TIDMNBP
RNS Number : 2076R
Narborough Plantations PLC
27 April 2009
?THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
Pertaining to the announcement made by The Narborough Plantations, plc
("Narborough" or "the Company") on 31 March 2009 regarding the Company's Annual
Report and Accounts.
The Company hereby wish to make a further announcement regarding the Company's
Annual Financial Report (previously known as the Annual Report) stating the key
information as required under DTR 6.3.5(1) & (2)(b) in full unedited text as
shown below:
INCOME STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2008
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Continuing | | | | |
| operations | | | | |
+----------------------+-------+----------------------------+--+----------------------------+
| | | 31.12.2008 | | 31.12.2007 |
+----------------------+-------+----------------------------+--+----------------------------+
| | | RM | | GBP | | RM | | GBP |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Revenue | | 8,141,446 | | 1,321,663 | | 7,768,861 | | 1,129,195 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Cost of sales | | (2,323,354) | | (377,168) | | (1,897,879) | | (275,855) |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Gross profit | | 5,818,092 | | 944,495 | | 5,870,982 | | 853,340 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Gain arising on | | | | | | | | |
| revaluation | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| of biological | | 247,985 | | 49,597 | | 4,364,128 | | 660,231 |
| assets | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Other operating | | 147,837 | | 24,000 | | 28,627 | | 4,161 |
| income | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Administrative | | (1,637,196) | | (265,779) | | (847,982) | | (123,254) |
| expenses | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Operating profit | | 4,576,718 | | 752,313 | | 9,415,755 | | 1,394,478 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Share of profit of | | | | | | | | |
| associate | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| after tax | | 482,041 | | 96,408 | | 725,549 | | 109,765 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Finance income | | 260,384 | | 42,270 | | 212,528 | | 30,891 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Finance costs | | (20,470) | | (3,805) | | (18,359) | | (2,777) |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Profit before tax | | 5,298,673 | | 887,186 | | 10,335,473 | | 1,532,357 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Tax expense | | (1,316,945) | | (213,790) | | (1,479,232) | | (215,005) |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Profit for the | | | | | | | | |
| financial | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| year | | 3,981,728 | | 673,396 | | 8,856,241 | | 1,317,352 |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| Earnings per share | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| - basic and diluted | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| (sen/pence) | | 29.90 | | 5.06p | | 66.51 | | 9.89p |
| | | sen | | | | sen | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+-------------+--+-----------+--+-------------+--+-----------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSE
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2008
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| | | | | |
+----------------------+-------+----------------------------+--+----------------------------+
| | | 31.12.2008 | | 31.12.2007 |
+----------------------+-------+----------------------------+--+----------------------------+
| | | RM | | GBP | | RM | | GBP |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| Profit for the | | | | | | | | |
| financial | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| year | | 3,981,728 | | 673,396 | | 8,856,241 | | 1,317,352 |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| 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 | | - | | 1,087,004 | | - | | 120,800 |
| reserve | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| - capital reserve | | - | | 116,204 | | - | | 16,231 |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| - foreign | | - | | 242,407 | | - | | (107,220) |
| exchange | | | | | | | | |
| reserve | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| - general reserve | | - | | 29,358 | | - | | 4,210 |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| - retained | | - | | 751,659 | | - | | 204,742 |
| profits | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| Reversal of deferred | | | | | | | | |
| tax | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| liabilities | | | | | | | | |
| provided on prior | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| years' revaluation | | | | | | | | |
| surplus, | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| due to exemption | | | | | | | | |
| from real | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| property gains tax | | - | | - | | 905,909 | | 137,051 |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| Total recognised | | | | | | | | |
| income | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
| and expense for the | | 3,981,728 | | 2,900,028 | | 9,762,150 | | 1,693,166 |
| year | | | | | | | | |
+----------------------+-------+-----------+--+-------------+--+-----------+--+-------------+
The accompanying notes form an integral part of this statement of total
recognised income and expenses.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
BALANCE SHEET
AS AT 31 DECEMBER 2008
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | Restated |
+----------------------+-------+---------------------------+--+----------------------------+
| | | 31.12.2008 | | 31.12.2007 |
+----------------------+-------+---------------------------+--+----------------------------+
| | | RM | | GBP | | RM | | GBP |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| ASSETS | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Non-current assets | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Property, plant and | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| equipment | | 14,685,063 | | 2,937,013 | | 16,177,006 | | 2,447,353 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Biological assets | | 14,473,005 | | 2,894,601 | | 14,225,020 | | 2,152,045 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Prepaid lease | | 115,625 | | 23,125 | | 134,375 | | 20,329 |
| payments | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Investment in | | 8,220,357 | | 1,644,072 | | 7,219,314 | | 1,092,181 |
| associate | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Total non-current | | 37,494,050 | | 7,498,811 | | 37,755,715 | | 5,711,908 |
