HAYCARB PLC

Co. Reg. No. PQ 59

No.400, Deans Road, Colombo-10, Sri Lanka

Interim Report
Year Ended 31st March 2013
Quarter-4
(2012/13)

Corporate Information
NAME OF COMPANY
Haycarb PLC
(A quoted public company with limited liability, incorporated in Sri Lanka in 1973)
COMPANY REGISTRATION NUMBER
PQ 59
STOCK EXCHANGE LISTING
The ordinary shares of the company are listed with the Colombo Stock Exchange
of Sri Lanka

DIRECTORS

A M Pandithage (Chairman)
H S R Kariyawasan (Managing Director)
R P Peris (resigned w.e.f. 30.04.2012)
A M Senaratna
R Seevaratnam
K D D Perera
S C Ganegoda
Ms M J A S Abeyratne
D E Ranaraja
W D N H Perera
Dr S A K Abayawardana
S Rajapakse
SUBSIDIARIES ASSOCIATE AND JOINT VENTURE
Carbokarn Co. Limited (Bangkok, Thailand)
CK Regen Systems Co. Limited (Bangkok, Thailand)
Shizuka Company Limited (Ratchaburi, Thailand)
Eurocarb Products Limited (Bristol, England)
Haycarb Holdings Australia (Pty) Limited (Victoria, Australia)
Haycarb Holdings Bitung Limited (Tortola, British Virgin Islands)
Haymark Inc. (Woodlands, Texas, U.S.A)
Kinetics (Private)Limited
PT Mapalus Makawanua Charcoal Industry (Bitung, Indonesia)
Puritas (Pvt) Limited
Recogen (Pvt) Limited
Ultracarb (Pvt) Limited
Haycarb Value Added Products (Pvt) Limited
Carbotels (Pvt) Limited - Associate
Lakdiyatha (Pvt) Limited - Joint venture
SECRETARIES
Hayleys Group Services (Pvt) Limited
400, Deans Road, Colombo 10, Sri Lanka.
Telephone 2696335
Fax:2627645
E-mail: info.sec@hayleys.com
REGISTERED OFFICE
Hayley Building
400, Deans Road, Colombo 10, Sri Lanka.
Telephone: 2677364, 2687565, 2691289, 2677363
Fax:2699630
E - mail : general@haycarb.com
Website:http://www.haycarb.com

Haycarb PLC
INCOME STATEMENTS
For the period ended

12 months to

3 months to

31.03.13
Rs.'000

31.03.12
Rs.'000

10,161,258
(7,585,349)
2,575,909
52,089
(84,005)
(1,242,906)
106,917
(191,755)
(84,838)
866
1,217,115
(191,432)

8,508,896
(6,714,673)
1,794,223
115,097
(66,758)
(963,259)
(1,279)
15,257
(248,586)
(233,329)
12,127
656,822
(133,808)

CONSOLIDATED

Revenue
Cost of sales
Gross profit
Other operating income
Selling & distribution expenses
Administrative expenses
Other operating expenses
Finance income
Finance cost
Net finance income/ (cost)
Share of profit of equity accounted investee (net of tax)
Profit before income tax
Income tax expense
Profit for the period

Change
%
+/(-)

19
13
44
(55)
26
29
601
(23)
(64)
(93)
85
43

31.03.13
Rs.'000

2,118,610
(1,401,171)
717,439
27,744
(30,526)
(363,714)
78,128
(22,480)
55,648
(5,772)
400,819
(69,249)

31.03.12
Rs.'000

2,612,018
(2,033,770)
578,248
77,368
(22,213)
(295,306)
(1,279)
2,621
(205,701)
(203,080)
(12,619)
121,119
(39,252)

1,025,683

523,014

96

331,570

81,867

935,992
89,691
1,025,683

471,192
51,822
523,014

99
73
96

305,870
25,700
331,570

64,871
16,996
81,867

31.50

15.86

10.29

2.18

Attributable to:
Equity holders of the company
Minority interest

Earnings per share

Basic earnings per share (Rs.)

COMPANY
Revenue
Cost of sales
Gross profit
Other operating income
Selling & distribution expenses
Administrative expenses
Finance income
Finance cost
Net finance income/(cost)
Profit before income tax
Income tax expense
Profit for the period

Basic earnings per ordinary share (Rs.)

5,139,223
(4,015,194)
1,124,029
68,853
(25,456)
(561,012)
244,146
(120,590)
123,556
729,970
(53,672)
676,298

22.76

Notes on pages 6 and 7 form an integral part of these financial statements.

