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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » FLCH - Financials at a Glance

FLCH - Financials at a Glance

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1FLCH - Financials at a Glance Empty FLCH - Financials at a Glance Sat Sep 03, 2011 9:17 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
Free Lanka Capital Holdings Ltd., is an investment company through its subsidiaries in
Plantations, Mini Hydro Power Sector, Tourism & Leisure Sector and Construction, Real
Estate, Property and Housing Sectors.
The immediate parent enterprise of the Company is Free Lanka Capital (Pvt) Limited
which, in the opinion of the directors is the ultimate parent enterprise which is jointly
owned by Browns Investments Ltd and Perpetual Holdings Ltd.

During the year, the company has invested in the Tea Leaf Resort Holdings (Pvt) Ltd, Free
Lanka Power 2 (Pvt) Ltd and Free Lanka Capital Properties (Pvt) Ltd.

Tea
The favorable weather conditions prevailed has significantly supported the Tea industry to record the highest ever National annual production in the calendar year 2010.
The Group Revenue on tea registered an annual growth of 19% over the last year and contributed 70.68% to the Group Revenue of the year. The Tea Sector has recorded a Gross Profit of Rs. 244.0 Mn.

Rubber
The rubber production of the group has not recorded a growth mainly due to the reduction in revenue extent consequent to uprooting of some low yielding rubber fields for immediate future replanting. A significant extent of rubber replanting undertaken in the previous years will be available for harvesting in the forthcoming years.
The rubber sector has contributed 26% to the Group Turnover and 72% to the Group Gross Profit of the year.

Timber
Our Group Corporate Social responsibility of preserving the environment through sustainable development of our land base by replanting, ecological restoration and watershed management, soil conservation have been identified righteously as fundamental requirements.
The Group has cultivated more than 1.6 Mn plants in marginal tea Lands, roadsides, ravines/boundaries and in identified bare lands etc.

Hydro Power
The Company through its subsidiaries and sub subsidiaries invested in the power sector. The Group has incorporated Free Lanka Power Holdings (Pvt) Ltd and acquired 50% of the equity of Hydro Power Free Lanka PLC (HPFLPLC) previously owned by an outside shareholder, before its initial public offer (IPO).
Presently the Group is claiming an effective holding of 52.70% of HPFLPLC which is currently operating two Mini Hydro Power Plants (MHPs) at Sanquhar and Delta Estates with a total capacity of 3.2 Mega Watt (MW) within the lands managed by Pussellawa Plantations Ltd. In addition, HPFLPLC is in the process of adding four more MHPs with a total capacity of 5.37 MW. It owns 100% equity of Hydro Power Free Lanka 3 (Pvt) Ltd and Hydro Power Free Lanka 2 (Pvt) Ltd and these 100% owned subsidiaries are in the process of constructing two MHPs at Stellenberg in Gampola and the other at Thebuwana in Kuruwita with the expected capacity levels of
0.94 MW and 0.83 Mw respectively.
Free Lanka Power 1 (Pvt) Ltd which is also a 100% owned subsidiary of HPFLPLC has obtained approvals to construct two MHPs with an aggregate capacity of 3.60 MW.

The Revenues generated by MHPs are received entirely from the sole customer, the Ceylon Electricity Board. HPFLPLC has contributed 2% to the Group Revenue and 7% for the
Group Gross profit for the year ended 31st March 2011.

Tourism & Leisure
To capitalize the gradually booming Tourism and Leisure Industry with the end of war, The Tea Leaf Resorts Holding (Pvt) Ltd (TLRHL) was incorporated as a subsidiary of the group having the controlling interest, to develop two boutique style hotels located in attractive scenic surroundings in Giragama, Kandy and Ayr in Padukka of Pussellawa Plantations Ltd comprising 58 and 34 rooms respectively that would be developed to three star class establishments.

