Beruwala Resorts PLC. The Palms

Transcription

1 Beruwala Resorts PLC The Palms INTERIM RESULTS For the Twelve Months Ended 31st March /3, York Arcade Building, Leyden Bastian Road, Colombo 1

2 For the year Ended BERUWALA RESORTS PLC STATEMENT OF COMPREHENSIVE INCOME For the Quarter For the Twelve Months Ended 31st March Ended 31st March Audited Audited Audited Audited Audited Change Change Rs.'000 Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % 447,943 Revenue 182, , , ,943 8 (120,371) Cost of Sales (54,797) (26,125) 110 (138,912) (120,371) ,572 Gross Profit 127, , , ,572 5 (6,016) Other Operating Income (1,643) (879) 87 (2,457) (6,016) (59) (243,923) Administrative & Operating Expenses (68,468) (62,081) 10 (251,086) (243,923) 3 (22,875) Promotional & Marketing Expenses 5,910 (10,817) (155) (12,814) (22,875) (44) 54,758 Profit from Operating Activities 63,200 51, ,669 54, (63,524) Finance Expenses (13,036) (14,316) (9) (49,999) (63,524) (21) (8,766) Net Profit / (Loss) before Taxation 50,164 37, ,670 (8,766) (404) (7,885) Taxation (6,893) (2,967) (6,893) (7,885) (16,651) Net Profit /(Loss) for the period 43,271 34, ,777 (16,651) (219) OTHER COMPREHENSIVE INCOME 1,565 Actuarial Gain / (Loss) on Available for FA sales (2,860) 1,565 - (1,462) 1,565 - (15,086) Total Comprehensive Income for the period 40,411 35, ,315 (15,086) (221) Profit / (Loss) Attributable to; (16,651) Equity holders of the parent 44,282-29,011 (16,651) Non- controlling interests (1,011) - (9,234) (16,651) Net Profit /(Loss) for the period 43,271-19,777 (16,651) Total Comparehensive Income Attributable to; (15,086) Equity holders of the parent 42,098-27,735 (15,086) Non- controlling interests (1,687) - (9,420) (15,086) Total Comprehensive Income for the period 40,411-18,315 (15,086) (0.03) Earnings / (Loss) per Share (0.03) -

3 STATEMENT OF COMPREHENSIVE INCOME For the Year Ended For the Quarter Ended 31st March For the Twelve Months Ended 31st March Audited Audited Audited Audited Audited Change Change Rs.'000 Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % 359,855 Revenue 155, ,633 (30.09) 406, ,855 (13.03) (92,077) Cost of Sales (47,689) (18,486) 158 (115,023) (92,077) ,778 Gross Profit 107, , , , ,941 Other Operating Income (827) 5,727 (114) 1,174 24,941 (95) (179,139) Administrative & Operating Expenses (50,735) (41,068) 24 (188,748) (179,139) 5 (18,864) Promotional & Marketing Expenses 6,291 (8,562) (173) (11,371) (18,864) (40) 94,717 Profit from Operating Activities 62,669 57,244 (9) 92,792 94,717 2 (28,847) Finance Cost (7,898) (7,134) (11) (32,369) (28,847) 12 65,870 Profit / (Loss) before Taxation 54,771 50, ,423 65,870 (8) (15,062) Taxation (14,261) (10,145) - (14,261) (15,062) - 50,807 Net Profit /(Loss) for the period 40,510 39, ,162 50,807 (9) OTHER COMPREHENSIVE INCOME 519 Actuarial Gain / (Loss) on defined benefit plans (2,328) 519 (931) ,326 Total Comprehensive Income for the period 38,182 40,485 (6) 45,231 51,326 (12) 0.08 Earnings / (Loss) per Share

4 STATEMENT OF FINANCIAL POSITION Audited Audited Audited Audited Audited AS AT 31ST MARCH Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 ASSETS NON CURRENT ASSETS 1,072, ,466 Property Plant & Equipment 1,037,197 1,072, , ,466 Intangible Assets 3,964 3, ,650 Investment in Subsidiaries - 404, , ,072, ,116 1,041,161 1,072, , ,116 CURRENT ASSETS 11,035 8,123 Inventories 11,226 11,035 7,757 8,123 93,161 72,295 Trade Debtors & Other Receivables 96,796 93,161 82,260 72,295 21,164 27,900 Amounts Owed by Related Companies 5,584 21,164 7,059 27, Income Tax ,387 3,215 Cash & Cash Equivalents 10,511 7,387 9,462 3, , , , , , ,533 1,205, ,649 Total Assets 1,165,279 1,205, , ,649 EQUITY & LIABILITIES CAPITAL & RESERVES 340, ,000 Stated Capital 340, , , , , ,818 Retained Earnings 148, , , , , , , , , , ,250 - Non Controlling Interest 170, , , ,818 Total Equity 659, , , ,818 NON CURRENT LIABILITIES 250, ,906 Interest Bearing Borrowings 198, , , ,906 (1,206) 15,703 Deferred Tax 467 (1,206) 24,745 15,703 8,569 5,267 Retirement Benefit Obligations 11,564 8,569 7,267 5, , , , , , ,877 CURRENT LIABILITIES 104,395 87,743 Trade Creditors & Other Payables 101, ,395 77,000 87,743 95,620 89,419 Amounts Owed to Related Companies 93,050 95,620 91,907 89,419 10,357 10,357 Income Tax 12,000 10,357 12,000 10,357 53,809 28,128 Interest Bearing Borrowings 28,387 53,809 28,128 28,128 43,179 42,307 Bank Overdrafts 61,012 43,179 58,634 42, , , , , , ,954 1,205, ,649 Total Equity & Liabilities 1,165,279 1,205, , , Net Assets per Share For and on behalf of the Board, Sgd. Sgd. Director Director S. Rajaratnam S. D. R. Arudpragasam Colombo 22-May-18

