INFRASTRUCTURE DEVELOPERS PLC PQ 230

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INFRASTRUCTURE DEVELOPERS PLC

PQ 230

INTERIM FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2012

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CORPORATE INFORMATION

NAME OF COMPANY

Infrastructure Developers PLC

LEGAL FORM

A Public Company with Limited Liability incorporated on 7th September 1992, and re-registered under the Companies Act 07 of 2007. Listed on the Diri Savi Board of the Colombo Stock Exchange.

REGISTRATION NUMBER

PQ 230

ACCOUNTING YEAR END

31st March

BOARD OF DIRECTORS

Mr. Harsha N. De Silva – Chairman Mrs. Dimanthi L. De Silva Mr. H. G. Sagara Kariyawasam Prof. R. W. T. M. Ranjith Bandara

SUBSIDIARIES

Serendib Investment Holdings Limited Serendib Engineering & Agencies (Pvt) Limited CCC Plantation Engineering Limited

SECRETARIES

Corporate Arcade Limited 127/37, Kirulapona Avenue Kirulapona

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REGISTERED OFFICE

No.12 B, Gregory’s Road Colombo 7. AUDITORS V. S. & Associates Chartered Accountants 15/7, Victoria Place Elvitigala Mawatha Colombo- 08 BANKERS

Pan Asia Banking Corporation PLC National Development Bank PLC Hatton National Bank PLC Seylan Bank PLC

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GROUP FINANCIALS

INFRASTRUCTURE DEVELOPERS PLC INCOME STATEMENT GROUP

Six months ended 30.09.2012 Year ended 31.03.2012 Unaudited Audited Rs. Rs. REVENUE 162,020,636.86 - Cost of Sales (101,488,653.08) - Gross Profit 60,531,983.78 -

Other Operating Income 3,462,676.24 4,599,852.69

63,994,660.02 4,599,852.69

Administrative Expenses (28,745,999.63) (739,552.39)

Distribution Expenses (1,895,974.41) (25,420.00)

Other Operating Expenses - (296,574.04)

33,352,685.98 3,538,306.26

Finance Cost (1,059,363.35) (960.06)

Profit / (Loss) from Ordinary Activities before Tax 32,293,322.63 3,537,346.20

Income Tax Expenses (10,037,259.33) (20,895.66)

Profit After Tax 22,256,063.30 3,516,450.54

Attributable to:

Equity Holders of the parent Company 10,282,474.20 1,641,848.99

Minority Interest 11,973,589.10 1,874,601.55

Profit for the period 22,256,063.30 3,516,450.54

Earnings / (Loss) per Ordinary Share 2.01 0.72

No comparative figures are given for the Group for six months ended 30.09.2011, since the Company acquired its Subsidiaries in March 2012.

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4 | P a g e INFRASTRUCTURE DEVELOPERS PLC BALANCE SHEET GROUP As at 30.09.2012 As at 31.03.2012 Unaudited Audited Rs. Rs. ASSETS

NON - CURRENT ASSETS

Plant & Equipment 7,089,310.18 6,977,659.47

Investments 2,700,000.00 2,700,000.00

Investments in Equity Securities - 1,873,500.00

Intangible Assets 21,669,723.27 21,669,723.27

31,459,033.45 33,220,882.74

CURRENT ASSETS

Inventories 16,828,035.71 10,817,002.82

Work in Progress 12,294,800.38 33,553,925.91

Trade & Other Receivables 135,106,517.81 63,235,991.01

Amounts Due from Related Parties 12,911,329.55 1,862,994.55

Short Term Investments 6,002,284.03 43,526,447.28

Tax Receivable 10,804,770.68 -

Cash and Cash Equivalents 80,728,833.54 21,871,387.02

274,676,571.70 174,867,748.59

TOTAL ASSETS 306,135,605.15 208,088,631.33

EQUITY & LIABILITIES

Stated Capital 178,107,910.00 48,574,870.00 Retained Earnings (37,042,129.69) (47,324,604.02) SHAREHOLDERS' FUNDS 141,065,780.31 1,250,265.98 Minority Interest 67,463,049.77 55,727,672.66 TOTAL EQUITY 208,528,830.08 56,977,938.64

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NON - CURRENT LIABILITIES

Retirement Benefit Obligations 9,526,499.98 9,958,250.00

Finance Lease Obligations 1,329,371.13 1,054,293.10

10,855,871.11 11,012,543.10

CURRENT LIABILITIES

Trade & Other Payables 73,207,696.69 37,679,880.87

Finance Lease Obligations - 538,343.73

Amounts Due to Related Parties 147,257.00 87,897,294.58

Directors Current Account - 57,142.86

Income Tax Liabilities - 201,565.00

Bank Overdrafts 13,395,950.28 13,723,922.55

86,750,903.97 140,098,149.59

TOTAL EQUITY & LIABILITIES 306,135,605.16 208,088,631.33

Net Assets Per Share 21.78 0.26

Notes:

1. The above figures are provisional and subject to audit

2. The Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007 and Listing Rules of the Colombo Stock Exchange.

3. These financial statements have been prepared in accordance with SLAS 35.

I certify that these financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.

