SIGIRIYA HOTELS PLC INTERIM CONDENSED FINANCIAL STATEMENTS SECOND QUARTER 2015

Transcription

1 SIGIRIYA HOTELS PLC INTERIM CONDENSED FINANCIAL STATEMENTS SECOND QUARTER 2015

2 Quarter ended 30th September 2018 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 0.02 STATEMENT OF FINANCIAL POSITION 1.56 As at Audited Rs. Rs. Rs. ASSETS Non-current assets Property, plant and equipment 335,735, ,469, ,640,438 Leasehold property 1,808,296 2,004,046 1,939,396 Intangible assets 13,156,506 20,002,123 13,615,327 Other non current financial assets 4,000,000 4,000,000 4,000, ,700, ,475, ,195,161 Current assets Inventories 6,902,345 5,584,741 5,846,787 Trade and other receivables 45,642,120 30,016,401 42,481,411 Other current financial assets 35,000,000 52,026,306 - Cash and cash equivalents 34,240,346 41,243,470 78,242, ,784, ,870, ,570,718 Total Assets 476,485, ,346, ,765,879 EQUITY AND LIABILITIES Equity Stated capital 97,650,000 97,650,000 97,650,000 Revaluation Reserve 143,779, ,223, ,779,268 Retained earnings 131,169, ,020, ,515,579 Total equity 372,599, ,894, ,944,847 Non-current liabilities Deferred tax liabilities 36,304,798 21,523,063 35,190,292 Employee benefit obligation 9,286,190 8,829,945 9,464,328 45,590,988 30,353,008 44,654,620 Current liabilities Trade and other payables 42,849,543 68,654,266 59,476,515 Income tax liability 280,374 1,174,701 1,463,244 Dividends payable 1,710,617 1,571,238 1,710,617 Bank Overdraft 13,455,029 7,699,157 11,516,036 58,295,563 79,099,362 74,166,412 Total Equity and Liabilities 476,485, ,346, ,765,879 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 these financial statements. Signed for and on behalf of the board by,. A N Esufally - Chairman Colombo 13 November 2018 W M De F Arsakularatne - Director 2

4 STATEMENT OF PROFIT OR LOSS 03 Months 03 Months 06 Months 06 Months Ended Ended Variance Ended Ended Variance % % Rs. Rs. Rs. Rs. Revenue 105,632,909 91,823,020 15% 163,484, ,423,518 16% Cost of sales (25,911,890) (24,108,943) 7% (44,073,844) (39,453,390) 12% Gross profit 79,721,019 67,714,077 18% 119,410, ,970,128 17% Other operating income 2,126,090 1,406,954 51% 2,485,381 1,970,772 26% Sales and marketing costs (2,938,118) (2,933,065) 0% (5,801,442) (5,406,430) 7% Administrative expenses (56,435,549) (47,595,372) 19% (110,391,976) (96,296,395) 15% Operating profit 22,473,442 18,592,594 21% 5,702,476 2,238, % Finance costs (1,229) (34) 3515% (9,914) (8,571) 16% Finance income 1,311,074 2,693,541-51% 3,049,070 4,049,571-25% Profit before tax 23,783,287 21,286,101 12% 8,741,632 6,279,075 39% Income tax expense (1,973,778) (7,221,067) -73% (3,087,423) (5,762,137) -46% Profit for the period 21,809,509 14,065,034 55% 5,654, , % Earnings per share The above figures are provisional & subject to audit. 3

5 STATEMENT OF COMPREHENSIVE INCOME 03 Months 03 Months Variance 06 Months 06 Months Variance Ended Ended % Ended Ended % Rs. Rs. Rs. Rs. Profit for the Period 21,809,509 14,065,034 55% 5,654, , % Other Comprehensive Income for the Period, Net of Tax Total Comprehensive Income for the Period, Net of Tax 21,809,509 14,065,034 55% 5,654, , % The above figures are provisional & subject to audit. 4

6 STATEMENT OF CHANGES IN EQUITY Stated Capital Revaluation Reserve Retained Earnings Total Rs. Rs. Rs. Rs. Balance as at April 01, ,650, ,223, ,221, ,095,329 Net profit/(loss) for the period , ,938 Total comprehensive income for the period , ,938 Dividend - - (11,718,000) (11,718,000) Balance as at September 30, ,650, ,223, ,020, ,894,267 Balance as at April 01, ,650, ,779, ,515, ,944,847 Net profit/(loss) for the period - - 5,654,209 5,654,209 Total comprehensive income for the period - - 5,654,209 5,654,209 Balance as at September 30, ,650, ,779, ,169, ,599,056 5

