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The Narborough Plantations, Public Limited Company

(Incorporated in England 1910 - Registration No. 109273)

(Registered as a Foreign Company in Malaysia - No. 991416-W)

Interim Financial Statements

31 March 2009

The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

Income Statements
FOR THE PERIOD ENDED 31 MARCH 2009
(the figures have not been audited)

Continuing Operations
	3 months period / Cumulative period
	ended 31.03.09				ended 31.03.08
	RM		£		RM		£

Revenue	1,041,119		199,831		2,564,259		401,921
Cost of sales	(337,292)		(64,739)		(468,833)		(73,485)
Gross Profit	703,827		135,092		2,095,426		328,436
Other operating income	15,114		2,901		4,235		664
Administrative expenses	(161,083)		(30,918)		(161,276)		(25,278)
Exchange profit/(loss)	122,076		23,431		(133,518)		(20,928)
Operating Profit	679,934		130,506		1,804,867		282,894
Share of operating profit in associate after tax	98,870		18,977		234,704		36,903
Finance income	66,121		12,691		60,252		9,444
Finance cost	(4,897)		(938)		(6,017)		(946)
Profit before tax	840,028		161,236		2,093,806		328,295
Tax expense	(199,998)		(38,387)		(521,000)		(81,661)
Profit for the financial period	640,030		122,849		1,572,806		246,634
Earnings per share (sen / pence)	4.81		0.92 p		11.81		1.85 p

The income statements should be read in conjunction with the financial statements for the financial year ended 31 December 2008 and the accompanying explanatory notes attached to the interim financial statements.

 

 

The Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

STATEMENT OF TOTAL RECOGNISED INCOME AND EXPENSE

FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2009

(the figures have not been audited) 

					Year ended
	31.03.2009				31.12.2008
					(Audited)
	RM		£		RM		£
Profit for the financial
period	640,030		122,849		3,981,728		673,396
Net surplus/(deficit) arising on
translation of balance sheet
items at beginning of period
and results of the year to
year-end exchange rate
-   revaluation reserve	-		(175,782)		-		1,087,004
-   capital reserve	-		(22,189)		-		116,204
-   foreign exchange reserve	-		(41,944)		-		242,407
-   general reserve	-		(7,373)		-		29,358
-   retained profits	-		(150,126)		-		751,659
Total recognised income
and expense for the period	640,030		(274,565)		3,981,728		2,900,028

The statement of total recognised income and expense should be read in conjunction with the financial statements for the financial year ended 31 December 2008 and the accompanying explanatory notes attached to the interim financial statements.

Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

BALANCE SHEET AS AT 31 MARCH 2009
(the figures have not been audited)

	3 months				Year ended
	to 31.03.09				31.12.08
ASSETS					(Audited)
	RM		£		RM		£
NON CURRENT ASSETS
Property, plant and equipment	14,673,161		2,810,950		14,685,063		2,937,013
Biological assets	14,473,005		2,772,606		14,473,005		2,894,601
Prepaid lease payments	110,937		21,252		115,625		23,125
Investment in associate	8,319,227		1,593,722		8,220,357		1,644,072
	37,576,330		7,198,530		37,494,050		7,498,811
CURRENT ASSETS
Inventories	54,700		10,479		7,144		1,429
Trade and other receivables	286,025		54,794		273,575		54,715
Short term deposits	9,479,725		1,816,039		9,262,572		1,852,514
Cash and bank balances	422,168		80,875		252,866		50,573
Tax recoverable	418,987		80,266		418,987		83,797
TOTAL CURRENT ASSETS	10,661,605		2,042,453		10,215,144		2,043,028
TOTAL ASSETS	48,237,935		9,240,983		47,709,194		9,541,839
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	(391,016)		(74,907)		(502,305)		(100,461)
Current tax liabilities	-		-		-		-
	(391,016)		(74,907)		(502,305)		(100,461)
NON CURRENT LIABILITIES
Provision for retirement benefits	(29,023)		(5,560)		(29,023)		(5,805)
Deferred tax liabilities	(58,397)		(11,187)		(58,397)		(11,679)
Cumulative preference shares	(84,163)		(19,024)		(84,163)		(19,024)
	(171,583)		(35,771)		(171,583)		(36,508)
TOTAL LIABILITIES	(562,599)		(110,678)		(673,888)		(136,969)
TOTAL NET ASSETS	47,675,336		9,130,305		47,035,306		9,404,870
CAPITAL & RESERVES ATTRIBUTABLE TO
EQUITY HOLDERS OF THE COMPANY
Share capital	4,891,969		1,331,659		4,891,969		1,331,659
Other reserves	24,361,268		4,269,509		24,361,268		4,516,797
Retained profits	18,422,099		3,529,137		17,782,069		3,556,414
	47,675,336		9,130,305		47,035,306		9,404,870
Net assets per share (RM / pence)	3.58		68.56 p		3.53		70.63 p

The balance sheet should be read in conjunction with the financial statements for the financial year ended 31 December 2008 and the accompanying explanatory notes attached to the interim financial statements.

