TIDMNBP
RNS Number : 3545B
Narborough Plantations PLC
26 October 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
30 September 2009
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
+-----------------------------------------------------------+--------------------+
| Income Statement |
+--------------------------------------------------------------------------------+
| (the figures have not been audited) | |
| (in Ringgit Malaysia) | |
+-----------------------------------------------------------+--------------------+
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | 3 months ended | | 9 months ended |
+---------------------------------+--------------------------+--+------------------------------+
| | 30.09.09 | | 30.09.08 | | 30.09.09 | | 30.09.08 |
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | RM | | RM | | RM | | RM |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Revenue | 1,533,546 | | 2,136,099 | | 4,136,255 | | 7,123,547 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Cost of sales | (531,832) | | (585,414) | | (1,516,493) | | (1,785,744) |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Gross Profit | 1,001,714 | | 1,550,685 | | 2,619,762 | | 5,337,803 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Other operating income | 31,515 | | 8,625 | | 59,347 | | 16,935 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Administrative expenses | (172,723) | | (250,308) | | (509,337) | | (635,195) |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Exchange profit/(loss) | (163,939) | | (153,215) | | 315,345 | | (202,344) |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Operating Profit | 696,567 | | 1,155,787 | | 2,485,117 | | 4,517,199 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Share of operating | 137,488 | | 213,160 | | 374,554 | | (16,096) |
| profit/(loss) in associate | | | | | | | |
| after tax | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Finance income | 40,474 | | 69,815 | | 152,409 | | 177,519 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Finance cost | (4,795) | | (5,428) | | (15,851) | | (17,745) |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Profit on ordinary activities | 869,734 | | 1,433,334 | | 2,996,229 | | 4,660,877 |
| before taxation | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Taxation | (223,769) | | (385,600) | | (588,259) | | (1,318,800) |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Profit after tax | 645,965 | | 1,047,734 | | 2,407,970 | | 3,342,077 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| | | | | | | | |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
| Earnings per share (sen) | 4.85 | | 7.87 | | 18.08 | | 25.10 |
+---------------------------------+-----------+--+-----------+--+-------------+--+-------------+
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)
+-----------------------------------------------------------+--------------------+
| Income Statement |
+--------------------------------------------------------------------------------+
| (the figures have not been audited) | |
| (in Pound Sterling) | |
+-----------------------------------------------------------+--------------------+
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | 3 months ended | | 9 months ended |
+---------------------------------+-------------------------+--+--------------------------+
| | 30.09.09 | |30.09.08 | | 30.09.09 | | 30.09.08 |
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | GBP | | GBP | | GBP | | GBP |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Revenue | 277,816 | | 345,089 | | 749,322 | | 1,123,588 |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Cost of sales | (96,346) | | (94,574) | | (274,727) | | (281,663) |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Gross Profit | 181,470 | | 250,515 | | 474,595 | | 841,925 |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Other operating income | 5,709 | | 1,393 | | 10,751 | | 2,671 |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Administrative expenses | (31,290) | | (40,437) | | (92,271) | | (100,188) |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Exchange profit/(loss) | (29,699) | | (24,752) | | 57,128 | | (31,915) |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Operating Profit | 126,190 | | 186,719 | | 450,203 | | 712,493 |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Share of operating | 24,907 | | 34,215 | | 67,854 | | (2,584) |
| profit/(loss) in associate | | | | | | | |
| after tax | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Finance income | 7,332 | | 11,279 | | 27,610 | | 28,000 |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Finance cost | (861) | | (956) | | (2,846) | | (2,848) |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Profit on ordinary activities | 157,568 | | 231,257 | | 542,821 | | 735,061 |
