TIDMNBP
RNS Number : 2790R
Narborough Plantations PLC
28 April 2009
The Narborough Plantations, Public Limited Company
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Interim Financial Statements
31 March 2009
The Narborough Plantations, plc
(Incorporated in England 1910 -
Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No.
991416-W)
+-----------------------------------------------------------+----------+
| Income Statements |
+----------------------------------------------------------------------+
| FOR THE PERIOD ENDED 31 MARCH 2009 | |
+-----------------------------------------------------------+----------+
| (the figures have not been audited) | |
| | |
+-----------------------------------------------------------+----------+
+----------------------------+------------+--+------------+--+----------+--+-----------+
| Continuing Operations | |
+----------------------------+---------------------------------------------------------+
| | 3 months period / Cumulative period |
+----------------------------+---------------------------------------------------------+
| | ended 31.03.09 | | ended 31.03.08 |
+----------------------------+----------------------------+--+-------------------------+
| | RM | | GBP | | RM | | GBP |
+----------------------------+------------+--+------------+--+----------+--+-----------+
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Revenue | 1,041,119 | | 199,831 | | 2,564,259 | | 401,921 |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Cost of sales | (337,292) | | (64,739) | | (468,833) | | (73,485) |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Gross Profit | 703,827 | | 135,092 | | 2,095,426 | | 328,436 |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Other operating income | 15,114 | | 2,901 | | 4,235 | | 664 |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Administrative expenses | (161,083) | | (30,918) | | (161,276) | | (25,278) |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Exchange profit/(loss) | 122,076 | | 23,431 | | (133,518) | | (20,928) |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Operating Profit | 679,934 | | 130,506 | | 1,804,867 | | 282,894 |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Share of operating profit | 98,870 | | 18,977 | | 234,704 | | 36,903 |
| in associate after tax | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Finance income | 66,121 | | 12,691 | | 60,252 | | 9,444 |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Finance cost | (4,897) | | (938) | | (6,017) | | (946) |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Profit before tax | 840,028 | | 161,236 | | 2,093,806 | | 328,295 |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Tax expense | (199,998) | | (38,387) | | (521,000) | | (81,661) |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Profit for the financial | 640,030 | | 122,849 | | 1,572,806 | | 246,634 |
| period | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
| Earnings per share (sen / | 4.81 | | 0.92 p | | 11.81 | | 1.85 p |
| pence) | | | | | | | |
+----------------------------+------------+--+------------+--+-----------+--+------------+
The income statements should be read in conjunction with the financial
statements for the financial year ended 31 December 2008 and the accompanying
explanatory notes attached to the interim financial statements.
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration
No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSE
FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2009
(the figures have not been audited)
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| | | | Year ended |
+--------------------------+-------------------------+--+----------------------------+
| | 31.03.2009 | | 31.12.2008 |
+--------------------------+-------------------------+--+----------------------------+
| | | | | | (Audited) |
+--------------------------+----------+--+-----------+--+----------------------------+
| | RM | | GBP | | RM | | GBP |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| Profit for the financial | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| period | 640,030 | | 122,849 | | 3,981,728 | | 673,396 |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| Net surplus/(deficit) | | | | | | | |
| arising on | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| translation of balance | | | | | | | |
| sheet | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| items at beginning of | | | | | | | |
| period | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| and results of the year | | | | | | | |
| to | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| year-end exchange rate | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| - revaluation reserve | - | | (175,782) | | - | | 1,087,004 |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| - capital reserve | - | | (22,189) | | - | | 116,204 |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| - foreign exchange | - | | (41,944) | | - | | 242,407 |
| reserve | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| - general reserve | - | | (7,373) | | - | | 29,358 |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| - retained profits | - | | (150,126) | | - | | 751,659 |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| Total recognised income | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
| and expense for the | 640,030 | | (274,565) | | 3,981,728 | | 2,900,028 |
| period | | | | | | | |
+--------------------------+----------+--+-----------+--+-----------+--+-------------+
The statement of total recognised income and expense should be read in
conjunction with the financial statements for the financial year ended 31
December 2008 and the accompanying explanatory notes attached to the interim
financial statements.