Figures in brackets indicate deductions.

4,158,473
(3,341,215)
817,258
121,790
(12,200)
(438,395)
121,284
(232,847)
(111,563)
376,890
(42,003)
334,887

11.27

24
20
38
(43)
109
28
101
(48)
(211)
94
28
102

1,196,162
(959,450)
236,712
37,749
(5,333)
(164,073)
215,421
(11,121)
204,300
309,355
(8,672)
300,683

10.12

1,328,298
(1,075,926)
252,372
81,894
(3,887)
(148,691)
79,750
(193,547)
(113,797)
67,891
(1,334)
66,557

2.24

Haycarb PLC
STATEMENTS OF OTHER COMPREHENSIVE INCOME
For the year ended 31 March 2013

Notes
Profit for the year

Group
2012/13
2011/12
Rs. '000
Rs. '000

Company
2012/13
2011/12
Rs. '000
Rs. '000

523,014

676,298

29,270
(65,000)
(35,730)

48,859
48,859

1,205,053

487,284

725,157

334,887

1,115,362
89,691
1,205,053

435,106
52,178
487,284

725,157
725,157

334,887
334,887

1,025,683

334,887

Other comprehensive income

Net Exchange differences on translation of foreign entities
Net gain/(loss) on available-for-sale financial assets
Revaluation of land and buildings
Other comprehensive income (loss) for the year (net of tax)
Total comprehensive income for the year (net of tax)

Attributable to:
Equity holders of the parent
Non-controlling interests

77,487
44,349
82,534
179,370

Haycarb PLC

BALANCE SHEETS
Consolidated
Un audited
2013
Rs.'000

As at 31st March

Audited
2012
Rs.'000

Company
Audited
01.01.2011
Rs.'000

Un audited
2013
Rs.'000

Audited
2012
Rs.'000

Audited
01.01.2011
Rs.'000

ASSETS
Non-Current Assets
Property, plant & equipment
Investment property
Intangible assets
Investments in subsidiaries
Investment in equity accounted investee
Non-current receivables from related parties
Non current receivables from subsidiaries
Other non-current financial assets
Deferred tax assets

2,802,119
60,341
240,018
324,682
8,687
541,271
11,172
3,988,290

1,741,432
37,156
132,000
320,878
19,352
493,363
4,081
2,748,262

1,276,218
63,447
229,086
30,020
472,865
1,639
2,073,275

825,352
60,341
37,976
1,023,497
92,903
8,686
33,446
452,120
2,534,321

596,104
37,156
68,553
693,592
92,903
19,352
53,445
407,771
1,968,876

566,275
493,592
92,903
30,020
53,445
472,771
1,709,006

2,178,044
1,843,309
35,551
409,535
4,466,439
8,454,729

1,968,701
1,479,869
37,311
224,554
3,710,435
6,458,697

1,025,715
1,109,436
26,193
10,629
332,620
2,504,593
4,577,867

1,044,516
980,286
280,885
30,667
161,558
2,497,912
5,032,233

1,270,585
689,349
164,392
33,053
10,629
41,292
2,209,300
4,178,176

426,230
279,352
227,390
26,193
10,629
228,422
1,198,216
2,907,222

331,774
409,746
3,675,876
4,417,396
331,747
4,749,143

331,774
296,707
2,961,061
3,589,542
270,721
3,860,263

331,774
213,330
2,592,595
3,137,699
255,534
3,393,233

331,774
231,349
2,521,756
3,084,879
3,084,879

331,774
159,150
2,083,377
2,574,301
2,574,301

331,774
591,261
1,440,804
2,363,839

624,615
19,632
153,493
797,740

366,335
14,635
98
133,385
514,453

12,500
12,652
1,168
85,739
112,059

361,022
5,700
153,246
519,968

182,583
3,800
133,227
319,610

2,438
85,613
875
88,926

637,770
1,423,461
720,209
126,406
2,907,846

538,589
1,370,145
120,084
55,163
2,083,981

437,108
387,020
142,077
106,370
1,072,575

310,378
1,046,568
46,168
24,272
1,427,386

111,510
1,119,867
46,689
3,140
3,059
1,284,265

87,472
358,903
1,395
6,687
454,457

Total liabilities
Total equity and liabilities

3,705,586
8,454,729

2,598,434
6,458,697

1,184,634
4,577,867

1,947,354
5,032,233

1,603,875
4,178,176

543,383
2,907,222

Net assets per share ( Rs.)