| assets | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Current assets | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Inventories | | 7,144 | | 1,429 | | 8,134 | | 1,231 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Trade and other | | 273,575 | | 54,715 | | 580,961 | | 87,891 |
| receivables | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Short term deposits | | 9,262,572 | | 1,852,514 | | 7,575,741 | | 1,146,103 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Cash and bank | | 252,866 | | 50,573 | | 516,683 | | 78,167 |
| balances | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Tax recoverable | | 418,987 | | 83,797 | | - | | - |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Total current assets | | 10,215,144 | | 2,043,028 | | 8,681,519 | | 1,313,392 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Total assets | | 47,709,194 | | 9,541,839 | | 46,437,234 | | 7,025,300 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| LIABILITIES | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Current liabilities | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Trade and other | | (502,305) | | (100,461) | | (1,943,428) | | (294,013) |
| payables | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Current tax | | - | | - | | (318,900) | | (48,245) |
| liabilities | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Total current | | (502,305) | | (100,461) | | (2,262,328) | | (342,258) |
| liabilities | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Non-current | | | | | | | | |
| liabilities | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Provision for | | | | | | | | |
| retirement | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| benefits | | (29,023) | | (5,805) | | (26,444) | | (4,001) |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Deferred tax | | (58,397) | | (11,679) | | (148,548) | | (22,473) |
| liabilities | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Cumulative | | (84,163) | | (19,024) | | (84,163) | | (19,024) |
| preference shares | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Total non-current | | (171,583) | | (36,508) | | (259,155) | | (45,498) |
| liabilities | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| Total liabilities | | (673,888) | | (136,969) | | (2,521,483) | | (387,756) |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
| TOTAL NET ASSETS | | 47,035,306 | | 9,404,870 | | 43,915,751 | | 6,637,544 |
+----------------------+-------+------------+--+-----------+--+-------------+--+-----------+
The accompanying notes form an integral part of this balance sheet.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
BALANCE SHEET
AS AT 31 DECEMBER 2008 (continued)
+----------------------+-------+------------+--+-----------+--+------------+--+-----------+
| | | | | Restated |
+----------------------+-------+---------------------------+--+---------------------------+
| | | 31.12.2008 | | 31.12.2007 |
+----------------------+-------+---------------------------+--+---------------------------+
| | | RM | | GBP | | RM | | GBP |
+----------------------+-------+------------+--+-----------+--+------------+--+-----------+
| Capital and 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 | | 4,516,797 | | 25,302,066 | | 3,229,983 |
+----------------------+-------+------------+--+-----------+--+------------+--+-----------+
| Retained profits | | 17,782,069 | | 3,556,414 | | 13,721,716 | | 2,075,902 |
+----------------------+-------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | | |
+----------------------+-------+------------+--+-----------+--+------------+--+-----------+
| TOTAL EQUITY | | 47,035,306 | | 9,404,870 | | 43,915,751 | | 6,637,544 |
+----------------------+-------+------------+--+-----------+--+------------+--+-----------+
The accompanying notes form an integral part of this balance sheet.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2008
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | 31.12.2008 | | 31.12.2007 |
+-----------------------------+----------------------------+--+----------------------------+
| | RM | | GBP | | RM | | GBP |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Operating activities | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Profit before tax | 5,298,673 | | 887,186 | | 10,335,473 | | 1,532,357 |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Adjustments for: | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Amortisation of prepaid | 18,750 | | 3,044 | | 18,750 | | 2,725 |
| lease payment | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Depreciation of property, | | | | | | | |
| plant and | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| equipment | 64,210 | | 10,423 | | 88,789 | | 12,906 |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Provision for retirement | 2,579 | | 516 | | 2,386 | | 361 |
| benefits | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Gain arising on revaluation | | | | | | | |
| of | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| biological assets | (247,985) | | (49,597) | | (4,364,128) | | (660,231) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Gain on disposal of | | | | | | | |
| property, plant | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| and equipment | (130,647) | | (21,209) | | - | | - |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Share of profit of | | | | | | | |
| associate | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| after tax | (482,041) | | (96,408) | | (725,549) | | (109,765) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Finance income | (260,384) | | (42,270) | | (212,528) | | (30,891) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Finance costs | 20,470 | | 3,805 | | 18,359 | | 2,777 |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Operating cash flow before | | | | | | | |
| changes | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| in working capital and | 4,283,625 | | 695,490 | | 5,161,552 | | 750,239 |
| provisions | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Decrease/(Increase) in | 990 | | 198 | | (740) | | (112) |
| inventories | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Decrease/(Increase) in | | | | | | | |
| trade and | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| other receivables | 307,386 | | 61,477 | | (168,978) | | (25,564) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| (Decrease)/Increase in | | | | | | | |
| trade and | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| other payables | (27,481) | | (5,496) | | 44,615 | | 6,749 |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Cash generated from | 4,564,520 | | 751,669 | | 5,036,449 | | 731,312 |
| operations | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Tax paid | (2,144,983) | | (348,212) | | (1,192,082) | | (173,268) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Net cash flow from | 2,419,537 | | 403,457 | | 3,844,367 | | 558,044 |
