CITRUS LEISURE PLC Interim Financial Statements For the Quarter Ended 30th June 2018

Transcription

1 CITRUS LEISURE PLC Interim Financial Statements For the Quarter Ended 30th June 2018

2 STATEMENT OF FINANCIAL POSITION Group Company ASSETS Rs. 000 Rs. 000 Rs. 000 Rs. 000 Non-Current Assets Unaudited Unaudited Unaudited Unaudited Property, Plant and Equipment 5,713,113 5,975,858 12,024 11,147 Investment Property 216, Leasehold Property 73,667 73,868 52,282 52,425 Intangible Assets 1,199 1, Investments in Subsidiaries - - 3,239,548 3,239,548 Investment in Associates 2,264,813 2,261, Amounts Due from Related Parties , ,096 Deferred Tax Assests 14,782 14, ,284,199 8,327,740 3,541,801 3,458,227 Current Assets Inventories 28,796 28, Trade and Other Receivables 169, ,056 85, ,605 Advances and Prepayments 31,827 32,656 5,184 6,909 Tax Receivables 10,429 9, Other Current Financial Assets 58, , Cash and Bank Balances 63,138 60,098 10,186 12, , , , ,056 Total Assets 8,645,870 9,014,157 3,642,568 3,605,282 EQUITY AND LIABILITIES Stated Capital 2,403,276 2,403,276 2,403,276 2,403,276 Revaluation Reserve 975, , Retained Earnings (92,565) 66, , ,900 3,286,039 3,445,246 2,633,364 2,656,177 Non Controlling Interest 939, , Total Equity 4,225,966 4,390,646 2,633,364 2,656,177 Non-Current Liabilities Interest Bearing Loans and Borrowings 2,069,349 1,581, Retirement Benefit Obligation 19,458 18,397 2,867 2,694 Advance Received for Leasehold Rights , ,157 Amounts Due to Related Parties 297, , , ,101 Deferred Tax Liability 188, , ,574,575 1,985, , ,952 Current Liabilities Trade and Other Payables 811, , , ,336 Tax Payables 14,972 32,757 1,649 2,040 Interest Bearing Loans and Borrowings 1,018,990 1,802,334 39,613 61,778 1,845,328 2,637, , ,154 Total Equity and Liabilities 8,645,870 9,014,157 3,642,568 3,605,282 These Financial Statements are in compliance with the requirements of the Companies Act No. 7 of Signed Group Accountant The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Signed.. Director Signed Director 15th August 2018 Colombo Page 2 of 10

3 STATEMENT OF COMPREHENSIVE INCOME GROUP 03 Months Ended Year Ended Variance Rs. 000 Rs. 000 % Rs. 000 Unaudited Unaudited Unaudited Revenue 252, ,342 4% 1,276,644 Cost of Sales (69,914) (61,868) 13% (309,905) Gross Profit 182, ,474 1% 966,739 Other Income 1,651 4,477-63% 23,120 Operating Expenses (89,676) (77,579) 16% (336,542) Selling and Marketing Expenses (10,958) (9,497) 15% (42,911) Administrative Expenses (127,232) (138,173) -8% (557,875) Finance Cost (131,300) (120,574) 9% (500,831) Finance Income 7,204 8,389-14% 33,376 Share of Associate Company's Profit/ (Loss) (net of tax) 3,000 (359) -936% 557,594 Profit/ (Loss) Before Tax (164,680) (151,842) 8% 142,670 Income Tax Expense - (10,017) -100% (78,020) Profit/ (Loss) for the Period (164,680) (161,859) 2% 64,649 Other Comprehensive Income/ (Loss) Revaluation Gain on Land and Building (Note 05) , (134,383) Deferred Tax effect on Revaluation of Land and Building Actuarial Gain/ (Loss) on Defined Benefit Plan - - (1,592) Deferred Tax effect on Actuarial Gain/ (Loss) on Defined Benefit Plan Total Other Comprehensive Income ,095 Total Comprehensive Income/ (Loss) for the period, net of tax (164,680) (161,859) 824,744 Total Comprehensive Income/ (Loss) Attributable to; Equity Holders of the Parent (159,207) (125,032) 722,631 Non-Controlling Interest (5,472) (36,827) 102,113 (164,680) (161,859) 824,744 Loss per Share (Basic) (Rs.) (1.65) (1.29) (0.02) Page 3 of 10