………

Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board by,

………. ………..

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INFRASTRUCTURE DEVELOPERS PLC CASH FLOW STATEMENT GROUP Six months ended 30.09.2012 Year ended 31.03.2012 Unaudited Audited Rs. Rs.

CASH FLOW FROM OPERATING ACTIVITIES

Net Profit / (Loss) before Interest & Taxation 32,293,322.63 3,501,526.54

Adjustment for

Depreciation 658,977.65 4,243.11

Provision for Retiring Benefit Plan 980,749.98 10,747.94

Profit on Disposal of Investments - (382,629.34)

Investments Written off - -

Interest Income (3,292,473.68) -

Dividend Income (23,111.63) (2,500.00)

Current Account Written Back - (4,178,193.45)

Dividend Payable Written Back - -

Provision for Diminution in Value of Investment - 296,574.04

OPERATING PROFIT / (LOSS) BEFORE

WORKING CAPITAL CHANGES 30,617,464.95 (750,231.16)

Changes in Working Capital

(Increase) / Decrease in inventories (6,011,032.89)

(Increase) / Decrease in work in progress 21,259,125.53

(Increase) / Decrease in Trade & Other Receivables (92,712,556.81) 5,581.89

Increase / (Decrease) in Trade & Other Payables 35,289,603.95 (823,661.28)

(Increase) / Decrease in Amounts Due from Related Parties (11,048,335.00) -

Increase / (Decrease) in Amounts Due to Related Parties (87,750,037.58) 87,897,294.58

Increase / (Decrease) in Directors Current Account (57,142.86) -

Increase / (Decrease) in Lease Liabilities (263,265.70) -

Cash Generated from / (used in) Operating Activities (110,676,176.41) 86,328,984.03

Tax Paid (201,565.00) (97,976.21)

Gratuity paid (1,412,500.00) -

Interest Paid - (710.24)

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Cash Flow from / (used in) Investing Activities

Acquisition of Subsidiary - (75,660,071.07)

Acquisition of Investments 45,399,947.28 (3,606,347.00)

Acquisition of Property, Plant and Equipment (770,628.36)

Investments in Equity Securities (6,002,284.03) (2,170,074.04)

Proceeds from Disposal of Investments - 3,988,976.66

Dividend Income 23,111.63 2,500.00

Interest Received 3,292,473.68 263,896.62

Short Term Investments - (901,714.28)

Net Cash Flow from / (used in) Investing Activities 41,942,620.20 (78,082,833.11)

Cash Flow from / (used in) Financing Activities

Proceeds from share capital 129,533,040.00 -

Net Cash Flow from / (used in) Financing Activities 129,533,040.00 -

Net Increase / (Decrease) in Cash & Cash Equivalents 59,185,418.79 8,147,464.47

Cash & Cash Equivalents at the beginning of the year 8,147,464.47 -

Cash & Cash Equivalents at the end of the year (Note: A) 67,332,883.26 8,147,464.47

NOTE: A

Cash & Cash Equivalents at the end of the year

Cash in Hand & at Bank 80,728,833.54 21,871,387.02

Bank Overdrafts (13,395,950.28) (13,723,922.55)

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STATEMENT OF CHANGES IN EQUITY

For the six months ended 30th September 2012 GROUP

Stated Capital Retained

Earnings Total

Minority

Interest Total Equity

Rs. Rs. Rs. Rs. Rs.

Balance as at 1st April 2011 48,574,870.00 (48,966,453.01) (391,583.01) - (391,583.01)

Net Assets Acquired on Acquisition - - - 53,853,071.11 53,853,071.11

Net Profit for the year - 1,641,848.99 1,641,848.99 1,874,601.55 3,516,450.54

Balance as at 31st March 2012 48,574,870.00 (47,324,604.02) 1,250,265.98 55,727,672.66 56,977,938.64

Share Capital issued 129,533,040.00 - 129,533,040.00 - 129,533,040.00

Net Profit for the period - 10,282,474.20 10,282,474.20 11,973,589.10 22,256,063.30

Dividend declared - - - (238,211.86) (238,211.86)

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COMPANY FINANCIALS

INFRASTRUCTURE DEVELOPERS PLC INCOME STATEMENT COMPANY Six months ended 30.09.2012 Six months ended 30.09.2011 Year ended 31.03.2012

Unaudited Unaudited Audited

Rs. Rs. Rs.