7 STATEMENT OF CASH FLOWS Period Period Ended Ended Rs. Rs. Cash Flows generated from Operating Activities Net Profit before Income Tax 8,741,632 6,279,075 Adjustments for Depreciation 10,940,281 12,907,568 Amortisation of intangible assets 458,821 2,570,623 Amortisation of leasehold property 131,100 64,649 Impairment of Debtors 98,725 - (Write backs)/ Write offs - (157,095) Finance income (3,049,070) (4,049,571) Finance costs 9,914 8,571 Provision for defined benefit plans 600, ,000 17,931,403 18,343,820 Working capital adjustments (Increase) / decrease in inventories (1,055,559) (558,626) (Increase) / decrease in trade and other receivables (2,496,156) 12,502,063 Increase / (decrease) in trade and other payables (16,626,970) 1,852,665 Cash generated from operations (2,247,282) 32,139,922 Interest paid (9,914) (8,571) Defined benefit obligation paid (778,138) (253,800) Income tax paid (3,155,787) (2,724,884) Net cash generated from operating activities (6,191,121) 29,152,667 Cash Flows From / (Used in) Investing Activities Purchase of property, plant & equipment (7,035,838) (8,551,034) Loans given to related parties (35,000,000) - Loans settlements from related parties - 56,689,434 Investment in Money Market - (50,878,773) Interest received 2,285,792 4,018,763 Net cash flows used in investing activities (39,750,046) 1,278,390 Net Cash Flows From / (Used in) Financing Activity Dividend paid - (11,952,450) Net cash flows used in financing activity - (11,952,450) Net increase / (decrease) in cash and cash equivalents (45,941,167) 18,478,607 Cash and cash equivalents at the beginning of the period 66,726,484 15,065,706 Cash and cash equivalents at the end of the period 20,785,317 33,544,313 Analysis of Cash & Cash Equivalents Cash at Bank and in hand 34,240,346 41,243,470 Bank Overdraft (13,455,029) (7,699,157) 20,785,317 33,544,313 The above figures are provisional & subject to audit. 6

8 NOTES TO THE FINANCIAL STATEMENTS 1 2 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. The accounting policies adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the Company s annual financial statements for the year ended 31 March 2018, except for the adoption of SLFRS 15 which is effective as of 1 April The Company has not early adopted any other standard, interpretation or amendment that have been issued but is not yet effective. Unaudited previous quarter's figures have been restated wherever necessary for better presentation and to be comparable with those of the current period. The Sri Lanka Accounting Standard SLFRS 9 (Financial Instruments) is effective for annual periods beginning on or after 1 January However, CA Sri Lanka has granted the option, via the Statement of Alternative Treatment (SoAT) to prepare the interim financial statements continuing the application of LKAS 39 (Financial Instruments: Recognition and Measurement). As permitted by the above SoAT, the Company prepared Interim Financial Statements based on LKAS 39. The Company applies, SLFRS 15 Revenue from Contracts with Customers for the first time using the full retrospective method of adoption. As required by LKAS 34, the nature and effect of these changes are as below. Basis of preparation and changes to the Company s accounting policies on SLFRS 15 - Revenue from Contracts with Customers SLFRS 15 supersedes LKAS 11 Construction Contracts, LKAS 18 Revenue and related Interpretations and it applies to all revenue arising from contracts with customers, unless those contracts are in the scope of other standards. The new standard establishes a five-step model to account for revenue arising from contracts with customers. Under SLFRS 15, revenue is recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires the exercise of judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model to contracts with their customers. Accordingly, based on the gap analysis carried out between current accounting practice and the requirements of the new standard, the Company concluded that SLFRS 15 does not have a material impact on Company's financial statements. 3 4 There has been no significant change in the nature of the contingent liabilities as disclosed in the Annual Report of 2017/18. No circumstances have arisen after the reporting date, which would require adjustments to or disclosure in the Financial Statements. 7

9 INVESTOR INFORMATION Earnings / (Loss) per Share (Rs.) Debt/Equity Ratio (%) Interest Cover (Times) Quick Asset Ratio (Times) No. of shares representing Stated Capital 5,859,000 5,859,000 5,859,000 Market Price - Highest (Rs.) Lowest (Rs.) Last Traded (Rs.) The above figures are provisional & subject to audit. 8

10 DIRECTORS' SHAREHOLDING No. of Shares Mr. B S M De Silva 19,500 Mrs. A R Gamage 2,100 Mr. W M De F Arsakularatne Mr. A N Esufally Mr. W D U Perera LIST OF 20 MAJOR SHAREHOLDERS Name No. of Shares % Serendib Hotels PLC 3,696, Bansei Securities Capital (Pvt) Ltd./ R C J Goonewardene 324, Freudenberg Shipping Agencies Ltd. 299, Mr. D D F George /(Joint) Mrs. H F A K D Fonseka 74, Mr. E J De Soysa 70, Mr. S K Kanapathipillai 66, Merchant Bank of Sri Lanka PLC/ Mr. P S M Fernando 65, Mr. N Balasingam 52, Mr. J R De Silva 42, Mrs. J K P Singh 37, Rosewood (Pvt) Ltd - Account No.1 35, Mr. A J F Ivers 35, Alliance Finance Company PLC 35, Dr. S Yaddehige 33, People's Leasing & Finance PLC /Dr.H S D Soysa & Mrs.G Soysa 29, Mr. B V Selvanayagam 27, Mr. H M S Mohammed 26, Mr. N Sahayanathan 26, Ms. E K N Selvadurai 25, Mr. A M E Fernando 25, NIL NIL NIL 5,028, Shares held by the balance shareholders 830, ,859, MINIMUM PUBLIC HOLDING REQUIREMENT AS PER SECTION OF CSE LISTING RULES Category Float Adjusted Market Capitalization(Rs.) Public Holding Percentage No. of Shareholders Option Ordinary (Voting) Shares 102,790, %

11 CORPORATE INFORMATION LEGAL FORM A quoted public company with Limited Liability Incorporated in Sri Lanka in 1971 Company Registration No. PQ 81 Directors Mr. A N Esufally Chairman Mrs. A R Gamage Mr. B S M De Silva 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. 10