| operating activities | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Investing activities | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Repayment from affiliated | - | | - | | 42,924 | | 6,494 |
| company | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Purchases of property, | | | | | | | |
| plant and | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| equipment | (27,600) | | (5,520) | | (5,284) | | (799) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Proceeds from disposal of | | | | | | | |
| property, | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| plant and equipment | 1,585,980 | | 257,464 | | - | | - |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Interest received | 260,384 | | 42,270 | | 212,528 | | 30,891 |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Net cash flow from | 1,818,764 | | 294,214 | | 250,168 | | 36,586 |
| investing activities | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2008 (continued)
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | |
+-----------------------------+----------------------------+--+----------------------------+
| | 31.12.2008 | | 31.12.2007 |
+-----------------------------+----------------------------+--+----------------------------+
| | RM | | GBP | | RM | | GBP |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Financing activities | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Dividends paid on equity | (2,794,817) | | (450,367) | | (1,035,296) | | (145,817) |
| shares | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Dividends paid on | (20,470) | | (3,805) | | (18,359) | | (2,777) |
| preference shares | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Net cash flow used in | | | | | | | |
| financing | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| activities | (2,815,287) | | (454,172) | | (1,053,655) | | (148,594) |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Increase in cash and cash | 1,423,014 | | 243,499 | | 3,040,880 | | 446,036 |
| equivalents | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Effects of exchange rate | - | | 435,318 | | - | | 49,296 |
| changes | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Cash and cash equivalents | | | | | | | |
| at | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| beginning of financial | 8,092,424 | | 1,224,270 | | 5,051,544 | | 728,938 |
| year | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| Cash and cash equivalents | | | | | | | |
| at end | | | | | | | |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
| of financial year | 9,515,438 | | 1,903,087 | | 8,092,424 | | 1,224,270 |
+-----------------------------+-------------+--+-----------+--+-------------+--+-----------+
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
| Comprising: | | | | | | | |
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
| | | | | | | | |
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
| Cash and bank balances | 252,866 | | 50,573 | | 516,683 | | 78,167 |
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
| Short term deposits | 9,262,572 | | 1,852,514 | | 7,575,741 | | 1,146,103 |
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
| | | | | | | | |
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
| | 9,515,438 | | 1,903,087 | | 8,092,424 | | 1,224,270 |
+-----------------------------+-----------+--+-----------+--+-----------+--+-----------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
NOTES TO THE FINANCIAL STATEMENTS:
SHARE CAPITAL AND RESERVES
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | 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 | | | | | | |
| 2007 | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| As previously | 4,891,969 | 17,292,317 | - | - | 7,314,413 | 29,498,699 |
| reported | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| Prior year | - | - | 2,323,361 | 602,660 | - | 2,926,021 |
| adjustment | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| At 1 January | | | | | | |
| 2007 | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| (as restated) | 4,891,969 | 17,292,317 | 2,323,361 | 602,660 | 7,314,413 | 32,424,720 |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| Additional | - | - | 62,079 | - | - | 62,079 |
| interest in an | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| associate | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| Revaluation | | | | | | |
| gains from | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| revaluation of | | | | | | |
| property, | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| plant and | - | 4,115,740 | - | - | - | 4,115,740 |
| equipment | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| Total | | | | | | |
| recognised | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| income and | | | | | | |
| expense | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| for the year | - | 905,909 | - | - | 8,856,241 | 9,762,150 |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| Dividends (Note | - | - | - | - | (2,448,938) | (2,448,938) |
| 18) | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| At 31 December | | | | | | |
| 2007 | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| (as restated) | 4,891,969 | 22,313,966 | 2,385,440 | 602,660 | 13,721,716 | 43,915,751 |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
| 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 | | | | | | |
+-----------------+-----------+---------------+-----------+---------+-------------+-------------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
SHARE CAPITAL AND RESERVES (continued)
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | 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 | | | | | | | |
| 2007 | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| As previously | 1,331,659 | 2,495,284 | - | (490,644) | - | 913,489 | 4,249,788 |
| reported | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Prior year | - | - | 335,261 | - | 86,964 | - | 422,225 |
| adjustment | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| At 1 January | | | | | | | |
| 2007 | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| (as restated) | 1,331,659 | 2,495,284 | 335,261 | (490,644) | 86,964 | 913,489 | 4,672,013 |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Additional | | | | | | | |
| interest in an | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| associate | - | - | 9,392 | - | - | - | 9,392 |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Revaluation | | | | | | | |
| gains from | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| revaluation of | | | | | | | |
| property, | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| plant and | - | 622,654 | - | - | - | - | 622,654 |
| equipment | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Total | | | | | | | |
