Print   



 

The Narborough Plantations, Public Limited Company

(Incorporated in England 1910 - Registration No. 109273)

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

Interim Financial Statements

30 June 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 30 JUNE 2009
(the figures have not been audited)  (in Ringgit Malaysia)

	3 months ended				6 months ended
	30.06.09		30.06.08		30.06.09		30.06.08
	(Unaudited)				(Unaudited)
	RM		RM		RM		RM
Revenue	1,561,590		2,423,189		2,602,709		4,987,448
Cost of sales	(647,369)		(731,497)		(984,661)		(1,200,330)
Gross Profit	914,221		1,691,692		1,618,048		3,787,118
Other operating income	12,718		4,075		27,832		8,310
Administrative expenses	(175,531)		(223,611)		(336,614)		(384,887)
Exchange profit/(loss)	357,208		84,389		479,284		(49,129)
Operating Profit	1,108,616		1,556,545		1,788,550		3,361,412
Share of operating profit in associate after tax	138,196		(463,960)		237,066		(229,256)
Finance income	45,814		47,452		111,935		107,704
Finance cost	(6,159)		(6,300)		(11,056)		(12,317)
Profit on ordinary activities before taxation	1,286,467		1,133,737		2,126,495		3,227,543
Taxation	(164,492)		(412,200)		(364,490)		(933,200)
Profit after tax	1,121,975		721,537		1,762,005		2,294,343
Earnings per share (sen)	8.43		5.42		13.23		17.23

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

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

Income Statements
FOR THE PERIOD ENDED 30 JUNE 2009
(the figures have not been audited)  (in Pound Sterling)

	3 months ended				6 months ended
	30.06.09		30.06.08		30.06.09		30.06.08
	(Unaudited)				(Unaudited)
	£		£		£		£
Revenue	291,341		382,810		485,580		784,190
Cost of sales	(120,778)		(115,560)		(183,705)		(188,731)
Gross Profit	170,563		267,250		301,875		595,459
Other operating income	2,373		644		5,193		1,307
Administrative expenses	(32,748)		(35,326)		(62,801)		(60,517)
Exchange profit/(loss)	66,643		13,332		89,419		(7,725)
Operating Profit	206,831		245,900		333,686		528,524
Share of operating profit in associate after tax	25,783		(71,269)		44,229		(35,216)
Finance income	8,547		7,496		20,883		16,935
Finance cost	(1,051)		(946)		(1,887)		(1,937)
Profit on ordinary activities before taxation	240,110		181,181		396,911		508,306
Taxation	(30,689)		(65,118)		(68,002)		(146,730)
Profit after tax	209,421		116,063		328,909		361,576
Earnings per share (sen)	1.57 p		0.87 p		2.47 p		2.72 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 30 JUNE 2009

(the figures have not been audited) 

						Year ended
		30.06.2009				31.12.2008
		(Unaudited)				(Audited)
		RM		£		RM		£
Profit for the financial
period		1,762,005		328,909		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		-		(612,102)		-		1,087,004
capital reserve		-		(77,265)		-		116,204
foreign exchange reserve		-		(146,057)		-		242,407
general reserve		-		(25,674)		-		29,358
retained profits		-		(549,339)		-		751,659
Total recognised income
and expense for the period		1,762,005		(1,081,528)		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.

The 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 JUNE 2009

(the figures have not been audited)

