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E. B. Creasy & Company E. B. Creasy & Company PLC Annual Report 2011/12 Annual Report P.O. Box 37, No. 98, Sri Sangaraja Mawatha, Colombo 10, Sri Lanka. E. B. Creasy & Company PLC www.ebcreasy.com Annual Report 2011/12 CONTENTS 01 Financial Highlights 02 Notice of Meeting 03 Chairman’s Review 04 Management Review 07 Board of Directors 09 Group Profile 12 Enterprise Governance 15 Audit Committee Report 17 Annual Report of the Board of Directors 21 Financial Reports 22 Independent Auditors’ Report 24 Income Statement 25 Balance Sheet 26 Statements of Changes in Equity 27 Cash Flow Statement 29 Accounting Policies 40 Notes to the Financial Statements 95 Statement of Value Added 96 Share Information 98 Group Financial Summary Enclosed Form of Proxy Financial Highlights 2011/12 2010/11 Rs. ’000 Rs. ’000 Group Turnover 27,861,318 26,243,384 Group Profit before Taxation 2,085,657 2,382,123 Group Profit after Taxation 1,785,733 2,095,957 Net Profit Attributable to Equity Holders of the Parent 369,764 681,141 Value Added 7,787,753 7,303,775 Shareholders’ Funds 2,647,235 2,028,757 Earnings per Share (Rs.) 145.86 268.65 Net Assets per Share (Rs.) 3,046.30 2,850.52 Market Value per Share (Rs.) 1,200 2,498 Dividend per Share (Rs.) 6 7 Company Dividend Payout Ratio (%) 18.59 19.18 Notice of Meeting Notice is hereby given that the Seventy-Ninth Annual General Meeting of E. B. Creasy & Company PLC will be held at the Grand Oriental Hotel, No. 2, York Street, Colombo 01, on 29th June, 2012, at 10.30 a.m. for the following purposes: 1. To receive and consider the Annual Report of the Board of Directors and the Statements of Accounts for the year ended 31st March, 2012 with the Report of the Auditors thereon. 2. To declare a First and Final dividend as recommended by the Directors. 3. To re-elect as a Director Mr. S.N.P. Palihena who retires in accordance with Articles 91 and 92 of the Articles of Association. 4. To reappoint Mr. R.N. Bopearatchy who is over seventy years of age as a Director. Special Notice has been received from a shareholder of the intention to pass a Resolution which is set out below in relation to his reappointment. (See Note 4 below) 5. To reappoint Mr. A. Rajaratnam who is seventy years of age as a Director. Special Notice has been received from a Shareholder of the intention to pass a resolution which is set out below in relation to his reappointment. (See Note 5 below) 6. To authorize the Directors to determine contributions to charities. 7. To reappoint as Auditors, KPMG, Chartered Accountants and authorise the Directors to determine their remuneration. By Order of the Board, Corporate Managers & Secretaries (Private) Limited Secretaries Colombo 30th May, 2012 Notes: 1. A member of the Company who is entitled to attend and vote may appoint a proxy to attend and vote instead of him or her. A proxy need not be a member of the Company. 2. A Form of Proxy is enclosed for this purpose. 3. The instrument appointing a proxy must be deposited at the Registered Office of the Company’s Secretaries at No. 8-5/2, Leyden Bastian Road, York Arcade Building, Colombo 1, not less than forty-eight hours before the time fixed for the meeting. 4. Special Notice has been received by the Company from a shareholder giving notice of the intention to move the following Resolution as an Ordinary Resolution at the Annual General Meeting: Resolved - “That Mr. R.N. Bopearatchy who is seventy one years of age be and is hereby reappointed a Director of the Company and it is further specially declared that the age limit of seventy years referred to in Section 210 of the Companies Act No. 7 of 2007 shall not apply to the said Director, Mr. R.N. Bopearatchy.“ 5. Special Notice has been received by the Company from a shareholder giving notice of the intention to move the following Resolution as an Ordinary Resolution at the Annual General Meeting: Resolved - “That Mr. A. Rajaratnam who is seventy years of age, be and is hereby reappointed a Director of the Company and it is further specially declared that the age limit of seventy years referred to in Section 210 of the Companies Act No. 7 of 2007 shall not apply to the said Director, Mr. A. Rajaratnam.