4 STATEMENT OF COMPREHENSIVE INCOME Company 03 Months Ended Year Ended Variance Rs. 000 Rs. 000 % Rs. 000 Unaudited Unaudited Unaudited Revenue 9,978 9,997 0% 65,425 Cost of Sales - - 0% - Gross Profit 9,978 9,997 0% 65,425 Other Income % 1,793 Operating Expenses (8,152) (5,997) 36% (28,546) Selling and Marketing Expenses - - 0% (379) Administrative Expenses (8,191) (6,762) 21% (81,018) Finance Cost (22,763) (21,639) 5% (90,991) Finance Income 5,867 6,760-13% 29,397 Loss before Tax (22,813) (17,193) 33% (104,320) Tax Expenses - - 0% - Loss for the period (22,813) (17,193) 33% (104,320) Other Comprehensive Income for the period, net of tax Total Comprehensive Loss for the period, net of tax (22,813) (17,193) (104,290) Total Comprehensive Loss Attributable to; Equity Holders of the Parent (22,813) (17,193) (104,290) Non-Controlling Interest (22,813) (17,193) (104,290) Page 4 of 10

5 STATEMENT OF CHANGES IN EQUITY GROUP Attributable to Equityholders of the Parent Stated Capital Retained Earnings Revaluation Reserve Non-Controlling Interest Total Equity Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at 01st April ,403,276 58, , ,236 3,566,305 Loss for the period - (125,032) - (36,827) (161,859) Balance as at 30th June ,403,276 (66,168) 258, ,408 3,404,446 Balance as at 01st April ,403,276 66, , ,400 4,390,646 Loss for the Period - (159,207) - (5,472) (164,680) Balance as at 30th June ,403,276 (92,565) 975, ,928 4,225,966 COMPANY Stated Capital Retained Earnings Total Equity Rs.'000 Rs.'000 Rs.'000 Balance as at 01st April ,403, ,622 2,764,898 Loss for the period - (17,193) (17,193) Balance as at 30th June ,403, ,429 2,747,705 Balance as at 01st April ,403, ,900 2,656,177 Loss for the period - (22,813) (22,813) Balance as at 30th June ,403, ,088 2,633,364 Page 5 of 10

6 CASH FLOW STATEMENT Cash Flows From/(Used in) Operating Activities Group Company Rs.000' Rs.000' Rs.000' Rs.000' Unaudited Unaudited Unaudited Unaudited Loss before Income Tax Expense (164,680) (151,842) (22,813) (17,193) Adjustments for : Depreciation 54,034 55, Amortization of Intangible Assets Amortization of leasehold Property Fair Value Gain/Loss on Financial Assets 14 (41) - - Finance Costs 131, ,574 22,340 21,215 Finance Income (7,204) (8,347) (5,867) (6,760) Mortgage Fee Charge Deferred Lease Income - - (448) (448) Provision for Defined Benefit Plans 1, Share of Associate Companies Profit (net of tax) (3,000) Operating Profit/ (Loss) before Working Capital Changes 12,186 17,523 (5,401) (2,005) Increase in Inventories (625) (1,035) - - (Increase)/Decrease in Trade and Other Receivables 46,577 13,709 47,803 (4,224) Increase in Advances & Prepayments 829 1,560 1,725 1,296 Increase/ (Decrease) in Trade and Other Payables (29,166) 23,507 2,469 55,554 Cash Generated from Operations 29,801 55,263 46,596 50,621 Finance Cost Paid (93,317) (77,290) (1,726) (1,083) Income Tax Paid (18,437) (3,841) (390) - Net Cash Flow from/(used in) Operating Activities (81,953) (25,869) 44,479 49,538 Cash Flows from/(used in) Investing Activities Acquisition of Property, Plant and Equipment (7,914) (5,675) (1,516) (49) Investments in Fixed Deposits (1,456) (3,923) - - Proceeds from Withdrawal of Fixed Deposits 224, Net Finance to Related Parties - - (82,848) (15,500) Finance Income Received 7,204 8, Net Cash Flow from/(used in) Investing Activities 222,155 (1,251) (84,094) (15,300) Cash Flows from/(used in) Financing Activities Proceeds from Interest Bearing Loans and Borrowings 405, Net Finance from Related Parties 100,000-59,424 (38,654) Repayment of Interest Bearing Loans and Borrowings (81,397) (39,094) - - Principal Payments under Lease Liabilities (758) (937) - - Net Cash flows from/ (Used in) Financing Activities 422,845 (40,031) 59,424 (38,654) Net Increase/ (Decrease) in Cash and Cash Equivalents 563,048 (67,150) 19,809 (4,415) Cash and Cash Equivelents at the beginning of the period (1,358,778) (1,188,892) (49,236) (397) Cash and Cash Equivelents at the end of the period (795,731) (1,256,041) (29,427) (4,812) Page 6 of 10