		As at				Year ended
		30.06.09				31.12.08
		(Unaudited)				(Audited)
ASSETS		RM		£		RM		£
NON-CURRENT ASSETS
	Property, plant and equipment	14,662,091		2,502,063		14,685,063		2,937,013
	Biological assets	14,473,005		2,469,796		14,473,005		2,894,601
	Prepaid lease payments	106,250		18,131		115,625		23,125
	Investment in associate	8,457,423		1,443,246		8,220,357		1,644,072
		37,698,769		6,433,236		37,494,050		7,498,811
CURRENT ASSETS
	Inventories	22,815		3,893		7,144		1,429
	Trade and other receivables	347,230		59,254		273,575		54,715
	Short term deposits	9,652,722		1,647,222		9,262,572		1,852,514
	Cash and bank balances	455,548		77,739		252,866		50,573
	Tax recoverable	454,493		77,559		418,987		83,797
TOTAL CURRENT ASSETS		10,932,808		1,865,667		10,215,144		2,043,028
TOTAL ASSETS		48,631,577		8,298,903		47,709,194		9,541,839
LIABILITIES
CURRENT LIABILITIES
	Trade and other payables	(360,203)		(61,468)		(502,305)		(100,461)
	Current tax liabilities	-		-		-		-
		(360,203)		(61,468)		(502,305)		(100,461)
NON CURRENT LIABILITES
	Provision for retirement benefits	(29,023)		(4,953)		(29,023)		(5,805)
	Deferred tax liabilities	(58,397)		(9,965)		(58,397)		(11,679)
	Cumulative preference shares	(84,163)		(19,024)		(84,163)		(19,024)
		(171,583)		(33,942)		(171,583)		(36,508)
TOTAL LIABILITIES		(531,786)		(95,410)		(673,888)		(136,969)
TOTAL NET ASSETS		48,099,791		8,203,493		47,035,306		9,404,870
CAPITAL & RESERVES ATTRIBUTABLE
TO EQUITY HOLDERS OF THE COMPANY
	Share capital	4,891,969		1,331,659		4,891,969		1,331,659
	Other reserves	24,361,268		3,655,699		24,361,268		4,516,797
	Retained profits	18,846,554		3,216,135		17,782,069		3,556,414
TOTAL EQUITY		48,099,791		8,203,493		47,035,306		9,404,870
Net assets per share (RM / pence)		3.61		61.60 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.

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 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	-	-	-	-	1,762,005	1,762,005
Dividends	-	-	-	-	(697,520)	(697,520)
At 30 June 2009	4,891,969	20,854,166	2,632,404	874,698	18,846,554	48,099,791

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

STATEMENT OF CHANGES IN EQUITY

FOR THE PERIOD ENDED 30 JUNE 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	-	(612,102)	(77,265)	(146,057)	(25,674)	(220,430)	(1,081,528)
Dividends	-	-	-	-	-	(119,849)	(119,849)
At 30 June 2009	1,331,659	3,558,731	449,216	(501,514)	149,266	3,216,135	8,203,493

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

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

CASH FLOW STATEMENT 

FOR THE PERIOD ENDED 30 JUNE 2009

(the figures have not been audited)

		6 months ended				6 months ended
		30.06.09				30.06.08
		RM		£		RM		£
Operating Activities
Profit before taxation		2,126,495		396,911		3,227,543		508,306
Adjustments for:
	Amortisation of prepaid lease payment	9,375		1,749		9,375		1,440
	Depreciation of property, plant and equipment	24,172		4,510		35,187		5,405
	Provision/(write back) of retirement benefits	-		-		-		-
	Gain on disposal of property, plant & equipment	-		-		-		-
	Share of (profit)/loss of associate after tax	(237,066)		(44,229)		229,256		35,216
	Finance income	(111,935)		(20,883)		(107,704)		(16,935)
	Finance cost	11,056		1,887		12,317		1,937
Operating cash flow before changes in
working capital and provisions		1,822,097		339,945		3,405,974		535,369
	Decrease/(Increase) in inventories	(15,671)		(2,674)		(1,008)		(155)
	Decrease/(Increase) in trade and other receivables	(73,655)		(12,569)		(212,174)		(32,592)
	(Decrease)/Increase in trade and other payables	(155,684)		(26,567)		(72,333)		(11,111)
Cash generated from operations		1,577,087		298,135		3,120,459		491,511
Tax paid		(399,996)		(74,626)		(593,496)		(93,317)
Net cash flow from operating activities		1,177,091		223,509		2,526,963		398,194
Investing activities
	Repayment from / (advances to) affiliated company	2,526		431		553		85
	Interest received	111,935		20,883		107,704		16,935
	Proceeds from disposal of property, plant & equipment	-		-		-		-
	Purchase of property, plant & equipment	(1,200)		(205)		(27,600)		(4,240)
Net cash flow from investing activities		113,261		21,109		80,657		12,780
Financing activities
	Dividends paid on equity shares	(697,520)		(119,849)		(2,158,626)		(332,115)
	Dividends paid on preference shares	-		-		-		-
Net cash flow used in financing activities		(697,520)		(119,849)		(2,158,626)		(332,115)
Increase in cash and cash equivalents		592,832		124,769		448,994		78,859
Effects of exchange rate changes		-		(302,895)		-		8,917
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		10,108,270		1,724,961		8,541,418		1,312,046
Comprising:
	Cash and bank balances	455,548		77,739		255,698		39,278
	Short term deposits	9,652,722		1,647,222		8,285,720		1,272,768
		10,108,270		1,724,961		8,541,418		1,312,046