148.67

120.81

105.60

103.82

86.64

79.56

Current Assets
Inventories
Trade & other receivables
Amounts due from subsidiaries
Amounts due from related parties
Other financial assets
Cash and cash equivalents
Total Assets

EQUITY & LIABILITIES

Equity
Stated capital
Capital reserves
Revenue reserves
Total equity attributable to equity holders of the company
Non-controlling interests
Total equity

Non-Current Liabilities
Other non-current financial liabilities
Deferred tax liability
Deferred income
Retirement benefit obligations
Total non-current liabilities
Current Liabilities
Trade & other payables
Other current financial liabilities
Amounts due to subsidiaries
Amounts due to related parties
Income tax payable
Total current liabilities

"It is certified that the financial statements set out on pages 2 to 7 have been prepared in compliance with the requirements of the
Companies Act No. 07 of 2007".
Sgd.
.
Ms. M J A S Abeyratne
Finance Director
Signed for and on behalf of the Board,

Sgd.
.
A M Pandithage
Chairman
9th May 2013

Sgd.
.
H S R Kariyawasan
Managing Director

2,363,839

Haycarb PLC
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2013

Stated
capital
CONSOLIDATED
Previously reported balance as at 01.04.2011
SLFRS adjustments
Adjusted balance as at 01.04.2011
Translation of foreign entities
Net loss on available-for-sale financial assets
Profit for the period
Revaluation during the year
Changes in holding
Dividends
Balance as at 31.03.2012
Translation of foreign entities
Profit for the period
Cost on share issue
Revaluation during the year
Net gain on available-for-sale financial assets
Changes in holding
Movement in reserve in equity accounted investee
Dividends
Balance as at 31.03.2013

COMPANY
Previously reported balance as at 01.04.2011
SLFRS adjustments
Adjusted balance as at 01.04.2011
Profit for the year
Net loss on available for sale financial asset
Dividends
Balance as at 31.03.2012
Profit for the year
Revaluation during the year
Net gain on available for sale financial asset
Dividends
Balance as at 31.03.2013

Rs. '000
331,774
331,774
331,774
331,774

Attributable to equity holders of the parent

Other Reserves
Capital
Available
Exchange
General
reserves
-for-sale
fluctuation
reserve
reserve
on reserve
Rs. '000
Rs. '000
Rs. '000
Rs. '000
213,330
213,330
83,377
296,707
105,873
2,127
5,039
409,746

432,111
432,111
(65,000)
367,111
44,349
411,460

277,420
277,420
29,270
306,690
77,487
6,301
390,478

Stated
capital
Rs. '000
331,774
331,774
331,774
331,774

519,353
519,353
519,353
519,353

Capital
reserves
Rs. '000
159,150
159,150
159,150
72,199
231,349

Retained
earnings

Total

Rs. '000

Rs. '000

1,317,962
40,497
1,358,459
471,192
(2,319)
(59,425)
1,767,907
935,992
(2,250)
(65,481)
685
(282,268)
2,354,585

General
reserve
Rs. '000
519,353
519,353
519,353
519,353

2,659,839
472,608
3,132,447
29,270
(65,000)
471,192
83,377
(2,319)
(59,425)
3,589,542
77,487
935,992
(2,250)
105,873
44,349
(57,053)
5,724
(282,268)
4,417,396

Available
for sale reserve
Rs. '000
432,111
432,111
(65,000)
367,111
44,349
411,460

Non
controlling
interest
Rs. '000
255,024
5,762
260,786
356
51,822
(42,243)
270,721
53,740
89,691
(41,389)
(41,016)
331,747

Retained
earnings
Rs. '000
885,264
36,187
921,451
334,887
(59,425)
1,196,913
676,298
(282,268)
1,590,943

Total
equity
Rs. '000
2,914,863
478,370
3,393,233
29,626
(65,000)
523,014
83,377
(2,319)
(101,668)
3,860,263
131,227
1,025,683
(2,250)
105,873
44,349
(98,442)
5,724
(323,284)
4,749,143

Total
equity
Rs. '000
1,895,541
468,298
2,363,839
334,887
(65,000)
(59,425)
2,574,301
676,298
72,199
44,349
(282,268)
3,084,879

