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Bukit Darah PLC  Group Structure

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Bukit Darah PLC  Group Structure Group at a Glance (All figures in Sri Lankan Rupees thousands unless otherwise stated) For the year ended 31st March 2008 2007 % Change Group revenue 15,583,756 9,620,950 62 Profit from operations 6,152,842 3,366,74 83 Profit before taxation 5,316,352 2,79,80 90 Profit after taxation 3,873,481 2,099,944 84 EBITDA 6,110,383 3,366,9 82 Profit attributable to ordinary shareholders* 1,490,660 8,64 84 Dividend - ordinary dividend 50,000 55,000 (9) Shareholders’ funds** 8,845,584 7,32,998 2 Net assets 21,259,634 7,57,527 2 Total assets 36,065,771 30,330,072 9 Return on ordinary shareholders’ funds (%) 17 53 Earnings per share (Rs.) 148.34 80.37 85 Cash Earnings per share (Rs) 351.92 81.94 329 Net assets per ordinary share (Rs.) 884.56 731.30 21 Market capitalisation (Company) Rs. Mn 14,000,000 3,390,000 5 Enterprise value - Rs mn 32,718,360 29,699,689 (0) Revenue to Government (including associates’ income tax) 3,249,710 2,750,80 8 Group value addition 12,077,712 7,674,23 57 Group employment (Nos.) 6,581 5,576 8 * Excluding minority shareholders ** Excluding preference share and minority shareholders. Contents Group at a Glance Group Structure 2 Chairman’s Statement 3 Summary of Operating Segments 4 Business Review 5 Report of the Directors 8 Audit Committee Report 16 Financial Reports Report of the Auditors 21 Income Statements 22 Balance Sheets 23 Statements of Changes in Equity 24 Cash Flow Statements 25 Notes to the Financial Statements 26 Five Year Summary 111 Statement of Value Added 113 US Dollar Financials 115 Profiles of Directors 122 Group Directorate 130 Information to Shareholders and Investors 132 Value of Real Estate and Properties 134 Glossary of Financial Terms 135 Notice of Meeting 136 Form of Proxy Enclosed Annual Report 2007/08 Bukit Darah PLC Group Structure Oil Palm Beverage Real Estate Hotels Investment Management Plantations & Holding & Services Airlines Financial Services Sri Lanka Shalimar (Malay) PLC • Lion Brewery • Equity One PLC • Carsons Airline • Carson Cumberbatch • Carsons Management • 1909* • 91.06% (Ceylon) PLC • 1981* •94.59% Services (Private) Limited PLC Services (Private) Limited •1996* •54.9% • 1993* • 100% • 1913* • 46.4% • 1993* • 100% • Selinsing Co. PLC • CBL Retailers (Private) • Equity Two PLC • Pegasus Hotels • Ceylon Guardian • Guardian Fund • 1907* • 86.25% Limited • 1990*• 88.81% of Ceylon PLC Investment Trust PLC Management Limited • 2007* • 100% •1966* • 92.75% • 1951* • 66.65% • 2000* • 100% • Indo-Malay PLC • Equity Three • Equity Hotels Limited • Ceylon Investments • Carson Real Estate • 1906* •76.76% (Private) Limited •1970* • 100% PLC Services (Private) Limited • 1990* • 100% • 1919* • 63.42% • 2007* • 100% • Good Hope PLC • Equity Five Limited • Ceylon Brewery • Agro Harapan Lestari • 1910* •86.91% • 1994* • 100% PLC (Private) Limited • 1910* •74.93% • 2008* •100% • Equity Seven Limited • Watapota Investments • 1994* • 100% PLC • 1920* • 86.77% • Equity Nine • Rubber Investment (Private) Limited Trust Limited •2006* •100% • 1906* • 100% • Equity Developers • Weniwella (Private) Limited Investments Limited • 2006* •100% • 1906* • 77.72% • Equity Property • Mylands Developers (Private) Investments Limited Limited • 1920* • 92.66%. •2007* •100% • Leechman & Company • Equity Lands (Private) (Private) Limited Limited • 1953* • 100% •2006* •100% • Union Assurance PLC + • 36.97% • The Unit Trust Management Co. (Private) Limited + •22% • ACW Insurance (Private) Limited + • 50% Indonesia • PT Agro Indomas • PT Agro Harapan • 84.5%. Lestari • 2007* • 1989* Indonesia • 60% • PT Agro Bukit • 90% + • 2004* Indonesia Malaysia • Shalimar Developments • Agro Harapan Lestari Sdn. Bhd. Sdn. Bhd • 980 • 2007* • 60% • Malaysia* • 00% Singapore • Goodhope Asia Holding Limited • 2008* • 00% % refers to group interest. + refers to Associated Companies + Refer to year of incorporation 2 Annual Report 2007/08 Bukit Darah PLC Chairman’s Statement Dear Shareholders, has within its portfolio a land bank of approximately 80,000 ha (inclusive of PTAB) and a processing I am pleased to welcome you to the ninety second capacity of 180MT/hr. Annual General Meeting of the Company and on behalf of the Board of Directors take pleasure in The other key investment held by the Company, presenting to you the Annual Report and Audited is a 46.4% stake in Carson Cumberbatch PLC Accounts of the Company for the year ended (CCPLC), which has exposure to a diverse group of 31st March 2008. businesses. The consolidated profit after tax of Carson Cumberbatch Group amounted to Rs. 3.5 bn this year, Bukit Darah PLC recorded a consolidated turnover recording a growth of 89% over the previous year. of Rs. 15.58 bn and a profit after tax of Rs. 3.87 bn, This consolidated performance for the year 2007/08 representing a growth of 62% and 