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No.
109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
BALANCE SHEET AS AT 31 MARCH 2009
(the figures have not been audited)
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | 3 months | | Year ended |
+------------------------+---------------------------+--+---------------------------+
| | to 31.03.09 | | 31.12.08 |
+------------------------+---------------------------+--+---------------------------+
| ASSETS | | | | | (Audited) |
+------------------------+------------+--+-----------+--+---------------------------+
| | RM | | GBP | | RM | | GBP |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| NON CURRENT ASSETS | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Property, plant and | 14,673,161 | | 2,810,950 | | 14,685,063 | | 2,937,013 |
| equipment | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Biological assets | 14,473,005 | | 2,772,606 | | 14,473,005 | | 2,894,601 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Prepaid lease payments | 110,937 | | 21,252 | | 115,625 | | 23,125 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Investment in | 8,319,227 | | 1,593,722 | | 8,220,357 | | 1,644,072 |
| associate | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | 37,576,330 | | 7,198,530 | | 37,494,050 | | 7,498,811 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| CURRENT ASSETS | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Inventories | 54,700 | | 10,479 | | 7,144 | | 1,429 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Trade and other | 286,025 | | 54,794 | | 273,575 | | 54,715 |
| receivables | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Short term deposits | 9,479,725 | | 1,816,039 | | 9,262,572 | | 1,852,514 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Cash and bank balances | 422,168 | | 80,875 | | 252,866 | | 50,573 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Tax recoverable | 418,987 | | 80,266 | | 418,987 | | 83,797 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL CURRENT ASSETS | 10,661,605 | | 2,042,453 | | 10,215,144 | | 2,043,028 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL ASSETS | 48,237,935 | | 9,240,983 | | 47,709,194 | | 9,541,839 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| LIABILITIES | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| CURRENT LIABILITIES | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Trade and other | (391,016) | | (74,907) | | (502,305) | | (100,461) |
| payables | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Current tax | - | | - | | - | | - |
| liabilities | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | (391,016) | | (74,907) | | (502,305) | | (100,461) |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| NON CURRENT | | | | | | | |
| LIABILITIES | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Provision for | (29,023) | | (5,560) | | (29,023) | | (5,805) |
| retirement benefits | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Deferred tax | (58,397) | | (11,187) | | (58,397) | | (11,679) |
| liabilities | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Cumulative preference | (84,163) | | (19,024) | | (84,163) | | (19,024) |
| shares | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | (171,583) | | (35,771) | | (171,583) | | (36,508) |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL LIABILITIES | (562,599) | | (110,678) | | (673,888) | | (136,969) |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL NET ASSETS | 47,675,336 | | 9,130,305 | | 47,035,306 | | 9,404,870 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| CAPITAL & RESERVES ATTRIBUTABLE TO | | | | | | |
+-------------------------------------+--+-----------+--+------------+--+-----------+
| EQUITY HOLDERS OF THE COMPANY | | | | | | |
+-------------------------------------+--+-----------+--+------------+--+-----------+
| | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Share capital | 4,891,969 | | 1,331,659 | | 4,891,969 | | 1,331,659 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Other reserves | 24,361,268 | | 4,269,509 | | 24,361,268 | | 4,516,797 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Retained profits | 18,422,099 | | 3,529,137 | | 17,782,069 | | 3,556,414 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | 47,675,336 | | 9,130,305 | | 47,035,306 | | 9,404,870 |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
| Net assets per share | 3.58 | | 68.56 p | | 3.53 | | 70.63 p |
| (RM / pence) | | | | | | | |
+------------------------+------------+--+-----------+--+------------+--+-----------+
The balance sheet should be read in conjunction with the financial statements
for the financial year ended 31 December 2008 and the accompanying explanatory
notes attached to the interim financial statements.
