WASKADUWA BEACH RESORT PLC. Interim Financial Statements Year ended 31 March 2018

Transcription

1 `y WASKADUWA BEACH RESORT PLC Interim Financial Statements Year ended 31 March 2018

2 STATEMENT OF COMPREHENSIVE INCOME Quarter Ended 31st March Year Ended 31st March Increase / Unaudited Unaudited (Decrease) Unaudited Audited Rs. Rs. % Rs. Rs. Increase / (Decrease) % Revenue 212,180, ,754,258 2% 693,579, ,759,063 1% Cost of Sales (45,056,274) (38,330,539) 18% (167,955,913) (152,594,522) 10% Gross Profit 167,124, ,423,719-2% 525,623, ,164,541-1% Other Income 2,705,033 1,898,898 42% 5,924,566 7,077,230-16% Administrative Expenses (69,227,972) (78,113,969) -11% (296,883,654) (310,940,335) -5% Operating Expenses (47,086,454) (43,110,704) 9% (187,429,854) (168,425,263) 11% Selling and Marketing Expenses (4,428,096) (5,157,519) -14% (15,291,324) (17,759,598) -14% Operating Profit 49,087,035 45,940,425 7% 31,943,680 43,116,575-26% Finance Income 1,966,403 1,684,117 17% 6,649,821 4,243,586 57% Finance Cost (72,904,793) (74,146,636) -2% (287,994,821) (274,761,279) 5% Loss Before Tax (21,851,355) (26,522,095) -18% (249,401,320) (227,401,118) 10% Income Tax Expense (Note 04) (774,393) (98,938) 683% (1,146,428) (669,258) 71% Loss for the Period (22,625,749) (26,621,033) -15% (250,547,749) (228,070,376) 10% Other Comprehensive Income/ (Loss) Other Comprehensive Income not to be reclassified to profit or loss in subsequent periods: Revaluation Gain on Land and Building (Note 05) 754,204, ,204,338 - Deferred Tax effect on Revaluation of Land and Building (Note 04) (109,716,316) - (111,339,952) - Actuarial Gain/ (Loss) on Defined Benefit Plan (214,813) - (214,813) 536,190 Deferred Tax Effect on Actuarial Gain/ (Loss) (Note 04) 30,074-30,074 (64,343) Total Other Comprehensive Income 644,303, ,679, ,847 Total Comprehensive Income/ (Loss) for the Period, net of tax 621,677,535 (26,621,033) 392,131,899 (227,598,529) Loss per share - Basic (Rs.) (0.11) (0.13) (1.24) (1.13) Page 2 of 9

3 STATEMENT OF FINANCIAL POSITION Unaudited Audited ASSETS Rs. Rs. Non Current Assets Property, Plant & Equipment 4,311,425,961 3,710,327,650 Amounts due from Related Parties 55,330,078 20,465,273 Intangible Assets 200, ,017 4,366,956,643 3,730,995,940 Current Assets Inventories 15,069,134 13,125,774 Trade and Other Receivables 98,043,704 83,630,073 Other Non Financial Assets 5,235,020 12,469,767 Income Tax Receivables 9,125,653 6,533,899 Cash & Cash Equivalents 44,774,853 30,475, ,248, ,234,791 TOTAL ASSETS 4,539,205,007 3,877,230,731 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 2,042,238,316 2,042,238,316 Revaluation Reserve 743,788, ,923,616 Retained Earnings (1,039,935,865) (789,203,377) Total Equity 1,746,090,453 1,353,958,555 Non-Current Liabilities Interest Bearing Loans and Borrowings 1,264,746,950 1,430,303,326 Amounts due to Related Parties 564,482, ,287,874 Deferred Tax Liability 120,648,173 9,555,417 Retirement Benefit Obligation 3,097,109 1,553,321 1,952,974,863 1,827,699,937 Current Liabilities Trade & Other Payables 325,709, ,128,787 Interest Bearing Loans and Borrowings 514,430, ,443, ,139, ,572,239 TOTAL EQUITY & LIABILITIES 4,539,205,007 3,877,230,731 These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of Signed.. Group Accountant The Board of Directors is responsible for the preparation and presentation Statements. of these Financial Signed for and on behalf of the Board by, Signed Director Signed Director May 30, 2018 Colombo Page 3 of 9

4 STATEMENT OF CHANGES IN EQUITY Revaluation Retained Stated Capital Total Reserve Earnings Rs. Rs. Rs. Rs. Balance as at 01 st April ,042,238, ,923,616 (561,604,849) 1,581,557,083 Loss for the year - - (228,070,376) (228,070,376) Other Comprehensive Income , ,847 Balance as at 31st March ,042,238, ,923,616 (789,203,377) 1,353,958,555 Balance as at 01 st April ,042,238, ,923,616 (789,203,377) 1,353,958,555 Loss for the year - - (250,547,749) (250,547,749) Other Comprehensive Income/ (Loss) - 642,864,387 (184,739) 642,679,647 Balance as at 31st March ,042,238, ,788,003 (1,039,935,865) 1,746,090,453 Page 4 of 9