5 STATEMENT OF CHANGE IN EQUITY FOR THE TWELVE MONTHS ENDED 31ST MARCH 2018 Stated Accumulated Total Equity Non- Total Capital Profit/(Loss) Attributable to Controlling Equity Equity Holders Interest of the Parent Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Balance as at , , , ,933 Correction of Error (168) (168) - (168) Loss for the Period (16,651) (16,651) - (16,651) Total Comprehensive Income for the period 1,565 1,565-1,565 Balance as at , , , ,679 Balance as at , , , , ,929 Loss for the Period 29,011 29,011 (9,234) 19,777 Total Comprehensive Income for the period (1,276) (1,276) (187) (1,463) Balance as at , , , , ,243 FOR THE TWELVE MONTHS ENDED 31ST MARCH 2018 Stated Accumulated Total Capital Profit/(Loss) Rs.'000 Rs.'000 Rs.'000 Balance as at ,000 88, ,492 Loss for the Period - 51,326 51,326 Balance as at , , ,818 Balance as at , , ,818 Profit for the Period - 45,231 45,231 Balance as at , , ,049

6 STATEMENT OF CASH FLOWS Audited Audited Audited Audited Audited FOR THE TWELVE MONTHS ENDED 31ST MARCH Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 (8,766) 65,870 Net Profit / (Loss) before Taxation 26,670 (8,766) 60,423 65,870 Adjustment for Non-Cash Items 41,248 24,819 Depreciation 42,969 41,248 26,833 24,819 Amortization (2,892) (33,849) Interest Income (3,028) (2,892) (3,940) (33,849) 10,251 10,251 Exchange (Gain) / Loss on Loan 4,426 10,251 4,426 10,251 29,510 29,383 Interest Expense 48,032 29,510 32,369 29,383 Lease Interest Expenses 67 (445) (445) (Profit)/ Loss on Disposal of Propery, Plant & Equipment (1,404) (445) (1,404) (445) Provision for Acquistion from Breakages ,232 1,388 Provision for Gratuity 2,284 2,232 1,506 1,388 80,513 32,156 94,823 80,513 60,948 32,156 71,747 98,025 Operating Profit before Working Capital Changes 121,493 71, ,371 98,026 3,457 1,869 (Increase)/Decrease in Inventories (190) 3, ,869 (3,750) 3,557 (Increase)/Decrease in Debtors & Receivables (3,636) (3,750) (9,965) 3, , ,300 Increase/(Decrease) in Related Party Balances 13, ,715 23, ,300 Capitalization of Related Party Receivables (60,000) (387,180) 2,257 Increase/(Decrease) in Creditors & Accruals (3,140) (387,180) (10,743) 2,257 (146,758) 246,984 6,045 (146,758) (57,013) 246,983 (75,011) 345,009 Cash Generated from Operations 127,538 (75,011) 64, ,009 (29,383) (29,383) Interest Paid (48,032) (29,383) (32,369) (29,383) (426) (426) Economic Services Charges - (426) - (426) - - Income Tax (3,575) - (3,575) - (1,661) (849) Gratuity Paid (751) (1,661) (437) (849) (106,481) 314,351 Net Cash Flows from Operating Activities 75,179 (106,481) 27, ,351 Cash Flows from Investing Activities (52,657) (48,582) Acquisition of Fixed Assets (13,019) (52,657) (12,141) (48,582) 22,126 22,126 Transfer from WIP - 22,126-22,126 Acquisition of Ingangible Assets (261) (261) (1,608) (1,608) Acquisition of WIP - (1,608) - (1,608) Proceeds from Sales of Fixed Assets Proceeds from Insurance claimed 2,162 2,162 (306,631) Acquisition of Other Investment - (306,631) 2,892 33,849 Interest Received 3,028 2,892 3,940 33,849 (28,332) (299,930) Net Cash Flows from Investing Activities (8,049) (28,332) (6,259) (299,930) Cash Flows from Financing Activities 8,000 8,000 Loans Obtained - 8,000-8, ,082 Issue of Share - 180,082 (52,699) (27,246) Repayment of Loan (81,563) (52,699) (31,796) (27,246) (349) - Lease Rentals Paid (275) (349) ,033 (19,246) Net Cash Flows from Financing Activities (81,838) 135,033 (31,796) (19,246) 220 (4,825) Net Increase/(Decrease) in Cash & Cash Equivalents during the period (14,708) 220 (10,080) (4,825) (36,013) (34,267) Cash & Cash Equivalents at the beginning of the period (35,793) (36,013) (39,092) (34,267) (35,793) (39,092) Cash & Cash Equivalents at the end of the period (50,501) (35,793) (49,172) (39,092) Analysis of Cash & Cash Equivalents at the end of the Period: 7,387 3,215 Cash at Bank - Favourable 10,511 7,387 9,462 3,215 (43,179) (42,307) Cash at Bank - Bank Overdraft (61,012) (43,179) (58,634) (42,307) (35,793) (39,092) (50,501) (35,793) (49,172) (39,092)