Haycarb PLC
STATEMENTS OF CASH FLOW
Group
For the year ended 31 March
Operating activities
Profit before tax
Non-cash adjustment to reconcile profit before tax to net cash flows:
Depreciation and impairment of property,plant equipment
Amortisation of non current financial assets
Amortisation and impairment of intangible assets
Gain on disposal of property, plant and equipment
Gain/(loss) on translation of foreign currencies
Exchange difference on translation of foreign entities
Amortisation of deferred revenue
Finance income
Finance costs
Share of profit of an associate
Provision for slow moving inventory
Provision for unrealized profit on inventories
Provision/(reversal) for bad and doubtful debts
Provision for retiring gratuity
Cash generated from operations before working capital changes
Working capital adjustments:
(Increase)/decrease in trade and other receivables and prepayments
(Increase)/decrease in amounts receivable from related parties
(Increase)/decrease in inventories
Increase/(decrease) in trade and other payables
Increase/(decrease) in amounts due to related parties
Interest paid
Income tax paid
Retiring gratuity paid
Net cash flows from operating activities
Investing activities
Proceeds from sale of property, plant and equipment
Purchase of property, plant and equipment
Invest in subsidiary Shares
Acquisition of intangible assets
Acquisition of a subsidiary, net of cash acquired
Interest received
Dividend received from equity accounted investee
Other dividends received
Net cash flows used in investing activities
Net cash inflow/(outflow) before financing activities
Financing activities
Transaction costs on issue of shares
Proceeds from borrowings
Repayment of borrowings
Dividends paid to equity holders of the parent
Dividends paid to non-controlling interests
Net cash flows from/(used in) financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period

2013
Rs. '000

2012
Rs. '000

Company
2013
2012
Rs. '000
Rs. '000

1,217,115

656,822

729,970

376,890

184,000
(3,559)
30,577
(2,360)
(92,813)
63,789
(98)
(106,917)
191,755
(866)
1,800
5,363
(3,728)
38,830
1,522,888

117,488
(2,080)
3,608
(2,202)
(77,752)
29,924
(1,070)
(15,257)
248,586
(12,127)
3,592
6,213
(656)
53,261
1,008,350

50,175
30,577
16
(66,205)
(244,146)
120,590
1,800
38,740
661,517

42,867
3,608
(1,117)
(84,962)
(875)
(121,284)
232,847
1,800
53,176
502,950

(359,680)
12,425
(190,007)
89,558
197,362
1,272,546
(106,865)
(122,303)
(18,722)
1,024,656

(369,777)
(450)
(952,791)
100,724
(21,993)
(235,937)
(59,507)
(148,708)
(5,627)
(449,779)

(290,937)
(83,442)
224,269
199,151
(3,661)
706,897
(62,308)
(30,559)
(18,722)
595,308

(300,640)
(40,014)
(846,156)
50,168
1,745
(631,947)
(42,879)
(44,269)
(5,562)
(724,657)

12,934
(659,933)
(98,443)
(98,341)
6,556
2,536
36,129
(798,562)
226,094

9,299
(710,659)
(72,161)
9,144
1,392
6,113
(756,872)
(1,206,651)

5,195
(235,775)
(329,905)
3,338
2,536
176,576
(378,035)
217,273

1,117
(109,852)
(200,000)
(72,161)
4,348
1,392
113,008
(262,148)
(986,805)

(2,250)
480,150
(203,702)
(282,268)
(41,016)
(49,086)
177,008
(997,890)
(820,882)
(0)

422,623
(58,551)
(58,668)
(42,243)
263,161
(943,490)
(54,400)
(997,890)
-

391,501
(163,504)
(282,268)
(54,271)
163,002
(962,038)
(799,036)
-

208,273
(27,403)
(58,668)
122,202
(864,603)
(97,435)
(962,038)

348,764
60,771
(1,230,417)
(820,882)

208,940
15,614
(1,222,444)
(997,890)

145,711
15,847
(960,594)
(799,036)

33,655
7,637
(1,003,330)
(962,038)

Analysis of cash and cash equivalents as at 31st March 2013

Cash at banks and on hand
Short-term deposits
Bank overdrafts
Cash and cash equivalents

Haycarb PLC
Reconciliation of Income Statements
for the twelve months ended 31st March 2012
Group
Notes

As per SLAS
Rs.'000

Revenue
Cost of Sales
Gross Profit
Other income
Selling and distribution expenses
Administrative expenses
Other expenses
Finance income
Finance cost
Net Finance cost

A
B

Share of profit of equity accounted investee (net of

tax)
Profit before tax
Income tax expenses
Profit for the period

Company

Re measurements
Rs.'000

As per
SLFRS/LKAS
Rs.'000

As per SLAS
Rs.'000

Re measurements
Rs.'000

As per
SLFRS/LKAS
Rs.'000

8,508,896
(6,719,308)
1,789,588
114,872
(66,758)
(963,259)
(1,279)
15,257
(176,386)
(161,129)