5 STATEMENT OF CASH FLOW Year Ended Year Ended Unaudited Audited Rs. Rs. CASH FLOWS FROM/ (USED IN) OPERATING ACTIVITIES Loss before Taxation (249,401,320) (227,401,118) ADJUSTMENTS FOR Depreciation 172,859, ,213,311 Amortisation of Intangible Assets 162, ,413 Provision for Retirement Benefit Obligation 1,328, ,953 Gain on disposal of Property, Plant & Equipment (1,671,920) (2,521,694) Finance Income (6,649,821) (4,243,586) Finance Cost 287,994, ,761,279 Operating Profit before Working Capital Changes 204,623, ,829,557 Increase in Inventories (1,943,363) (74,078) (Increase)/ Decrease in Trade & Other Receivables (14,413,632) 5,510,492 (Increase)/Decrease in Other Non-Financial Assets 7,234,747 (4,363,201) Increase/(Decrease) in Trade & Other Payables (31,631,883) 29,281,868 Cash Generated from Operations 163,868, ,184,636 Economic Service Charge Paid (3,955,304) (3,470,499) Finance Cost Paid (211,867,143) (227,813,661) Net Cash from/ (used in) Operating Activities (51,953,564) 31,900,476 CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of Property, Plant & Equipment (19,753,837) (14,494,505) Acquisition of Intangible Asset (160,000) - Finance to Related Parties (30,187,466) (4,796,381) Proceeds from Sale of Property, Plant & Equipment 1,671,920 2,990,752 Finance Income Received 1,972,482 1,177,974 Net Cash used in Investing Activities (46,456,902) (15,122,160) CASH FLOWS FROM/ (USED IN) FINANCING ACTIVITIES Repayment of Bank Loans (70,806,327) (57,000,000) Finance from Related Parties 116,279,570 11,271,642 Principal Payments under Finance Lease (3,106,971) (2,341,364) Net Cash from/(used in) Financing Activities 42,366,272 (48,069,722) Net Decrease in Cash & Cash Equivalents (56,044,194) (31,291,405) Cash & Cash Equivalents at the beginning of the year (221,861,204) (190,569,800) Cash & Cash Equivalents at the end of the year (277,905,397) (221,861,204) Cash and Cash Equivalents comprise; Cash at Bank and in Hand 44,774,853 30,475,279 Bank Overdraft (322,680,251) (252,336,483) (277,905,397) (221,861,204) Page 5 of 9

6 NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH Corporate Information Waskaduwa Beach Resort PLC, is a public limited liability company incorporated and domiciled in Sri Lanka listed on the Colombo Stock Exchange. 02 Approval of Financial Statements The interim condensed financial statements of the company for the period ended 31st March 2018 were authorised for issue by the Board of Directors on 30th May Basis of Preparation The interim condensed financial statements have been prepared in compliance with Sri Lanka Accounting Standards (SLAS) LKAS 34 - Interim Financial Reporting and also provide the information required by the Colombo Stock Exchange. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31 March The company has adopted consistent accounting policies and method of computation as disclosed in the Annual Report for the year ended 31st March The Interim condensed Financial Statements are presented in Sri Lankan Rupees and all values are rounded to the nearest Rupee except when otherwise indicated. 04 Income Tax Expense The Inland Revenue Act, No 24 of 2017 which was certified on 24th of October 2017 became effective from 1st April The deferred tax of the Company as at 31st March 2018 was accounted based on the income tax provisions that would be applicable as per the above Act. The income tax provisions for the year ending 31st March 2018 were made based on the provisions applicable for the year of assessment 2017/ Revaluation Gain on Land and Building The land and buildings belonging to Waskaduwa Beach Resorts PLC, situated at No. 427, Samanthara Road, Kudawaskaduwa, Kaluthara were revalued as at 31st March The results of such revaluation were incorporated in these financial statements from its effective date which is 31 March The surplus arising from the revaluation was transferred to the revaluation reserve. 06 Citrus Group Restructure Consequent to the approval received from SEC on 28th February 2018 to the application made for the off-the-floor transfer of 190,509,218 shares of Waskaduwa Beach Resort PLC (CITW) to Hikkaduwa Beach Resort PLC (CITH) constituting to 94.43% of the issued shares of CITW, the transfer of shares of CITW to CITH had been completed, and accordingly the Citrus Group Restructure which was announced on 27th September 2016 was fully completed. 07 Events Subsequent to the Reporting Date No circumstances have arisen since the Statement of Financial Position date, which would require adjustments to or disclosure in the Financial Statements. 08 Contingent Liabilities There has not been a significant change in the nature of the contingent liabilities, which were disclosed in the Annual Report for the year ended 31st March Comparative Figures Where necessary, comparative figures have been re-stated to conform with SLFRS/LKAS. Page 6 of 9

