INTERIM REPORT

FOR THE SIX MONTHS PERIOD ENDED 30 SEPTEMBER 2010

Raigam Wayamba Salterns PLC & Subsidiary Company
BALANCE SHEET
As at 30 September 2010

Group Company
6 Months ended 6 Months ended 12 Months ended 6 Months ended 6 Months ended 12 Months ended
30.09.2010 30.09.2009 31.03.2010 30.09.2010 30.09.2009 31.03.2010
(Un Audited) (Un Audited) (Audited) (Un Audited) (Un Audited) (Audited)
ASSETS
Non-Current Assets
Property, Plant and Equipment 368,960,264 314,307,457 331,206,250 335,622,340 294,123,288 308,409,827
Investments - - - 11,823,540 5,000,000 11,823,540
Prepayment on Leasehold Land 1,200,000 1,200,000 1,200,000 - - -
Goodwill 1,846,790 1,846,790 1,846,790 - - -
372,007,054 317,354,247 334,253,040 347,445,880 299,123,288 320,233,367
Current Assets
Inventories 8,952,708 14,820,237 7,012,435 8,952,708 14,820,237 7,012,435
Trade and Other Receivables 205,690,860 117,311,108 154,426,355 232,124,371 122,513,361 170,923,912
Investments - Fixed Deposits 150,000,000 - - 150,000,000 - -
Cash and Cash Equivalents 8,943,232 1,345,416 1,130,918,151 8,851,647 1,345,416 1,130,838,150
373,586,800 133,476,761 1,292,356,941 399,928,726 138,679,014 1,308,774,497
Total Assets 745,593,854 450,831,008 1,626,609,981 747,374,606 437,802,302 1,629,007,864

EQUITY AND LIABILITIES

Stated Capital 604,414,640 204,414,629 604,414,640 604,414,640 204,414,629 604,414,640
Retained Earnings 15,629,916 180,600,397 (1,399,363) 21,013,360 183,248,780 1,961,625
Total Equity 620,044,556 385,015,026 603,015,277 625,428,000 387,663,409 606,376,265

Non-Current Liabilities
Interest Bearing Loans and Borrowings 10,594,477 7,940,415 14,094,363 10,594,476 7,940,415 14,094,364
Retirement Benefit Liability 892,624 899,696 892,624 892,624 899,696 892,624
11 487 101
11,487,101 88,840,111
840 111 14,986,987
14 986 987 11,487,100
11 487 100 88,840,111
840 111 14,986,988
14 986 988

Current Liabilities
Trade and Other Payables 17,675,967 26,382,819 950,723,098 16,280,884 11,051,411 949,946,806
Interest Bearing Loans and Borrowings 96,386,230 30,593,052 34,695,264 94,178,622 30,247,371 34,508,450
Non Interest Bearing Loans and Borrowings - - 23,189,355 - - 23,189,355
114,062,197 56,975,871 1,008,607,717 110,459,506 41,298,782 1,007,644,611
Total Equity and Liabilities 745,593,854 450,831,008 1,626,609,981 747,374,606 437,802,302 1,629,007,864

Net Asset per Share 2.20 18.84 2.14 2.22 18.96 2.15

These Financial Statements are in compliance with the requirements of the Companies Act No :07 of 2007.

……………………………
E.A.C. K. Perera
General Manager - Finance

The Board of ……………………………………..

Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by:

………………………….. …………………………..
G.V.P.G. Amarasinghe N.B.W.C. Prashantha
Director Director
Colombo Colombo
26-Nov-10 26-Nov-10
Raigam Wayamba Salterns PLC & Subsidiary Company
INCOME STATEMENT
For the Six Months Period ended 30 September 2010

Group Company
6 Months ended 6 Months ended 6 Months ended 6 Months ended
30.09.2010 30.09.2009 30.09.2010 30.09.2009
Rs. Rs. Rs. Rs.
(Un audited) (Un audited) (Un audited) (Un audited)

Revenue 146,972,907 121,299,841 146,972,907 121,299,841

Cost of Sales (82,401,813) (69,672,041) (80,652,270) (69,104,936)

Gross Profit 64,571,094 51,627,800 66,320,637 52,194,905

Other Income and Gains 12,564,807 - 12,564,807

Selling and Distribution Costs (33,743,444) (7,412,728) (33,724,735) (7,412,728)

Administrative Expenses (22,302,953) (7,569,198) (22,080,205) (6,921,009)

Finance Cost (4,060,225) (3,390,097) (4,028,769) (3,385,249)

Profit Before Tax 17,029,279 33,255,777 19,051,735 34,475,919

Income Tax Expense - - - -

Net Profit for the Period 17,029,279 33,255,777 19,051,735 34,475,919

Earnings Per Share

- Basic Earnings per share 0.06 1.63 0.07 1.69
Raigam Wayamba Salterns PLC & Subsidiary Company
STATEMENT OF CHANGES IN EQUITY
For the Six Months Period ended 30 September 2010

Group
Stated Retained Total
Capital Earnings
Rs. Rs. Rs.

