Narborough Plantations PLC
23 November 2007
The Narborough Plantations, Plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
INTERIM RESULTS FOR THE
PERIOD ENDED 30 SEPTEMBER 2007
The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
Income Statements
For the period ended 30 SEPTEMBER 2007
(the figures have not been audited)
3 months ended 9 months ended
30 Sept 2007 30 Sept 2006 30 Sept 2007 30 Sept 2006
(Unaudited) (Unaudited)
£ £ £ £
Revenue 353,154 187,779 760,367 478,394
Cost of sales (83,543) (57,326) (191,427) (167,451)
Gross Profit 269,611 130,453 568,940 310,943
Other income - - 3,634 578
Administrative expenses (25,114) (8,687) (70,040) (29,849)
Exchange profit/(loss) (401) 11,141 (378) 17,708
Operating Profit 244,096 132,907 502,156 299,380
Share of operating profit in associate after 30,346 5,771 80,269 17,312
tax
Finance income 7,765 2,471 21,819 14,799
Finance cost (700) - (2,077) -
Amount written back on fixed asset investment - - - -
Profit on ordinary activities before taxation 281,507 141,149 602,167 331,491
Taxation (76,007) (18,121) (162,585) (54,364)
Profit for the period 205,500 123,028 439,582 277,127
Earnings per share 1.54 p 0.92 p 3.30 p 2.08 p
The income statements should be read in conjunction with the financial
statements for the 18 months period ended 31 December 2006 and the accompanying
explanatory notes attached to the interim financial statements.
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
BALANCE SHEET AS AT 30 SEPTEMBER 2007
(the figures have not been audited)
Unaudited
9 months 9 months Audited
to 30.09.2007 to 30.09.2006 31.12.2006
£ £ £
NON-CURRENT ASSETS
Property, plant and equipment 1,766,280 1,780,851 1,774,589
Biological asset 1,424,984 1,424,984 1,422,928
Investment in associate 586,868 482,077 505,868
3,778,132 3,687,912 3,703,385
CURRENT ASSETS
Inventories 1,820 4,560 1,067
Trade receivables 86,193 48,146 47,993
Other receivables 13,492 15,852 11,456
Due from affiliated company - 6,203 6,194
Tax recoverable - 27,702 -
Deposits with financial institutions 852,064 730,665 648,410
Cash and bank balances 114,109 75,080 80,528
1,067,678 908,208 795,648
CURRENT LIABILITIES
Trade payables 8,815 7,007 3,103
Other payables 56,171 36,137 66,907
Due to affiliated company 1,682 9,370 -
Tax payable 56,261 - 4,581
Dividend payable 2,077 - -
125,006 52,514 74,591
NET CURRENT ASSETS 942,672 855,694 721,057
4,720,804 4,543,606 4,424,442
FINANCED BY:
Share capital 1,331,659 1,331,659 1,331,659
Reserves 3,214,266 3,051,564 2,918,129
Shareholders' equity 4,545,925 4,383,223 4,249,788
NON-CURRENT LIABILITIES
Provision for retirement benefits 3,477 3,913 3,472
Deferred tax liabilities 152,378 137,446 152,158
Cumulative preference shares 19,024 19,024 19,024
174,879 160,383 174,654
4,720,804 4,543,606 4,424,442
Net assets per share (RM) 34.14 p 32.92 p 31.91 p
The balance sheet should be read in conjunction with the financial statements
for the 18 months period ended 31 December 2006 and the accompanying explanatory
notes attached to the interim financial statements.
Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(the figures have not been audited)
Non- Distributable
Share distributable General Revaluation Retained
capital reserve reserve reserve profit Total
£ £ £ £ £ £
At 1 July 2005 1,331,659 (483,419) - 2,517,076 819,851 4,185,167
Exchange adjustments -
Net surplus/(deficit) arising
on translation of balance sheet
items at beginning of year - (7,225) - (21,792) (8,556) (37,573)
Net profit for the year - - - - 388,587 388,587
Dividends - - - - (286,393) (286,393)
At 31 December 2006 1,331,659 (490,644) - 2,495,284 913,489 4,249,788
At 1 January 2007 1,331,659 (490,644) - 2,495,284 913,489 4,249,788
Exchange adjustments - - - - - -
Net surplus/(deficit) arising -
on translation of balance -
items at beginning of period - (140,949) 3,606 139,714 2,371
Net profit for the period - - - - 439,582 439,582
Dividends (Note 12) - - - - (145,816) (145,816)
At 30 September 2007 1,331,659 (631,593) - 2,498,890 1,346,969 4,545,925
The statement of changes in equity should be read in conjunction with the
financial statements for the 18 months period ended 31 December 2006 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
FOR THE PERIOD ENDED 30 SEPTEMBER 2007
(the figures have not been audited)
9 months to 9 months to
30.09.2007 30.09.2006
£ £
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 602,167 331,491
Adjustments for:
Depreciation 11,636 11,618
Interest income (21,819) (14,799)
Share of profit of associate (80,269) (17,312)
Foreign exchange loss/(gain) 378 (17,708)
Operating profit before working capital changes 512,093 293,290
Changes in working capital
Inventories (753) (1,831)
Receivables (40,150) (28,827)
Payables 854 8,770
Cash generated from operating activities 472,044 271,402
Retirement benefits paid - -
Tax paid (110,912) (54,364)
Net cash (used in)/generated from operating activities 361,132 217,038
CASH FLOW FROM INVESTING ACTIVITY
Interest received 21,819 14,799
Purchase of property, plant and equipment (764) (1,322)
Net cash generated from investing activity 21,055 13,477
CASH FLOW FROM FINANCING ACTIVITY
Repayment from / (advances to) affiliated company 3,981 22,483
Dividends paid (149,609) -
Net cash (used in)/generated from financing activities (145,628) 22,483
Net (decrease)/increase in cash and cash equivalents 236,559 252,998
Effects of exchange rate changes (378) 17,708
Cash and cash equivalents at beginning of period 729,992 535,039
Cash and cash equivalents at end of period 966,173 805,745
Cash and cash equivalents comprise:
Deposits with financial institutions 852,064 730,665
Cash and bank balances 114,109 75,080
966,173 805,745
The cash flow statement should be read in conjunction with the financial
statements for the 18 months period ended 31 December 2006 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 are unaudited and have been prepared in
accordance with International Financial Reporting Standards (IFRS and IFRIC)
issued by the International Accounting Standards Board (IASB) as adopted by the
EU and with those parts of the Companies Act, 1985 applicable to companies
preparing their accounts under IFRS.
The interim financial statements should be read in conjunction with the audited
financial statements of the Company for the 18 months period ended 31 December
2006. There was no qualification in the audited financial statements for the 18
months period ended 31 December 2006.
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 18 months period ended 31 December 2006 except for the
adoption of the following new/revised International Financial Reporting
Standards ('IFRS') effective for the financial period beginning 1 January 2007.
IFRS 7 : Financial Instruments
The adoption of the above IFRS does not have any significant financial impact on
the Company.
A2. Seasonal or cyclical factors
The production of fresh fruits bunches ('FFB') is dependent on weather
conditions; hence is seasonal in nature.
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.
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
A6. Dividend paid
There was no dividend paid during the quarter under review.
A Final Dividend of 10% less 27% Malaysian Income Tax and Special Dividend of 5%
less 27% Malaysian Income Tax for the 18 months ended 31 December 2006 has been
paid on 27 July 2007.
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 capital commitments as at 30 September 2007
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 and six months period ended 30 September 2007.
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 £760,367 for the current financial period, an
increase of 37.08% as compared to the preceding year corresponding period. The
Company also recorded a pre-tax profit in the financial period ended 30
September 2007 of £602,167 against pre-tax profit of £331,491 in the preceding
year corresponding period. The higher revenue was mainly due to higher selling
price of oil palm fresh fruit bunches.
B2. Variation of results against preceding quarter
The current quarter recorded a pre-tax profit of £281,507 on revenue of £353,154
compared to pre-tax profit of £141,149 on revenue of £187,779 posted in the
immediate preceding quarter. The higher revenue was mainly due to higher selling
price of oil palm fresh fruit bunches.
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
9 months ended
30.09.2007 30.09.2006
£'000 £'000
Current tax expense of the company 76 18
B6. Unquoted investments and properties
There were no purchase or sales of unquoted investments or properties for the
current financial year todate.
B7. Quoted investments
There were no purchases of quoted securities for the current financial period.
B8. Status of corporate proposal announced
There were no corporate proposals announced and not completed as at the latest
practicable date.
B9. Borrowing and debt securities
There were no borrowings and debt securities as at the end of the current
quarter.
B10. Off balance sheet financial instruments
There were no financial instruments with off balance sheet risk as at the latest
practicable date.
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
B11. Changes in material litigation
There was no pending material litigation as at the latest practicable date.
B12. Dividends
The directors do not recommend any payment of dividend for the current financial
quarter.
B13. Earnings per share
Basic earnings per share
Individual period Cumulative period
Current year Preceding year Current year to Preceding year
quarter corresponding quarter date corresponding period
30.09.2007 30.09.2006 30.09.2007 30.09.2006
Net profit
attributable to
ordinary shareholders
(£) 205,500 123,028 439,582 277,127
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 1.54 p 0.92 p 3.30 p 2.08 p
ordinary share of 10 p
each
Diluted earnings per shares
Not applicable.
The currency conversion from Ringgit Malaysia into Pound Sterling is at the rate
of exchange at 30 September 2007 of £1 = RM6.92 (2006 : £1 = RM6.92)
By Order of the Board
Adrian Tsen
Company Secretary
Dated: 22 November 2007
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