| before taxation | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Taxation | (40,538) | | (62,294) | | (106,569) | | (208,013) |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Profit after tax | 117,030 | | 168,963 | | 436,252 | | 527,048 |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| | | | | | | | |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
| Earnings per share (sen) | 0.88 p | | 1.27 p | | 3.28 p | | 3.96 p |
+---------------------------------+-----------+--+----------+--+-----------+--+-----------+
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 COMPREHENSIVE INCOME AND EXPENSES
(the figures have not been audited)
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | 9 months to | 9 months to | | Year ended |
+--------------------+--------------------------+------------------------+--+--------------------------+
| | 30.09.2009 | 30.09.2008 | | 31.12.2008 |
+--------------------+--------------------------+------------------------+--+--------------------------+
| | (Unaudited) | (Unaudited) | | (Audited) |
+--------------------+--------------------------+------------------------+--+--------------------------+
| | RM | | GBP | RM | | GBP | | RM | | GBP |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| Profit for the | 2,407,970 | | 436,252 | 3,342,077 | | 527,048 | | 3,981,728 | | 673,396 |
| financial period | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| Other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income*: | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| Gains/(losses) | | | | | | | | | | |
| recognised | | | | | | | | | | |
| directly in equity | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| Share of other | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| income of | - | | - | - | | - | | 519,002 | | 103,801 |
| associates | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| Net | | | | | | | | | | |
| surplus/(deficit) | | | | | | | | | | |
| arising on | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| translation of | | | | | | | | | | |
| balance sheet | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| items at | | | | | | | | | | |
| beginning of | | | | | | | | | | |
| period | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| and results of | | | | | | | | | | |
| the period to | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| period-end | - | | (973,705) | - | | 386,520 | | - | | 2,226,632 |
| exchange rate | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| Total | | | | | | | | | | |
| comprehensive | | | | | | | | | | |
| income/ | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
| (expense) for the | 2,407,970 | | (537,453) | 3,342,077 | | 913,568 | | 4,500,730 | | 3,003,829 |
| period | | | | | | | | | | |
+--------------------+-----------+--+-----------+-----------+--+---------+--+-----------+--+-----------+
? There is no income tax attributable to the components of other
comprehensive income
The statement of comprehensive income and expenses 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)
BALANCE SHEET
(the figures have not been audited)
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | | As at | | Year ended |
+--+-------------------------+---------------------------+--+---------------------------+
| | | 30.09.09 | | 31.12.08 |
+--+-------------------------+---------------------------+--+---------------------------+
| | | (Unaudited) | | (Audited) |
+--+-------------------------+---------------------------+--+---------------------------+
| ASSETS | RM | | GBP | | RM | | GBP |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| NON-CURRENT ASSETS | | | | | | | |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | Property, plant and | 14,651,462 | | 2,630,424 | | 14,685,063 | | 2,937,013 |
| | equipment | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Biological assets | 14,473,005 | | 2,598,385 | | 14,473,005 | | 2,894,601 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Prepaid lease payments | 101,563 | | 18,234 | | 115,625 | | 23,125 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Investment in associate | 8,594,911 | | 1,543,072 | | 8,220,357 | | 1,644,072 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | | 37,820,941 | | 6,790,115 | | 37,494,050 | | 7,498,811 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| CURRENT ASSETS | | | | | | | |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | Inventories | 58,607 | | 10,522 | | 7,144 | | 1,429 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Trade and other | 243,875 | | 43,784 | | 273,575 | | 54,715 |