| recognised | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| income and | | | | | | | |
| expense | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| for the year | - | 257,851 | 16,231 | (107,220) | 4,210 | 1,522,094 | 1,693,166 |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Dividends (Note | - | - | - | - | - | (359,681) | (359,681) |
| 18) | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| At 31 December | | | | | | | |
| 2007 | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| (as restated) | 1,331,659 | 3,375,789 | 360,884 | (597,864) | 91,174 | 2,075,902 | 6,637,544 |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Additional | | | | | | | |
| interest in an | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| associate | - | - | 49,393 | - | 54,408 | - | 103,801 |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| Realisation of | | | | | | | |
| revaluation | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| surplus on | | | | | | | |
| disposal of | | | | | | | |
| property, | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| property, | | | | | | | |
| plant and | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| equipment | - | (291,960) | - | - | - | 291,960 | - |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
| 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 | | | | | | | |
+-----------------+-----------+--------------+----------+-------------+---------+-------------+-------------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
SHARE CAPITAL AND RESERVES (continued)
The following describes the nature and purpose of each reserve above:
+-------------------------------------+-------------------------------------+
| Reserve | Description and purpose |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Revaluation | Gains and losses arising on the |
| | revaluation of the estates. |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Foreign exchange | Gains and losses arising on |
| | translating the Company's financial |
| | statements from Ringgit Malaysia to |
| | Pound Sterling. |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Retained profits | Cumulative net gains and losses |
| | recognised in the income statement |
| | less distributions made. |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Capital | Share of exchange fluctuation |
| | reserve and surplus on revaluation |
| | of property in associate. |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| General | Share of profit on sale of estate |
| | land and mining lease in associate |
+-------------------------------------+-------------------------------------+
FINANCIAL INSTRUMENTS
In common with all other businesses, the Company is exposed to risks that arise
from its use of financial instruments. This note describes the Company's
objectives, policies and processes for managing those risks and the methods used
to measure them.
There have been no substantive changes in the Company's exposure to financial
instrument risks, its objectives, policies and processes for managing those
risks or the methods used to measure them from previous periods unless otherwise
stated in this note.
Principal financial instruments
The principal financial instruments used by the Company, from which financial
instrument risk arises, are as follows:
- Trade and other receivables
- Cash and cash equivalents
- Trade and other payables
- Cumulative preference shares
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
FINANCIAL INSTRUMENTS (continued)
Fair Value
There is no material difference between the book values and fair values of the
Company's financial assets and liabilities as at 31 December 2008 and 2007 due
to their short term maturity.
General objectives, policies and procedures
The Board has overall responsibility for the determination of the Company's risk
management objectives and policies. The overall objective of the Board is to set
policies that seek to reduce risk as far as possible without unduly affecting
the Company's competitiveness and flexibility. Further details regarding these
policies are set out below:
Interest Rate Risk
The Company's only exposure to interest rate fluctuation is short term
placements with financial institutions that attract interest income. However,
the fluctuation in interest rates, if any, is not expected to have a material
impact on the financial performance of the Company. The effective interest rate
of deposits at the balance sheet date was 3.2% (2007: 3.2%).
Credit Risk
Credit risk arises principally from the Company's trade receivable.
The Company has only one customer who is on credit terms. To mitigate the credit
risk arising, the Company requires the customer to place advances, representing
a certain percentage of the total sales to the customer. This customer has a
maximum credit limit and the Company seeks to maintain strict control over its
outstanding receivables to minimise credit risk. Overdue balances are reviewed
regularly by the management.
As such the maximum exposure to credit risk in the event that the counterparty
fails to perform its obligation as at the end of the financial year in relation
to trade receivables is the carrying amount of trade receivables as stated in
the balance sheet as at the end of the financial year.
In respect of the short term deposits and cash and bank balances placed with
major financial institutions in Malaysia, Singapore and United Kingdom, the
Directors believe that the possibility of non-performance by these financial
institutions is remote on the basis of their financial strength.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia
FINANCIAL INSTRUMENTS (continued)
Liquidity Risk
Liquidity risk arises from the Company's management of working capital. It is
the risk that the Company will encounter difficulty in meeting its financial
obligations as they fall due.
The Company's policy in respect of liquidity is to ensure sufficient cash
resources are maintained to meet short-term liabilities. The Company's liquidity
risk is minimal as it maintains adequate funds to meet its obligations as and
when they fall due.
The Company is financed through equity and has no borrowings.
The only significant financial asset the Company has is cash at bank. Cash is
held either on current or on short term deposits at both fixed and floating
rates of interest determined by the relevant banks' prevailing base rate. Part
of the cash at bank is held in Pound Sterling accounts.
Currency Risk
The Company is exposed to currency risk as a result of the foreign currency
transactions entered into in currencies other than Ringgit Malaysia. The
Company's policy is to limit its exposure to currency risk by settlement of its
foreign currency transactions denominated in Pound Sterling by using the funds
from its bank accounts maintained in Pound Sterling.
