MARAWILA RESORTS PLC

Transcription

1 INTERIM RESULTS For the Six Months Ended 30th September 2011 Leyden Bastain Road, Colombo.01.

2 INCOME STATEMENT Year ended For the six months ended 30th September Audited Variance Rs.'000 Unaudited Unaudited Rs.'000 Rs.'000 % 216,956 Revenue 80,255 84,781 (5) 10,259 Other Income 5, , Provision / (Reversal of Provision) for fall in Value of Investments (39,187) Staff Cost (29,652) (20,490) (45) (16,158) Depreciation on Property,Plant & Equipment (7,902) (7,789) (1) (57,037) Other Operating Expenses-Direct (26,077) (23,766) (10) (99,580) Other Operating Expenses-Indirect (38,343) (36,630) (5) (2,414) Net Finance Cost (7,881) (9,868) 20 13,777 (23,621) (13,314) (77) 5,428 Taxation ,205 Net Profit/(loss) for the period (23,621) (13,314) (77) 0.18 Earnings / (Loss) per Ordinary Share (0.19) (0.14)

3 BALANCE SHEET As at 30th September Audited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 ASSETS NON CURRENT ASSETS 1,136,441 Property Plant & Equipment 1,156,662 1,085,322 3,432 Investments 3,432 10,624 1,139,873 1,160,094 1,095,946 CURRENT ASSETS 7,799 Inventories 7,545 6,711 59,647 Trade Debtors & Other Receivables 33,411 23,956 2,733 Prepayments 13,293 8,932 - Advance Paid to Contractors 43, Amounts Owed by Related Companies 35,921 9, ,611 Cash & Cash Equivalents 82,128 18, , ,451 67,857 1,404,815 Total Assets 1,375,545 1,163,803 EQUITY & CAPITAL 1,001,000 Stated Capital 1,001, , ,560 Revaluation Reserve 748, ,560 (886,722) Accumulated Loss (910,343) (878,229) 862, , ,331 NON CURRENT LIABILITIES 368,625 Interest Bearing Borrowings 365, ,978 34,128 Deferred Tax Liability 34,128-4,088 Retirement Benefit Obligations 4,086 4, , , ,945 CURRENT LIABILITIES 90,313 Trade Creditors & Other Payables 89,356 96,280 30,308 Amounts owed to Related Parties 8,153 20,870 11,610 Current Portion of Interest Bearing Borrowings 34,564 10,321 2,905 Bank Overdraft , , , ,527 1,404,815 Total Equity & Liabilities 1,375,545 1,163, Net Assets / (Liabilities) Per Share The above figures are provisional and subject to audit. For and on behalf of the Board, Sgd Sgd S. Rajaratnam T. Theyagamurti Director Director Colombo 14th November, 2011

4 STATEMENT OF CHANGES IN EQUITY For the six months ended 30th September Share Revaluation Accumulated Total Capital Reserve Profit/(Loss) Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at , ,560 (864,915) 639,645 Net Profit/(Loss) for the period - (13,314) (13,314) Balance as at , ,560 (878,229) 626,331 Balance as at ,001, ,560 (886,722) 862,838 Net Profit/(Loss) for the period - - (23,621) (23,621) Balance as at ,001, ,560 (910,343) 839,217

5 CASH FLOW STATEMENT Year ended For the six months ended 30th September Audited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 13,778 Net Profit/(Loss) before Taxation (23,621) (13,314) 13,778 (23,621) (13,314) Adjustment for Non-Cash Items 16,157 Depreciation 7,902 7,789 16,105 Interest Cost 7,830 9,868 (13,392) Exchange gain / Loss on Bank Loans Provision for Doubtful Debts - - (938) Provision for Diminishing Value of Investments - - (8,933) Creditors no longer Payable Written Back During the Year - - (215) Gain on Disposal of Propety, Plant & Equipment (1,850) 1,311 Provision for Gratuity ,231 14,680 18,167 24,009 Operating Profit /(Loss) before Working Capital Changes (8,941) 4,853 (2,928) (Increase)/Decrease in Inventories 253 (1,840) (16,778) (Increase)/Decrease in Debtors & Receivables 26,236 12,694 (1,224) (Increase)/Decrease in Prepayments (10,560) (2,651) - (Increase)/Decrease in Advance Paid to Contractors (43,153) - 7,456 (Increase)/Decrease in Amount due from Related Parties (35,769) (414) (6,971) Increase/(Decrease) in Creditors & Accruals (957) (9,936) 11,492 Increase/(Decrease) in Amount due to Related Parties (22,155) 2,054 (8,953) (86,105) (93) 15,056 Cash generated from Operations (95,046) 4,760 (15,434) Interest Paid (7,270) (9,198) (1,999) Gratuity Paid (800) (317) (2,377) Net Cash Flow from Operating Activities (103,116) (4,755) Cash Flow from Investing Activities (56,671) Acquisition of Propety, Plant & Equipment (23,562) (706) 215 Proceeds from Disposal of Propety, Plant & Equipment 1,850 - (1,191) Acquisition of Investment - - 9,322 Disposal of Investment - - (48,325) Net Cash Flow from Investing Activities (21,712) (706) Cash Flow from Financing Activities (1,512) Lease Rentals Paid (1,469) (659) - Loan Received 23, ,542 Right Issue - - (25,835) Loan Repayment (6,661) (11,494) 216,195 Net Cash Flow from Financing Activities 14,870 (12,153) 165,493 Net Change in Cash & Cash Equivalents during the period (109,958) (17,614) 26,213 Cash & Cash Equivalents at the beginning of the period 191,706 26, ,706 Cash & Cash Equivalents at the end of the period 81,748 8,599 Analysis of Cash & Cash equivalents at the end of the period 191,816 Cash at Bank 79,823 17,290 2,795 Cash in Hand 2,305 1,365 (2,905) Bank Overdraft (380) (10,056) 191,706 81,748 8,599