| | receivables | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Short term deposits | 10,606,913 | | 1,904,293 | | 9,262,572 | | 1,852,514 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Cash and bank balances | 498,729 | | 89,539 | | 252,866 | | 50,573 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Tax recoverable | 297,390 | | 53,391 | | 418,987 | | 83,797 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL CURRENT ASSETS | 11,705,514 | | 2,101,529 | | 10,215,144 | | 2,043,028 |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL ASSETS | 49,526,455 | | 8,891,644 | | 47,709,194 | | 9,541,839 |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| LIABILITIES | | | | | | | |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| CURRENT LIABILITIES | | | | | | | |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | Trade and other | (609,115) | | (109,357) | | (502,305) | | (100,461) |
| | payables | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Current tax liabilities | - | | - | | - | | - |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | | (609,115) | | (109,357) | | (502,305) | | (100,461) |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| NON CURRENT LIABILITES | | | | | | | |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | Provision for | (29,023) | | (5,211) | | (29,023) | | (5,805) |
| | retirement benefits | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Deferred tax | (58,397) | | (10,484) | | (58,397) | | (11,679) |
| | liabilities | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Cumulative preference | (84,163) | | (19,024) | | (84,163) | | (19,024) |
| | shares | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | | (171,583) | | (34,719) | | (171,583) | | (36,508) |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL LIABILITIES | (780,698) | | (144,076) | | (673,888) | | (136,969) |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL NET ASSETS | 48,745,757 | | 8,747,568 | | 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 | | 3,916,354 | | 24,361,268 | | 4,516,797 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| | Retained profits | 19,492,520 | | 3,499,555 | | 17,782,069 | | 3,556,414 |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| TOTAL EQUITY | 48,745,757 | | 8,747,568 | | 47,035,306 | | 9,404,870 |
+----------------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+--+-------------------------+------------+--+-----------+--+------------+--+-----------+
| Net assets per share (RM / | 3.66 | | 65.69 p | | 3.53 | | 70.63 p |
| 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.
The 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 |
+----------------------------------------------+
| (the figures have not been audited) |
| (in Ringgit Malaysia) |
+----------------------------------------------+
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | Revaluation | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | reserve | | | | | |
| | | net of | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | Share |attributable | Capital |General | Retained | Total | Total |
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | capital | deferred | reserve |reserve | profits | Reserves | Equity |
| | | tax | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | RM | RM | RM | RM | RM | RM | RM |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| At 1 January 2008 (As | 4,891,969 | 22,313,966 | - | - | 13,721,716 | 36,035,682 | 40,927,651 |
| previously reported) | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Prior year adjustment | - | - | 2,385,440 | 602,660 | - | 2,988,100 | 2,988,100 |
| (Note B.14) | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| At 1 January 2008 (As | 4,891,969 | 22,313,966 | 2,385,440 | 602,660 | 13,721,716 | 39,023,782 | 43,915,751 |
| restated) | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Direct changes in equity | | | | | | | |
| for 2008 | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Interest in an associate | - | - | 246,964 | 272,038 | - | 519,002 | 519,002 |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Realisation of revaluation | | | | | | | |
| surplus on disposal of | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| property, plant and | - | (1,459,800) | - | - | 1,459,800 | - | - |
| equipment | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Net income and expenses | - | (1,459,800) | 246,964 | 272,038 | 1,459,800 | 519,002 | 519,002 |
| recognised directly in | | | | | | | |
| equity | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Profit for the year | - | - | - | - | 3,981,728 | 3,981,728 | 3,981,728 |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Total comprehensive income | - | (1,459,800) | 246,964 | 272,038 | 5,441,528 | 4,500,730 | 4,500,730 |
| and expense for the year | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Dividends | - | - | - | - | (1,381,175) | (1,381,175) | (1,381,175) |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| At 31 December 2008 | 4,891,969 | 20,854,166 | 2,632,404 | 874,698 | 17,782,069 | 42,143,337 | 47,035,306 |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Direct changes in equity | | | | | | | |