The table below shows the Company's currency exposures that give rise to the net
currency gains and losses recognised in the income statement. Such exposures
comprise the financial assets and financial liabilities of the Company that are
not denominated in the functional currency of the Company.
As at 31 December 2008, these exposures were as follows:
Net foreign currency financial assets
+-----------------------+----------+--+----------+--+-----------+--+----------+
| | | | | | RM | | GBP |
+-----------------------+----------+--+----------+--+-----------+--+----------+
| | | | | | | | |
+-----------------------+----------+--+----------+--+-----------+--+----------+
| Pound Sterling | | | | | 2,760,828 | | 552,166 |
+-----------------------+----------+--+----------+--+-----------+--+----------+
The above foreign currency exposures arise from the Company's cash maintained in
Pound Sterling bank accounts.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
FINANCIAL INSTRUMENTS (continued)
Capital
The Company considers its capital to comprise its ordinary share capital,
accumulated retained earnings and its cumulative preference shares which are
classified as a financial liability in the balance sheet.
In managing its capital, the Company's primary objective is to ensure its
continued ability to provide a consistent return for its equity shareholders
through a combination of capital growth and distributions and through the
payment of annual preference dividends to its preference shareholders. In order
to achieve this objective, the Company seeks to balance risks and returns at an
acceptable level and also to maintain a sufficient funding base to enable the
Company to meet its working capital and strategic investment needs. In making
decisions to adjust its capital structure to achieve these aims, the Company
considers not only its short-term position but also its long-term operational
and strategic objectives.
There have been no other significant changes to the Company's capital management
objectives, policies and processes in the year nor has there been any change in
what the Company considers to be its capital.
The total amount of capital is as follows:
+-----------------------+------------+--+-----------+--+------------+--+-----------+
| | 2008 | | 2007 |
+-----------------------+---------------------------+--+---------------------------+
| | RM | | GBP | | RM | | GBP |
+-----------------------+------------+--+-----------+--+------------+--+-----------+
| | | | | | | | |
+-----------------------+------------+--+-----------+--+------------+--+-----------+
| Ordinary share | 4,891,969 | | 1,331,659 | | 4,891,969 | | 1,331,659 |
| capital | | | | | | | |
+-----------------------+------------+--+-----------+--+------------+--+-----------+
| Retained earnings | 17,782,069 | | 3,556,414 | | 13,721,716 | | 2,075,902 |
+-----------------------+------------+--+-----------+--+------------+--+-----------+
| Cumulative preference | 84,163 | | 19,024 | | 84,163 | | 19,024 |
| shares | | | | | | | |
+-----------------------+------------+--+-----------+--+------------+--+-----------+
| | 22,758,201 | | 4,907,097 | | 18,697,848 | | 3,426,585 |
+-----------------------+------------+--+-----------+--+------------+--+-----------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
RELATED PARTY TRANSACTIONS
Details of Directors remuneration are given in the Remuneration Report on pages
20 to 24 and Notes 5 and 19 of the full Annual Report 2008. Other related party
transactions are as follows:
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | | | | | | | | | | | |
+-----------+--------------+---------------+-----------------------------------------------+--+-----+--+-----+--+------+--+------+
| | Related | Type | Transaction amount | | Amount owing (to)/by |
| | party | of | | | |
+-----------+--------------+---------------+-----------------------------------------------+--+----------------------------------+
| Party | relationship | transaction | 31.12.2008 | | 31.12.2007 | | 2008 | | 2007 |
+-----------+--------------+---------------+--------------------+--+-----------------------+--+--------------+--+----------------+
| | | | RM | | GBP | | RM | | GBP | | RM | |GBP | | RM | | GBP |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| Riverview | A | | | | | | | | | | | | | | | | |
| Rubber | company | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| Estates | with | | | | | | | | | | | | | | | | |
| Berhad | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | significant |Interest-free | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | influence | advances | | | | | | | | | | | | | | | |
| | over | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | the | received | 73,782 | | 11,978 | | 87,780 | | 12,759 | | - | | - | | - | | - |
| | Company | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| Rivaknar | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| Holdings | | Loan | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
| Sdn. | Associate | Repayment | - | | - | | (42,924) | | (6,494) | | - | | - | | - | | - |
| Bhd. | | | | | | | | | | | | | | | | | |
+-----------+--------------+---------------+--------+--+--------+--+----------+--+---------+--+-----+--+-----+--+------+--+------+
SEGMENT INFORMATION
The Company operates in the agricultural segment in Malaysia. All its fresh
fruit bunches are sold in Malaysia. Since the company operates in a single
business and geographic segment, no segmental analysis has been presented.