Balance as at 1 April 2010 (Audited) 604,414,640 (1,399,363) 603,015,277

-
Profit for the period - 17,029,279 17,029,279
-
Balance as at 30 September 2010 (Un audited) 604,414,640 15,629,916 620,044,556

Stated Retained Total

Capital Earnings
Rs. Rs. Rs.

Balance as at 1 April 2009 (Audited ) 204,414,629 183,557,518 387,972,147

Profit for the Period - 33,255,776 33,255,776

Payment of Dividend - (36,212,897) (36,212,897)

Balance as at 30 September 2009 (Un audited ) 204,414,629 180,600,397 385,015,026

Company
Stated Retained Total
Capital Earnings
Rs. Rs. Rs.

Balance as at 1 April 2010 (Audited) 604,414,640 1,961,625 606,376,265

-
Profit for the period - 19,051,735 19,051,735
-
Balance as at 30 September 2010 (Un audited) 604,414,640 21,013,360 625,428,000

Stated Retained Total

Capital Earnings
Rs. Rs. Rs.

Balance as at 1 April 2009 (Audited) 204,414,629 184,985,758 389,400,387

Profit for the Period - 34,475,919 34,475,919

Payment of Dividend - (36,212,897) (36,212,897)

Balance as at 30 September 2010 (Un audited ) 204,414,629 183,248,780 387,663,409

Raigam Wayamba Salterns PLC & Subsidiary Company
CASH FLOW STATEMENT
For the Six Months Period ended 30 September 2010

Group Company
6 Months ended 6 Months ended 6 Months ended 6 Months ended
30.09.2010 30.09.2009 30.09.2010 30.09.2009
(Un audited) (Un audited) (Un audited) (Un audited)

Cash Flows from Operating Activities

Net Profit before Income Tax Expense 17,029,279 33,255,776 19,051,735 34,475,919
Adjustments for
Depreciation 6,851,908 5,530,275 6,748,594 5,524,025
Finance Costs 4,060,225 3,390,098 4,028,769 3,385,249

Operating Profit before Working Capital Changes 27,941,412 42,176,149 29,829,098 43,385,193

(Increase)/Decrease in Inventories (1,940,273) (3,356,515) (1,940,273) (3,356,515)

(Increase)/Decrease in Trade and Other Receivables (51,264,505) 19,268,150 (61,200,459) 17,402,610
Increase/ (Decrease) in Trade and Other Payables (933,047,130) (4,083,959) (933,665,921) (6,373,481)
Cash Generated from Operations (958,310,495) 54,003,824 (966,977,555) 51,057,807
-
Finance Costs paid (3,155,675) (3,225,949) (3,124,220) (3,221,100)
Net Cash from Operating Activities (961,466,170) 50,777,875 (970,101,774) 47,836,707

Cash Flows from Investing Activities

Acquisition of Property, Plant and Equipment (44,605,920) (9,758,707) (33,961,107) (6,555,719)
Investments - Fixed Deposits (150,000,000) - (150,000,000) -
Net Cash used in Investing Activities (194,605,920) (9,758,707) (183,961,107) (6,555,719)

Cash Flows from Financing Activities

Payment of Dividends - (36,212,897) - (36,212,897)
Principal Payment under Finance Lease Liabilities (2,401,918) (414,030) (2,401,918) (414,030)
Repayment of Non interest Bearing Loans and Borrowings (23,189,355) - (23,189,355) -
Repayment of Interest Bearing Loans and Borrowings (1,668,239) (1,676,379) (1,668,239) (1,676,379)
Net Cash from/(used in) Financing Activities (27,259,512) (38,303,306) (27,259,512) (38,303,306)

Net Increase/(Decrease) in Cash and Cash Equivalents (1,183,331,602) 2,715,862 (1,181,322,393) 2,977,682

Cash and Cash Equivalents at the beginning of the period 1,103,325,020 (27,435,994) 1,103,431,833 (27,352,133)
Cash and Cash Equivalents at the end of the period (80,006,582) (24,720,132) (77,890,560) (24,374,451)
Raigam Wayamba Salterns PLC & Subsidiary Company
NOTES TO THE FINANCIAL STATEMENTS
For the Six Months Ended 30 September 2010

