loss 39,149 58,112 –  –   
Gain from changes in fair value of biological assets (779,113) (346,191) –  –   
Fair value adjustment - in investment properties –  (197,529) –  –   
Mark to market value adjustment for short-term investment 45,025 (154,241) 13,079 (31,662)
Share of net results of associates (35,620) (22,797) –  – 
Depreciation 664,952 482,295  –  –   
Amortisation of intangible assets/prepaid lease payment 26,677 18,082 –  – 
Provision for retiring gratuity 34,362 20,266  –  – 
Finance costs 832,961  539,058  –  – 
Profit on disposal of property, plant & equipment (40,142) (23,599) –  – 
Adjustment on capital work-in-progress 48,131 –  –  – 
Dividend

from Associate

Companies 6,468  4,356  –  – 
Operating cash flows before working capital changes 6,159,202 3,169,613 24,547 41,573 
(Increase)/decrease in inventories (572,155) (938,904) –  – 
(Increase)/decrease in trade and other receivables (810,375) (34,990) (360) 19,752
Increase/(decrease)

in

trade and other payables 403,963 145,920 511 8 
5,180,635 2,341,639 24,698 61,333 
Net

cash

flow from investments

(394,063) (708,434) 10,470 5,713
Net

cash

generated

from/(used in) operating activities 4,786,572 1,633,205 35,168 67,046
Finance costs paid (1,175,133) (575,429) –  – 
Tax paid (78,304) (224,817) (880) (445)
Retiring

gratuity

paid

(6,695) (5,671) –  – 
Net

cash

inflow/(outflow)

from operating activities 3,526,440 827,288 34,288 66,601
Cash Flows from Investing Activities
Purchase of property, plant & equipment & biological assets (2,539,892) (4,413,259) –  – 
Investment in Associate Companies –  (2,261) –  – 
Purchase of intangible assets/prepaid lease payment (30,325) (96,658) –  – 
Purchase of investments –  (205,871) –  (638,851)
(Increase)/decrease in amounts due from related companies –  –  –  661,432 
Proceeds from disposal of investment property –  224,000  –  – 
Proceeds from disposal of property, plant & equipment 69,366 28,492  –  – 
Deposits received 24,484 58,194  –  – 
Deposits

refunded



(4,269) (9,930) –  – 
Net

cash

generated

from/(used in) investing activities (2,480,636) (4,417,293) –  22,581
Cash Flow from Financing Activities
Proceeds from long-term loans 1,273,573 4,027,010  –  – 
Repayment of loans (675,473) (1,683,455) –  – 
Increase in long-term creditors (1,035,144) 162,762  –  – 
Repayment of finance lease creditors (181,015) (158,324) –  – 
Net decrease in minority shareholders’ interest (233,774) (216,674) –  – 
Dividends

paid (including

preference dividends) (11,046) (55,636) (11,046) (55,636)
Net

cash

generated

from/(used in) financing activities (862,879) 2,075,683 (11,046) (55,636)
Increase/(Decrease) in cash and cash equivalents 182,925 (1,514,322) 23,242 33,546
Cash and cash

equivalents

at the beginning of the year (1,085,245) 429,077 55,129 21,583 
Cash and cash equivalents at the end of the year [Note 31(b)] (902,320) (1,085,245) 78,371 55,129 

Notes from pages 26 to 110 form an integral part of these Financial Statements.

Figures in brackets indicate deductions.

Bukit Darah PLC Annual Report 2007/08 25