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No.
109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
+----------------------------------------------+
| STATEMENT OF CHANGES IN EQUITY |
+----------------------------------------------+
| FOR THE PERIOD ENDED 31 MARCH 2009 |
| (the figures have not been audited) |
| (in Ringgit Malaysia) |
+----------------------------------------------+
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | Revaluation | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | reserve | | | | |
| | | net of | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | Share |attributable | Capital | General | Retained | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | capital | deferred | reserve | reserve | profits | Total |
| | | tax | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | RM | RM | RM | RM | RM | RM |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| At 1 January | 4,891,969 | 22,313,966 | 2,385,440 | 602,660 | 13,721,716 | 43,915,751 |
| 2008 | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Additional | | | | | | |
| interest | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| in an associate | - | - | 246,964 | 272,038 | - | 519,002 |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Realisation of | | | | | | |
| revaluation | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| surplus on | | | | | | |
| disposal of | | | | | | |
| property, | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| property, plant | | | | | | |
| and | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| equipment | - | (1,459,800) | - | - | 1,459,800 | - |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Total | | | | | | |
| recognised | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| income and | | | | | | |
| expense | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| for the year | - | - | - | - | 3,981,728 | 3,981,728 |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Dividends | - | - | - | - | (1,381,175) | (1,381,175) |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| At 31 December | 4,891,969 | 20,854,166 | 2,632,404 | 874,698 | 17,782,069 | 47,035,306 |
| 2008 | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Additional | | | | | | |
| interest | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| in an associate | - | - | - | - | - | - |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Total | | | | | | |
| recognised | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| income and | | | | | | |
| expense | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| for the year | - | - | - | - | 640,030 | 640,030 |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| Dividends | - | - | - | - | - | - |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
| At 31 March | 4,891,969 | 20,854,166 | 2,632,404 | 874,698 | 18,422,099 | 47,675,336 |
| 2009 | | | | | | |
+-----------------+------------+--------------+------------+----------+-------------+--------------+
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No.
109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
+---------------------------------------------+
| STATEMENT OF CHANGES IN EQUITY |
+---------------------------------------------+
| FOR THE PERIOD ENDED 31 MARCH 2009 |
| (the figures have not been audited) |
| (in Pound Sterling) |
+---------------------------------------------+
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | Revaluation | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | reserve | | Foreign | | | |
| | | net of | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | Share |attributable | Capital | exchange |General | Retained | |
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | capital | deferred | reserve | reserve |reserve | profits | Total |
| | | tax | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| At 1 January | 1,331,659 | 3,375,789 | 360,884 | (597,864) | 91,174 | 2,075,902 | 6,637,544 |
| 2008 | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Additional | | | | | | | |
| interest in an | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| associate | - | - | 49,393 | - | 54,408 | - | 103,801 |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Revaluation | | | | | | | |
| gains from | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| revaluation of | | | | | | | |
| property, | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| plant and | - | (291,960) | - | - | - | 291,960 | - |
| equipment | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Total | | | | | | | |
| recognised | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| income and | | | | | | | |
| expense | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| for the year | - | 1,087,004 | 116,204 | 242,407 | 29,358 | 1,425,055 | 2,900,028 |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Dividends | - | - | - | - | - | (236,503) | (236,503) |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| At 31 December | 1,331,659 | 4,170,833 | 526,481 | (355,457) | 174,940 | 3,556,414 | 9,404,870 |
| 2008 | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Additional | | | | | | | |
| interest in an | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| associate | - | - | - | - | - | - | - |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Total | | | | | | | |
| recognised | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| income and | | | | | | | |
| expense | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| for the year | - | (175,782) | (22,189) | (41,944) | (7,373) | (27,277) | (274,565) |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| Dividends | - | - | - | - | - | - | - |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
| At 31 March | 1,331,659 | 3,995,051 | 504,292 | (397,401) | 167,567 | 3,529,137 | 9,130,305 |
| 2009 | | | | | | | |
+-----------------+-----------+--------------+----------+-----------+---------+-----------+------------+
The statement of changes in equity should be read in conjunction with the
financial statements for the financial year ended 31 December 2008 and the
accompanying explanatory notes attached to the interim financial statements.
