TAL LANKA HOTELS PLC Statement of Comprehensive Income (All amounts in Sri Lanka Rupees Thousands unless otherwise stated)

Transcription

1

2 TAL LANKA HOTELS PLC Statement of Comprehensive Income (All amounts in Sri Lanka Rupees Thousands unless otherwise stated) Particulars For the 06 Months Ended 30th September 2nd Quarter Ended 30th September % % Change Change Revenue 1,324,573 1,353,712 (2) 713, ,990 (3) Direct Costs (1,030,479) (977,971) 5 (539,410) (509,270) 6 Gross profit 294, ,741 (22) 173, ,720 (24) Other Income 12,964 13,623 (5) 5,395 6,959 (22) Marketing expenses (55,682) (65,397) (15) (30,762) (35,320) (13) Administrative expenses (176,789) (162,572) 9 (96,586) (88,426) 9 Operating profit 74, ,395 (54) 51, ,933 (54) Finance expenses (83,436) (69,667) 20 (31,346) (40,820) (23) Profit /(Loss) before tax (8,848) 91,728 (110) 20,484 71,113 (71) Income tax expense Profit /(Loss) for the year (8,848) 91,728 (110) 20,484 71,113 (71) Other Comprehensive income/(expense) Total comprehensive income/(expense) for the year (8,848) 91,728 (110) 20,484 71,113 (71) Earning /(loss) per share- basic (Rs.) (0.06)

3 TAL LANKA HOTELS PLC Statement of Financial Position (All amounts in Sri Lanka Rupees Thousands unless otherwise stated) Particulars As at 30th September 2017 As at 30th September 2016 As at 31st March 2017 ASSETS Non-current assets Property, plant and equipment 3,821,938 3,148,213 3,906,458 Intangible assets 13,822 4,953 14,360 Leasehold property-right to use of land 824, , ,030 Investments 19,556 44,939 47,284 Total Non-current assets 4,679,751 4,035,730 4,799,131 Current assets Inventories 70,099 68,159 73,082 Trade and other receivables 266, , ,836 Amounts receivable from related parties 2,539 1,891 1,567 Deposits, prepayments and advances 58,611 66,547 77,864 Current tax asset 29,284 14,813 22,618 Cash and cash equivalents 103, , ,013 Total current assets 531, , ,980 Total assets 5,210,885 4,563,002 5,346,111 EQUITY AND LIABILITIES Capital and reserves Stated capital (139,637,494 Shares) 1,396,375 1,396,375 1,396,375 Revaluation reserve 2,075,662 1,370,166 2,126,820 Available for sale reserve 5,468 4,300 5,468 Accumulated losses (1,114,103) (1,198,566) (1,156,413) 2,363,403 1,572,275 2,372,251 Non-current liabilities Borrowings 1,575,938 1,850,112 1,721,660 Retirement benefit obligations 124, , ,100 Deferred tax liability 240, , ,520 Total Non-current liabilities 1,940,786 2,098,209 2,080,279 Current liabilities Borrowings 355, , ,009 Trade and other payables 390, , ,440 Amounts payable to related parties 160, , ,132 Total current liabilities 906, , ,581 Total liabilities 2,847,482 2,990,728 2,973,860 Total Equity and Liabilities 5,210,885 4,563,002 5,346,111 Net assets per share Rs I certify that these financial statements comply with the requirements of the Companies Act No. 07 of Soumitra Ray Area Financial Controller The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the Board. Vish Govindasamy - Director T.De Zoysa - Director Date :- 7th November 2017 Date :- 7th November 2017

4 TAL LANKA HOTELS PLC Statement of Changes in Equity (All amounts in Sri Lanka Rupees thousands) Particulars Stated Revaluation Available-forsale Accumulated Total Capital reserves reserve losses Balance at 01st April ,396,375 1,421,324 4,300 (1,341,453) 1,480,546 Profit/ (Loss) for the year 91,728 91,728 Other comprehensive income/(expense) Total comprehensive income/(expense) for the period Depreciation transfer (51,158) 51,158 Balance as at 30th September ,396,375 1,370,166 4,300 (1,341,453) 1,572,275 Balance at 01st April ,396,375 2,126,820 5,468 (1,156,413) 2,372,251 Profit/ (Loss) for the year (8,848) (8,848) Other comprehensive income/(expense) Total comprehensive income/(expense) for the period NIL NIL NIL (8,848) (8,848) Depreciation transfer (51,158) 51,158 Balance as at 30th September ,396,375 2,075,662 5,468 (1,114,103) 2,363,403