FLCH - Financials at a Glance Flch_d10

The Project cost of Rs. 850.0 Mn would be financed by issue of equity amounting to Rs. 625.0 Mn of which Rs. 250.0 Mn contributing 40% of the equity would be invested by FLCH out of the IPO funds and the balance will be raised by bank borrowings.
Sierra Cables PLC and Pussellawa Plantations Ltd will be issued with 40% and 20% of the equity respectively to raise further funds of Rs. 375.0 Mn.

Real Estate and Property Development The Company has incorporated Free Lanka Capital Properties (Pvt) Ltd (FLCPL), a fully owned subsidiary for the purpose of constructing and operating a commercial building complex in Borrella with 80,000 sq. ft of rentable space. FLCPL has already purchased a land at D. Senanayaka Mawatha, Colombo 08 with an extent of 0A-01R-09.50P for Rs. 181.67 Mn.
The Company will invest Rs. 600.0 Mn in the equity of FLCPL out of the IPO proceeds financing the total project cost of Rs. 800.0 Mn. The balance funds would be generated either by bank borrowings or by pre-sales (PP)

FLCH - Financials at a Glance Flch211

After the sub division of Ordinary Shares on 30th September 2010, the Company offered to the public for subscription of 300,000,000 new shares at a share offer price of Rs. 5/- per share.
The Company has paid a first and final dividend of Rs. 1,068,000/- to the then-existing
shareholders prior to the sub division of Ordinary Shares.

During the year, Company has invested Rs. 10.0 Mn in Free Lanka Power 2 (Pvt) Ltd., 100% owned subsidiary and Rs. 0.10 Mn as an initial investment in Free Lanka Capital Properties (Pvt) Ltd, a 100% owned subsidiary. In addition, further investment of Rs. 2.50 Mn was made in The Tea Leaf Resorts Holding (Pvt) Ltd, a joint venture Company with a controlling interest and equity holding of 50%. The conversion of Preference Shares held by FLCH in Free Lanka Plantations Co. (Pvt)
Ltd (FLPC) into Ordinary Shares in September 2010 has resulted in increase of holding percentage of FLPC from 55% to 95.34% which has recorded a loss of Rs. 4.2 Mn during the year.

FLCH - Financials at a Glance Flch_a10

Utilization of IPO Funds;

Towards New Hydro Power Projects - 600.00 Mn
Towards the Development of two Boutique Style Hotels - 250.00 Mn
Towards Commercial Property Development Project - 600.00 Mn


Investments in Subsidiaries;

Name of Subsidiary No. of Ordinary Shares Holding %
The Tea Leaf Resort Holdings (Pvt) Ltd 250,000 50.00
Free Lanka Power 2 (Pvt) Ltd 10,000,000 100.00
Free Lanka Capital Properties (Pvt) Ltd 10,000 100.00

FLCH - Financials at a Glance Flch11

In AR, company has stated how the timber stock valuation has been carried out;

FLCH - Financials at a Glance Flch_t10

Short - Med Term Cons;

The highest contribution to the Group’s Revenue is derived from tea sector which is heavily dependent on the tea prices in the global market. Tea was once consider the industry with a rooster that lays golden eggs; is currently the third largest foreign exchange earner, employs over 100,000 persons, contributes healthily to the GNP and occupies some 200,000 hectares of good land. Its pre-eminent position seems evident.
Though it’s a drink that is second to water and consumed worldwide, our main buyers are from Middle-East & Russia. Currently tea is a heavily discussed topic due to Libyan issues and is prone to heavy price fluctuations if situation doesn’t have an immediate remedy.

Secondly, the wage hike agreement which was finalized couple of months back is going to be a major resistance in Tea pricing. Due to wages being high of laborers, the company may see a drop in profits margins. Or to cope up with the new productions cost being high, company may have to increase the overall price of the Tea which can again take a beating at competitive local and foreign markets.

Med - Long Term Pros;

The two boutique style hotels located in Giragama, Kandy and Ayr in Padukka of Pussellawa Plantations Ltd comprising 58 and 34 rooms respectively that aimed to be developed to three star class establishments will add more revenue to group in long run.