| for the period | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Profit for the period | - | - | - | - | 2,407,970 | 2,407,970 | 2,407,970 |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Total comprehensive income | - | - | - | - | 2,407,970 | 2,407,970 | 2,407,970 |
| and expense for the period | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| Dividends | - | - | - | - | (697,519) | (697,519) | (697,519) |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| | | | | | | | |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
| At 30 September 2009 | 4,891,969 | 20,854,166 | 2,632,404 | 874,698 | 19,492,520 | 43,853,788 | 48,745,757 |
+----------------------------+-----------+--------------+-----------+---------+-------------+-------------+-------------+
The 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 |
+----------------------------------------------+
| (the figures have not been audited) |
| (in Ringgit Malaysia)- continued |
+----------------------------------------------+
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | Revaluation | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | reserve | | | | | |
| | | net of | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | Share |attributable |Capital |General | Retained | Total | Total |
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | capital | deferred |reserve |reserve | profits | Reserves | Equity |
| | | tax | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | RM | RM | RM | RM | RM | RM | RM |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| At 1 January 2008 | 4,891,969 | 22,313,966 | - | - | 13,721,716 | 36,035,682 | 40,927,651 |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| Direct changes in equity | | | | | | | |
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| Profit for the period | - | - | - | - | 3,342,077 | 3,342,077 | 3,342,077 |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| Total comprehensive | - | - | - | - | 3,342,077 | 3,342,077 | 3,342,077 |
| income and expense for | | | | | | | |
| the period | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| Dividends | - | - | - | - | (744,983) | (744,983) | (744,983) |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| At 30 September 2008 | 4,891,969 | 22,313,966 | - | - | 16,318,810 | 38,632,776 | 43,524,745 |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
| | | | | | | | |
+--------------------------+-----------+--------------+---------+---------+------------+------------+------------+
The 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 |
+---------------------------------------------+
| (the figures have not been audited) |
| (in Pound Sterling) |
+---------------------------------------------+
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | Revaluation | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | reserve | | Foreign | | | | |
| | | net of | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | Share |attributable |Capital | exchange |General | Retained | Total | Total |
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | capital | deferred |reserve | reserve |reserve | profits | Reserves | Equity |
| | | tax | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| At 1 January 2008 (as | 1,331,659 | 3,375,789 | - | (597,864) | - | 2,075,902 | 4,853,827 | 6,185,486 |
| previously reported) | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Prior year adjustment | - | - | 360,884 | - | 91,174 | - | 452,058 | 452,058 |
| (Note B.14) | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| At 1 January 2008 (as | 1,331,659 | 3,375,789 | 360,884 | (597,864) | 91,174 | 2,075,902 | 5,305,885 | 6,637,544 |
| restated) | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Direct changes in equity | | | | | | | | |
| for 2008 | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Interest in an associate | - | - | 49,393 | - | 54,408 | - | 103,801 | 103,801 |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Realisation of | | | | | | | | |
| revaluation surplus on | | | | | | | | |
| disposal | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| of property, plant and | - | (291,960) | - | - | - | 291,960 | - | - |
| equipment | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Net foreign exchange | - | 1,087,004 | 116,204 | 242,407 | 29,358 | 751,659 | 2,226,632 | 2,226,632 |
| gain on translation | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Net income and expenses | - | 795,044 | 165,597 | 242,407 | 83,766 | 1,043,619 | 2,330,433 | 2,330,433 |
| recognised directly | | | | | | | | |
| in equity | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Profit for the year | | - | - | - | - | 673,396 | 673,396 | 673,396 |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Total comprehensive | - | 795,044 | 165,597 | 242,407 | 83,766 | 1,717,015 | 3,003,829 | 3,003,829 |
