Dolphin Hotels PLC Quarter ended 30 September 2017

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2 Quarter ended 30 September 2017 Contents Page No. Financial Statements Statement of Financial Position 2 Statement of Profit or Loss 3 Statement of Comprehensive Income 4 Statement of Changes in Equity 5 Statement of Cash Flows 6 Notes to the Financial Statements 7 Investor Information 8-9

3 STATEMENT OF FINANCIAL POSITION As at Rs.'000 Audited ASSETS Non-Current Assets Property, Plant & Equipment 2,033,834 2,038,701 2,051,600 Intangible Assets 24, ,992 Other Financial Assets 4,000 4,000 4,000 Deferred Tax Asset - 3,199-2,061,966 2,046,558 2,082,592 Current Assets Inventories 13,820 11,135 12,244 Trade and Other Receivables 143, , ,607 Taxation Recoverable 5,623 4,200 8,439 Other Financial Assets 2,315 9,329 - Cash and Cash Equivalents 87, ,498 83, , , ,355 Total Assets 2,315,194 2,312,752 2,478,947 EQUITY AND LIABILITIES Equity Stated Capital 316, , ,215 Other Component of Equity 663, , ,225 Other Revenue Reserve 2,840 2,840 2,840 Retained Earnings 894, , ,883 Total Equity 1,876,927 1,822,920 1,871,163 Non-Current Liabilities Interest Bearing Loans & Borrowings 28, ,818 45,349 Deferred Tax Liabilities 95,365 81,281 94,063 Employee Benefit Liability 22,954 19,995 21, , , ,884 Current Liabilities Trade and Other Payables 185, , ,762 Dividends Payable 3,190 1,426 3,190 Interest Bearing Loans and Borrowings 43,509 72,366 53,886 Interest Bearing Related Party Borrowings 25, Bank Overdraft 34,462 28,718 99, , , ,900 Total Equity and Liabilities 2,315,194 2,312,752 2,478,947 Net Assets per share (Rs.) The above figures are provisional & subject to audit. These Financial Statements are in compliance with the requirements of the Companies Act No.07 of K.D.D. Gunasekera - Director 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, A.N. Esufally - Chairman Colombo 14 November 2017 W.M.De.F. Arsakularatne - Director

4 STATEMENT OF PROFIT OR LOSS 1000 Rs.'000 3 Months Months Variance % Variance % Revenue 203, ,020 0% 359, ,233-4% Cost of Sales (62,371) (73,326) -15% (117,075) (121,034) -3% Gross Profit 141, ,694 8% 242, ,199-4% Other Operating Income and Gains 9,070 1, % 29,412 1, % Sales and Marketing Expenses (4,745) (5,121) -7% (10,863) (9,485) 15% Administrative Expenses (102,666) (105,953) -3% (228,601) (203,030) 13% Operating Profit 43,067 21, % 31,972 40,312-21% Finance Cost (1,278) (1,839) -31% (4,291) (4,000) 7% Finance Income 1,114 9,861-89% 1,526 10,452-85% Profit before tax 42,903 29,210 47% 29,207 46,764-38% Income Tax Expense % (7,634) (5,462) 40% Profit for the Period 43,516 29,582 47% 21,573 41,302-48% Earnings per share (Rs.) The above figures are provisional & subject to audit.

5 STATEMENT OF COMPREHENSIVE INCOME 3 Months Months Rs. Rs. Rs. Rs. Profit for the Period 43,516 29,582 21,573 41,302 Other Comprehensive Income Net Movement on Cash Flow Hedge (6,663) (1,467) (15,809) 5,585 Other Comprehensive Income for the Period, Net of Tax (6,663) (1,467) (15,809) 5,585 Total Comprehensive Income for the Period, Net of Tax 36,853 28,115 5,764 46,887 The above figures are provisional & subject to audit.

6 STATEMENT OF CHANGES IN EQUITY Rs.'000 Stated Other Components of Equity Other Revenue Retained Total Capital Asset Revaluation Cash Flow Reserves Earnings Reserve Hedge Reserve Balance as at April 01, , ,925 31,379 2, ,296 1,807,655 Net Profit for the period ,302 41,302 Other Comprehensive Income Net Movement on cash flow Hedge - - 5, ,585 Total Comprehensive Income - - 5,585-41,302 46,887 Dividends (31,622) (31,622) Balance as at September 30, , ,925 36,964 2, ,976 1,822,920 Balance as at April 01, , ,925 29,300 2, ,883 1,871,163 Net Profit for the period ,573 21,573 Other Comprehensive Income Net Movement on cash flow Hedge - - (15,809) - - (15,809) Total Comprehensive Income - - (15,809) - 21,573 5,764 Balance as at September 30, , ,925 13,491 2, ,456 1,876,927