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No.
109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
CASH FLOW STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2009
(the figures have
not been audited)
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | | 3 months to | | 3 months to |
+--+------------------------------------+--------------------------+--+----------------------------+
| | | 31.3.2009 | | 31.3.2008 |
+--+------------------------------------+--------------------------+--+----------------------------+
| | | RM | | GBP | | RM | | GBP |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Operating Activities | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Profit before taxation | 840,028 | | 161,236 | | 2,093,806 | | 328,295 |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Adjustments for: | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Amortisation of prepaid lease | 4,688 | | 900 | | 4,687 | | 735 |
| | payment | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Depreciation of property, plant | 13,102 | | 2,515 | | 18,538 | | 2,905 |
| | and equipment | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Provision/(write back) of | - | | - | | - | | - |
| | retirement benefits | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Gain on disposal of property, | - | | - | | - | | - |
| | plant & equipment | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Share of profit of associate after | (98,870) | | (18,977) | | (234,704) | | (36,903) |
| | tax | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Finance income | (66,121) | | (12,691) | | (60,252) | | (9,444) |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Finance cost | 4,897 | | 938 | | 6,017 | | 946 |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Operating cash flow before changes in | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| working capital and provisions | 697,724 | | 133,921 | | 1,828,092 | | 286,534 |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Decrease/(Increase) in inventories | (47,556) | | (9,110) | | (19,480) | | (3,063) |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Decrease/(Increase) in trade and | (12,450) | | (2,385) | | (53,673) | | (8,439) |
| | other receivables | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | (Decrease)/Increase in trade and | (120,766) | | (23,135) | | (29,973) | | (4,713) |
| | other payables | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Cash generated from operations | 516,952 | | 99,291 | | 1,724,966 | | 270,319 |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Tax paid | (199,998) | | (38,387) | | (296,748) | | (46,512) |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Net cash flow from operating | 316,954 | | 60,904 | | 1,428,218 | | 223,807 |
| activities | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Investing activities | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Repayment from / (advances to) | 4,580 | | 877 | | 2,681 | | 422 |
| | affiliated company | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Interest received | 66,121 | | 12,691 | | 60,252 | | 9,444 |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Proceeds from disposal of | - | | - | | - | | - |
| | property, plant & equipment | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Purchase of property, plant & | (1,200) | | (230) | | (27,600) | | (4,340) |
| | equipment | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Net cash flow from investing | 69,501 | | 13,338 | | 35,333 | | 5,526 |
| activities | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Financing activities | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Dividends paid on equity shares | - | | - | | (1,413,643) | | (213,864) |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Dividends paid on preference | - | | - | | - | | - |
| | shares | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Net cash flow used in financing | - | | - | | (1,413,643) | | (213,864) |
| activities | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Increase in cash and cash equivalents | 386,455 | | 74,242 | | 49,908 | | 15,469 |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Effects of exchange rate changes | - | | (80,415) | | - | | 40,502 |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Cash and cash equivalents at | 9,515,438 | | 1,903,087 | | 8,092,424 | | 1,224,270 |
| beginning of the period | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Cash and cash equivalents at end of | 9,901,893 | |1,896,914 | | 8,142,332 | | 1,280,241 |
| the period | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| Comprising: | | | | | | | |
+---------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Cash and bank balances | 422,168 | | 80,875 | | 3,542,332 | | 556,970 |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | Short term deposits | 9,479,725 | | 1,816,039 | | 4,600,000 | | 723,271 |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
| | |9,901,893 | | 1,896,914 | | 8,142,332 | | 1,280,241 |
+--+------------------------------------+-----------+--+-----------+--+-------------+--+-----------+
The cash flow statement should be read in conjunction with the financial
statements for the financial year ended 31 December 2008 and the accompanying
explanatory notes attached to the interim financial statements.
