ANILANA HOTELS & PROPERTIES PLC. CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 st MARCH UNAUDITED

Transcription

1 ANILANA HOTELS & PROPERTIES PLC CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE QUARTER ENDED 31 st MARCH UNAUDITED

2 Page 1 STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Group Company For The Quarter Ended For The Year Ended For The Quarter Ended For The Year Ended FOR THE PERIOD ENDED 31 MARCH Revenue 24,850,823 70,404, ,208, ,980,864 13,153,683 40,740, ,373, ,349,160 Cost of Sales (5,927,551) (11,837,953) (58,061,947) (68,571,538) (3,614,605) (6,902,266) (34,769,360) (40,982,040) Gross Profit 18,923,272 58,566, ,146, ,409,326 9,539,079 33,838, ,604, ,367,119 Other Income - - 2,892,694 49, ,892,694 49,993 Administrative Expenses (74,508,223) (100,590,640) (346,440,814) (415,519,407) (41,197,456) (58,846,012) (197,199,998) (242,480,769) Business Promotion Expenses (215,628) (2,708,242) (8,947,524) (12,865,860) (157,014) (2,284,047) (5,312,848) (10,018,369) Profit / (Loss) from Operation (55,800,580) (44,731,992) (100,349,121) (152,925,948) (31,815,392) (27,291,367) (48,015,824) (87,082,025) Net Gain / (Loss) from Financail Assets at Fair Value through Profit or Loss Revaluation Surplus Recognized to the Extent that Reverses the - (872,556) - (1,446,208) - (514,422) - (1,086,209) ,199, Finance Income (88,746) 6,615 1, ,302 (82,685) 5,615 1, ,498 Finance Cost (49,024,483) (36,935,505) (204,700,426) (144,048,473) (26,670,380) (26,670,380) (147,170,063) (102,557,480) Profit / (Loss) Before Taxation (104,913,809) (82,533,438) (305,047,694) (243,112,328) (58,568,456) (54,470,554) (195,184,033) (190,625,215) Income Tax Expense (100,764) - - (18,291) Profit / (Loss) for the Year / Period (104,913,809) (82,533,438) (305,047,694) (243,213,092) (58,568,456) (54,470,554) (195,184,033) (190,643,506) Attributable to : Equityholders of the Parent (104,913,820) (82,533,474) (305,047,712) (243,213,102) (58,568,456) (54,470,554) (195,184,033) (190,643,506) Non-Controlling Interest (104,913,809) (82,533,438) (305,047,694) (243,213,091) (58,568,456) (54,470,554) (195,184,033) (190,643,506) Basic Earnings / (Loss) Per Share (Rs.) (0.21) (0.17) (0.62) (0.49) (0.12) (0.11) (0.40) (0.38) Profit / (Loss) for the Year / Period (104,913,809) (82,533,438) (305,047,694) (243,213,091) (58,568,456) (54,470,554) (195,184,033) (187,646,000) Other Comprehensive Income / (Expense) (Other Comprehensive Income not to be Reclassified to Profit or Loss Acturial Gain / (Loss) on Retirement Benefits Obligation Surplus on Revaluation of Property, Plant and Equipment Total Comprehensive Income / (Expense) for the Year / Period , , ,259, (104,913,809) (82,533,438) (305,047,694) (169,184,632) (58,568,456) (54,470,554) (195,184,033) (186,986,931) Attributable to : Equityholders of the Parent (104,913,820) (82,533,474) (305,047,712) (169,185,131) (58,568,456) (54,470,554) (195,184,033) (189,984,437) Non-Controlling Interest (104,913,809) (82,533,438) (305,047,694) (169,184,632) (58,568,456) (54,470,554) (195,184,033) (189,984,437)