Name of Company : Raigam Wayamba Salterns PLC

Legal Form : Public Listed Company

Incorporated in Sri Lanka on 15.06.2005 as a Private Ltd

Company (No – N(PVS) 42056) and re-registered on
15.01.2009 (No - PV 10922). Converted to a Public Ltd
Company on 21.12.2009 (No – PV 10922 PB ) and upon
listed at Colombo Stock Exchange converted to a Public
Listed Company on 13.08.2010 (No – PV 10922 PB / PQ)

Directors : Dr. Ravindranath Liyanage

Mr. G.V.P.Ganaka Amarasinghe
Mr. N. B. W. C. Prashantha
Prof. S. P. P. Amaratunga
Mr. T. Dharmarajah
Mr. S. A. Wickramapala
Mr. W.A.Upali Gunawardena

Secretaries : U.K. Consultants (Pvt) Limited

3/5, Stanley Thilakaratne Mawatha,
Nugegoda.

Registrars : Merchant Bank of Sri Lanka PLC

BOC Merchant Tower, 28, St. Michael's Road,
Colombo 03.

Auditors : Ernst & Young

Chartered Accountants,
P.O. Box 101,
Colombo 10.

Bankers : Sampath Bank

People’s Bank

Registered Office : No 23, Walukarama Road,

Colombo 03.
Raigam Wayamba Salterns PLC & Subsidiary Company
NOTES TO THE FINANCIAL STATEMENTS
For the Six Months Ended 30 September 2010

01. The Interim Financial Statements of the Company and of the Group have been prepared
on the basis of the same accounting policies and methods applied for the year ended 31
March 2010 and are in compliance with Sri Lanka Accounting Standard 35 - Interim
Financial Reporting. Further, provisions of the new Companies Act No.7 of 2007 have
been considered in preparing the Interim Financial Statements of the Company and the
Group.

02. The presentation and classification of figures for the corresponding period have been
amended, where relevant, for better presentation and to be comparable with those of the
current period.

03. Net Assets per share has been calculated for each period, based on the number of shares
in issue as at the end of respective period.

04. There have been no material events subsequent to the Balance Sheet date, which
require disclosure in the Interim Financial Statements.

05. No changes have taken place to Contingent Liabilities and Contingent Assets since the
last annual Balance Sheet date.

06. Stated Capital as at 30 September 2010 is represented by shares in issue as given

below;

Number of shares as at,

30.09.2010 30.09.2009

Ordinary Shares 282,207,320 20,441,464

Raigam Wayamba Salterns PLC & Subsidiary Company
NOTES TO THE FINANCIAL STATEMENTS
Share Information as at 30 September 2010

1. The Company listed its shares on Diri-Savi Board of the Colombo Stock Exchange on 29
April 2010

2. Market Price per Share Rs.

Highest 5.25
Lowest 3.30
Closing 4.50

Number of Trades during the Period 18,642

Number of Shares Traded during the Period 138,850,200
Value of Shares Traded during the period Rs. 605,215,405/-

3. The percentage of shares held by the public as at 30 September 2010 was 28.12%.

4. Details of the Twenty major shareholders are as follows,

30 September 2010 31 March 2010

No. of Shares % No. of Shares %

1. Raigam Marketing Services (Pvt) Ltd 101,103,660 35.83% 101,103,660 50%

2. Raigam Distributors (Pvt) Ltd 101,103,660 35.83% 101,103,660 50%
3. Employees Provident Fund 28,193,800 9.99% -
4. Indra Traders (Pvt) Ltd 1,711,900 0.61% -
5. MR. M.M. Udeshi 1,647,500 0.58% -
6. Waldock Mackenzie Limited 1,203,100 0.43% -
7. M.M. Mohmed Makeen 1,000,000 0.35% -
8. Dr. T Senthilverl 1,000,000 0.35% -
9. J.B. Cocoshell (Pvt) Ltd 955,800 0.34% -
10. Mr. M.Z. Rasheed 867,000 0.31% -
11. Mr. A. S. De Zoysa 800,000 0.28% -
12. Dr. A.R. Mohamed 722,700 0.26% -
13. Emerging Markets Investment Management (Pvt) Ltd 600,000 0.21% -
14. Mr. M.M. Salahudeen 500,000 0.18% -
15. Seylan Bank PLC 500,000 0.18% -
16. Mrs. G.R. M. Mohamed Ali 500,000 0.18% -
17. Corporate Druids (Pvt) Ltd 426,200 0.15% -
18. Mr. R.E. Rambukwelle 415,500 0.15% -
19. Pan Asia Banking Corporation PLC/ Emagwise (Pvt) Ltd 407,000 0.14% -
20. Mrs. W.A.A. Perera 400,000 0.14% -

5. No directors held shares of the Company as at 30 September 2010.