7 NOTES TO THE INTERIM FINANCIAL STATEMENTS 01 Corporate Information Citrus Leisure PLC, is a public limited liability company incorporated and domiciled in Sri Lanka listed on the Colombo Stock Exchange. 02 Interim Condensed Financial Statements The financial statements for the period ended 30th June 2018, includes "the Company" referring to Citrus Leisure PLC as the holding company and "the Group" referring to the companies whose accounts have been consolidated therein. 03 Approval of Financial Statements The interim condensed financial statements of the Group and the Company for the period ended 30th June 2018 were authorised for issue by the Board of Directors on 15th August Basis of Preparation The interim condensed financial statements have been prepared in compliance with Sri Lanka Accounting Standard - 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. 05 Revaluation Gain on Land and Building The land and buildings belonging to Hikkaduwa Beach Resort PLC and Waskaduwa Beach Resorts PLC 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. Page 7 of 10

8 NOTES TO THE INTERIM FINANCIAL STATEMENTS 06 Utilisation of funds raised through the Initial Public Offering (IPO) of Hikkaduwa Beach Resort PLC As unanimously resolved at the Extraordinary General Meeting held on 21st May 2018, Hikkaduwa Beach Resort PLC (CITH), a subsidiary of the Company, utilized the remaining IPO funds of Rs. 13,900,000 to reduce the debts of CITH by way of settling the Permanent Overdraft Facility obtained from Sampath Bank PLC. 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 except disclosed in Note Contingencies 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 There was no liability to Management Fees or any other similar expenditure not provided for in the interim accounts. 09 Comparative Figures Where necessary, comparative figures have been re-stated to conform with SLFRS/LKAS. Quarter Ended Quarter Ended Year Ended 10 Share information Basic Earnings/(Loss) Per Share (Rs.) Group (1.65) (1.29) (0.02) As at As at Net Assets Per Share (Rs.) Company Group Quarter Ended Quarter Ended 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 30th June 2018, amounting to 96,650, Stated Capital Ordinary Shares Number Amount (Rs.) As at ,650,427 2,403,276,182 As at ,650,427 2,403,276, The percentage of the shares held by public as at 30th June 2018 was % (As at 30th June 2017 was %) and the number of public shareholders was 3,301 (As at 30th June 2017 was 3,374). The Float Adjusted Market Capitalisation of the Company as at 30th June 2018 is Rs. 363,541,952 and the Company complies with the minimum public holding requirement under Option 5 of the Listing Rules (a). Page 8 of 10