4,635
4,635
225
(72,200)
(72,200)

8,508,896
(6,714,673)
1,794,223
115,097
(66,758)
(963,259)
(1,279)
15,257
(248,586)
(233,329)

4,158,473
(3,340,383)
818,090
120,113
(12,200)
(438,395)
121,284
(160,647)
(39,363)

(832)
(832)
1,677
(72,200)
(72,200)

4,158,473
(3,341,215)
817,258
121,790
(12,200)
(438,395)
121,284
(232,847)
(111,563)

12,127
724,162
(133,808)
590,354

(67,340)
(67,340)

12,127
656,822
(133,808)
523,014

448,245
(42,003)
406,242

(71,355)
(71,355)

376,890
(42,003)
334,887

Reconciliation of Other Comprehensive Income

for the twelve months ended 31st March 2012
Group
As per SLAS
Notes
Profit for the period
Other comprehensive income
Net Exchange differences on translation of foreign entities
Share of other comprehensive income of equity
accounted investees
Net gain/(loss) on available-for-sale financial assets
D
Other comprehensive income for the year, net of
tax
Total comprehensive income for the period, net of
tax

Company

Re measurements

As per
SLFRS/LKAS

As per SLAS

334,887

Re measurements

590,354

523,014

29,270

29,270

(65,000)

(65,000)
-

(65,000)

(65,000)
-

(65,000)

(65,000)

(65,000)

(65,000)

(65,000)

458,014

(65,000)

404,112

590,354

334,887

As per
SLFRS/LKAS
469,112

Haycarb PLC
BALANCE SHEETS
Reconciliation of financial position
As at 31 March

Group
2012
Re As per
As per SLAS measureme
SLFRS/LKAS
Notes
nts

Assets
Non-current assets
Property, plant & equipment
Investment Property
Intangible assets
Investments in equity accounted investee
Other non-current financial assets
Deferred tax assets
Non-current receivables from related parties

Rs.'000

Rs.'000

As per SLAS

Rs.'000

Rs.'000

Group
2011
Re measureme
nts
Rs.'000

As per
SLFRS/LKAS
Rs.'000

1,786,889
37,156
132,000
320,878
40,754
4,081
19,352
2,341,110

(45,457)
452,609
407,152

1,741,432
37,156
132,000
320,878
493,363
4,081
19,352
2,748,262

1,240,812
63,447
229,086
40,754
1,639
30,020
1,605,758

35,406
432,111
467,517

1,276,218
63,447
229,086
472,865
1,639
30,020
2,073,275

Total assets

1,968,701
1,479,419
37,311
224,554
3,709,985
6,051,095

450
450
407,602

1,968,701
1,479,869
37,311
224,554
3,710,435
6,458,697

1,025,715
1,109,211
26,193
332,620
2,493,739
4,099,497

225
10,629
10,854
478,370

1,025,715
1,109,436
26,193
10,629
332,620
2,504,593
4,577,867

Equity and Liabilities

Equity
Stated Capital
Capital reserves
Revenue reserves
Total equity attributable to equity holders of the company
Non- Controlling Interests
Total Equity

331,774
296,707
2,621,301
3,249,782
264,450
3,514,232

339,760
339,760
6,271
346,031

331,774
296,707
2,961,061
3,589,542
270,721
3,860,263

331,774
213,330
2,114,735
2,659,839
255,024
2,914,863

472,608
472,608
5,762
478,370

331,774
213,330
2,587,343
3,132,447
260,786
3,393,233

366,335
98
14,635
133,385
514,453

12,500
1,168
12,652
85,739
112,059

538,589
1,370,145
120,084
55,163
2,083,981
2,598,434
6,458,697

437,108
387,020
142,077
106,370
1,072,575
1,184,634
4,099,497

Current Assets
Inventories
Trade and other receivables
Amounts due from related parties
Other current financial Assets
Cash & cash Equivalents

G
H

Non Current Liabilities

Other non current financial liabilities
Deferred income
Deferred tax liability
Retirement Benefit Obligations

Current Liabilities
Trade & other payables
Other current financial liability
Other financial liabilities
Amounts due to related parties
Income tax payable
Total Liabilities
Total equity, minority interest & liabilities