REVENUE - - -

Other Operating Income 427,732.59 - 385,129.34

427,732.59 - 385,129.34

Administrative Expenses (2,104,253.53) - (647,287.51)

Distribution Expenses - - -

Other Operating Expenses - - (296,574.04)

(1,676,520.94) - (558,732.21)

Finance Cost (20,734.06) - (249.82)

Profit / (Loss) from Ordinary Activities before Tax (1,697,255.00) - (558,982.03)

Income Tax Expenses 49,152.72 - -

Profit / (Loss) for the year (1,746,407.72) - (558,982.03)

Attributable to:

Equity Holders of the parent (1,746,407.72) - (558,982.03)

Minority Interest - - -

Profit for the Period (1,746,407.72) - (558,982.03)

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INFRASTRUCTURE DEVELOPERS PLC BALANCE SHEET COMPANY

As at 30.09.2012 As at 30.09.2011 As at 31.03.2012

Unaudited Unaudited Audited

Rs. Rs. Rs.

ASSETS

NON - CURRENT ASSETS

Plant & Equipment - - -

Investments in Subsidiaries 85,200,000.00 - 85,200,000.00

Investments in Equity Securities - - 1,873,500.00

85,200,000.00 - 87,073,500.00

CURRENT ASSETS

Trade & Other Receivables 20,404.25 - -

Amounts Due from Related Parties 2,800,000.00 - -

Short Term Investments 6,002,284.03 - -

Cash and Cash Equivalents 34,033,638.26 - 152,998.55

42,856,326.54 - 152,998.55

TOTAL ASSETS 128,056,326.54 - 87,226,498.55

EQUITY & LIABILITIES

Stated Capital 178,107,910.00 48,574,870.00 48,574,870.00

Retained Earnings (51,271,842.62) (48,966,453.00) (49,525,435.04)

TOTAL EQUITY 126,836,067.38 (391,583.00) (950,565.04)

NON - CURRENT LIABILITIES

- - -

CURRENT LIABILITIES

Trade & Other Payables 408,402.73 236,566.00 222,626.15

Amounts Due to Related Parties 147,257.20 - 87,897,294.58

Directors Current Account - 57,143.00 57,142.86

Income Tax Liabilities - 97,874.00 -

Bank Overdrafts 664,599.23 - -

1,220,259.16 391,583.00 88,177,063.59

TOTAL EQUITY & LIABILITIES 128,056,326.54 - 87,226,498.55

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Notes:

1. The above figures are provisional and subject to audit

2. The Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007 and Listing Rules of the Colombo Stock Exchange.

3. These financial statements have been prepared in accordance with SLAS 35.

I certify that these financial statements are in compliance with the requirements of the Companies Act No.07 of 2007.

………

Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board by,

………. ………..

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INFRASTRUCTURE DEVELOPERS PLC CASH FLOW STATEMENT COMPANY Six months ended 30.09.2012 Six months ended 30.9.2011 Year ended 31.03.2012 Unaudited Un audited Audited Rs. Rs. Rs.

CASH FLOW FROM OPERATING ACTIVITIES

Net Profit / (Loss) before Interest & Taxation (1,697,255.00) - (558,982.03)

Adjustment for

Profit on Disposal of Investments (134,551.06) - (382,629.34)

Interest Income (270,069.90) - -

Dividend Income (23,111.63) - (2,500.00)

Provision for Diminution in Value of Investment - - 296,574.04

OPERATING PROFIT / (LOSS) BEFORE

WORKING CAPITAL CHANGES (2,124,987.59) - (647,537.33)

Changes in Working Capital

(Increase) / Decrease in Trade & Other Receivables (20,404.25) - -

Increase / (Decrease) in Trade & Other Payables 136,623.86 - (13,940.00)

Increase / (Decrease) in Amounts Due to Related

Parties (87,750,037.38) - 87,897,294.58

(Increase) / Decrease in Amounts Due from Related

Parties (2,800,000.00) -

Increase / (Decrease) in Directors Current Account (57,142.86) - -

Cash Generated from / (used in) Operating Activities (92,615,948.22) - 87,235,817.25

Tax Paid - - (97,874.00)

Interest Paid - - -

Net Cash Flow from / (used in) Operating Activities (92,615,948.22) - 87,137,943.25

Cash Flow from / (used in) Investing Activities

Acquisition of Subsidiary - - (85,200,000.00)

Acquisition of Investments - - (5,776,421.36)

Investments in Equity Securities (3,994,232.23) - -

Proceeds from Disposal of Investments - - 3,988,976.66

Dividend Income 23,111.63 - 2,500.00

Interest Received 270,069.30 - -

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Cash Flow from / (used in) Financing Activities