“ 2 E. B. Creasy & Company PLC | Annual Report 2011/12 Chairman’s Review I have great pleasure in welcoming you to the Rs. 1.8 billion, but profits declined by 11.6% to Seventy-Ninth Annual General Meeting of the Rs. 81.8 million in comparison to the previous Company and in presenting the Annual Report year’s profits of Rs. 92.5 million. Even though and Audited Accounts for the year ended 31st during the current year the Company revenues March, 2012. grew, the profit after tax fell due to foreign The Shareholders will be pleased to note that exchange losses, increased financial charges and our resolve to publish the Annual Report of the lower dividends received from subsidiaries. Company ahead of the regulatory time limit and to Your Directors have recommended the hold the Annual General Meeting much ahead of payment of a first and final dividend of Rs. 10.00 time than in the previous years has been successful. per share. The Sri Lankan economy recorded a growth I wish to express my sincere gratitude to all our of over 8% for the second successive year. Inflation employees in all the Companies within our Group was contained to a single digit helped by a low for their commitment and dedication in taking the interest rate regime that prevailed during the year. Group’s vision forward. I also wish to thank all our The credit led import growth widened the trade other stakeholders for their trust and confidence in deficit and the balance of payments resulting in the Group over the years and to my fellow Directors the depreciation of the Rupee and prompting the for their invaluable counsel at all times. upward movement of interest rates. The Group recorded a consolidated turnover of Rs. 27.9 billion, which is an increase of 6.2% over the previous year‘s figure. A profit before tax of Rs. 2.1 billion was achieved while Rs 2.3 A. Rajaratnam billion was achieved last year. The adverse Chairman performance of the Plantations reflected in the Group results was mitigated by the favourable performance of the other sectors of the Group and profits from the sale of investments. The Company's revenues increased by 16.5% to E. B. Creasy & Company PLC | Annual Report 2011/12 3 Management Review The General Trading Division of the Company for distribution, which should improve revenues which imports and markets a range of Automotive and restore profitability in the current year. Our Batteries, Hardware Items and Solar Powered subsidiary Muller & Phipps and its subsidiary which Water Pumps performed creditably well in a distributes pharmaceutical products island-wide competitive market. This year, the division achieved earned a profit of Rs. 44 million on a turnover of higher volume sales over that of the previous year. Rs. 427 million. To meet the demand for high technology batteries Laxapana Batteries PLC performance was from many brand new vehicle users, we have far from satisfactory. The turnover for the current introduced sealed, maintenance free Automotive year was Rs. 115.9 million as against a turnover Batteries manufactured with the latest technology of Rs. 316.6 million achieved during the previous in batteries by our principals. year. The Company registered a loss before tax of With the introduction of Fork Lifts and Rs. 81.2 million during the year in comparison to Accessories we have expanded the range of heavy the profit before tax of Rs. 12.8 million achieved engineering products. We anticipate good growth during the preceding year. The loss before tax in this sector. We have shifted our emphasis was enlarged due to a charge of Rs. 41.2 million in Renewable Energy from rural electrification to account for extraordinary provisions, which to grid connected net metering systems using includes provision for machinery impairment components made by some of the world’s leading amounting to Rs. 24.1 million. Although we manufacturers. The high cost of electricity for the continue to manufacture the D-sized batteries domestic user has given us the ideal opportunity from the impaired plant, further decline in sales to market our Renewable Energy Systems to meet is anticipated this year. The medium term strategy the demand shift to lower cost electricity. of the Company is to develop trading activities The consumer products manufacturing and in lighting and energy related products taking marketing division comprising of the Personal Care advantage of its strength in sales and brand loyalty. and Home Care Divisions is another important Lankem Ceylon PLC continued the Functional Division of E.B. Creasy & Co. PLC. In outstanding success they have achieved in the past, an increasingly competitive market, our Personal in the current year as well. All the divisions other Care products and Home Care products hold a than Consumer Division achieved their budgets in leading market position. Turnover and profits terms of turnover and profitability with most of from these operations improved further this year. them far outstripping the budget. To continue growth of our profitability, we have The Crop Protection Division continued the launched new product variants with potential to significant performance of the previous years into capture more market share.
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