| income and expense for | | | | | | | | |
| the year | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Dividends | | - | - | - | - | (236,503) | (236,503) | (236,503) |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| At 31 December 2008 | 1,331,659 | 4,170,833 | 526,481 | (355,457) | 174,940 | 3,556,414 | 8,073,211 | 9,404,870 |
+--------------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
The 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 |
+---------------------------------------------+
| (the figures have not been audited) |
| (in Pound Sterling)- continued |
+---------------------------------------------+
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | Revaluation | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | reserve | | Foreign | | | | |
| | | net of | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | Share |attributable | Capital | exchange | General | Retained | Total | Total |
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | capital | deferred | reserve | reserve | reserve | profits | Reserves | Equity |
| | | tax | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| At January 2009 | 1,331,659 | 4,170,833 | 526,481 | (355,457) | 174,940 | 3,556,414 | 8,073,211 | 9,404,870 |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| Direct changes in | | | | | | | | |
| equity for the | | | | | | | | |
| period | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| Net foreign | - | (426,818) | (53,877) | (101,845) | (17,903) | (373,262) | (973,705) | (973,705) |
| exchange gain on | | | | | | | | |
| translation | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| Net income and | - | (426,818) | (53,877) | (101,845) | (17,903) | (373,262) | (973,705) | (973,705) |
| expenses recognised | | | | | | | | |
| directly in | | | | | | | | |
| equity | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| Profit for the | - | - | - | - | - | 436,252 | 436,252 | 436,252 |
| period | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| Total comprehensive | - | (426,818) | (53,877) | (101,845) | (17,903) | 62,990 | (537,453) | (537,453) |
| income and expense | | | | | | | | |
| for the period | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| Dividends | - | - | - | - | - | (119,849) | (119,849) | (119,849) |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
| At 30 September | 1,331,659 | 3,744,015 | 472,604 | (457,302) | 157,037 | 3,499,555 | 7,415,909 | 8,747,568 |
| 2009 | | | | | | | | |
+---------------------+-----------+--------------+----------+-----------+----------+-----------+-----------+-----------+
The 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 |
+---------------------------------------------+
| (the figures have not been audited) |
| (in Pound Sterling)- continued |
+---------------------------------------------+
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | Revaluation | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | reserve | | Foreign | | | | |
| | | net of | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | Share |attributable |Capital | exchange |General | Retained | Total | Total |
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | capital | deferred |reserve | reserve |reserve | profits | Reserves | Equity |
| | | tax | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | GBP | GBP | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| At 1 January 2008 | 1,331,659 | 3,375,789 | - | (597,864) | - | 2,075,902 | 4,853,827 | 6,185,486 |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Direct changes in | | | | | | | | |
| equity for the | | | | | | | | |
| period | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Net foreign exchange | - | 205,907 | - | 45,918 | - | 134,695 | 386,520 | 386,520 |
| gain on translation | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Net income and | - | 205,907 | - | 45,918 | - | 134,695 | 386,520 | 386,520 |
| expenses recognised | | | | | | | | |
| directly in equity | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Profit for the | | - | - | - | - | 527,048 | 527,048 | 527,048 |
| period | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Total comprehensive | - | 205,907 | - | 45,918 | - | 661,743 | 913,568 | 913,568 |
| income and | | | | | | | | |
| expense for the | | | | | | | | |
| period | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| Dividends | - | - | - | - | - | (118,251) | (118,251) | (118,251) |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| | | | | | | | | |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
| At 30 September 2008 | 1,331,659 | 3,581,696 | - | (551,946) | - | 2,619,394 | 5,649,144 | 6,980,803 |
+----------------------+-----------+--------------+---------+-----------+---------+-----------+-----------+-----------+
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.