Porceeds from issuance of Right Issue 129,533,040.00 - -

Dividends Paid - - -

Net Cash Flow from / (used in) Financing Activities 129,533,040.00 - -

Net Increase / (Decrease) in Cash & Cash Equivalents 33,216,040.48 - 152,998.55

Cash & Cash Equivalents at the beginning of the year 152,998.55 - -

Cash & Cash Equivalents at the end of the year (Note:

A) 33,369,039.03 - 152,998.55

NOTE: A

Cash & Cash Equivalents at the end of the year

Cash in Hand & at Bank - 152,998.55

Call Deposits 34,033,638.26

Bank Overdrafts (664,599.23) - -

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STATEMENT OF CHANGES IN EQUITY COMPANY

Stated Capital Retained

Earnings Total Equity

Rs. Rs. Rs.

Balance as at 1st April 2011 48,574,870.00 (48,966,453.01) (391,583.01)

Net Profit for the year - (558,982.03) (558,982.03)

Balance as at 31st March 2012 48,574,870.00 (49,525,435.04) (950,565.04)

Share Capital issued 129,533,040.00 - 129,533,040.00

Net Profit for the period - (1,746,407.72) (1,746,407.72)

Dividend declared - - -

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NOTES TO THE FINANCIAL STATEMENTS

Notes to the Financial Statements

1. Infrastructure Developers PLC is a Public Limited Company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange.

2. The Interim Financial Statements of the Group and the Company have been prepared for the six months ended 30th September 2012.

3. Basis of Perpetration

3.1. The Interim Financial Statements of the Group and of the Company have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2012 and are in compliance with Sri Lanka Accounting Standards 35 – Interim Financial Reporting.

3.2. The Company is currently in the process of quantifying the impact of the statement of comprehensive income and the net assets based on the new volume of Sri Lanka Accounting Standards (SLFRS/LKAS).

4. Contingencies, Capital and Other Commitments 4.1. Contingent Liabilities

There were no contingent liabilities as at the Balance Sheet Date 4.2. Capital Commitments

There were no capital commitments as at the Balance Sheet date 5. Post Balance Sheet Events

There were no events subsequent to the Balance Sheet date which require disclosure in the Interim Financial Statements.

6. Rights Issue

The Company offered 1,619,163 shares at Rs.80/- per share by way of a Rights Issue of 1 for 3, to the Registered Shareholders of the Company as at 15th August 2012 to raise a sum of Rs.129,533,040/-. The rights issue was successfully concluded on 30th August 2012.

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SHAREHOLDER INFORMATION

STATED CAPITAL

The Stated Capital of the Company as at 30st September 2012 was Rs.178,107,910/- representing 6,476,650 Ordinary Shares. All shares are issued and fully paid.

MAJOR SHAREHOLDERS DETAILS

NO NAME OF SHAREHOLDER NO OF

SHARES %

1 Navara Capital Limited 5,137,577 79.32

2 Lankem Ceylon PLC 476,397 7.36

3 Pan Asia Banking Corporation PLC/Lankem Ceylon PLC 290,000 4.48

4 PCH Holdings Limited 241,645 3.73 5 Flyasia Sdn.Bhd 234,506 3.62 6 Mr. K.G.D.S.R. Kulatunga 28,990 0.45 7 Mr. K.D.R. Kulatunga 12,406 0.19 8 Mr. D. Kotthoff 7,329 0.11 9 Miss P.V.S. Priyadarshani 6,390 0.1

10 Miss. K.G.A.C. Gurusinghe 6,086 0.09

11 Mr. M.R. Thambinayagam 3,200 0.05 12 Mrs. H.P. GIN 2,440 0.04 13 Ms. R.L.K.S. Ranathunga 2,126 0.03 14 Mr. B.A. Gunathilaka 1,600 0.02 15 Mr. V.G.A.C.M. Mubarak 1,300 0.02 16 Ms. R.S.M. Mohideen 1,290 0.02 17 Mr. N.J.M. Afrath 1,200 0.02 18 Mr. J.R. Weerakoon 1,177 0.02 19 Ms. R. Randeniya 1,080 0.02 20 Ms. R. Randeniya 1,080 0.02 Total 6,457,819 99.99 PUBLIC HOLDING 31st March 2012

Number of shares Percentage

Shares held by the public 1,339,371 20.68%

Shares held by the others 5,137,279 79.32%

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DIRECTORS SHAREHOLDING

30th September 2012 Number

Mr. Harsha N. De Silva Nil

Mrs. Dimanthi L. De Silva Nil

Mr. H. G. Sagara Kariyawasam Nil

Prof. R. W. T. M. Ranjith Bandara Nil

Share Price Information

30th September 2012

Highest Price per share (Rs.) 175.00

Lowest Price per share (Rs.) 111.00

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INFRASTRUCTURE DEVELOPERS PLC PQ 230