7 NOTES TO THE ACCOUNTS 1 Account Status The Financial Statements of the company and those consolidated with such for the interim period have been prepared on the same accounting policies and methods of computations as in the most recent audited financial statements and are in compliance with LKAS 34 - Interim Financial Reporting 2 The accounting policies have been consistently applied by the Group and are consistent with those used in the previous year. The presentation and classification of the financial statements of the previous year have been amended where relavant to be comparable with those of the current period. The Interim Financial Statements are provisional and subject to audit. 3 Market Price for the quarter ended Rs. Rs. Highest Lowest Last Traded Price (Volume Weighted Average Price) Events subsequent to the Interim Period There have been no other material events occuring after the reporting date that require adjustments to or disclosure to the 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. 340,000,000/- represented by 600,000,000 Ordinary Shares. 7 Public Holding The percentage of shares held by the public as at 31st March 2018 was 12.43% 8 Public Shareholders The number of Public Shareholders as at 31st March 2018 were 1,719 9 The applicable option under Colombo Stock Exchange Rule on Minimum Public Holding is option 2 and the Float Adjusted Market Capitalization as at was Rs. 59,664,000/- 10 Shareholdings of Directors Directors' direct shareholdings as at 31st March 2018 Name of Directors No. of Shares Mr. A. Rajaratnam 118,550 Mr. S. D. R. Arudpragasam 15,000,000 Mr. Amrit Rajaratnam 300,000 Mr. T. Theyagamurti 2,875,000 Mr. E. P. A. Cooray 859,000 Mr. S.Rajaratnam 20, 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 Management Fees There was no liabilities for management fees or any other similar expenditure not provided for in the Interim Financial Statements. 13 Six months of the period under review relates to the off season of the tourism industry

8 TWENTY MAJOR SHAREHOLDERS AS AT 31ST MARCH 2018 POSITION MAJOR SHAREHOLDERS NO OF SHARES % 1 COLOMBO FORT HOTELS LIMITED 393,497, % 2 SIGIRIYA VILLAGE HOTELS PLC 85,384, % 3 FINANCIAL TRUST LIMITED 16,000, % 4 MR. SRI DHAMAN RAJENDRAM ARUDPRAGASAM 15,000, % 5 PREMADASA AND CO.JEWELLERS LTD 10,000, % 6 PHILLIP SECURITIES PTE LTD 6,688, % 7 AGARAPATANA PLANTATIONS LIMITED 5,835, % 8 A.K.K. ENGINEERS PVT LTD 3,088, % 9 JACEY TRUST SERVICES (PVT) LTD 3,000, % 10 MR. THEDCHANAMURTI THEYAGAMURTI 2,875, % 11 COLOMBO FORT INVESTMENTS PLC 2,300, % 12 HEXAGON HOLDINGHS (PVT) LTD 2,266, % 13 MR. RUWAN MANJULA SAMARAKKODY 2,024, % 14 SINHARAJA HILLS PLANTATION PVT LIMITED 1,652, % 15 MR. VINAYAGAMOORTHY SHANMUGALINGAM 1,500, % 16 MR. DENAGAMAGE PRABODHA MAHELA DE SILVA JAYAWARDENA 1,313, % 17 NILAVELI BEACH HOTELS (PVT) LIMITED 1,270, % 18 MR. THILAK NISHADHA PRIYADARSHANA PERIYAPPERUMA 1,205, % 19 MR. PETTAHANDIGE LAKMAL THUSHARA FERNANDO 1,100, % 20 MR. SRISKANDAMOORTHY SHANMUGALINGAM 1,000, % 20 SUGATHADASA BANDARA & SONS (PVT) LTD 1,000, % TOTAL 558,000, REVENUE AND NET PROFIT /( LOSS ) (RS'000) / / / / / Annual Net Sales(Mn.) Annual Net Profit(Mn.)

9 REVENUE AND NET PROFIT /( LOSS ) (RS' 000) / / / / / Annual Net Sales(Mn.) Annual Net Profit(Mn.)