|
|
| Cash flow statement |
| |
|
|
Group |
Company |
For the year ended 31st March
In Rs.'000s |
Note |
2008 |
2007 |
2008 |
2007 |
| |
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
| Profit before working capital changes |
A |
5,381,238 |
4,827,013 |
4,576,086 |
2,838,273 |
| |
|
|
|
|
|
| (Increase)/decrease in inventories |
|
93,864 |
(115,785) |
22 |
27 |
| (Increase)/decrease in receivables and prepayments |
|
213,624 |
(1,469,655) |
526,884 |
(462,443) |
| (Increase)/decrease in other non-current assets |
|
(1,044,783) |
(1,179,314) |
26,257 |
- |
| Increase/(decrease) in creditors and accruals |
|
1,451,893 |
891,505 |
(154,269) |
237,353 |
| Cash generated from operations |
|
6,095,836 |
2,953,764 |
4,974,980 |
2,613,210 |
| |
|
|
|
|
|
| Interest received |
|
2,083,916 |
493,759 |
- |
- |
| Finance expenses paid |
|
(1,618,255) |
(1,314,490) |
(583,794) |
(632,423) |
| Dividend received |
|
1,491,552 |
1,301,400 |
- |
- |
| Tax paid |
|
(1,061,346) |
(859,074) |
(151,736) |
(46,458) |
| Gratuity paid |
|
(77,830) |
(52,824) |
(13,704) |
(2,203) |
| Net cash flow from operating activities |
|
6,913,873 |
2,522,535 |
4,225,746 |
1,932,126 |
| |
|
|
|
|
|
CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES |
|
|
|
|
|
| Purchase and construction of property, plant and equipment |
|
(2,778,167) |
(2,676,134) |
(19,723) |
(100,705) |
| Addition to investment property |
|
(21,384) |
(238,263) |
(32,158) |
- |
| Purchase of lease rights |
|
- |
(3,518,678) |
- |
- |
| Advances paid on investment |
|
(615,358) |
- |
- |
- |
| Acquisition of subsidiary |
B |
(331,410) |
- |
- |
- |
| Increase in interest in subsidiaries |
|
(1,952) |
(5,325) |
(3,022,226) |
(1,625,115) |
| Acquisition of associate |
|
- |
(718,147) |
- |
(705,457) |
| Increase in interest in associates |
|
(858,036) |
(3,623,729) |
(209,643) |
(3,623,729) |
| Proceeds from sale of property, plant and equipment |
|
105,107 |
69,932 |
410 |
9,375 |
| Proceeds from sale of investment property |
|
- |
511,941 |
- |
- |
| Proceeds from sale of non-current investments |
C |
137,706 |
141,209 |
53,032 |
60,079 |
| Proceeds from sale of other investments |
|
- |
- |
- |
9,100 |
| Addition to intangible assets |
|
- |
(31,060) |
- |
- |
| Grants received for investing activities |
|
4,970 |
- |
- |
- |
| Net cash flow from / (used in) investing activities |
|
(4,358,524) |
(10,088,254) |
(3,230,308) |
(5,976,452) |
| |
|
|
|
|
|
CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES |
|
|
|
|
|
| Proceeds from issue of shares - company |
|
218,373 |
13,040,621 |
218,373 |
13,040,621 |
| Proceeds from minority on issue of rights in subsidiaries |
|
86,900 |
- |
- |
- |
| Dividend paid to equity holders of parent |
|
(3,176,302) |
(1,412,306) |
(3,176,302) |
(1,412,306) |
| Dividend paid to minority shareholders |
|
(205,304) |
(282,794) |
- |
- |
| Proceeds from long term borrowings |
|
1,139,239 |
5,900,207 |
- |
2,995,493 |
| Repayment of long term borrowings |
|
(2,011,519) |
(545,366) |
(700,000) |
(164,974) |
| Proceeds from/(repayment of) short term borrowings (net) |
|
(2,313,311) |
1,721,291 |
(500,000) |
- |
| Net cash flow from/(used in) financing activities |
|
(6,261,924) |
18,421,653 |
(4,157,929) |
14,458,834 |
| |
|
|
|
|
|
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS |
|
(3,706,575) |
10,855,934 |
(3,162,491) |
10,414,508 |
CASH AND CASH EQUIVALENTS AT THE BEGINNING |
|
12,951,472 |
2,090,487 |
9,822,103 |
(592,405) |
CASH AND CASH EQUIVALENTS AT THE END |
|
9,244,897 |
12,946,421 |
6,659,612 |
9,822,103 |
| |
|
|
|
|
|
ANALYSIS OF CASH AND CASH EQUIVALENTS |
|
|
|
|
|
| Favourable balances |
|
|
|
|
|
| Cash in hand and at bank |
|
2,191,251 |
1,626,473 |
242,702 |
25,348 |
| Short term investments |
|
10,455,366 |
16,138,609 |
6,984,736 |
12,301,694 |
| Unfavourable balances |
|
|
|
|
|
| Bank overdrafts |
|
(3,401,720) |
(4,818,661) |