PRIOR YEAR ADJUSTMENT
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 is now adjusted retrospectively in the financial statements of the
Company in accordance with IAS 8 Accounting Policies, Changes in Accounting
Estimates and Errors.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
PRIOR YEAR ADJUSTMENT (Continued)
The effects on the comparative figures resulting from prior year adjustments are
summarised as follows:
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | As | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | |previously | | Prior | | As |
| | | | | year | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | reported | | adjustment | | restated |
+-----------------------------+--+------------+--+-------------+--+-------------+
| Balance sheet | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | RM | | RM | | RM |
+-----------------------------+--+------------+--+-------------+--+-------------+
| Non-current assets | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| Investment in associate | | 4,231,214 | | 2,988,100 | | 7,219,314 |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | GBP | | GBP | | GBP |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| Investment in associate | | 640,123 | | 452,058 | | 1,092,181 |
+-----------------------------+--+------------+--+-------------+--+-------------+
| | | | | | | |
+-----------------------------+--+------------+--+-------------+--+-------------+
| 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 |
+-----------------------------+--+------------+--+-------------+--+-------------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
PRIOR YEAR ADJUSTMENT (continued)
+-----------------------------+--+------------+--+------------+--+-----------+
| | | 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 | | - | | 344,653 | | 344,653 |
+-----------------------------+--+------------+--+------------+--+-----------+
| - general reserve | | - | | 86,964 | | 86,964 |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | - | | 431,617 | | 431,617 |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| Statement of total | | | | | | |
| recognised | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| income and expense | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | GBP | | GBP | | GBP |
+-----------------------------+--+------------+--+------------+--+-----------+
| Net surplus arising on | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| translation of balance | | | | | | |
| sheet | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| items at beginning of | | | | | | |
| period | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| and results of the year to | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| year-end exchange rate | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| - capital reserve | | - | | 16,231 | | 16,231 |
+-----------------------------+--+------------+--+------------+--+-----------+
| - general reserve | | - | | 4,210 | | 4,210 |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | - | | 20,441 | | 20,441 |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | | | | | |
+-----------------------------+--+------------+--+------------+--+-----------+
| | | - | | 452,058 | | 452,058 |
+-----------------------------+--+------------+--+------------+--+-----------+
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
REVIEW OF FINANCIAL PERFORMANCE
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | 31.12.2008 | | 31.12.2007 | |31.12.2008 | |31.12.2007 |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | RM | | RM | | GBP | | GBP |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| Revenue | 8,141,446 | | 7,768,861 | | 1,321,663 | | 1,129,195 |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| Cost of sales | (2,323,354) | | (1,897,879) | | (377,168) | | (275,855) |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| Gross profit | 5,818,092 | | 5,870,982 | | 944,495 | | 853,340 |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| Gain arising on | 247,985 | | 4,364,128 | | 49,597 | | 660,231 |
| revaluation of | | | | | | | |
| biological | | | | | | | |
| asset | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| Profit before | 5,298,673 | | 10,335,473 | | 887,186 | | 1,532,357 |
| tax | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| | | | | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
| Earnings per | 29.90 | | 66.51 | | 5.06p | | 9.89p |
| share | sen | | sen | | | | |
+-----------------+-------------+--+-------------+--+------------+--+------------+
Year 2008 has been an eventful year for the Company and the world in general.
The commodity industry has seen extreme volatility in commodity prices, adverse
unpredictable weather conditions and mass speculation in the commodity exchanges
which have driven the price of commodities such as Crude Palm Oil (CPO) to
unprecedented highs. However, such high prices could not be sustained and the
sharp decline was evident in the final six months of the financial year under
review.
The sharp decline in CPO prices was reflected in the related price of Fresh
Fruit Bunches (FFB) which in turn has affected the turnover of the Company.
However, for the financial year ended 31 December 2008, the Company has still
managed to register a turnover of RM8,141,446 (GBP1,321,663), an increase of
4.80% compared with the financial year ended 31 December 2007.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
REVIEW OF FINANCIAL PERFORMANCE (Continued)
The Company achieved a profit on ordinary activities before tax of RM5,298,673
(GBP887,186) for the current financial year ended 31 December 2008 as compared
to the amount of RM10,335,473 (GBP1,532,357) for the previous financial year.
The significant reduction in profit on ordinary activities before tax was
attributed to the following non-cash items which have a significant effect on
the financial performance of the company as at 31 December 2008:-
+----------------------+------------+---+------------+--+------------+--+------------+
| |31.12.2008 | |31.12.2007 | |31.12.2008 | |31.12.2007 |
+----------------------+------------+---+------------+--+------------+--+------------+
| | RM | | RM | | GBP | | GBP |
+----------------------+------------+---+------------+--+------------+--+------------+
| Unrealised foreign | (883,072) | | (174,928) | | (143,356) | | (25,426) |
| exchange loss | | | | | | | |
+----------------------+------------+---+------------+--+------------+--+------------+
| | | | | | | | |
+----------------------+------------+---+------------+--+------------+--+------------+
| Share of profit in | 482,041 | | 725,549 | | 96,408 | | 109,765 |
| associate after tax | | | | | | | |
+----------------------+------------+---+------------+--+------------+--+------------+
| | | | | | | | |
+----------------------+------------+---+------------+--+------------+--+------------+
| Gain arising on | 247,985 | | 4,364,128 | | 49,597 | | 660,231 |
| revaluation of | | | | | | | |
| biological assets | | | | | | | |
+----------------------+------------+---+------------+--+------------+--+------------+
The biological assets are carried at fair value which is calculated as the
present value of the estate's operating cash flows over the next ten years,
based on Directors' best estimates of future selling prices of fresh fruit
bunches as shown in Note 8 of the Notes to Financial Statements.