5 TAL LANKA HOTELS PLC Cash Flow Statement (All amounts in Sri Lanka Rupees thousands) Particulars For the 06 Months ended 30th September Operating activities Profit/(Loss) before tax (8,848) 91,728 Adjustments for: Gain on disposals of property plant and equipment (171) (5,038) Depreciation on property, plant and equipment 194, ,240 Amortisation of leasehold property 6,595 6,595 Write off of Property,Plant & Equipments 905 Interest income (59) (1,352) Interest expense 66,959 71,869 Provision for defined benefit plans 13,516 21,736 Impairment of trade receivables (200) Unrealized exchange loss on loans 13,445 (106,113) Operating Profit before working capital changes 286, ,371 (Increase )/Decrease in inventories 2,983 (1,881) (Increase )/Decrease in trade and other receivables (55,896) (97,738) (Increase )/Decrease in amounts receivable from related companies (972) (724) (Increase )/Decrease in deposits,prepayments and advances 19,253 20,748 Increase /(Decrease) in trade and other payables 41,874 40,790 Increase /(Decrease) in amounts payable to group companies 19,661 33,165 Cash flow generated from Operations 312, ,731 Taxes Paid (6,666) (3,097) Retirement benefits paid (7,288) (8,835) Net cash flow generated from operating activities 299, ,800 Cash flow from investing activities Net Proceeds from disposal of property, plant and equipment 171 5,038 Purchase of property, plant and equipment (109,559) (90,814) Proceeds from fixed deposits 27,728 Interest received 59 1,352 Net cash used in investing activities (81,601) (84,424) Cash Flow from Financing activities Repayments on bank loans and borrowings (207,586) (162,799) Interest paid (66,959) (71,869) Net cash used in financing activities (274,545) (234,667) Net Decrease in cash and cash equivalents (57,144) (46,292) Movement in cash and cash equivalents At start of period 161, ,180 Decrease (57,144) (46,292) At end of period 103, ,888

6 TAL LANKA HOTELS PLC Notes to the financial statements (In the notes all amounts are shown in Sri Lanka Rupees Thousands unless otherwise stated) 1) Corporate information TAL Lanka Hotels PLC (formerly known as Taj Lanka Hotels PLC) is a limited liability company incorporated in Sri Lanka and listed on the Colombo Stock Exchange. The registered office and principal place of business is situated at No. 25, Galle Face Centre Road, Colombo 03. 2) Approval of financial statements The unaudited interim condensed financial statements of the company for the six months period ended 30th September 2017 were authorised for issues by the Audit Committee on 7th November ) Basis of preparation The unaudited interim financial statements of the company for the six months period ended 30th September 2017 have been prepared in accordance with the requirements of LKAS - 34 Interim Financial Reporting and have been prepared in accordance with the same accounting policies and methods set out in the recently published Annual Audited Financial Statements. These interim condensed financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company s recently published annual audited financial statement. The presentation and classification of the financial statements of the previous year have been amended, where relevant, for better presentation and to be comparable with those of the current period. These interim condensed financial statements are presented in Sri Lankan Rupees Thousands and all values are rounded to the nearest Sri Lankan Rupees Thousands except when otherwise indicated. 4) Segmental information Segmental information is not presented since the company does not have distinguishable components to be identified as a segment as all operations are treated as one segment. 5) Events after the reporting period There were no significant events after the reporting period that would require adjustments to or disclosures in these interim financial statements 6) Contingencies There has been no significant change in the nature of contingencies, which were disclosed in the recently published annual report.

7 7) Management fee payable to TAL Hotels & Resorts Ltd TAL Lanka Hotels PLC has entered in to a Hotel Operating agreement with TAL Hotels & Resorts Ltd. The details of fees payable to TAL Hotels & Resorts Ltd under the agreement as at 30th September 2017 is as follows. Sri Lanka Rupees Thousands 2017/18 Rs. 2016/17 Rs. Basic fee Payable 54,736 21,186 Incentive fee Payable 57,167 26, ,902 47,933 8) Share price statistics 2017/18 Rs. 2016/17 Rs. Highest Market Price per Share Lowest Market Price per Share Closing Price on 30th September