84% respectively. was the best ever achieved by Carsons up to now. This includes the profit attributable from Carson As a group, each of the core sectors have achieved Cumberbatch PLC; as well as the Indonesian oil palm results that were reflective of the industry conditions plantation, PT Agro Bukit, owned by the Company. they faced and the management processes in Shareholders’ funds amounts to Rs. 8.8 bn, a place to ensure returns from these businesses over growth of 21%. time. A more detailed comment is available in the Operational Review. The year under review saw the two main investment holdings within the Company perform well, recording Against the backdrop of this performance from strong growth in earnings and undertaking expansion the Company’s two key investment holdings, we programmes that will sustain their ability to grow are confident that above average value creation over the years. PT Agro Bukit (PTAB), now has to shareholders will continue in the years to come. approximately 15,000 ha of oil palm that has been As we look forward to the future, it is important fully developed and will be coming into maturity in to mention that the business of Bukit Darah PLC, stages over the next few years. PTAB recorded a is now invariably inter-linked with that of Carson profit after tax of over US $ 650,000 inclusive of a Cumberbatch PLC and that both companies share gain from changes in fair value of biological assets. in the risks, rewards and returns from a common business base. Thus the performance of the Carsons Oil palm prices reached record highs in recent times Group business portfolio and in particular the oil palm in the face of rising commodity prices worldwide. plantation business will have a direct bearing on the Although price levels may not remain at such future performance and profitability of this company. unprecedented levels for too long, we anticipate that the edible oil market will continue to grow in a I take this opportunity to thank my fellow Directors, sustainable manner in the medium term, satisfying business associates, regulatory authorities and the demand originating from the emerging markets of financial institutions for the support extended to China and India, as well as the growing diversity of us in developing our business and taking forward uses for the commodity in the edible and its investment programme. I especially thank the non-edible categories. The regeneration of interest in shareholders for their support and interest over the bio fuels as a result of high petroleum prices will also years and express my confidence that our business be a supportive trend in the growth of the vegetable portfolio will continue to create substantial value to oils market. Thus PTAB will be well positioned to you into the future. derive the benefits of the global palm oil market when the plantation reaches maturity. PTAB continues (Sgd.) to be managed synergistically within the overseas Hari Selvanathan plantation sector of Carson Cumberbatch PLC, of Chairman which this company is the ultimate parent. Carsons 26th May 2008 Annual Report 2007/08 Bukit Darah PLC 3 Summary of Operating Segments Bukit Darah PLC and consolidated subsidiaries and associates (In Sri Lankan Rupees Thousands) For the years ended March 31 2008 2007 2006 2005 REVENUE Investment Holdings & Financial Services 2,438,139 2,438,070 ,902,3 ,039,660 Oil Palm Plantations 9,032,017 3,908,296 3,349,096 2,603,38 Beverage 5,226,613 3,973,233 3,84,70 3,080,352 Real Estate 136,722 97,767 90,572 84,74 Hotels 163,873 9,6 49,938 92,347 Airlines 7,760 ,367 6,796 9,07 Management Services 845,576 24,69 05,672 78,397 17,850,700 0,672,963 9,345,897 6,987,895 Share of Associate Companies’ Revenue (624,512) (486,925) (399,503) (330,499) Intra-group Transactions (1,642,432) (565,088) (723,496) (450,285) CONSOLIDATED REVENUES 15,583,756 9,620,950 8,222,898 6,207, SEGMENT PROFIT Investment Holdings & Financial Services 731,256 ,243,853 669,676 348,603 Oil Palm Plantations 3,243,767 ,067,056 ,098,269 3,22, Beverage 178,841 3,883 352,82 334,470 Real Estate 69,559 207,02 207,538 22,703 Hotels (31,290) (42,574) (46,3) (28,444) Airlines 912 3,023 (3,927) (6,252) Management Services 193,946 (35,229) (9,298) (23,484) 4,386,991 2,457,024 2,268,29 3,868,707 Intra-group Transactions (513,510) (357,080) (397,094) (288,783) Amortisation of Goodwill – – (37,64) 243,970 CONSOLIDATED NET EARNINGS 3,873,481 2,099,944 ,833,42 3,823,894 4 Annual Report 2007/08 Bukit Darah PLC Business Review PT Agro Bukit The agronomy and plantation management policies The oil palm industry had a good year with prices and procedures adopted within the Carsons agro reaching new heights on the back of strong sentiments group plantations sector will be replicated with within the oils & fats industry with the expectation of refinement to suit site condition, thereby deriving continued demand growth particularly for palm oil.
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