3 Page 2 STATEMENT OF FINANCIAL POSITION (UNAUDITED) Group Company AS AT 31 MARCH ASSETS Non-Current Assets Property, Plant and Equipment 4,085,915,135 4,228,425,264 1,907,718,238 1,991,852,028 Investment Properties 939,400, ,400, Intangible Assets 613,778 2,001, ,778 2,001,398 Leasehold Land 29,674,556 30,895, Investment in Subsidiaries - - 2,063,373,960 2,063,373,960 Available-for-Sale (AFS) Financial Assets 12,000,000 12,000,000 12,000,000 12,000,000 Total Non-Current Assets 5,067,603,468 5,212,722,218 3,983,705,976 4,069,227,386 Current Assets Inventories 24,833,760 40,009,006 15,033,933 22,537,818 Financial Assets at Fair Value through Profit or Loss (FVTPL) 386,666 2,873,038-2,486,373 Trade and Other Receivables 55,364,506 29,344,892 36,117,720 25,049,332 Amounts Due from Related Parties 102,925, ,822, ,990, ,528,041 Other Non-Financial Assets 12,259,689 7,183,982 11,552,183 4,627,639 Cash and Cash Equivalents 154,558,767 4,527,040 55,857,591 2,473,152 Total Current Assets 350,328, ,760, ,551, ,702,354 Total Assets 5,417,932,291 5,397,482,483 4,593,257,741 4,616,929,740 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 3,863,261,648 3,863,261,648 3,863,261,648 3,863,261,648 Revaluation Reserve 790,374, ,374, ,490, ,490,273 Retained Earnings (at debit) (1,714,777,570) (1,409,729,858) (1,151,952,500) (956,768,467) 2,938,858,602 3,243,906,315 2,942,799,421 3,137,983,454 Non - Controlling Interest (573) (592) - - Total Equity 2,938,858,029 3,243,905,722 2,942,799,421 3,137,983,454 Non - Current Liabilities Borrowings - (Non-Current Potion) 1,230,106,905 1,171,027, ,600, ,500,000 Retirement Benefits Obligation 4,617,010 3,418,885 3,223,036 2,699,911 Total Non - Current Liabilities 1,234,723,915 1,174,446, ,823, ,199,911 Current Liabilities Trade and Other Payables 292,877, ,397, ,263, ,655,130 Borrowings - (Current Potion) 507,859, ,964, ,640, ,315,699 Amounts Due to Related Parties 41,528,223 13,028,223 33,814,830 13,814,830 Other Non-Financial Liabilities 148,914,032 49,373,831 67,906,514 31,281,910 Bank Overdrafts 253,171, ,366, ,009, ,678,806 Total Current Liabilities 1,244,350, ,130, ,635, ,746,375 Total Equity and Liabilities 5,417,932,291 5,397,482,483 4,593,257,741 4,616,929,740 Net Asset Value Per Share (Rs.) I Certify that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of Accountant The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed for and on behalf of the Board,... Director Date: 14th June 2017 Colombo.... Director

4 Page 3 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2017 (UNAUDITED) Group Stated Revaluation Retained Non Capital Reserve Earnings Controlling (at debit) Interest Total Balance as at 01 April ,863,261, ,374,525 (1,409,729,858) (592) 3,243,905,722 Loss for the Year - - (305,047,712) 19 (305,047,694) Balance as at 31 March ,863,261, ,374,525 (1,714,777,570) (573) 2,938,858,029 Balance as at 01 April ,863,261, ,115,313 (1,167,285,515) (1,091) 3,413,090,355 Profit / (Loss) for the Year - - (243,213,102) 11 (243,213,091) Acturial Gain on Retirement Benefits Obligation Surplus on Revaluation of Property, Plant and Equipment , ,759-73,259, ,259,700 Balance as at 31 March ,863,261, ,374,525 (1,409,729,858) (592) 3,243,905,722 Company Stated Revaluation Retained Total Capital Earnings (at debit) Balance as at 01 April ,863,261, ,490,273 (956,768,467) 3,137,983,454 Loss for the Year - - (195,184,033) (195,184,033) Balance as at 31 March ,863,261, ,490,273 (1,151,952,499) 2,942,799,422 Balance as at 01 April ,863,261, ,490,273 (766,784,030) 3,327,967,891 Loss for the Year - - (190,643,506) (190,643,506) Acturial Gain on Retirement Benefits Obligation , ,069 Balance as at 31 March ,863,261, ,490,273 (956,768,467) 3,137,983,454