9 NOTES TO THE INTERIM FINANCIAL STATEMENTS 10.7 The number of shares held by the Board of Directors are as follows: Director Name As at As at Mr.E.P.A Cooray 11,500 11,500 Mr. D.S Jayaweera 30,240 30,240 Ms.V.S. F. Amunugama 30,240 30,240 Mr.J.M.B Pilimatalawwe - - Mr.S.D.De Mel 100, ,000 Mr.P.C.B Talwatte - - Mr. S.A. Ameresekere - - Mr.P.V.S Premawardhane - - Mr. Rajinda G. Seneviratne Shares held in the following manner Mr. Rajinda G Seneviratne 248,665 Mr. Rajinda G Seneviratne & Mrs Amitha Seneviratne 175, , ,665 Ms Keshini K K Goonathileke Seneviratne & Mr Rajinda G Seneviratne 5,900 * The fractional shares of 14 issued jointly in the names of Messrs E P A Cooray and D S Jayaweera 10.8 Twenty largest Ordinary Shareholders of the Company as follows; Serial No. Shareholder As at Number of Shares % 1 Union Bank of Colombo PLC / George Steuart & Company Limited 25,655, % Pan Asia Banking Corporation Plc / Divasa Equity (Pvt) Ltd 8,677,070 2 Divasa Equity (Pvt) Ltd 909,518 9,592, % Seylan Bank PLC/ Divasa Equity (Pvt) Ltd 5,900 3 Vallibel One PLC 8,672, % 4 Seylan Bank PLC / George Steuart Engineering (Pvt) Ltd 8,389, % 5 Lotus Technologies (Pvt) Ltd 7,063, % 6 Hatton National Bank PLC/ Capital Trust Holdings Limited 5,945, % 7 Royal Ceramics Lanka PLC 2,768, % 8 George Steuart & Co Ltd A/C No 1 1,846, % 9 Corona T Stores (Pvt) Ltd 1,585, % 10 Capital Trust Holdings Limited 1,525, % 11 Laugfs Gas Limited 1,500, % 12 Mr C N Samarathunga/ Mrs W M Botheju 1,263, % 13 Seylan Bank PLC / Jayantha Dewage 1,131, % 14 Mr. T. G. Thoradeniya 732, % 15 Mrs W M Botheju 568, % 16 Peoples Leasing and Finance PLC/ K L Udayananda 549, % 17 Mrs K M Goonewardene 486, % 18 Pan Asia Banking Corporation PLC/Mr.Ravindra Erle Rambukwella 446, % 19 Pan Asia Banking Corporation PLC/ S S Weerabahu 417, % 20 Mrs L A I Silva 389, % 80,529, % Others 16,120, % Total 96,650, % Page 9 of 10

10 Corporate Information Name of Company : Citrus Leisure PLC Legal Form : Public Quoted Company with limited liability Incorporated in Sri Lanka. Stock Exchange Listing : The issued ordinary shares of the Company are listed on the Main Board of the Colombo Stock Exchange of Sri Lanka. Company Registration No. : PQ 211 Registered Office : No: 7/5, Gregory's Road, Colombo 07. Telephone : Fax : direct@citrusleisure.com Website : : Board of Directors : Mr.E.P.A Cooray (Chairman ) Mr. D.S Jayaweera Ms.V.S. F. Amunugama Mr.S.A.Ameresekere Mr.P.C.B Talwatte Mr.P.V.S Premawardhene Mr. R. Seneviratne Mr.J.M.B Pilimatalawwe Mr.S.D.De Mel Director/ CEO Mr.P.C.B Talwatte Company Secretaries : P W Corporate Secretarial (Pvt) Ltd. No.3/17, Kynsey Road, Colombo 08. Auditors : Ernst & Young Chartered Accountants 201, de Saram Place, Colombo 10. Bankers : Sampath Bank PLC Pan Asia Banking Corporation PLC Commercial Bank of Ceylon PLC Bank of Ceylon Hatton National Bank PLC Subsidiaries : Public Listed 1. Waskaduwa Beach Resort PLC 2. Hikkaduwa Beach Resort PLC 3. Kalpitiya Beach Resort PLC (ceased to exist w.e.f as a result of the Citrus Group Restructure) : Non Public Listed 1. Citrus Vacations Ltd 2. Citrus Aqua Ltd 3. Passikudah Beach Resorts Ltd (ceased to exist w.e.f as a result of the Citrus Group Restructure) 4. Citrus Silver Ltd Page 10 of 10