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No.
109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Notes to the interim financial statements
A1. Basis of preparation
The interim financial statements are unaudited and have been prepared in
accordance with International Financial Reporting Standards (IFRS and IFRIC)
issued by the International Accounting Standards Board (IASB) as adopted by the
EU and with those parts of the Companies Act, 1985 applicable to companies
preparing their accounts under IFRS.
The interim financial statements should be read in conjunction with the audited
financial statements of the Company for the year ended 31 December 2008. There
was no qualification in the audited financial statements for the year ended 31
December 2008.
The accounting policies and methods of computation adopted by the Company in the
interim financial statements are consistent with those adopted in the financial
statements for the year ended 31 December 2008 except for the adoption of the
following new/revised International Financial Reporting Standards ("IFRS")
effective for the financial period beginning 1 January 2009.
IFRS 8 Operating Segments
IAS 23 Borrowing Costs (revised)
IFRIC 15 Agreements for the Construction of Real Estate*
IFRIC 17 Distributions of Non-cash Assets to Owners*
Revised IFRS 1 First time Adoption of International Financial Reporting
Standards*
Revised IFRS 3 Business Combination and complementary Amendments to IAS 27
'Consolidated and separate financial statements*
Amendment to IFRS 2 Share-based payments: vesting conditions and cancellations
IAS 1 Presentation of Financial Statements (Amendment)
IAS 1 Presentation of Financial Statements - Puttable Financial Instruments and
Obligations Arising on Liquidation (Amendment)*
IAS 32 Financial Instruments: Presentation (Amendment)*
Amendment to IAS 39 - Eligible Hedged Items*
IFRIC 18 Transfers of Assets from Customers
* Not endorsed by the EU as at the date of approval of these financial
statement.
The directors do not anticipate that the adoption of the above standards and
interpretations will have a material impact on the Company's financial
statements, other than increasing disclosure, in the period of initial adoption
and subsequent periods.
A2. Seasonal or cyclical factors
The production of fresh fruits bunches of oil palms ("FFB") is dependent on
weather conditions; hence is seasonal in nature. The turnover is also dependent
on price fluctuations of Crude Palm Oil ("CPO")
A3.Items affecting assets, liabilities, equity, net income or cash flows
There were no items affecting assets, liabilities, equity, net income or cash
flows that are unusual because of their nature, size or incidence.
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Notes to the interim financial statements - cont'd
A4.Change in estimates
There were no changes in estimates that have a material effect in the current
quarter.
A5. Debt and equity securities
There were no issuance, cancellations, repurchase, resale and repayments of
debt and equity securities in the current quarter.
A6. Dividend paid
There was no dividend paid during the quarter under review.
A7. Segment information
Segmental information is not presented as the principal activity of the Company
is the cultivation of oil palm wholly carried out within Malaysia.
A8. Valuation of property, plant and equipment
The valuations of property, plant and equipment have been brought forward
without amendment from the previous annual financial statements.
A9. Capital commitments
There are no material capital commitments as at 31 March 2009.
A10. Events subsequent to the balance sheet date
There were no material events subsequent to the end of the current quarter that
have not been reflected in the interim financial statements under review.
A11. Changes in composition
There were no changes in the composition of the Company for the current quarter.
A12. Changes in contingent liabilities and contingent assets
There were no contingent liabilities or contingent assets as at the last annual
balance sheet date and the latest practicable date.
A13. Related party transactions
There were no significant related party transactions of the Company for the
current quarter.