(567,826) |
(2,504,939) |
| Total cash and cash equivalents as previously reported |
|
9,244,897 |
12,946,421 |
6,659,612 |
9,822,103 |
| Effect of exchange rate changes |
|
- |
5,051 |
- |
- |
| Cash and cash equivalents restated |
|
9,244,897 |
12,951,472 |
6,659,612 |
9,822,103 |
| |
|
|
|
|
|
|
| |
|
|
Group |
Company |
|
For the year ended 31st March
In Rs.'000s |
2008 |
2007 |
2008 |
2007 |
A |
Profit before working capital changes |
|
|
|
|
|
Profit before tax |
6,578,548 |
4,794,785 |
3,915,792 |
2,152,304 |
|
Adjustments for: |
|
|
|
|
|
Interest income |
(2,083,916) |
(493,759) |
- |
|
|
Dividend income |
(93,405) |
(48,634) |
- |
- |
|
Finance expenses |
1,618,255 |
1,314,490 |
583,794 |
632,423 |
|
Change in fair value of investment property |
- |
(109,612) |
- |
- |
|
Share of results of associates |
(2,242,713) |
(1,700,992) |
- |
- |
|
(Profit) / loss on sale of non-current investments |
(55,151) |
(58,952) |
(41,236) |
(37,039) |
|
Depreciation of property, plant and equipment |
1,444,165 |
1,124,116 |
110,116 |
91,244 |
|
Amortisation / depreciation of non-current assets |
178,420 |
133,553 |
- |
- |
|
Amortisation of other deferred liabilities |
(1,622) |
(1,635) |
- |
- |
|
Gratuity provision and related costs |
165,417 |
152,815 |
7,718 |
14,685 |
|
Impairment losses on property, plant & equipment and investments |
3,283 |
11,678 |
- |
- |
|
(Profit) / loss on sale of property, plant and equipment |
(69,346) |
(25,261) |
(94) |
(6,725) |
|
(Profit) / loss on sale of investment property |
- |
(201,941) |
- |
- |
|
(Profit) / loss on sale of other investments |
- |
- |
(4) |
(8,619) |
|
(Gain) / loss on foreign exchange |
(5,051) |
(1,377) |
- |
- |
|
(Gain) / loss on revaluation of property, plant and equipment |
(155) |
- |
- |
- |
|
Negative goodwill on acquisitions |
(56,625) |
(66,531) |
- |
- |
|
Unrealised profits |
1,134 |
4,270 |
- |
- |
|
|
5,381,238 |
4,827,013 |
4,576,086 |
2,838,273 |
| |
|
|
|
|
|
| B |
Acquisition of subsidiary |
|
|
|
|
|
The fair value of assets acquired and liabilities assumed of Tranquility (Pte) Ltd.were as follows. |
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
|
(3,310,266) |
|
Trade and other receivables |
|
|
|
(23,092) |
|
Interest bearing borrowings |
|
|
|
1,961,985 |
|
Trade and other payables |
|
|
|
806,601 |
|
Cash and cash equivalents |
|
|
|
5,930 |
|
Total net assets |
|
|
|
(558,842) |
|
Minority interest |
|
|
|
544 |
|
Negative goodwill |
|
|
|
4,548 |
|
Cash consideration paid on acquisition of subsidiary |
|
|
(553,750) |
|
Cash and cash equivalents acquired |
|
|
|
(5,930) |
|
Advances paid on investment |
|
|
|
228,270 |
|
Net cash outflow on acquisition of subsidiary |
|
|
(331,410) |
| |
|
|
|
|
|
| C |
Disposal of non current investments |
|
|
|
|
|
The fair value of net assets disposed of Unawatuna Walk Inn Ltd. and KeellsBusiness Systems Ltd.were as follows. |
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
|
55,493 |
|
Deferred tax assets |
|
|
|
1,752 |
|
Other non-current assets |
|
|
|
9,519 |
|
Inventories |
|
|
|
58,433 |
|
Trade and other receivables |
|
|
|
136,446 |
|
Employee benefit liabilities |
|
|
|
(7,695) |
|
Trade and other payables |
|
|
|
(155,787) |
|
Cash and cash equivalents |
|
|
|
(4,288) |
|
Total net assets |
|
|
|
93,873 |
|
Minority interest |
|
|
|
(1,774) |
|
Unamortised goodwill |
|
|
|
467 |
|
Transferred to other investments |
|
|
|
(14,299) |
|
Profit on disposal of non current investments |
|
|
55,151 |
|
Cash consideration received on disposal of non current investments |
|
133,418 |
|
Cash and cash equivalents disposed |
|
|
|
4,288 |
|
Net cash inflow on disposal of non current investments |
|
|
137,706 |
| |
|
|
|
|
|
|
| |
Figures in brackets indicate deductions.
The accounting policies and notes from pages 106 to 144 form an integral part of these financial statements.
22 May 2008 |
| |
| |
| |
|