Due to the significant reduction in profits, earnings per share has declined
from 66.51 sen (9.89 pence) for the financial year ended 31 December 2007 to
29.90 sen (5.06 pence) for the year ended 31 December 2008.
FINANCIAL POSITION
The Company's balance sheet at 31 December 2008 showed a strong position, with
net assets of RM47,035,306 (GBP9,404,870) compared with RM43,915,751
(GBP6,637,544) at 31 December 2007. Cash and short term deposits totalled
RM9,515,438 (GBP1,903,087) compared with RM8,092,424 (GBP1,224,270) of the
previous financial year. The company has no bank borrowings.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
REVIEW OF OPERATIONS
The year witnessed extreme volatility in the commodity price for palm oil.
"The average Crude Palm Oil (CPO) price increased by 9.8% or RM247.00 to
RM2,777.50 in 2008 against RM2,530.50 the previous year. However, the palm oil
industry experienced extreme price fluctuations during the year with the highest
monthly average CPO price recorded in March 2008 at RM3,695.00 and the lowest
attained in November at RM1,520.50. CPO prices firmed during the first half of
the year trading above RM3,500/tonne level supported by higher crude oil prices,
demand for biodiesel, tight global vegetable oils situation and higher vegetable
oils prices. However, during the second-half of the year bearish sentiments
prevailed in the market influenced by the sharp decline in crude oil prices as
well as other vegetable oils, high palm oil stocks, global financial crisis and
fears of global recession. This resulted in the monthly average CPO price
falling below the RM 2,000/tonne level since October 2008."*
Overall, foreign exchange has significantly affected the Company's operational
profits, excluding gain arising from revaluation of biological assets, decreased
by 16.90% in the current financial year as compared to the previous financial
year. With the estate now fully matured, there was no replanting expenditure
incurred.
(* Source: Malaysian Palm Oil Board)
CURRENT YEAR'S PROSPECTS
The world is now wrought by possibly the worst financial crisis it has ever
seen, the subprime meltdown and the fallout on the commodity and foreign
exchange markets has significantly raised the prospects of a global recession
for Year 2009.
"The year 2009 is expected to be a challenging one for the industry in view of
the high prevailing palm oil stocks, set-back in prices and concerns of a global
recession. The Malaysian Government has taken various measures to stabilize palm
oil prices at remunerative levels. Among the measures are the Oil Palm
Replanting Incentive Scheme to accelerate replanting and reduce CPO production
in the near term, the implementation of the 5% biodiesel mandate in the
transport and industrial sector starting with government vehicles in February
2009 and increasing exports under the CPO export duty free scheme. In view of
the prevailing CPO prices , the average price in 2009 is expected to soften
compared to last year."*
(* Source: Malaysian Palm Oil Board)
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
CURRENT YEAR'S PROSPECTS (Continued)
Crop will be expected to increase in the foreseeable future, as matured plants
have entered their prime production years. With no further replanting planned
for the next few years, the plantation will enter a period of increasing
production and falling costs. The Company should see another profitable year
ahead given the stabilization of CPO price, improved cost efficiency through
proper planning and favourable weather which will be beneficial to an increase
in productivity of FFB.
DIVIDEND
Dividends paid, declared or proposed since the end of the previous financial
year were as follows:
+--------------------------------------------------+-----------+-----------+-----------+
| | RM | | GBP |
+--------------------------------------------------+-----------+-----------+-----------+
| | | | |
+--------------------------------------------------+-----------+-----------+-----------+
| In respect of financial year ended 31 December | | | |
| 2007: | | | |
+--------------------------------------------------+-----------+-----------+-----------+
| Interim dividend of 10% and Special dividend of | | | |
| 12% per ordinary share of 10 pence each, less | | | |
| tax of 27%, paid on 18 January 2008 | | | |
+ +-----------+-----------+-----------+
| | | | |
+ +--------------------------------------------------+-----------+-----------+
| | 1,413,642 | | 213,864 |
+--------------------------------------------------+--------------------------------------------------+-----------+-----------+
| | | | |
+--------------------------------------------------+-----------+-----------+-----------+
| In respect of financial year ended 31 December | | | |
| 2008: | | | |
+--------------------------------------------------+-----------+-----------+-----------+
| Interim dividend of 6% and Special dividend of | | | |
| 6% per ordinary share of 10 pence each, less tax | | | |
| of 26%, paid on 19 June 2008 | | | |
+ +-----------+-----------+-----------+
| | | | |
+ +--------------------------------------------------+-----------+-----------+
| | 744,983 | | 118,251 |
+--------------------------------------------------+--------------------------------------------------+-----------+-----------+
| | | | |
+--------------------------------------------------+-----------+-----------+-----------+
| 2nd Interim dividend of 6% and 2nd Special | | | |
| dividend of 6% per ordinary share of 10 pence | | | |
| each, less tax of 26%, paid on 19 December 2008 | | | |
+ +-----------+-----------+-----------+
| | | | |
+ +--------------------------------------------------+-----------+-----------+
| | 636,192 | | 118,252 |
+--------------------------------------------------+--------------------------------------------------+-----------+-----------+
| | | | |
+--------------------------------------------------+-----------+-----------+-----------+
| | 2,794,817 | | 450,367 |
+--------------------------------------------------+-----------+-----------+-----------+
The Board do not recommend a payment of final dividend for the current financial
year.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia)
CHANGE IN DIRECTORSHIP DURING THE YEAR ENDED 31 DECEMBER 2008
On 25 July 2008, Mr William John Huntman retired from the board. He first joined
the Narborough board in 1973 and was largely responsible for the prosperity and
growth of the Company. His immense experience and contribution is duly
acknowledged. It is pleasing to know that this will still be available to the
other directors as he remains as our Senior Advisor.