7 NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2018 Year ended Year ended 10 Share information Basic Loss Per Share (Rs.) (1.24) (1.13) As at As at Net Assets Per Share (Rs.) /18-4th Quarter 2016/17-4th Quarter 10.3 Market Price Per Share (Rs.) Highest Lowest Last Traded Per Share information has been calculated for all periods, based on fully paid Ordinary Shares in issue as at 31st March 2018, amounting to 201,746, Stated Capital Ordinary Shares Amount (Rs.) Number As at ,042,238, ,746,915 As at ,042,238, ,746, The percentage of the shares held by public as at 31st March 2018 was 5.570% (As at 31st March 2017 was %) comprising 1,161 shareholders (As at 31st March 2017 was 1,243 shareholders). The Float Adjusted Market Capitalisation of the Company as at 31st March 2018 is Rs. 35,959,370. The Company does not comply with the minimum public holding requirement under the CSE Listing Rules (b) with effect from 28th February 2018 consequent to the transfer of shares under the Voluntary Offer. The proposed rectification plan in order to be complied with Listing Rules (b) will be announced in due couurse. Page 7 of 9

8 NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH The number of shares held by the Board of Directors are as follows, Director Name As at As at Mr.E.P.A Cooray - 300,001 Mr. D.S Jayaweera - - Ms.V.S. F. Amunugama - - Mr. S. A. Ameresekere - - Mr. R. Seneviratne - 500,600 Mr.J.M.B Pilimatalawwe - `y - Mr.S.D.De Mel - 29,700 Chief Executive Officer Mr. P.C.B Thalwatte Twenty Largest Ordinary Shareholders of the Company are as follows; No. Shareholder As at 31st March Hikkaduwa Beach Resort PLC 190,509, % 2 Mr G R W De Soysa 2,698, % 3 First Capital Markets Ltd/ Mr. N.A.Sellahewa 475, % 4 Mr W A S P De Saram 332, % 5 Mr B M G Rathnasiri 310, % 6 First Capital Markets Ltd/ Dr.M M S Cooray 246, % 7 Mr.S.Srikanth 200, % 8 Ewis Peripherals (Pvt) Limited 193, % 9 Mr.K.Arsuthan 179, % 10 Mr.P.L.S.Ariyananda 175, % 11 Mr.W.M.R.Fernando & Mrs.W.I.G. Fernando 163, % 12 Mr.H.R.Peries 155, % 13 Mrs.W.P.Wijesekera 150, % 14 Mr.C.A.Elankainesan 144, % 15 Mr.S.M.Mubrak 133, % 16 Mr.D.D.D.Navarathna 130, % 17 Mr.A.Cader 106, % 18 Merchant Bank of Sri Lanka PLC Account No , % 19 Mr.A.C.M. Muller 100, % 20 Mr.S.A.Ratnam 100, % 21 Mr.L.N.S.K.Samarasinghe 100, % 22 Dr.S.Yaddehige 100, % 196,805, % Others 4,941, % Total 201,746, % Page 8 of 9

9 Corporate Information Name of Company Legal Form Stock Exchange Listing : Waskaduwa Beach Resort PLC : Public Quoted Company with limited liability Incorporated in Sri Lanka. : The issued ordinary shares of the Company are listed on the Diri Savi Board of the Colombo Stock Exchange of Sri Lanka. Company Registration No. : PB 4242 PQ Registered Office : No: 7/5, Gregory's Road, Colombo 07 Telephone : Fax : direct@citrusleisure.com Website : Board of Directors Chief Executive Officer Company Secretaries Auditors Bankers : Mr. E.P.A Cooray (Chairman) Mr. D.S Jayaweera Mr. S.A. Ameresekere Ms.V.S. F. Amunugama Mr. R. Seneviratne Mr.J.M.B Pilimatalawwe Mr.S.D.De Mel : Mr. P. C. B. Talwatte : P W Corporate Secretarial (Pvt) Ltd. No.3/17, Kynsey Road, Colombo 08. : Ernst & Young Chartered Accountants 201, De Saram Place, Colombo 10. : Sampath Bank PLC Commercial Bank of Ceylon PLC Bank of Ceylon Pan Asia Banking Corporation PLC Nations Trust Bank PLC Hatton National Bank PLC Union Bank of Colombo PLC Page 9 of 9