Proposed addition of four more MHPs with a total capacity of 5.37 MW will also contribute to the bottom line of the group in long run.



Last edited by smallville on Sun Sep 04, 2011 10:26 am; edited 1 time in total (Reason for editing : Changed EPS figures - POST & PRE IPO and also added few extra things..)

2FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sat Sep 03, 2011 10:05 pm

Gaja


Associate Director - Equity Analytics
Associate Director - Equity Analytics
Once again thanks for the valuable input

3FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sat Sep 03, 2011 11:10 pm

WildBear


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Great work, very helpful to all of us.Plus rep given

One fact- NAV heavily based on Timber stocks, can this be a draw back, FLCH trading at a lower price.Does TWOD factor affect FLCH.

However their future projects are very impressive, and definitely will create a long term value for shareholders

4FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sat Sep 03, 2011 11:15 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@WildBear wrote:Great work, very helpful to all of us.Plus rep given

One fact- NAV heavily based on Timber stocks, can this be a draw back, FLCH trading at a lower price.Does TWOD factor affect FLCH.

However their future projects are very impressive, and definitely will create a long term value for shareholders

Yes.. Timber stock is huge but I think timber is a needy commodity in today's life style when we consider furniture needs so wont be a problem of selling.. But I dont know how the valuation done as timber even comes under biological assets as in TWOD's case.

I'd give a fair value of at least a NAV = 5 to be in safe side.. But still its ata discount..

5FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 12:51 am

windi5

windi5
Moderator
Moderator
Tea
The favorable weather conditions prevailed has significantly supported the Tea industry to record the highest ever National annual production in the calendar year 2010.
The Group Revenue on tea registered an annual growth of 19% over the last year and contributed 70.68% to the Group Revenue of the year. The Tea Sector has recorded a Gross Profit of Rs. 244.0 Mn.


Tea had been a decisive factor in their last years Groups Revenue. With the drop in Tea production and increased cost of production will badly effect their revenues this year. This might be the factor the share is stagnant for some times. Like all tea related shares, flch also not doing well at the mkt.

6FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 4:10 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@WildBear wrote: Does TWOD factor affect FLCH.

Firstly thanks Small for your good and eye opening effort yet again. + Rep

Well we cannot compare TWOD with FLCH. They are in different business models.

One thing I can tell you, if one has the patience to hold FLCH atleats 1 -2 years, I see nearly a 100% gain from current price. Note that very few share trade below IPO price. When they do their is a specific reason. ( EX LIOC) or because they are overvalued. Others can pick up suddenly for huge runs maybe even artificially ( like PCH did when it was tradin below IPO price)

Right now , FLCH stagnation reason, I see as only temporary ( not long term) due to Wage issues and their heavy dependency on plantations. But FLCH has plans for diversification and expansion. If you already bought hold this share with patience.

Slow and steady will win the race in long term.

7FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 6:35 am

panuradha

panuradha
Equity Analytic
Equity Analytic
Hi Friends,
Thanks for valuable information post on abt FLCH. + Reply for Members.
great work.

these days stock market mostly trade on green stage.
I'am planing to take at 3.70-3.90 level FLCH some amount and hold it on MID and LONG term. this is my idea.

any view abt this?

Rgds, Prabath.

http://www.sysinvotechlanka.com

8FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 8:29 am

shaankh

shaankh
Manager - Equity Analytics
Manager - Equity Analytics
Smallvile always gives better analysis. Thank you.

9FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 9:05 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics

Small,

Number of shares for calculation :

Taking nothing from your effort, please note there are 10680000 + 3000000 = 1.368 Billion shares in issue after IPO. I think you might have taken weighted average ( 10700000) , but it would be more accurate to take the full shares in issue now isn;t it?

10FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 10:36 am

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
@slstock wrote:
Small,

Number of shares for calculation :

Taking nothing from your effort, please note there are 10680000 + 3000000 = 1.368 Billion shares in issue after IPO. I think you might have taken weighted average ( 10700000) , but it would be more accurate to take the full shares in issue now isn;t it?

Since the financial year ended before the IPO was in the market, report only stated the pre IPO shares, which I've taken fro my analysis.
As you said, a more accurate valuation could be done with the Post IPO figures hence I've now updated the calculating accordingly.

Also I've published the timber stock valuation report done by the company.

11FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 10:47 am

Slstock

Slstock
Director - Equity Analytics
Director - Equity Analytics
@smallville wrote:
@slstock wrote:
Small,

Number of shares for calculation :

Taking nothing from your effort, please note there are 10680000 + 3000000 = 1.368 Billion shares in issue after IPO. I think you might have taken weighted average ( 10700000) , but it would be more accurate to take the full shares in issue now isn;t it?

Since the financial year ended before the IPO was in the market, report only stated the pre IPO shares, which I've taken fro my analysis.
As you said, a more accurate valuation could be done with the Post IPO figures hence I've now updated the calculating accordingly.

Also I've published the timber stock valuation report done by the company.

Thanks Small. I am also a holding FLCH. But we both believe in giving a accurate picture to others. So it is best you updated with post IPO shares. Thanks.

12FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 10:54 am

NEM

NEM
Senior Equity Analytic
Senior Equity Analytic
Nice work. Highly appreciate these kind of professional posts. + rep from me
According to me FLCH is arguably the best share to buy at the current market. It has a very bright future with diversification to other section rather than heavily depending on plantation. Even plantation will definitely be better in the future, this little drop is because of the wage hike. I assume that FLCH is really a good long term investment.

13FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 6:46 pm

cseradar


Equity Analytic
Equity Analytic
Thanks smallville...

I have received the proxy as well as the financial report of FLCH... I too invested in this via the IPO and my position in terms of losses goes without saying...

Now I am interested on a dividend... Since the EPS post IPO is Rs. 0.35 can we expect a dividend of at least 0.10 - 0.15??? (I trust we will be eligible for the dividends)

14FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 7:02 pm

chamarahs


Manager - Equity Analytics
Manager - Equity Analytics
study Great work.......

15FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 7:04 pm

nuwan.um

nuwan.um
Equity Analytic
Equity Analytic
Thanks, Nice work smallvill cheers There AGM is on 27th at BMICH isn't it? anybody attending?

16FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 04, 2011 7:31 pm

twimalasuriya

twimalasuriya
Senior Equity Analytic
Senior Equity Analytic
thanks smallville for your analysis. +rep from me.

disclosure : FLCH.N0000 is a part of my portfolio

17FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 11, 2011 2:17 pm

smallville

smallville
Associate Director - Equity Analytics
Associate Director - Equity Analytics
FLCH is again coming to 3.90 range or perhaps 3.80 range too.. I hope this is a good chance to enter again but u may need to evaluate what kind of portion of ur portfolio could be exposed to this Wink

Mind you: a higher portion of FLCH comprised of plantations which could be subject to wage hike hence lower profit margins..
At the same time, middle east crisis is getting to a more manageable stage hence SL will have some relief on Tea issues in future..

18FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 11, 2011 8:44 pm

kumudu


Senior Equity Analytic
Senior Equity Analytic
will it go up this week? Rs 5-6

19FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 11, 2011 8:52 pm

panuradha

panuradha
Equity Analytic
Equity Analytic
according to their range of suppliers to the market (market segments) i think hold to 6-12 months to gain gud profit. i have qty 5000 with 4.30 (much high) will need to avg with support levels of FLCH.
any comments /.

Rgds
Prabath

http://www.sysinvotechlanka.com

20FLCH - Financials at a Glance Empty Re: FLCH - Financials at a Glance Sun Sep 11, 2011 8:55 pm

Roboticfx

Roboticfx
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
We can see FLCH price was moving around 5-6 level. So, the same thing can be happen at the present.

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