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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » JKH annual report silent on mega development plan

JKH annual report silent on mega development plan

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sriranga

sriranga
Co-Admin
John Keells Holdings, Sri Lanka’s top conglomerate, now preparing to embark on a mega development project within the Colombo city has maintained near silence on these plans in the company’s annual report released last week.

The only reference to the project is a single sentence in Chairman/CEO Susantha Ratnayake’s message where he says: "Progress continues to be made on our plans for a large scale development on one of our existing sites."

There is an eloquent silence on the site itself and ht the project entails.w

Analysts believe that JKH is not willing to say anything about this project which will include redeveloping the Glennie Street site where the group’s headquarters are located and adjoining several acres belonging to Ceylon Cold Stores which is predominantly owned by JKH until all necessary regulatory clearances and approvals are received.

``There’s many a slip between cup and lip,’’ said a senior JKH executive.

However, arrangements are being made for offices and staff located at Glennie Street to move to alternative premises including office space at Vauxhall Street which came under the JKH umbrella with the Whittals acquisition several years ago as well as comercial space available at Cinnamon Lakeside Hotel.

"Nobody has moved out yet although we have reserved the space," a senior JKH executive said.

The year ended March 31, 2013 saw JKH post group revenue of Rs.85.6 billion, up 10% from the previous year, and group profit after-tax of Rs.13.6 billion, up 24% from the previous year. The group profit attributable to shareholders stood at Rs.12.2 billion against the previous year’s Rs.9.7 billion.

Ratnayake said in his review that with the exception of leisure and property, all other industry groups had achieved returns on capital employed (ROCE) in excess of the group’s hurdle rate of 15%.

"Leisure which accounts for 37.1% of total capital employed by the company improved its ROCE to 14%," Ratnayake said.

JKH has a stated capital of Rs.26.48 billion, revenue reserves of Rs.42.7 billion and other components of equity of Rs.20.6 billion in its books. Total assets ran at Rs.159.1 billion, non-current liabilities at Rs.32.4 billion and current liabilities at Rs.25.5 billion.

The JKH share traded at a high of Rs.249.70 and a low of Rs.172 during the year under review against a trading range of Rs.228.68 and Rs.158.20 the previous year.

The directors of the company are: Messrs. Susantha Ratnayake (Chairman), A.D. Gunewardene (Deputy Chairman), J.R.F. Peiris, E.F.G. Amerasinghe, I. Coomaraswamy, T. Das, A.R. Gunasekara, M.A. Omar and S.S. Tiruchelvam.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=80870

http://sharemarket-srilanka.blogspot.co.uk/

2JKH annual report silent on mega development plan Empty JKH readies to launch ESOP Plan 8 Sat Jun 08, 2013 10:57 pm

sriranga

sriranga
Co-Admin
John Keells Holdings has summoned an extraordinary general meeting on June 28 immediately after the company’s annual general meeting to consider, and if thought fit, adopt a special resolution authorizing its eighth Employee Share Option Plan since 1996.

Under the ESOPs the company is authorized to issue non-transferable call share options not exceeding a specified percentage of the total issued shares of the company as at the date of such options are awarded.

Shareholders have been told that these ESOPs have been approved by the regulatory boards and operated in accordance with the guidelines set out by the SEC and the CSE.

"Your Board of Directors is of the view that maintaining a proprietary interest and a long term commitment amongst the Senior Executives of the Group, including its Executive Directors, on a continuing basis is imperative to increasing the shareholder value in the company," a circular to shareholders said.

The Board has formulated an ESOP scheme Plan 8 and recommended it for approval by shareholders.

"The maximum number of options offered in terms of Plan 8 will not exceed 2.25% of the total issued shares of the company. From the total number of options offered under Plan 8, a maximum of 0.75% of the total issued shares may be offered every year, over three (3) years commencing in July 2013 and ending in July 2015, and at the discretion of the Board of Directors," the circular said.

"The number of options offered to eligible staff shall be determined based on the performance of each such person, the performance of the organization such person belongs to and the performance of the Group. The annual offer of shares, of a maximum of 0.75%, will be offered subject to vesting conditions, including those based on time and individual performance as the Board of Directors shall from time to time determine. Each annual offer will vest over a period of four years. Every annual offer will expire in 60 months from the date of the offer, if it is not exercised," the circular said.

The Executive Directors of JKH who have substantially benefited from ESOPs offered by the company are significant shareholders of JKH though not among the top 20.

Mr. Susantha Ratnayake, Chairman/CEO of the Group holds approximately 5.3 million shares, up from 4.6 million the previous year, while Mr. Ajith Gunawardena owns nearly 6.5 million shares, up from 5.7 million the previous year and Mr. Ronnie Peiris, the Finance Director nearly 1.4 million shares up from 1.2 million the previous year.

As the shares offered under the ESOPs are priced under a volume weighted average price of the JKH share during the 30 market days immediately preceding the grant, and every annual offer is open for five years before expiring, it is possible for beneficiaries to exercise their options at times when there is a sharp difference between option price and the market price.

Analysts said that much of the top executives of JKH, including its Executive Directors, benefit substantially from these ESOPs that have continued since 1996.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=80909

http://sharemarket-srilanka.blogspot.co.uk/

Burpy


Senior Equity Analytic
Senior Equity Analytic
Last year JKH balance sheet show around Rs 5.7 billion total investment in various BPO companies. But this year they have not shown it.

Though BPOs may make 15% on ROCE, how can they make a decent return on such a huge investment in their books ?

They have said they sold some Quattro BPO for US$ 4.5 million ?????

I am very unclear about JKH's BPO exposure and what is going in there ?

Rolling Eyes

KDDND

KDDND
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
I am not that much following JKH as you expert are doing....

but it is appreciable your effort of keeping good eye on this giant....

Who are the winners of this game?
Managers? or share holders? or reasonable both of them...? Smile

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