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Bukit Darah PLC “Will Continue to Hold and Benefit from Its to Key Strategic Investments It Has Made Over the Years

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Bukit Darah PLC “Will Continue to Hold and Benefit from Its to Key Strategic Investments It Has Made Over the Years Contents Sector Overview ......................................................................................... 2 Financial Highlights ................................................................................... 4 Our Performance ...................................................................................... 5 Chairman’s Statement ............................................................................... 8 Group Structure .......................................................................................10 Corporate Information ...........................................................................11 Financial Review .....................................................................................12 Operational Review ................................................................................17 Sustainability Report ................................................................................22 Value Added Statement ..........................................................................31 Profiles of the Directors .........................................................................33 Management Teams ................................................................................35 Group Directorate ...................................................................................37 Audit Committee Report ........................................................................42 Risk Management .....................................................................................44 Information to Shareholders & Investors ............................................48 Financial Statements Financial Calendar ....................................................................................54 Annual Report of the Board of Directors on the Affairs of the Company .........................................................55 Statement of Directors Responsibility ................................................63 Independent Auditors’ Report ..............................................................64 Statement of Income .............................................................................65 Statement of Financial Position.............................................................67 Statements of Changes in Equity .........................................................68 Statement of Cash Flow ........................................................................70 Notes to the Financial Statements .........................................................71 Group Real Estate Portfolio .................................................................158 US $ Financial Statements ....................................................................159 Glossary of Financial Terms ................................................................162 Notice of Meeting .................................................................................164 Form of Proxy ........................................................................................167 Bukit Darah PLC “will continue to hold and benefit from its to key strategic investments it has made over the years. Given the diversity and the geographical spread of the underlying businesses, shareholders of Bukit Darah are hedged against industry and geographical risks... ” Sector Overview Carson Cumberbatch PLC is a broadly diversified conglomerate with interests in oil palm plantations, oils and fats, beverages, portfolio & asset management, real estate and leisure sectors. Goodhope Asia Holdings Ltd. is an integrated Oil Palm producer with end to end participation in Palm Oil value chain with presence in Indonesia, Malaysia, India and Singapore. PLANTATIONS, BEVERAGE PORTFOLIO & OILS AND FATS ASSET MANAGEMENT Integrated Palm Oil Producer - Manufacturing, distributing and Composite investment upstream and downstream exporting Sri Lanka’s best loved management - listed equity, beer private equity, fixed income securities and unit trust 14% 25% 12% Turnover Turnover Value Growth - Discretionary Portfolio Contributed by increased Boosted by volume harvest and better increase and two excise Compared to 5.82% increase in extraction rates despite duty increases... benchmark ASPI. price drop... 2 Bukit Darah PLC | Annual Report 2012 . 