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
CASH FLOW STATEMENT
(the figures have not been audited)
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | 9 months ended | | 9 months ended |
+--+-------------------------------------+---------------------------+--+----------------------------+
| | | 30.09.09 | | 30.09.08 |
+--+-------------------------------------+---------------------------+--+----------------------------+
| | | (Unaudited) | | (Unaudited) |
+--+-------------------------------------+---------------------------+--+----------------------------+
| | | RM | | GBP | | RM | | GBP |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Operating Activities | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Profit before taxation | 2,996,229 | | 542,821 | | 4,660,877 | | 735,061 |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Adjustments for: | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Amortisation of prepaid lease | 14,062 | | 2,547 | | 14,063 | | 2,257 |
| | payment | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Depreciation of property, plant and | 34,801 | | 6,305 | | 50,122 | | 8,045 |
| | equipment | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Share of (profit)/loss of associate | (374,554) | | (67,854) | | 16,096 | | 2,584 |
| | after tax | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Finance income | (152,408) | | (27,610) | | (177,519) | | (28,000) |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Finance cost | 15,851 | | 2,846 | | 17,745 | | 2,848 |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Operating cash flow before changes in | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| working capital and provisions | 2,533,981 | | 459,055 | | 4,581,384 | | 722,795 |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Decrease/(Increase) in inventories | (51,463) | | (9,239) | | (147,623) | | (23,696) |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Decrease/(Increase) in trade and | 29,700 | | 5,332 | | 147,368 | | 23,655 |
| | other receivables | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | (Decrease)/Increase in trade and | 84,800 | | 15,224 | | 162,765 | | 26,126 |
| | other payables | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Cash generated from operations | 2,597,018 | | 470,372 | | 4,743,894 | | 748,880 |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Tax paid | (466,662) | | (84,540) | | (1,456,429) | | (229,721) |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Net cash flow from operating | 2,130,356 | | 385,832 | | 3,287,465 | | 519,159 |
| activities | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Investing activities | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Repayment from / (advances to) | 6,159 | | 1,106 | | 2,519 | | 404 |
| | affiliated company | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Interest received | 152,408 | | 27,610 | | 177,519 | | 28,000 |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Purchase of property, plant & | (1,200) | | (215) | | (27,600) | | (4,430) |
| | equipment | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Net cash flow from investing | 157,367 | | 28,501 | | 152,438 | | 23,974 |
| activities | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Financing activities | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Dividends paid on equity shares | (697,519) | | (119,849) | | (2,158,626) | | (332,115) |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Dividends paid on preference shares | - | | - | | - | | - |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Net cash flow used in financing | (697,519) | | (119,849) | | (2,158,626) | | (332,115) |
| activities | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Increase in cash and cash equivalents | 1,590,204 | | 294,484 | | 1,281,277 | | 211,018 |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Effects of exchange rate changes | - | | (203,739) | | - | | 69,319 |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Cash and cash equivalents at beginning | 9,515,438 | | 1,903,087 | | 8,092,424 | | 1,224,270 |
| of the period | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Cash and cash equivalents at end of | 11,105,642 | | 1,993,832 | | 9,373,701 | | 1,504,607 |
| the period | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| Comprising: | | | | | | | |
+----------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Cash and bank balances | 498,729 | | 89,539 | | 302,522 | | 48,559 |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | Short term deposits | 10,606,913 | | 1,904,293 | | 9,071,179 | | 1,456,048 |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
| | | 11,105,642 | | 1,993,832 | | 9,373,701 | | 1,504,607 |
+--+-------------------------------------+------------+--+-----------+--+-------------+--+-----------+
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.
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
A1. Basis of preparation
The interim financial statements does not constitute the Company's statutory
accounts and are unaudited. They 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)
- This standard now requires the reporting of transactions not specific to
changes in equity to owners in a separate Statement of Comprehensive Income
(Refer to Page 3)
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.
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
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.
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 30 September 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 RM4,136,255 (GBP749,322) for the current 9
months financial period ended 30 September 2009, a decrease of 41.94% as
compared to the preceding year corresponding period. The operating profit
generated in the current financial period was RM2,485,117 (GBP450,203), a
decrease of 45%. Profit before tax was RM2,996,229 (GBP542,821) as compared to
RM4,660,877 (GBP735,061) in the same period in 2008.
This decrease in revenue and operating profit is mainly due to the decrease in
average price of FFB for the current period by 36.36% from RM686.39/MT to
RM436.84/MT as compared to the preceding year corresponding period and also the
decrease in yield of fresh fruit bunches (FFB) for the current period of 8.76%
from 10,378.22 MT to 9,468.61 MT as compared to the same period in 2008.
The Company's balance sheet shows net assets of RM48,745,757 (GBP8,747,568)
compared with RM47,035,306 (GBP9,404,870) at 31 December 2008. Cash and short
term deposits totalled RM11,105,642 (GBP1,993,832) compared with RM9,373,701
(GBP1,504,607) of the same period in 2008. The Company does not have any
borrowings.