8 Notes to the financial statements 9) TAL LANKA HOTELS PLC TOP 20 SHARE HOLDERS AS AT 30TH SEPTEMBER 2017 Serial Name Shares % 1 TAL HOTELS & RESORTS LTD 81,181, IHOCO B.V 34,375, EMPLOYEES PROVIDENT FUND 7,437, MOUGIN INVESTMENT COMPANY LIMITED 2,070, ASSOCIATED ELECTRICAL CORPORATION LTD 1,313, E.W. BALASURIYA & CO. (PVT) LTD 901, SAMPATH BANK PLC/MR.ARUNASALAM SITHAMPALAM 587, SEYLAN BANK LTD / GOVINDASAMY RAMANAN 525, BANK OF CEYLON NO. 1 ACCOUNT 447, HALLSVILLE TRADING GROUP INC 343, PEOPLE'S LEASING & FINANCE PLC/L.P.HAPANGAMA 260, ASHAN DE ZOYSA AND COMPANY PVT LIMITED 215, COMMERCIAL BANK OF CEYLON PLC A/C NO , MRS. - NIZREEN ABDUL HUSEIN EDIRIWEERA 163, MR. - NAWALAGE JOSEPH HIRAN MAHINDA COORAY 137, MRS. - BINANTHI SHAMANI RASANAYAGAM 122, SENKADAGALA FINANCE COMPANY PLC 114, MASCONS (PVT) LIMITED 100, NEGOMBO HOTELS LIMITED 100, MR. SITHAMPALAM ABISHEK 98, Sub Total 130,705, Others 8,931, Total Shares 139,637,

9 Notes to the financial statements 10) TAL LANKA HOTELS PLC PUBLIC SHARE HOLDING AS OF 30TH SEPTEMBER 2017 Number of Share Holders Number of Shares % Issued Share Capital. 11, ,637, % (1) (2) (3) (4) (5) (6) Parent, Subsidiary or associate entities or any subsidiary or associates of Its Parent Entity. Directors of the entity & their close family members. Chief Executice officer & his close family members. Key Management personnel & their close family members. Any party acting in concert with the parties set out in 1,2,3 and 4. Shares that have been allotted to employees, whereby the shares of the Entity are, directly or indirectly controlled by the management or the majority shareholder of the Entity. (7) Shares that are in a locked account with the CDS due to statutory or regulatory requirement other than the shareholders exempted under (8) below. (8) Entities, Single share holders or Single share holders Jointly or severally holding 10% or More. TAL Hotels & Resorts Limited IHOCO BV 81,181,580 34,375, ,557, % Public share holding 11,084 24,080, % Total Shares 139,637, %

10 Notes to the financial statements 11) TAL LANKA HOTELS PLC DIRECTORS' SHAREHOLDING AS AT 30TH SEPTEMBER 2017 Names of the Directors CDS NON CDS MR. RAKESH KUMAR SARNA NIL NIL MR. B K CHAUDHARY NIL NIL MR. TILAK DE ZOYSA NIL NIL MR. P. VERMA NIL NIL DR. G SUNDARAM NIL NIL MR.V.GOVINDASAMY NIL NIL MR. R K CHAUDHARY NIL NIL MR. U. NARAIN NIL NIL MR. N. I. R. DE MEL NIL NIL MR. C. SUBRAMANIAN NIL NIL MR. S. SINGH NIL NIL M r. S. S i n g h, A r e a D i r e c t o r - S r i L a n k a & M a l d i v e s a n d G e n e r a l M a n a g e r - T a j S a m u d r a, s e n i o r m o s t E x e c u t i v e o f t h e C o m p a n y, d o e s n o t h o l d a n y s h a r e s i n T A L L a n k a H o t e l s P L C a n d i s a D i r e c t o r o n t h e B o a r d o f t h e C o m p a n y.

11 Notes to the financial statements TAL LANKA HOTELS PLC 12) ANALYSIS OF SHAREHOLDERS ACCORDING TO THE NO OF SHARES AS AT 30TH SEPTEMBER 2017 (LOCAL : FOREIGN) NO OF SHARES NO. OF TOTAL PERCENTAGE SHAREHOLDERS HOLDINGS FOREIGN LOCAL FOREIGN LOCAL FOREIGN LOCAL 1 To ,866 24,376 2,064, % 1.48% 1001 To 10, ,061 3,306, % 2.37% 10,001 To 100, ,252 3,446, % 2.47% 100,001 To 1,000, ,029 3,686, % 2.64% 1,000,001 & Above ,627,220 8,750, % 6.27% TOTAL 88 10, ,381,938 21,255, % 15.22% GRAND TOTAL 11, ,637, % 13) ANALYSIS OF SHAREHOLDERS ACCORDING TO THE NO OF SHARES AS AT 30TH SEPTEMBER 2017 (COMPANY: MEMBER ) NO OF SHARES NO. OF TOTAL PERCENTAGE SHAREHOLDERS HOLDINGS COMPANIES MEMBERS COMPANIES MEMBERS COMPANIES MEMBERS 1 To ,823 31,688 2,057, % 1.47% 1001 To 10, ,480 3,196, % 2.29% 10,001 To 100, ,361,150 2,364, % 1.69% 100,001 To 1,000, ,607, , % 0.30% 1,000,001 & Above 5-126,378, % - TOTAL , ,597,524 8,039, % 5.76% GRAND TOTAL 11, ,637, %