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Additional information
B1. Review of performance
The Company registered revenue of RM1,041,119 (GBP199,831) for the current
financial period, a decrease of 59.40% as compared to the preceding year
corresponding quarter.
This is mainly due to the decreased in yield of fresh fruit bunches (FFB) for
the current quarter of 25.52% from 3,476 MT to 2,589 MT as compared to the
preceding year corresponding quarter. Average price of FFB for the current
quarter has also decreased by 50.65% from RM737.65 to RM364.05 as compared to
the preceding year corresponding quarter.
B2. Variation of results against preceding year corresponding quarter
The current quarter recorded a pre-tax profit in the financial quarter of
RM840,028 (GBP161,236) against pre-tax profit of RM2,093,806 (GBP328,295) in the
preceding year corresponding quarter.
The lower pre-tax profit in the current quarter is mainly attributed by the
decrease in yield of FFB and the lower average CPO market price.
B3. Current year prospects
Barring any unforeseen circumstances, the directors expect the performance of
the Company for the current financial year to be satisfactory.
B4. Profit forecast
Not applicable as no profit forecast was published.
B5. Tax expense
+----------------------------+---------------------------------------+--+---------------------------------------+--+---------------------------------------+--+---------------------------------------+
| | 3 | | 3 |
| | months | | months |
| | ended | | ended |
+----------------------------+----------------------------------------------------------------------------------+--+----------------------------------------------------------------------------------+
| | 31.03.2009 | | 31.03.2008 | | 31.03.2009 | | 31.03.2008 |
+----------------------------+---------------------------------------+--+---------------------------------------+--+---------------------------------------+--+---------------------------------------+
| | RM'000 | | RM'000 | | GBP'000 | | GBP'000 |
+----------------------------+---------------------------------------+--+---------------------------------------+--+---------------------------------------+--+---------------------------------------+
| | | | | | | | |
+----------------------------+---------------------------------------+--+---------------------------------------+--+---------------------------------------+--+---------------------------------------+
| Current tax expense of the | 200 | | 521 | | 38 | | 82 |
| company | | | | | | | |
+----------------------------+---------------------------------------+--+---------------------------------------+--+---------------------------------------+--+---------------------------------------+
| | | | | | | | |
+----------------------------+---------------------------------------+--+---------------------------------------+--+---------------------------------------+--+---------------------------------------+
The tax residence of the Company is in Malaysia.
A reconciliation of the Malaysian income tax rate to the effective tax rate of
the Company is as follows:-
+---------------------------------------+--+--+--+-+------------+-+------------+
| | | | % of Profit |
+---------------------------------------+--------+-+---------------------------+
| | | | Before Taxation |
+---------------------------------------+--------+-+---------------------------+
| | | | | |31.03.2009 | |31.03.2008 |
+---------------------------------------+--+--+--+-+------------+-+------------+
| | | | | | | | |
+---------------------------------------+--+--+--+-+------------+-+------------+
| Malaysian income tax rate | | | | | 25.0 | | 26.0 |
+---------------------------------------+--+--+--+-+------------+-+------------+
| (Decrease)/Increase resulting from: | | | | | | | |
+---------------------------------------+--+--+--+-+------------+-+------------+
| Non deductible expenses | | | | | 6.8 | | 2.4 |
+---------------------------------------+--+--+--+-+------------+-+------------+
| Non taxable income | | | | | (7.6) | | (3.6) |
+---------------------------------------+--+--+--+-+------------+-+------------+
| Effective tax rate | | | | | 24.2 | | 24.8 |
+---------------------------------------+--+--+--+-+------------+-+------------+
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Additional information - cont'd
B6. Unquoted investments and properties
There were no purchase or sales of unquoted investments or properties for the
current financial year todate.
B7. Quoted investments
There were no purchases of quoted securities for the current financial
period.
B8. Status of corporate proposal announced
There were no corporate proposals announced and not completed as at the latest
practicable date.