 

 

Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2009 (the figures have not been audited) (in Ringgit Malaysia)

		Revaluation
		reserve net of
	Share	attributable	Capital	General	Retained
	capital	deferred tax	reserve	reserve	profits	Total
	RM	RM	RM	RM	RM	RM
At 1 January 2008	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 2008	4,891,969	20,854,166	2,632,404	874,698	17,782,069	47,035,306
Additional interest
in an associate	-	-	-	-	-	-
Total recognised
income and expense
for the year	-	-	-	-	640,030	640,030
Dividends	-	-	-	-	-	-
At 31 March 2009	4,891,969	20,854,166	2,632,404	874,698	18,422,099	47,675,336

Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 31 MARCH 2009 (the figures have not been audited) (in Pound Sterling)

		Revaluation
		reserve net of		Foreign
	Share	attributable	Capital	exchange	General	Retained
	capital	deferred tax	reserve	reserve	reserve	profits	Total
	£	£	£	£	£	£	£
At 1 January 2008	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
Revaluation gains from
revaluation of 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 2008	1,331,659	4,170,833	526,481	(355,457)	174,940	3,556,414	9,404,870
Additional interest in an
associate	-	-	-	-	-	-	-
Total recognised
income and expense
for the year	-	(175,782)	(22,189)	(41,944)	(7,373)	(27,277)	(274,565)
Dividends	-	-	-	-	-	-	-
At 31 March 2009	1,331,659	3,995,051	504,292	(397,401)	167,567	3,529,137	9,130,305

The statement of changes in equity should be read in conjunction with the financial statements for the financial year ended 31 December 2008 and the accompanying explanatory notes attached to the interim financial statements.

Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

 

CASH FLOW STATEMENT 
FOR THE PERIOD ENDED 31 MARCH 2009
(the figures have not been audited)

		3 months to				3 months to
		31.3.2009				31.3.2008
		RM		£		RM		£
Operating Activities
Profit before taxation		840,028		161,236		2,093,806		328,295
Adjustments for:
	Amortisation of prepaid lease payment	4,688		900		4,687		735
	Depreciation of property, plant and equipment	13,102		2,515		18,538		2,905
	Provision/(write back) of retirement benefits	-		-		-		-
	Gain on disposal of property, plant & equipment	-		-		-		-
	Share of profit of associate after tax	(98,870)		(18,977)		(234,704)		(36,903)
	Finance income	(66,121)		(12,691)		(60,252)		(9,444)
	Finance cost	4,897		938		6,017		946
Operating cash flow before changes in
working capital and provisions		697,724		133,921		1,828,092		286,534
	Decrease/(Increase) in inventories	(47,556)		(9,110)		(19,480)		(3,063)
	Decrease/(Increase) in trade and other receivables	(12,450)		(2,385)		(53,673)		(8,439)
	(Decrease)/Increase in trade and other payables	(120,766)		(23,135)		(29,973)		(4,713)
Cash generated from operations		516,952		99,291		1,724,966		270,319
Tax paid		(199,998)		(38,387)		(296,748)		(46,512)
Net cash flow from operating activities		316,954		60,904		1,428,218		223,807
Investing activities
	Repayment from / (advances to) affiliated company	4,580		877		2,681		422
	Interest received	66,121		12,691		60,252		9,444
	Proceeds from disposal of property, plant & equipment	-		-		-		-
	Purchase of property, plant & equipment	(1,200)		(230)		(27,600)		(4,340)
Net cash flow from investing activities		69,501		13,338		35,333		5,526
Financing activities
	Dividends paid on equity shares	-		-		(1,413,643)		(213,864)
	Dividends paid on preference shares	-		-		-		-
Net cash flow used in financing activities		-		-		(1,413,643)		(213,864)
Increase in cash and cash equivalents		386,455		74,242		49,908		15,469
Effects of exchange rate changes		-		(80,415)		-		40,502
Cash and cash equivalents at beginning of the period		9,515,438		1,903,087		8,092,424		1,224,270
Cash and cash equivalents at end of the period		9,901,893		1,896,914		8,142,332		1,280,241
Comprising:
	Cash and bank balances	422,168		80,875		3,542,332		556,970
	Short term deposits	9,479,725		1,816,039		4,600,000		723,271
		9,901,893		1,896,914		8,142,332		1,280,241

The cash flow statement should be read in conjunction with the financial statements for the financial year ended 31 December 2008 and the accompanying explanatory notes attached to the interim financial statements.