5 Page 4 Group Company STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MARCH (UNAUDITED) Cash Flows from Operating Activities Loss Before Taxation (305,047,694) (243,112,328) (195,184,033) (190,625,215) Adjustments for; Depreciation 158,068, ,671,048 82,500,000 83,248,457 Amortization of Intangible Assets 1,387,620 1,387,620 1,387,620 1,387,620 Amortization of Leasehold land 1,221,000 1,332, Gratuity Charge for the Year 2,176,250 1,463,596 1,501,250 1,073,020 Surplus on Revaluation Recognized to the Extent that Reverses the Revaluation Deficit Recognized Previously - (55,199,000) - - Net Gain from Financial Assets at Fair Value through Profit or Loss / Trading Loss (1,077,069) 1,446,208 (1,077,069) 1,086,209 Gain on Disposals Motor Vehicle (1,815,625) - (1,815,625) - Loss on Disposals of Shares - 1,248,906-1,248,906 Interest Expenses 212,896, ,048, ,170, ,557,480 Interest Income (209,879) (109,302) (1,853) (100,498) Operating Profit / (Loss) Before Working Capital Changes 67,599,072 11,177,221 34,480,353 (124,022) Changes in Working Capital Inventories 15,175, ,801 7,503,885 (26,949) Trade and Other Receivables (26,019,615) (5,473,110) (11,068,388) (811,139,618) Amounts Due from Related Parties (2,103,127) 67,395,961 (462,298) 773,498,325 Other Non-Financial Assets (5,075,708) (454,170) (6,924,544) (323,765) Amounts Due to Related Parties 28,500,000 (18,015,103) 20,000,000 (7,528,431) Trade and Other Payables / Other Non-Financial Liabilities 105,020,044 80,180,904 41,233,007 38,522,190 Cash Generated from / (used in) Operations 183,095, ,523,504 84,762,015 (7,122,272) Gratuity Paid (978,125) - (978,125) - Interest Paid (212,896,456) (107,567,093) (64,434,756) (74,815,602) Net Cash used in Operating Activities (30,778,667) 27,956,411 19,349,134 (81,937,874) Cash Flows from Investing Activities Acquisition of Property, Plant and Equipment / Incurred on WIP (17,220,384) (83,933,795) (855,586) (277,890) Net Proceeds from Disposals of Property, Plant and Equipment 3,478,125-3,478,125 - Net Proceeds form Trading of / (Investments In) Shares 3,563,442 6,992,865 3,563,442 6,992,865 Interest Received 209, ,302 1, ,498 Net Cash used in Investing Activities (9,968,938) (76,831,629) 6,187,834 6,815,473 Cash Flows from Financing Activities Net Proceeds from Loans 51,974,561 31,206,684 (22,483,052) 61,788,378 Lease Rentals Paid (189,736) (189,736) Net Cash Flow from Financing Activities 51,974,561 31,016,948 (22,483,052) 61,598,642 Net Changes in Cash and Cash Equivalents During the Year 11,226,956 (17,858,270) 3,053,916 (13,523,757) Cash and Cash Equivalents at Beginning of the Year (109,839,719) (91,981,449) (108,205,654) (94,681,896) Cash and Cash Equivalents at End of the Year (98,612,764) (109,839,719) (105,151,738) (108,205,654)