366,335
98
14,635
133,385
514,453

538,589
1,308,574
120,084
55,163
2,022,410
2,536,863
6,051,095

61,571
61,571
61,571
407,602

478,370

12,500
1,168
12,652
85,739
112,059

437,108
387,020
142,077
106,370
1,072,575
1,184,634
4,577,867

Haycarb PLC
BALANCE SHEETS
Company

Reconciliation of financial position

As at 31st March 2012

Notes
ASSETS
Non-Current Assets
Property, plant & equipment
Investment property
Intangible assets
Investments in subsidiaries
Investment in equity accounted investee
Non-current receivables from related parties
Non current receivables from subsidiaries
Other non-current financial assets
Deferred tax asset

Company

2012

2011
As per
SLAS

As per
Remeasur
As per SLAS
SLFRS/LKAS
ements

573,056
37,156
68,553
693,592
92,903
19,352
53,445
40,660
1,578,717

(23,048)
(367,111)
390,159

596,104
37,156
68,553
693,592
92,903
19,352
53,445
407,771
1,968,876

542,394
493,592
92,903
30,020
53,445
40,660
1,253,014

(23,881)
(432,111)
455,992

566,275
493,592
92,903
30,020
53,445
472,771
1,709,006

Total Assets

1,270,585
577,456
271,213
33,053
41,292
2,193,599
3,772,316

(5,072)
(10,629)
15,701
405,860

1,270,585
582,528
271,213
33,053
10,629
41,292
2,209,300
4,178,176

426,230
276,816
227,390
26,193
228,422
1,185,051
2,438,065

(2,536)
(10,629)
13,165
469,157

426,230
279,352
227,390
26,193
10,629
228,422
1,198,216
2,907,222

EQUITY & LIABILITIES

Equity
Stated capital
Capital reserves
Revenue reserves
Total equity attributable to equity holders of the company
Non-controlling interests
Total equity

331,774
159,150
1,751,434
2,242,358
2,242,358

(331,943)
331,943
331,943
-

331,774
159,150
2,083,377
2,574,301
2,574,301

331,774
159,150
1,404,617
1,895,541

(432,111)
(36,187)
468,298

331,774
591,261
1,440,804
2,363,839

1,895,541

468,298

2,363,839

182,583
3,800
133,227
319,610

2,438
875
85,613
88,926

(1,718)
(72,199)
73,917
(73,917)
405,860

111,510
1,119,867
46,689
3,140
3,059
1,284,265
1,603,875
4,178,176

Current Assets
Inventories
Trade & other receivables
Amounts due from subsidiaries
Amounts due from related parties
Other financial assets
Cash and cash equivalents

As per
Remeasur
SLFRS/LKAS
ements

Non-Current Liabilities
Other non-current financial liabilities
Deferred tax liability
Deferred income
Retirement benefit obligations
Total non-current liabilities
Current Liabilities
Trade & other payables
Other current financial liabilities
Amounts due to subsidiaries
Amounts due to related parties
Income tax payable
Total current liabilities
Total liabilities
Total equity and liabilities

182,583
3,800
133,227
319,610

J
H

109,792
1,047,668
46,689
3,140
3,059
1,210,348
1,529,958
3,772,316

86,613
339,101
19,802
1,395
6,687
453,598

(2,438)
(83,175)
875
84,738
(859)
859

2,438
85,613
875
88,926

87,472
339,101
19,802
1,395
6,687
454,457

542,524
2,438,065

859
469,157

543,383
2,907,222

First-time adoption of SLFRS

Notes to the reconciliation of the financial position and equity as at 1 April 2011 and 31 March 2012, income statement and
total comprehensive income for the year ended 31 March 2012
A Cost of sales
Group
The Group has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. The review of useful lives
of the significant components of property plant & equipment has resulted in the credit of depreciation amounting to Rs. 2,555,000/-. Further, the effect
from IFRIC 4, due to the de-recognition of the previously recognised Property, plant and equipment resulted in a gain of Rs. 2, 080,000/-.
Company
The Company has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. The review of useful
lives of the significant components of property plant & equipment has resulted in additional depreciation amounting to Rs. 832,559/-.

B Other Income
Group/Company
Under SLFRS, the Group/Company had to measure the corporate guarantees granted to subsidiary and related group companies, at their fair value based
on the market rate of similar guarantees. As at the date of transition an other income of Rs. 225,000/- has been recognised at Group level and other
income of Rs. 1,677,000/- recognised at company level.