Earnings per share were 18.08 sen (3.28p).
B2. Variation of results against preceding year corresponding quarter
The current quarter recorded a pre-tax profit of RM869,734 (GBP157,568) against
pre-tax profit of RM1,433,334 (GBP231,257) in the preceding year corresponding
quarter.
The pre-tax profit is lower primarily due to lower revenue and higher unrealised
foreign exchange loss in the current quarter as compared to the preceding year
corresponding quarter.
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 months ended | | 9 months ended |
+----------------------------+----------------------------+--+----------------------------+
| |30.09.2009 | |30.09.2008 | |30.09.2009 | |30.09.2008 |
+----------------------------+------------+--+------------+--+------------+--+------------+
| | RM'000 | | RM'000 | | RM'000 | | RM'000 |
+----------------------------+------------+--+------------+--+------------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+------------+--+------------+
| Current tax expense of | 224 | | 386 | | 588 | | 1,319 |
| the company | | | | | | | |
+----------------------------+------------+--+------------+--+------------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+------------+--+------------+
+----------------------------+------------+--+------------+--+------------+--+------------+
| | 3 months ended | | 9 months ended |
+----------------------------+----------------------------+--+----------------------------+
| |30.09.2009 | |30.09.2008 | |30.09.2009 | |30.09.2008 |
+----------------------------+------------+--+------------+--+------------+--+------------+
| | GBP'000 | | GBP'000 | | GBP'000 | | GBP'000 |
+----------------------------+------------+--+------------+--+------------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+------------+--+------------+
| Current tax expense of | 41 | | 62 | | 107 | | 208 |
| the company | | | | | | | |
+----------------------------+------------+--+------------+--+------------+--+------------+
| | | | | | | | |
+----------------------------+------------+--+------------+--+------------+--+------------+
The tax residence of the Company is in Malaysia.
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
B5. Tax expense - cont'd
A reconciliation of the Malaysian income tax rate to the effective tax rate of
the Company is as follows:-
+---------------------------------------+--+--+--+--+------------+--+------------+
| | | | % of Profit |
+---------------------------------------+--------+--+----------------------------+
| | | | Before Taxation |
+---------------------------------------+--------+--+----------------------------+
| | | | | |30.09.2009 | |30.09.2008 |
+---------------------------------------+--+--+--+--+------------+--+------------+
| | | | | | | | |
+---------------------------------------+--+--+--+--+------------+--+------------+
| Malaysian income tax rate | | | | | 25.0 | | 26.0 |
+---------------------------------------+--+--+--+--+------------+--+------------+
| (Decrease)/Increase resulting from: | | | | | | | |
+---------------------------------------+--+--+--+--+------------+--+------------+
| Non deductible expenses | | | | | 1.3 | | 3.1 |
+---------------------------------------+--+--+--+--+------------+--+------------+
| Non taxable income | | | | | (6.6) | | (0.7) |
+---------------------------------------+--+--+--+--+------------+--+------------+
| Effective tax rate | | | | | 19.7 | | 28.4 |
+---------------------------------------+--+--+--+--+------------+--+------------+
B6. Unquoted investments and properties
There was no purchase or sales of unquoted investments or properties for the
current financial year to-date.
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
An Interim Dividend of 7% less 25% Malaysian Income Tax and a Special Dividend
of 5% less 25% Malaysian Income Tax for the year ending 31 December 2009 was
announced on 26 May 2009 and paid on 26 June 2009.
The directors do not recommend any payment of dividend for the current quarter
under review.