6 NOTES TO THE ACCOUNTS 1 Account Status The above figures are provisional and subject to audit. 2 Accounting Policies The Accounting policies and methods of computation are consistent with those policies and methods followed during the previous financial year. 3 Ratios Market price recorded during the six months ended Rs. Rs. Highest Lowest Last Traded Price (Volume Weighted Average Price) Events subsequent to the Interim Period There have been no material events subsequent to the interim peroid which require disclosure in the provisional interim financial statements 5 Changes in Classification To facilitate comparison and where relevant balances pertaining to the previous comparative period have been reclassified. 6 Stated Capital The Stated Capital of the Company is Rs.1,001,000,000/- represented by 122,500,000 Ordinary shares. 7 Public Holding The percentage of shares held by the public as at 30th September 2011 was 48.73%. 8 Shareholding of Directors Mr. A. Rajaratnam Mr. S.D.R. Arudpragasam No. of Shares As At ,250 9 Contingent Liabilities As at 30th September 2011, the Company had Contingent Liabilites of Rs. 12,257, Management Fees There was no liabilities for management fees or any other similar expenditure not provided for in the interim financial statements.

7 Twenty Major Shareholders as at 30th September 2011 MARAWILA RESORTS PLC Major Shareholders No. of Shares % 1 LANKEM CEYLON PLC 31,034, COLOMBO FORT HOTELS LIMITED 17,806, WALDOCK MACKENZIE LIMITED / MR.L.P. HAPANGAMA 6,044, PAN ASIA BANKING CORPORATION PLC / LANKEM CEYLON PLC 4,650, MR. GEORGE LAWRENCE ANDREW ONDAATJIE 4,282, MR. MUSHTAQ MOHAMED FUAD 3,720, COLONIAL MOTORS PLC 3,670, SEYLAN BANK LIMITED-LANKEM CEYLON PLC 3,000, PAN ASIA BANKING CORPORATION PLC / INVEST COPIA CAPITAL (PVT) LTD 1,600, PAN ASIA BANKING CORPORATION PLC / MR.MOHOTTALLAGE NIHAL RANASINGHE 1,466, MR. SAHEEDUL HIJIRY MOHAMED RISHAN 967, COMMERCIAL BANK OF CEYLON PLC / M.A.U.GNANATHILAKE 889, MR. AMARAKOON MUDIYANSELAGE WEERASINGHE 867, THE COLOMBO FORT LAND & BUILDING CO PLC 755, PAN ASIA BANKING CORPORATION PLC / MR.RAVINDRA ERLE RAMBUKWELLE 735, MR. PADMASIRI THOMPSON COORAY AND MRS PAMELA CHRISTINE COORAY 715, NATIONAL SAVINGS BANK 702, MISS FATHIMA FARZANA HANIFFA 700, LANKEM TEA & RUBBER PLANTATIONS (PVT)LTD 652, MR. DAVID KOTTHOFF 650, MR. SHANAKA ASITHA COORAY 650, ,561, REVENUE AND NET PROFIT / (LOSS) 100,000 Six Months Ended 30th September 80,000 84,781 80,255 60,000 63,711 58,658 40,000 20,000 Revenue Net Profit/(Loss) - (20,000) (40,000) (13,314) (21,594) (23,621) (28,220)