Annual Report of Board of Directors The Directors of Raigam Wayamba Salterns PLC present their report together with the Audited Financial Statements of the Company and of the Group for the year ended March 31, 2018.The details set out herein provide the pertinent information required by the Companies Act No. 7 of 2007, Listing Rules of the Colombo Stock Exchange, and Securities and Exchange Commission of Sri Lanka and are guided by recommended best Accounting Practices.
Operational Review
Principal Activities
For the year ended 31 March,
The principal activity of the Company is manufacturing and distribution of edible and industrial salt. There were no significant changes in the activities of the Company in the year under review. A review of Company performance during the year with brief comments on the financial results and prospects are contained in the CEO’s Review and the Management Review of this Annual Report. These reports together with the Financial Statements reflect the state of affairs of the Company. The Directors, to the best of their knowledge and belief, confirm that the Company has not engaged in any activities that contravene laws and regulations.
Financial Statements The Financial Statements of the Company and Group are given on pages 79 to 117.
Independent Auditor’s Report Independent Auditors’ Report on the Financial Statements is given on pages 76 to 78.
Accounting Policies The accounting policies adopted by the Company and its subsidiary in the preparation of the Financial Statements are given on pages 84 to 94.
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Raigam Wayamba Salterns PLC | ANNUAL REPORT 2017 - 2018
Turnover The turnover of the Group was Rs. 791,505,921 (2017 – Rs. 778,703,892) and a composition of revenue is given in Note 03 to the Financial Statements.
Financial Performance and Position - Group
2018 Rs.
2017 Rs.
Turnover
791,505,921
778,703,892
Gross Profit
292,792,509
272,713,362
Profit Before Tax
185,005,393
170,025,686
Profit After Tax
148,162,906
108,659,822
Total Assets
1,259,477,438
1,141,871,925
Net Assets
1,108,870,136
1,011,116,665
Property, Plant and Equipment The total capital expenditure incurred on the acquisition of property, plant and equipment during the financial year amounted to Rs. 18,247,215 (2017 – Rs. 29,617,827), out of which expenditure on salterns and field development amounted to Rs. 3,318,229 (2017 - Rs. 7,858,437). Further information relating to the movement of property, plant and equipment is given in Note 04 to the financial statements. Capital expenditure has been financed by short term borrowings and or internally generated funds.
Stated Capital The stated capital of the company as at 31 March 2018 was Rs. 604,414,640. Details of the Stated Capital are given in Note 11 to the Financial Statements.
Donations The donations made during the year by the Group amounted to Rs. 894,614 (2017- Rs. 585,585).