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
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 |
| |30.09.2009 | | quarter | |30.09.2009 | | period |
| | | | 30.09.2008 | | | | 30.09.2008 |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| Net profit | | | | | | | |
| attributable to | | | | | | | |
| ordinary shareholders | | | | | | | |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| (RM) | 645,965 | | 1,047,734 | | 2,407,970 | | 3,342,077 |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| | | | | | | | |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| 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 per | 4.85 | | 7.87 | | 18.08 | | 25.10 |
| ordinary share of 10 | | | | | | | |
| p each (sen) | | | | | | | |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| | Individual period | | Cumulative period |
+-----------------------+-------------------------------+--+-------------------------------+
| | Current | | Preceding | | Current | | Preceding |
| | year | | year | | year to | | year |
| | quarter | |corresponding | | date | |corresponding |
| |30.09.2009 | | quarter | |30.09.2009 | | period |
| | | | 30.09.2008 | | | | 30.09.2008 |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| Net profit | | | | | | | |
| attributable to | | | | | | | |
| ordinary shareholders | | | | | | | |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| (GBP) | 117,030 | | 168,963 | | 436,252 | | 527,048 |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| | | | | | | | |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
| 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 per | 0.88 p | | 1.27 p | | 3.28 p | | 3.96 p |
| ordinary share of 10 | | | | | | | |
| p each (pence) | | | | | | | |
+-----------------------+------------+--+---------------+--+------------+--+---------------+
Diluted earnings per shares
Not applicable.
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
B.14 Prior Year Adjustment in 2008
The prior year adjustment relates to accounting for share of reserves of
associate amounting to RM2,988,100 (GBP452,058), comprising capital and general
reserves, previously not recognised from an overseas associate. The share of
reserves has been adjusted retrospectively in the financial statements of the
Company in accordance with IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors for the financial year ended 31 December 2008.
The effects on the comparative figures resulting from prior year adjustments are
summarised as follows:
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | As | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | |previously | | Prior | | As |
| | | | | year | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | reported | | adjustment | | restated |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| Capital and reserves | | | | | | |
| attributable | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| to equity holders of the | | | | | | |
| Company | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | RM | | RM | | RM |
+-----------------------------+--+------------+--+-------------+--+-------------+
| Other reserves | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| - capital reserve | | - | | 2,385,440 | | 2,385,440 |
+-----------------------------+--+------------+--+-------------+--+-------------+
| - general reserve | | - | | 602,660 | | 602,660 |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | - | | 2,988,100 | | 2,988,100 |
+-----------------------------+--+------------+--+-------------+--+-------------+
+-----------------------------+--+------------+--+------------+--+-----------+
| | | As | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | |previously | | Prior | | As |
| | | | | year | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | reported | |adjustment | | restated |
+-----------------------------+--+------------+--+------------+--+-----------+
| Capital and reserves | | | | | | |
| attributable | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| to equity holders of the | | | | | | |
| Company | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| (continued) | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | GBP | | GBP | | GBP |
+-----------------------------+--+------------+--+------------+--+-----------+
| Other reserves | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| - capital reserve | | - | | 360,884 | | 360,884 |
+-----------------------------+--+------------+--+------------+--+-----------+
| - general reserve | | - | | 91,174 | | 91,174 |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | - | | 452,058 | | 452,058 |
+-----------------------------+--+------------+--+------------+--+-----------+
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
B.15 Statement of Director' Responsibilities
The Directors confirm that the above financial statements have been prepared in
accordance with the applicable accounting standards as adopted by the European
Union, and that the 3rd quarter financial report herein includes a fair review
of the information required by the Disclosure and Transparency Rule issued by
the Financial Service Authority (United Kingdom).
The financial statements are measured in Ringgit Malaysia, 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
Ringgit Malaysia (RM) and Pound Sterling. The balance sheet is translated to
Pound Sterling for presentation purpose at an exchange rate of RM1 = 17.95p
(2008: RM1 = 16.05p) whereas the income statement is translated at an average
exchange rate of RM1 = 18.12p (2008: RM1 = 16.16p).
On behalf of the Board
Adrian Tsen Keng Yam
Executive Director
Dated : 26 October 2009
Ipoh
The Unaudited Results of The Narborough Plantations, plc for the Interim Period
Ended 30 September 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
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