C Finance Cost
Group/Company
The fair value of forward foreign exchange contracts is recognised under SLFRS, which was not recognised under Previous SLASs. Hence, the impact due
to the provisioning for the loss arising from forward exchange contracts amounted to Rs. 72,200,000/- recognised in the income statements of both
company and group.

D Available for sale Financial Assets

Group/Company
Under previous SLAS, the company accounted for quoted long term investments measured at cost. Under SLFRS/ LKAS, the Group and Company have
designated such investments as available-for-sale investments. SLFRS/LKAS requires available-for-sale investments to be measured at fair value.
Difference between the fair value under SLFRS/LKAS and the carrying value under previous SLAS has been recognised as a separate component of
equity, in the available for sale reserve net of deferred tax and disclosed in the statement of other comprehensive income .

E Property, plant and equipment

Group
The Group has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. As at the date of
transition to SLFRS, a net increase of Rs. 35,406,000/- and Rs. 37,961,000/- as at 31.03.2012 (including the impact on depreciation due to review of
useful lives explained in Note A) was recognised in property, plant and equipment. Further, the effect from IFRIC 4, due to the de-recognition of the
previously recognised Property, plant and equipment resulted in a decrease of Rs. 83,417,000/- as at 31.03.2012. The net impact of the above
adjustment being Rs. 45,457,000/- and Rs. 35,406,000 as at 31st March 2012 and 1st April 2011 respectively.

Company
The Company has elected to measure certain items of property, plant and equipment at fair value at the date of transition to SLFRS. As at the date of
transition to SLFRS, a net increase of Rs. 23,881,000/- and Rs. 23,048,000/- as at 31.03.2012 (including the impact on depreciation due to review of
useful lives explained in Note A) was recognised in property, plant and equipment

F Non - Courunt Financial Assets

Group/Company
Under previous SLAS, the company accounted for long term investments measured at cost. Under SLFRS/ LKAS, the Group and Company have
designated such investments as available-for-sale investments. SLFRS/LKAS requires available-for-sale investments to be measured at fair value. The
impact due to the recognition of the fair value was Rs. 432,111,000/- as at the date of transition and Rs. 367,111,000/- as at 31 March 2012. Further,
due to the effect from IFRIC 4, the recognition of the Financial asset amounted to Rs. 85,498,000/- as at 31 March 2012 was recognised at the group.

G Trade & other receivables

Group/Company
Under SLFRS, the Group had to measure the corporate guarantees granted to subsidiary and related group companies, at their fair value based on the
market rate of similar guarantees. As at the date of transition Rs. 225,000/- and Rs. 450,000/- as at 31st March 2012 has been recognised as a receivable
. The company recorded Rs,2,536,000/- as at the date of transition and Rs. 5,072,000/- as at 31st March 2012.

H Other financial assets and liabilities

Group/Company
The fair value of forward foreign exchange contracts is recognised under SLFRS, and was not recognised under Previous SLASs. As at the date of
transition Rs. 10,628,500 was recognised as an other current financial asset and Rs. 61,571,000/ - was recognised as an other current financial liability as
at 31st March 2012 in the Group and the Company.

I Retained earnings
All items above were recognised against opening retained earnings and other reserves as at 1.04.2011and as at 31.03.2012 unle ss otherwise stated.

G Trade & other Payables

Company
Under SLFRS, the Company had to measure the corporate guarantees granted to subsidiaries and related group companies, at their fair value based on
the market rate of similar guarantees. As at the date of transition Rs. 859,000/- and Rs. 1,718,000/- as at 31st March 2012 has been recognised as an
other payable.

Haycarb PLC
Notes
As at 31st March

2013
Rs.'000

2012
Rs.'000

1. Issued and fully paid ordinary shares

As at 31st March

331,774

331,774

2. Disclosures

2.1 These interim financial statements which have not been audited, comply with theSri Lanka Accounting Standard
(SLAS) LKAS 34 - Interim Financial Reporting. These SLFRS/LKASs have materially converged with the International
Financial Reporting Standards (IFRS) as issued by, the International Accounting Standards Board (IASB). The effect of
the transition to SLFRS/LKAS on previously reported financial positions, financial performances and cash flows of the
Group and the Company is given in Notes to the financial statements.