On the same day, we were pleased to welcome Mr Adrian Tsen Keng Yam to the
board. Mr Adrian Tsen brings a wealth of experience in accountancy and corporate
strategy.
The announcement for the above change in Directorship has been made on 29 July
2008 on the London Stock Exchange website.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for keeping proper accounting records which
disclose with reasonable accuracy at any time the financial position of the
company, for safeguarding the assets of the company, for taking reasonable steps
for the prevention and detection of fraud and other irregularities and for the
preparation of a directors' report and directors' remuneration report which
comply with the requirements of the Companies Act 1985.
The directors are responsible for preparing the annual report and the financial
statements in accordance with the Companies Act 1985. The directors have chosen
to prepare financial statements for the company in accordance with International
Financial Reporting Standards as adopted by the European Union (IFRS).
International Accounting Standard 1 requires that financial statements present
fairly for each financial year the company's financial position, financial
performance and cash flows. This requires the faithful presentation of the
effects of transactions, other events and conditions in accordance with the
definitions and recognition criteria for assets, liabilities, income and
expenses set out in the International Accounting Standards Board's 'Framework
for the preparation and presentation of financial statements'. In virtually all
circumstances, a fair presentation will be achieved by compliance with all
applicable IFRSs. A fair presentation also requires the Directors to:
- consistently select and apply appropriate accounting policies;
- present information, including accounting policies, in a manner that
provides relevant, reliable,
comparable and understandable
information; and
- provide additional disclosures when compliance with the specific
requirements in IFRSs is insufficient
to enable users to understand
the impact of particular transactions, other events and conditions on the
entity's financial position and financial performance.
THE NARBOROUGH PLANTATIONS, PUBLIC LIMITED COMPANY
Incorporated in England and Wales 1910 - Registration No. 109273
(UK Registered Office: Prospect House, 2 Athenaeum Road, London N20 9YU, United
Kingdom)
Registered as a Foreign Company in Malaysia - No. 991416-W
(Malaysian Registered Office: 33A Jalan Tun Sambanthan, 30000 Ipoh, Perak Darul
Ridzuan, Malaysia
STATEMENT OF DIRECTORS' RESPONSIBILITIES (Continued)
The directors confirm to the best of their knowledge:
-the Company financial statements have been prepared in accordance with
International Financial
Reporting Standards as adopted by the European
Union (IFRSs) and Article 4 of the IAS Regulation
and give a true and
fair view of the assets, liabilities, financial position and profit and loss of
the
Company.
- the directors' report on pages 12 to 15 of the full Annual Report 2008
includes a fair review of the
development and performance of the
business and the financial position of the Company, together
with a
description or the principal risks and uncertainties that they face.
The report of the auditors which is unqualified can be found on pages 26 and 27
of the full Annual Report 2008.
This statement is made in accordance with the resolution of the Board of
Directors dated 23 February 2009 and authorised for issue on 2 March 2009.
As stated in the Company's announcement on 31 March 2009, two copies of the
Annual Report have been submitted to the UK Listing Authority and should now be
available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at the UK Listing Authority, Financial Services
Authority, 25 The North Colonnade, Canary Wharf, London, E14 5HS.
The Company's full annual financial statements for financial year ended 31
December 2008 is also available at the Company's website at
www.narboroughplantations.com
The Notice of 99th Annual General Meeting of the Company has been announced on
24 April 2009 on the London Stock Exchange website.
By order of the Board
Adrian Tsen Keng Yam
Executive Directors
33A Jalan Tun Sambanthan
30000 Ipoh
Perak Darul Ridzuan
Malaysia
This announcement is dated 27 April 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR SEMFSWSUSEEL