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

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

Notes to the interim financial statements

A1.    Basis of preparation

The interim financial statements 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

An Interim Dividend of 7% less 25% Malaysian Income Tax amounting to RM406,887 (£69,912) and a Special Dividend of 5% less 25% Malaysian Income Tax amounting to RM290,633 (£49,937) for the year ending 31 December 2009 was announced on 26 May 2009 and paid on 26 June 2009.

A7.    Segment information

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

A8.    Valuation of property, plant and equipment

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

A9.    Capital commitments

There are no material capital commitments as at 30 June 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 RM2,602,709 (£485,580) for the current financial period, a decrease of 47.82% as compared to the preceding year corresponding period. 

This is mainly due to the decrease in average price of FFB for the current period by 41.40% from RM742.08/MT to RM434.87/MT as compared to the preceding year corresponding period and the decrease in yield of fresh fruit bunches (FFB) for the current period of 10.95% from 6,721 MT to 5,985 MT as compared to the preceding year corresponding period. 

B2.    Variation of results against preceding year corresponding quarter

The current quarter recorded a pre-tax profit of RM1,286,467 (£240,110) against pre-tax profit of RM1,133,737 (£181,181) in the preceding year corresponding quarter.  

The pre-tax profit is higher primarily due to higher other operating income, higher unrealised foreign exchange gains and higher contributions from the associates in the current quarter as compared to the preceding year corresponding quarter.

B3.    Current year prospects

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

B4.    Profit forecast

Not applicable as no profit forecast was published.

B5.    Tax expense

	3 months ended				6 months ended
	30.06.2009		30.06.2008		30.06.2009		30.06.2008
	RM'000		RM'000		RM'000		RM'000
Current tax expense of the company	164		412		364		933

    

	3 months ended				6 months ended
	30.06.2009		30.06.2008		30.06.2009		30.06.2008
	£'000		£'000		£'000		£'000
Current tax expense of the company	31		65		68		147

    The tax residence of the Company is in Malaysia.

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

Additional information - cont'd

B5.    Tax expense - cont'd

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

					% of Profit
					Before Taxation
					30.06.2009		30.06.2008
Malaysian income tax rate					25.0		26.0
(Decrease)/Increase resulting from:
Non deductible expenses					1.4		3.4
Non taxable income					(9.2)		(0.5)
Effective tax rate					17.2		28.9

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

An Interim Dividend of 7% less 25% Malaysian Income Tax and a Special Dividend of 5% less 25% Malaysian Income Tax for the year ending 31 December 2009 was announced on 26 May 2009 and paid on 26 June 2009.

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

Additional information - cont'd

B13.    Earnings per share

    Basic earnings per share

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

    

	Individual period				Cumulative period
	Current year quarter 30.06.2009		Preceding year corresponding quarter 30.06.2008		Current year to date 30.06.2009		Preceding year corresponding period 30.06.2008
Net profit attributable to ordinary shareholders
(RM)	1,121,975		721,537		1,762,005		2.294,343
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)	8.43		5.42		13.23		17.23

    

	Individual period				Cumulative period
	Current year quarter 30.06.2009		Preceding year corresponding quarter 30.06.2008		Current year to date 30.06.2009		Preceding year corresponding period 30.06.2008
Net profit attributable to ordinary shareholders
(£)	209,421		116,063		328,909		361,576
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)	1.57 p		0.87 p		2.47 p		2.72  p

    Diluted earnings per shares

    Not applicable.

The Narborough Plantations, plc

(Incorporated in England 1910 - Registration No. 109273)

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

Additional information - cont'd

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 = 17.06p (2008: RM1 = 15.36p) whereas the income statement is translated at an average exchange rate of RM1 = 18.66p (2008: RM1 = 15.80p).

By Order of the Board

Adrian Tsen Keng Yam

Executive Director

Dated : 27 July 2009

Ipoh

The Unaudited Results of The Narborough Plantations, plc for the Interim Period Ended 30 June 2009 are also available on the Company's website at www.narboroughplantations.com

ENDIR CKOKPFBKKBOB