B9. Borrowing and debt securities
There were no borrowings and debt securities as at the end of the current
quarter.
B10. Off balance sheet financial instruments
There were no financial instruments with off balance sheet risk as at the latest
practicable date.
B11. Changes in material litigation
There was no pending material litigation as at the latest practicable date.
B12. Dividends
The directors do not recommend any payment of dividend for the current financial
period to date.
B13. Earnings per share
Basic earnings per share
The earnings per share is calculated by dividing the net profit for the period
attributable to equity holders of the Company by the weighted average number of
shares of the Company in issue during the period.
+-------------------+------------+--+---------------+--+------------+--+---------------+
| | Individual period | | Cumulative period |
+-------------------+-------------------------------+--+-------------------------------+
| | Current | | Preceding | | Current | | Preceding |
| | year | | year | | year to | | year |
| | quarter | |corresponding | | date | |corresponding |
| |31.03.2009 | | quarter | |31.03.2009 | | period |
| | | | 31.03.2008 | | | | 31.03.2008 |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| Net profit | | | | | | | |
| attributable to | | | | | | | |
| ordinary | | | | | | | |
| shareholders | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| (RM) | 640,030 | | 1,572,806 | | 640,030 | | 1,572,806 |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| Basic earnings per share | | | | | | |
+--------------------------------+--+---------------+--+------------+--+---------------+
| Weighted average | 13,316,590 | | 13,316,590 | | 13,316,590 | | 13,316,590 |
| number of | | | | | | | |
| ordinary shares | | | | | | | |
| of 10 p each | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| Basic earnings | 4.81 | | 11.81 | | 4.81 | | 11.81 |
| per ordinary | | | | | | | |
| share of 10 p | | | | | | | |
| each (sen) | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Additional information - cont'd
B13. Earnings per share (cont'd)
+-------------------+------------+--+---------------+--+------------+--+---------------+
| | Individual period | | Cumulative period |
+-------------------+-------------------------------+--+-------------------------------+
| | Current | | Preceding | | Current | | Preceding |
| | year | | year | | year to | | year |
| | quarter | |corresponding | | date | |corresponding |
| |31.03.2009 | | quarter | |31.03.2009 | | period |
| | | | 31.03.2008 | | | | 31.03.2008 |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| Net profit | | | | | | | |
| attributable to | | | | | | | |
| ordinary | | | | | | | |
| shareholders | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| (GBP) | 122,849 | | 246,634 | | 122,849 | | 246,634 |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| Basic earnings per share | | | | | | |
+--------------------------------+--+---------------+--+------------+--+---------------+
| Weighted average | 13,316,590 | | 13,316,590 | | 13,316,590 | | 13,316,590 |
| number of | | | | | | | |
| ordinary shares | | | | | | | |
| of 10 p each | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
| Basic earnings | 0.92 p | | 1.85 p | | 0.92 p | | 1.85 p |
| per ordinary | | | | | | | |
| share of 10 p | | | | | | | |
| each (pence) | | | | | | | |
+-------------------+------------+--+---------------+--+------------+--+---------------+
Diluted earnings per shares
Not applicable.
The financial statements are measured in Ringgit Malaysia (RM), which is the
functional currency, being the currency of the primary economic environment in
which the Company operates. The financial statements are presented in both RM
and Pound Sterling. The balance sheet is translated to Pound Sterling for
presentation purpose at an exchange rate of RM1 = 19.16p (2008: RM1 = 15.72p)
whereas the income statement is translated at an average exchange rate of RM1 =
19.19p (2008: RM1 = 15.67p).
By Order of the Board
Adrian Tsen Keng Yam
Executive Director
Dated : 28 April 2009
Ipoh
The Unaudited Results of The Narborough Plantations, plc for the first quarter
ended 31 March 2009 are also available on the Company's website at
www.narboroughplantations.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFCKFKBCBKKPQB
|