 

 

Narborough Plantations, plc
(Incorporated in England 1910 - Registration No. 109273)
(Registered as a Foreign Company in Malaysia - No. 991416-W)

Notes to the interim financial statements

A1.    Basis of preparation

The interim financial statements are unaudited and have been prepared in accordance with International Financial Reporting Standards (IFRS and IFRIC) issued by the International Accounting Standards Board (IASB) as adopted by the EU and with those parts of the Companies Act, 1985 applicable to companies preparing their accounts under IFRS.

The interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended 31 December 2008. There was no qualification in the audited financial statements for the year ended 31 December 2008.

The accounting policies and methods of computation adopted by the Company in the interim financial statements are consistent with those adopted in the financial statements for the year ended 31 December 2008 except for the adoption of the following new/revised International Financial Reporting Standards ('IFRS') effective for the financial period beginning 1 January 2009.

IFRS 8 Operating Segments

IAS 23 Borrowing Costs (revised)

IFRIC 15 Agreements for the Construction of Real Estate*

IFRIC 17 Distributions of Non-cash Assets to Owners*

Revised IFRS 1 First time Adoption of International Financial Reporting Standards*

Revised IFRS 3 Business Combination and complementary Amendments to IAS 27 'Consolidated and separate financial statements*

Amendment to IFRS 2 Share-based payments: vesting conditions and cancellations

IAS 1 Presentation of Financial Statements (Amendment)

IAS 1 Presentation of Financial Statements - Puttable Financial Instruments and Obligations Arising on Liquidation (Amendment)*

IAS 32 Financial Instruments: Presentation (Amendment)*

Amendment to IAS 39 - Eligible Hedged Items* 

IFRIC 18 Transfers of Assets from Customers 

* Not endorsed by the EU as at the date of approval of these financial statement.

The directors do not anticipate that the adoption of the above standards and interpretations will have a material impact on the Company's financial statements, other than increasing disclosure, in the period of initial adoption and subsequent periods.

A2.    Seasonal or cyclical factors

    

The production of fresh fruits bunches of oil palms ('FFB') is dependent on weather conditions; hence is seasonal in nature. The turnover is also dependent on price fluctuations of Crude Palm Oil ('CPO')

A3.    Items affecting assets, liabilities, equity, net income or cash flows

There were no items affecting assets, liabilities, equity, net income or cash flows that are unusual because of their nature, size or incidence.

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

(Registered as a Foreign Company in Malaysia - No. 991416-W)

Notes to the interim financial statements - cont'd

A4.    Change in estimates

    There were no changes in estimates that have a material effect in the current quarter.

A5.    Debt and equity securities

    There were no issuance, cancellations, repurchase, resale and repayments of debt and equity securities in the current quarter.

A6.    Dividend paid

 There was no dividend paid during the quarter under review.

A7.    Segment information

Segmental information is not presented as the principal activity of the Company is the cultivation of oil palm wholly carried out within Malaysia.

A8.    Valuation of property, plant and equipment

The valuations of property, plant and equipment have been brought forward without amendment from the previous annual financial statements.

A9.    Capital commitments

There are no material capital commitments as at 31 March 2009.

A10.    Events subsequent to the balance sheet date

There were no material events subsequent to the end of the current quarter that have not been reflected in the interim financial statements under review.

A11.    Changes in composition

There were no changes in the composition of the Company for the current quarter.

A12.    Changes in contingent liabilities and contingent assets

There were no contingent liabilities or contingent assets as at the last annual balance sheet date and the latest practicable date.

A13.    Related party transactions

There were no significant related party transactions of the Company for the current quarter.

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

(Registered as a Foreign Company in Malaysia - No. 991416-W)

Additional information 

B1.    Review of performance

The Company registered revenue of RM1,041,119 (£199,831) for the current financial period, a decrease of 59.40% as compared to the preceding year corresponding quarter. 

