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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Sri Lanka's Watawala Plantations ends management deal

Sri Lanka's Watawala Plantations ends management deal

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Sstar

Sstar
Vice President - Equity Analytics
Vice President - Equity Analytics
Mar 18, 2014 (LBO) - Sri Lanka's Watawala Plantations Plc said a management agreement with Estate Management Services (Pvt) Ltd, its key shareholder has been ended.

The firm said in a stock exchange filing that management fees will no longer paid the Estate Management Services and the company itself will manage it.
The management fees paid by plantations company is a legacy of a privatization process, where the fees were structured to provide cash flow to finance an indirect leveraged buyout of the firms by its managing agent.

The practice has been blamed by analysts for draining resources needed for capital expenditure.

In Sri Lanka's commercial tea plantations date back from the British colonial era where third party 'agency houses' used to charge management fees on an arm's length basis.

FLOWER2

FLOWER2
Manager - Equity Analytics
Manager - Equity Analytics
Sstar.Good posting. Other than WATA would you mind naming tea companies excluded from management fee or charging less?
Cheers.

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics
"The Management fee is paid to Estate Management Services (Private) Ltd (EMSPL) in accordance with the agreement entered between WATA and Estate Management and Services (Pvt) Ltd. The basis for calculation of Management fees has been 10% of the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA). Total management fees payable for the financial year 2012/13 is Rs.137 mn in comparison to Rs 49 mn paid in the preceding year." - Quoted.

So we can expect improvement in the EPS from 2014/2015.

SHARK aka TAH

SHARK aka TAH
Expert
Expert
@Jake Sully wrote:"The Management fee is paid to Estate Management Services (Private) Ltd (EMSPL) in accordance with the agreement entered between WATA and Estate Management and Services (Pvt) Ltd. The basis for calculation of Management fees has been 10% of the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA). Total management fees payable for the financial year 2012/13 is Rs.137 mn in comparison to Rs 49 mn paid in the preceding year." - Quoted.

So we can expect improvement in the EPS from 2014/2015.

it will surely improve the EPS. how about the cash flow ? is this a dummy entry by debiting exp and current account or this paymeny is actually made.  Rolling Eyes 

Jake Sully

Jake Sully
Manager - Equity Analytics
Manager - Equity Analytics
SHARK wrote:
@Jake Sully wrote:"The Management fee is paid to Estate Management Services (Private) Ltd (EMSPL) in accordance with the agreement entered between WATA and Estate Management and Services (Pvt) Ltd. The basis for calculation of Management fees has been 10% of the Earnings before Interest, Tax, Depreciation and Amortization (EBITDA). Total management fees payable for the financial year 2012/13 is Rs.137 mn in comparison to Rs 49 mn paid in the preceding year." - Quoted.

So we can expect improvement in the EPS from 2014/2015.

it will surely improve the EPS. how about the cash flow ? is this a dummy entry by debiting exp and current account or this paymeny is actually made.  Rolling Eyes 

We need to see EMSPL balance sheet for the reveivable from WATA and whats the aging of those receivables.

VALUEPICK

VALUEPICK
Expert
Expert

http://www.watawalaplantations.lk/index.php/kenilworth-estate-achieves-another-all-time-record-price?id=266

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