7 STATEMENT OF CASH FLOWS Rs '000s Cash Flows generated from Operating Activities Net Profit before Income Tax 29,207 46,764 Adjustments for Depreciation 33,588 27,124 Amortization/ Impairment of Intangibles 2, Finance Income (699) (1,123) Foreign currency (gain)/ loss (30,203) (10,879) Finance costs 4,291 4,000 Employee Benefit Liability 2,103 1,951 Provision/(Reversal) of Impairment of Debtors (2,992) 710 (Gain)/Loss on disposal of property, plant & equipment (30) (78) 38,125 68,600 Working Capital Adjustments (Increase) / decrease in inventories (1,576) (524) (Increase) / decrease in trade and other receivables 171,905 19,252 Increase/ (Decrease) in Trade and Other Payables (106,668) 3,581 Cash generated from / (used in) operations 101,786 90,909 Finance costs paid (4,291) (4,000) Defined benefit plan costs paid (622) (233) Taxes paid (3,514) (15,982) Net cash from operating activities 93,359 70,694 Cash Flows From / (Used in) Investing Activities Purchase of property, plant & equipment (15,822) (35,397) Loans Given to related parties (9,000) (10,050) Loans Settled by related parties 9,000 10,050 Proceeds from disposal of property, plant & equipment Interest Income received 699 1,123 Net cash flows (used in) / from investing activities (15,093) (34,196) Net Cash Flows From / (Used in) Financing Activities Dividend paid - (31,621) Proceeds from Loans obtained / interest capitalised during the period 15,000 3,000 Proceeds from Related Party Loans & Borrowings 25,000 - Repayment of Interest Bearing Loans & Borrowings (21,940) (27,933) Repayment of Related Party Borrowings (27,000) - Net cash flows used in financing activities (8,940) (56,554) Net increase / (decrease) in cash and cash equivalents 69,326 (20,056) Cash and cash equivalents at the beginning of the period (15,997) 97,836 Cash and cash equivalents at the end of the period 53,329 77,780 Analysis of Cash & Cash Equivalents Cash in hand & at bank 87, ,498 Bank Overdraft (34,462) (28,718) 53,329 77,780 The above figures are provisional and subject to audit.

8 NOTES TO THE FINANCIAL STATEMENTS 1 The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS - 34, Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements. 2 The accounting policies have been consistently applied by the Company and unaudited previous quarter's figures have been restated wherever necessary for better presentation and to be comparable with those of the current period. 3 There has been no significant change in the nature of the contingent liabilities as disclosed in the Annual Report of 2016/17. 4 No circumstances have arisen after the reporting date, which would require adjustments to or disclosure in the Financial Statements. 5 Reconciliation of Comparative Information Exchange gains/losses arising from operations have been classified under Other Operating Income / Administration Expenses and Exchange Gains / Losses arising from financing activities have been classified under Finance Income / Cost. The following expenses have been reclassified for better representation in line with current year figures. 3 Months As previously reported Reclassification Reclassified Rs.'000 Rs.'000 Rs.'000 Statement of Comprehensive Income ( Rs.'000 ) Exchange gain/(loss) (5,573) 5,573 - Administrative Expenses (100,380) (5,573) (105,953) As previously reported Reclassification Reclassified Rs.'000 Rs.'000 Rs.'000 Statement of Comprehensive Income ( Rs.'000 ) Other Operating Income and Gains 1,628-1,628 Administrative Expenses (203,030) - (203,030) Exchange gain/(loss) Profit / (Loss) from Operations Included in Administrative Expenses Rs.'000 Rs.'000 Provision/(Reversal) for Doubtful debt (2,992) 710 Provision for Staff Salary ( for Budgetary Relief Allowance) 2,043 - Depreciation and Amortization 36,448 27,255

9 INVESTOR INFORMATION Earnings per share (Rs.) Debt equity ratio (%) Interest cover (Times) No. of shares representing Stated Capital 31,621,477 31,621,477 31,621,477 Highest market price (Rs.) Lowest market price (Rs.) Last traded price (Rs.) The above figures are provisional and subject to audit.

10 DOLPHIN HOTELS PLC DIRECTORS' SHAREHOLDING No. of Shares A N Esufally 450,007 B S M De Silva 204,700 A R Gamage (Ms) 20,416 W M De F Arsakularatne NIL W.D.U.Perera NIL LIST OF 20 MAJOR SHAREHOLDERS Name No. of Shares % Serendib Hotels PLC 20,609, Hemtours (Pvt) Ltd. 1,691, Freudenberg Shipping Agencies Ltd. 1,000, Mr. R C J Goonewardene 588, Mr. A N Esufally 450, Hemas Holdings PLC 376, Mr. J R De Silva 300, D.S.L.Investments (Pvt) Ltd. 298, Mr. S P Kannangara (Deceased) 210, Seylan Bank Ltd. / B S M De Silva 204, Peoples Leasing & Finance PLC/L.P.Hapangama 196, Mr. A. Sithampalam 179, Alliance Finance Company PLC 135, Hatton National Bank PLC/A.L.M. Nazar 131, Rosewood (Pvt) Ltd 119, Bansei Securities Capital (Pvt) Ltd/Dawi Investment Trust (Pvt) Ltd 114, Waldock Mackenzie Ltd/ H S D Soysa 100, Mr. A P Somasiri 100, DFCC Bank A/C 1 100, Citizens Development Business Finance PLC/D.S.J.Wickramaratne and D.J.Wickramaratne , ,004, Shares held by the balance shareholders 4,617, ,621, PUBLIC HOLDING % Number of Shareholders Shares held by the Public as at 30th September

11 DOLPHIN HOTELS PLC CORPORATE INFORMATION Legal Form A quoted public company with limited Liability Incorporated in Sri Lanka in 1981 Company Registration No. PQ 224 Directors Mr. A N Esufally Chairman Mr. B S M De Silva Mrs. A R Gamage Mr. W D U Perera Mr. W M De F Arsakularatne Registered Office Hemas House Level 3 75, Braybrooke Place Colombo 02 Tel: + 94 (11) Fax: + 94 (11) inquiries@serendibleisure.lk Website : Secretaries Hemas Corporate Services (Pvt) Ltd. Level 9, Hemas House 75, Braybrooke Place Colombo 02 Tel: + 94 (11) Fax: + 94 (11) Managing Agent Serendib Leisure Management Ltd.