2.2 There are no material post balance sheet events that require adjustments to or disclosure in accounts.

2.3 There has not been a significant change in the nature of the contingent liabilities which are disclosed in the Annual Report
for the year ended 31st March 2012
2.4 Where necessary, comparative figures have been re-classified to conform with the current period's presentation

Haycarb PLC
SEGMENT ANALYSIS
INDUSTRY SEGMENTS
Turnover-Net

Consolidated
External
Rs.'000

Activated carbon
Environmental engineering

Intra-group
Rs.'000

9,921,838
239,420
10,161,258

2,627,294
11,334
2,638,628

Intra-group sales

31.03.2013
Rs.'000

31.03.2012
Rs.'000

12,549,132
250,754
12,799,886

9,688,518
337,025
10,025,543

(2,638,628)

(1,516,647)

10,161,258

8,508,896

Industry segment results

Profit before tax

Consolidated
31.03.2013
Rs.'000

Activated carbon
Environmental engineering
Leisure-associate

1,323,412
51,886
866
1,376,164
(140,493)
(18,556)
1,217,115

Consolidation adjustments
Unrealised profit on intra-group sales

31.03.2012
Rs.'000
754,762
35,657
12,127
802,546
(115,215)
(30,509)
656,822

INVESTOR INFORMATION
Year ended
31.03.2013

Three months ended

31.03.2012

31.03.2013

31.03.2012

Market value of shares

Closing price

176.00

160.00

176.00

160.00

Highest price recorded for the period (Rs.)

185.00

170.00

185.00

162.00

(31/01/2013 & 20/09/12 )

(05/05/2011)

Lowest price recorded for the period (Rs.)

Market capitalisation (Rs.)

P/E ratio

140.00
(06/06/2012)

135.00
(11/07/2011)

(31/01/2013)

(27/03/2012)

170.00
(27/03/2013)

136.00
(02/02/2012)

5,229,378,000

4,753,980,000

5,229,378,000

4,753,980,000

5.59

10.09

5.59

10.09

Dividend payments
Interim dividend 2012/13 Rs. 4.00 per share (2011/12 Rs. Nil per share)
Proposed final dividend 2012/13 Rs. 3.00 per share (2011/12 Rs. 5.50 per share)
Total for the year

118,849,500

Nil

118,849,500

Nil

89,137,125

163,418,063

89,137,125

163,418,063

207,986,625

163,418,063

207,986,625

163,418,063

1,121

1,544

233

318

1,338,008

1,837,422

191,063

462,222

227,608,950

273,599,721

33,968,840

66,919,211

Share trading information

No of transactions
No of shares traded
Value of shares traded (Rs.)

HAYCARB PLC
FIRST TWENTY SHAREHOLDERS AS AT 31.03.2013
No.of Shares as
at 31.03.2013
Hayleys PLC No.3 Share Investment Account
20,125,103
Employees Provident Fund
1,274,006
National Savings Bank
502,800
J.B. Cocoshell (Pvt) Ltd
412,481
Employees Trust Fund Board
402,811
Mouldex Limited
310,214
Mr. T. Ueda
250,000
Bank of Ceylon No.1 Account
228,600
201,000
M. Radhakrishnan (Deceased)
Mrs. J. K. P. Singh
194,700
Mr. D. F. G. Dalpethado
166,404
Dr. H. S. M. Singh & Mrs. J. K. P. Singh
160,000
Mr. J. S. A. B. Singh & Mrs. G. K. A. H. Singh
150,000
Mr. S. Krishnananthan
128,717
Dr. R. K. D. O. H. Singh
127,400
Mr. H. S. Gill
123,000
Commercial Bank of Ceylon PLC A/C No. 04
107,100
Dr. D. Jayanntha
89,500
Waldock Mackenzie Ltd/Mr.C.D.Kohombanwickramage
88,441
Mr. A. Arulthakshanan
71,078
TOTAL
25,113,355
Name of the Shareholder

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

%
67.73
4.29
1.69
1.39
1.36
1.04
0.84
0.77
0.68
0.66
0.56
0.54
0.50
0.43
0.43
0.41
0.36
0.30
0.30
0.24
84.52

DIRECTORS' SHAREHOLDING AS AT 31ST MARCH 2013.

No. of Shares as
at 31.03.2013

Name of the Director

Mr.A.M.Pandithage
Mr.S.C.Ganegoda
Mr.D.E.Ranaraja
Mr. H. S. R. Kariyawasan *
Total

2,379
1,815
10,000
15,500
29,694

* Shares held jointly with Mrs. K. H. S. Kariyawasan

* Mr.K.D.D.Perera holds directly and indirectly 48.38% of the total issued shares of Hayleys PLC
which has 20,125,103 shares in Haycarb PLC.
PUBLIC HOLDING
The percentage of shares held by public as per the Colombo Stock Exchange Rules
as at 31st March 2013, was 32.17%.