6 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2017 Page 5 1. Reporting Entity Anilana Hotels & Properties Limited is a Company incorporated and domiciled in Sri Lanka. The Registered office of the Company was located at 14, Reid Avenue, Colombo 07. The consolidated financial statements of the company for the period ended 31 March 2017 comprise the Company and its Subsidiaries. The group has eight (8) subsidiaries including sub-subsidiaries. 2. Nature of Operations and Principal Business Activities The Company s Principal Activities are Developing Hotels and Properties. Business activities of Eastern Development Enterprises (Pvt) Ltd have been commenced during the period. 3. Basis of Preparation The condensed interim financial statements of the Company and the Group have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the period ended 31 March Estimates and Policies The preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. There were no changes in estimates of amounts reported in prior financial years that may have a material effect in the current quarter and financial period to date. In preparing the interim financial statements, the significant judgments made by the management in applying the Group s accounting policies and the sources of estimates uncertainty were consistent as those applied in the 2015 / 2016 (Latest) Audited Financial Statements. 5. Capital No Ordinary shares had been issued during the quarter ended 31 March 2017 No of Ordinary Shares as at end of the period were 493,308,514 Market Price Movement for the Period Ended 31 March Date 2017 Date 2016 (Rs.) Highest May /01/ Lowest 24/03/ /03/ Last Traded 31/03/ /03/ Shareholding Twenty largest shareholders of the company Name of the Shareholders No. of Shares % Holding Mr.A,C.Senevirathne 68,170,492 First capital Markets Ltd.A.C.Seneviratne 17,703, Peoples Leasing and Finance A.C.Seneviratne 36,081, ,955,691 HSBC Intl Nominees Ltd - BBH Gmoemerging Markets Fund 103,983, First capital Markets Ltd.Asia Fort Asset Management 15,263,620 Asia Fort Assets Management (Pvt) Ltd 17, ,234, Investor Access Equities (Pvt) Ltd 19,820,000 Seylan Bank PLC/ Investor Access Equities (Pvt) Ltd 10,810,000 30,630, Ms. M.C. Amerasinghe 20,000, Gravity Resort Group Kathiravelli Ltd. 15, Notes to the Financial Statements Continued

7 Page 6 NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 MARCH 2017 Nation Lanka Finance 13,907, Pan Asia Banking Corporation/ Mr. H.H.Anura Chandrasiri 10,352, O.E.H.Kalvo 9,857, Seylan Bank PLC/ Janashakthi PLC 9,278, Nation Lanka Capital Ltd./Jerome Radley Jude Ephraums 8,369, First Capital Markets Ltd./Anilana Collection (Pvt) Ltd. 8,127, Sandwave Ltd. 7,894, Janashakthi PLC Account No.1 6,000, HINL-BBH-GMO Funds PLC 5,306, HSBC Intl. NOM Ltd.SSBT-MDPIM Emerging MarketsPool 4,200, PABC PLC/ Mohottalage Nihal Ranasinghe 4,000, BNYM-State of Connecticut Fund 3,661, A.I.Lovell 3, Ceyquarts MBI (Pvt)Ltd. 3,333, ,044, ,263, ,308, The public share holding as at 31 March 2017 was %. No. of Shareholders representing the above percentage 1491 Directors Shareholding Number of shares held by directors as at 31 March Name of the Shareholders No. of Shares % Holding Mr. P.L. Amerasinghe 966, Mr. A.C. Senevirathne 68,170,492 First Capital Markets Ltd/ A.C.Seneviratne 17,703, ,955, Peoples Leasing and Finance/A.C.Seneviratne 36,081,857 Mrs. M.C. Senevirathne 20,000, Mr. A.G. Punchihewa 40, Dividends No dividends have been declared during the period. 6. Significant Transactions There were no unusual items affecting assets, liabilities, equity, net income or cash flows due to their nature, size or incidence for the financial period ended 31 March Events after the Reporting Period There are no material events after the reporting date that require adjustments to or disclosure in financial statements. 8. Capital Commitment and Contingencies There were no materials Capital Commitment and Contingent Liabilities as at 31 March Notes to the Financial Statements Continued