This is mainly due to the decreased in yield of fresh fruit bunches (FFB) for the current quarter of 25.52% from 3,476 MT to 2,589 MT as compared to the preceding year corresponding quarter.  Average price of FFB for the current quarter has also decreased by 50.65% from RM737.65 to RM364.05 as compared to the preceding year corresponding quarter.  

B2.    Variation of results against preceding year corresponding quarter

The current quarter recorded a pre-tax profit in the financial quarter of RM840,028 (£161,236) against pre-tax profit of RM2,093,806 (£328,295) in the preceding year corresponding quarter.  

The lower pre-tax profit in the current quarter is mainly attributed by the decrease in yield of FFB and the lower average CPO market price.

B3.    Current year prospects

Barring any unforeseen circumstances, the directors expect the performance of the Company for the current financial year to be satisfactory.

B4.    Profit forecast

Not applicable as no profit forecast was published.

B5.    Tax expense

	3 months ended				3 months ended
	31.03.2009		31.03.2008		31.03.2009		31.03.2008
	RM'000		RM'000		£'000		£'000
Current tax expense of the company	200		521		38		82

    The tax residence of the Company is in Malaysia.

A reconciliation of the Malaysian income tax rate to the effective tax rate of the Company is as follows:-

					% of Profit
					Before Taxation
					31.03.2009		31.03.2008
Malaysian income tax rate					25.0		26.0
(Decrease)/Increase resulting from:
Non deductible expenses					6.8		2.4
Non taxable income					(7.6)		(3.6)
Effective tax rate					24.2		24.8

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

(Registered as a Foreign Company in Malaysia - No. 991416-W)

Additional information - cont'd

B6.    Unquoted investments and properties

There were no purchase or sales of unquoted investments or properties for the current financial year todate.

B7.    Quoted investments

There were no purchases of quoted securities for the current financial period.

B8.    Status of corporate proposal announced

There were no corporate proposals announced and not completed as at the latest practicable date.

B9.    Borrowing and debt securities

There were no borrowings and debt securities as at the end of the current quarter.

B10.    Off balance sheet financial instruments

There were no financial instruments with off balance sheet risk as at the latest practicable date.

B11.    Changes in material litigation

There was no pending material litigation as at the latest practicable date.

B12.    Dividends

The directors do not recommend any payment of dividend for the current financial period to date.

         B13.    Earnings per share

Basic earnings per share

The earnings per share is calculated by dividing the net profit for the period attributable to equity holders of the Company by the weighted average number of shares of the Company in issue during the period.

    

	Individual period				Cumulative period
	Current year quarter 31.03.2009		Preceding year corresponding quarter 31.03.2008		Current year to date 31.03.2009		Preceding year corresponding period 31.03.2008
Net profit attributable to ordinary shareholders
(RM)	640,030		1,572,806		640,030		1,572,806
Basic earnings per share
Weighted average number of ordinary shares of 10 p each	13,316,590		13,316,590		13,316,590		13,316,590
Basic earnings per ordinary share of 10 p each (sen)	4.81		11.81		4.81		11.81

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

(Registered as a Foreign Company in Malaysia - No. 991416-W)

Additional information - cont'd

B13.    Earnings per share (cont'd)

    

    

	Individual period				Cumulative period
	Current year quarter 31.03.2009		Preceding year corresponding quarter 31.03.2008		Current year to date 31.03.2009		Preceding year corresponding period 31.03.2008
Net profit attributable to ordinary shareholders
(£)	122,849		246,634		122,849		246,634
Basic earnings per share
Weighted average number of ordinary shares of 10 p each	13,316,590		13,316,590		13,316,590		13,316,590
Basic earnings per ordinary share of 10 p each (pence)	0.92 p		1.85 p		0.92 p		1.85  p

    

    Diluted earnings per shares

    Not applicable.

The financial statements are measured in Ringgit Malaysia (RM), which is the functional currency, being the currency of the primary economic environment in which the Company operates. The financial statements are presented in both RM and Pound Sterling.  The balance sheet is translated to Pound Sterling for presentation purpose at an exchange rate of RM1 = 19.16p (2008: RM1 = 15.72p) whereas the income statement is translated at an average exchange rate of RM1 = 19.19p (2008: RM1 = 15.67p).

By Order of the Board

Adrian Tsen Keng Yam

Executive Director

Dated : 28 April 2009

Ipoh

The Unaudited Results of The Narborough Plantations, plc for the first quarter ended 31 March 2009 are also available on the Company's website at www.narboroughplantations.com.

ENDQRFCKFKBCBKKPQB