2013 The Group is a regional one, with business operations across Sri Lanka and the South-East Asian region. Carsons Group holds several strategic alliances with global partners that continue to add long-term value to the Group’s investments. Key international alliance partners and project financiers include Carlsberg International of Denmark and its subsidiary, Carlsberg Brewery Malaysia Berhad, Standard Chartered Bank - Singapore, Air France, KLM Royal Dutch Airlines, Northwest Airlines of the USA, Martinair and Unit Trust of India. REAL ESTATE LEISURE MANAGEMENT SERVICES 150,000 Sq.ft of prime office/ Two properties offering beach and Inwardly focussed service warehouse space valued at Rs.2.7 cultural triangle experience flavoured oriented competency provider billion with excellent food and best of class service, connection with a global airline for half a century 61% 21% 100% Operating PAT Satisfaction Profit This inspite of a flat Maximizing satisfaction of occupancy trend but spiked internal customers instead Boosted by increase in by healthy room rates and of profit maximization. property valuation by product mix. Rs.103 million. 3 Financial Highlights (All figures in Sri Lankan Rupees thousands unless otherwise stated) For the year ended 31st March 2013 2012 % Change Income Statement Group revenue 76,160,413 66,078,183 15 Profit from operations 15,834,388 20,034,057 (21) Profit before taxation 13,555,159 17,695,891 (23) Profit after taxation 9,590,517 13,387,096 (28) EBITDA 13,680,798 19,012,150 (28) Profit attributable to ordinary shareholders 4,249,149 6,742,392 (37) Cash earning per share (Rs) 134 186 (28) Earnings per share (Rs.) 41.22 50.36 (18) Dividend per share (Rs) 3.00 2.50 20 Cash flow Operating cash flow 5,119,307 12,502,140 (59) Capital Expenditure 14,232,955 8,984,079 58 Balance Sheet Shareholders’ funds* 32,186,856 29,550,598 9 Net assets* 67,185,528 61,074,065 10 Net assets per ordinary share (Rs.) 315.56 289.71 9 Return on ordinary shareholders’ funds (%) 13 23 (42) Total assets 137,313,868 117,080,117 17 Net debt 43,300,854 28,846,373 54 Market / Shareholder Information Market value per share (Rs) 706 858 (18) Market capitalization (Company) 71,961 87,516 (18) Revenue to Government 15,284,413 11,420,648 34 Group value addition 35,685,711 34,200,408 4 Group employment (Nos.) 15,097 14,453 4 * Excluding preference share capital 4 Bukit Darah PLC | Annual Report 2012 . 2013 Our Performance-Non Financial Graphical Review We track performance against key financial and non-financial indicators. 80 1,200 70 1,000 60 800 50 40 600 30 400 20 200 10 0 0 09 10 11 12 13 09 10 11 12 13 Planted Land Fresh Fruit Bunch (Oil Palm) - Plantation (Ha’000) Production (MT ‘000) 63,970 Ha 1,031,788 MT 2012 - 53,479Ha 2012 - 874,865 MT The Sector’s growth and expansion over the years is seen here Increase in Fresh Fruit Bunch (FFB) production through increasing through the aggregation of mature and immature plantations within a new planted areas coming to maturity and adoption of best in class total land bank of 157,889ha. agronomy practices focused towards enhancing site yield potential. 800 600 500 600 400 250 400 300 200 200 200 150 0 100 100 09 10 11 12 13 50 NAV per share (Rs.) 0 09 10 11 12 13 Rs. 247.48 CPO (Crude Palm Oil) 2012 - Rs. 264.81 Production (MT ‘000) Market Value per Share (Rs.) 234,503 MT Rs. 160.00 2012 - 207,397 MT 2012 - Rs. 231.00 The Graph depicts the increase in CPO production, as a result of Ceylon Guardian group NAV per share has tracked the market the increase in planted land coming into maturity, higher FFB yields movement whereby market price represented on the CSE is closely through better agronomy practices and maintained extraction rates. linked with underlying book asset value, yet trade at a significant discount to the net asset value of the market price. 5 Our Performance -Non Financial Graphical Review 5 5.0 4 3.9 3 2.8 100 2 1.7 80 1 0.6 60 0 -0.5 40 09 10 11 12 13 Profit to shareholders (Rs. Bn) 20 0 Rs. 1.88 Bn 09 10 11 12 13 2012 - Rs. 2.17 Bn Occupancy rate Cashflows genereated (Rs. Bn) - Real Estate (%) Rs. 1.63 Bn 77% 2012 - Rs. 1.68 Bn 2012 - 86% Profit attributable to the shareholders of Bukit Darah PLC has Occupancy rates in the real estate segment has shown downward declined during the year under review. However cash flow from trends especially due to vacancies coming up at EQ2 property. With operating activities has remained flat in comparison to last years, the development around Colombo Fort area full occupancy at all strengthening the cash position of the investment sector in the year group properties is expected. under review. 60 15 50 12 40 9 30 6 20 3 10 0 0 09 10 11 12 13 09 10 11 12 13 Occupancy rate Taxes to the - Hotel Sector (%) Government (Rs.Bn) 58% Rs. 15 Bn 2012 - 59.19% 2012 - Rs. 11 Bn Occupancy rate in the Hotel Sector indicates a steady increase up Beverage Sector has contributed Rs.15Bn as taxes to the Government until FY2011 and continues at the same level in FY2012 and FY2013. for FY2013 which is an increase of 36% from last year. The increased tourist arrival numbers announced have not been felt by the star class hotels hence the flat performance. 6 Bukit Darah PLC | Annual Report 2012 . 2013 20,000 15 12 15,000
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