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

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2 TAL LANKA HOTELS PLC Statement of Comprehensive Income (All amounts in Sri Lanka Rupees Thousands unless otherwise stated) Particulars For the 12 Months Ended 31st March th Quarter Ended 31st March % Change % Change Revenue 2,830,443 2,664, , , Direct Costs (2,050,959) (1,957,877) 4.8 (503,957) (504,456) (0.1) Gross profit 779, , , , Other Income 24,823 18, ,202 4, Marketing expenses (123,936) (123,732) 0.2 (28,385) (35,705) (20.5) Administrative expenses (349,446) (327,947) 6.6 (99,597) (95,124) 4.7 Operating profit /(loss) 330, , ,841 64, Finance expenses (222,795) (383,217) (41.9) (69,619) (86,394) (19.4) Profit /(Loss) before tax 108,130 (110,256) ,221 (21,687) (114.9) Income tax expense (4,414) (6,659) (33.7) (4,414) (6,659) (33.7) Profit /(Loss) for the year 103,716 (116,914) (1,193) (28,345) (95.8) Other Comprehensive income/(expense),net of income tax Items that will not be reclassified subsequently to profit or loss: Gain on revaluation of building, net of tax 796, ,938 - Actuarial loss on employee benefit obligation, net of tax (10,118) (2,970) (10,118) (2,970) 786,820 (2,970) 786,820 (2,970) Items that may reclassified subsequently to profit or loss: Net change in fair value on available for sale of financial assets 1,169 3,013 1,169 3,013 1,169 3,013 1,169 3,013 Other comprehensive income/(expense)for the year, net of tax 787, , Total comprehensive income/(expense) for the year 891,705 (116,871) 786,796 (28,302) Earning /(loss) per share- basic (Rs.) 0.74 (0.84) (0.01) (0.20)

3 TAL LANKA HOTELS PLC Statement of Financial Position (All amounts in Sri Lanka Rupees Thousands unless otherwise stated) Particulars As at 31st March2017 As at 31st March 2016 ASSETS Non-current assets Property, plant and equipment 3,906,458 3,267,542 Intangible assets 14,360 5,953 Leasehold property-right to use of land 831, ,221 Investments 47,284 43,999 Total Non-current assets 4,799,131 4,161,716 Current assets Inventories 73,082 66,279 Trade and other receivables 210, ,977 Amounts receivable from related parties. 1,567 1,167 Deposits, prepayments and advances 77,864 87,295 Current tax asset 22,618 11,716 Cash and cash equivalents 161, ,180 Total current assets 546, ,613 Total assets 5,346,111 4,653,329 EQUITY AND LIABILITIES Capital and reserves Stated capital (139,637,494 Shares) 1,396,375 1,396,375 Revaluation reserve 2,126,820 1,421,324 Available for sale reserve 5,468 4,300 Accumulated losses (1,156,413) (1,341,453) 2,372,251 1,480,546 Non-current liabilities Borrowings 1,721,660 2,054,806 Retirement benefit obligations 118, ,846 Deferred tax liability 240, ,348 Total Non-current liabilities 2,080,279 2,290,001 Current liabilities Borrowings 404, ,682 Trade and other payables 348, ,712 Amounts payable to related parties. 141,132 99,388 Total current liabilities 893, ,782 Total liabilities 2,973,860 3,172,783 Total Equity and Liabilities 5,346,111 4,653,329 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 :- 17th May 2017 Date :- 17th May 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 1,512,794 1,287 (1,313,038) 1,597,418 Profit/ (Loss) for the year (116,914) (116,914) Total comprehensive expense for the year Other comprehensive expense - - 3,013 (2,970) 43 Total comprehensive income/(expense) for the period - - 3,013 (2,970) 43 Depreciation transfer - (102,144) - 102,144 - Reversal of deferred tax on additional depreciation during the year on revaluation - 10,674 - (10,674) - Balance as at 31st March ,396,375 1,421,324 4,300 (1,341,453) 1,480,546 Balance at 01st April ,396,375 1,421,324 4,300 (1,341,453) 1,480,546 Profit/ (Loss) for the year , ,716 Total comprehensive income for the year Other comprehensive expense - - 1,169 (10,118) (8,949) Revaluation gain during the year - 905, ,612 Deferred tax relating to revaluation of building - (108,673) - - (108,673) Total comprehensive income/(expense) for the period - 796,938 1,169 93, ,705 Depreciation transfer - (102,113) - 102,113 - Reversal of deferred tax on additional depreciation during the year on revaluation - 10,671 - (10,671) - Balance as at 31st March ,396,375 2,126,820 5,468 (1,156,413) 2,372,251

5 TAL LANKA HOTELS PLC Cash Flow Statement (All amounts in Sri Lanka Rupees thousands) Particulars For the 12 Months ended 31st March Operating activities Profit/(Loss) before tax 108,130 (110,256) Adjustments for: Gain on disposals of property plant and equipment (5,111) (32) Depreciation on property, plant and equipment 421, ,128 Amortisation of intangible asset 2,481 1,838 Amortisation of leasehold property 13,191 13,191 Write off of Property,Plant & Equipments 1,120 10,687 Interest income (3,352) (2,108) Interest expense 141, ,507 Provision for defined benefit plans 18,839 17,523 Impairment of trade receivables 1,578 6,210 Impairment of Inventories Unrealized exchange loss on loans 71, ,717 Operating Profit before working capital changes 772, ,188 (Increase )/Decrease in inventories (7,283) 4,717 (Increase )/Decrease in trade and other receivables (38,438) 31,516 (Increase )/Decrease in amounts receivable from related companies (400) 971 (Increase )/Decrease in deposits,prepayments and advances. 9,431 (27,761) Increase /(Decrease) in trade and other payables. 29,727 5,992 Increase /(Decrease) in amounts payable to group companies 41,745 (64,761) Cash flow generated from Operations 807, ,862 Taxes Paid (10,902) (6,712) Retirement benefits paid (18,620) (8,117) Net cash flow generated from operating activities 777, ,032 Cash flow from investing activities Net Proceeds from disposal of property, plant and equipment 5, Purchase of property, plant and equipment (160,580) (241,765) Acquisiton of intangible assets (6,722) (2,897) Investment in fixed deposits (1,081) (25,000) Interest received 2,317 2,108 Net cash used in investing activities (160,955) (267,521) Cash Flow from Financing activities Proceeds from bank loans and borrowings - 213,550 Repayments on bank loans and borrowings (463,675) (440,204) Payments on lease liability (2,000) (2,000) Interest paid (141,340) (142,507) Net cash generated/(used in) financing activities (607,015) (371,161) Net Increase/(Decrease) in cash and cash equivalents 9,834 34,349 Movement in cash and cash equivalents At start of period 151, ,831 (Decrease)/Increase 9,834 34,349 At end of period 161, ,180

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) Turnover 2016/17 Rs. 2015/16 Rs. Accommodation 1,655,401 1,586,849 Food and Beverage 1,044, ,842 Shop rentals 43,491 38,178 Others 86,880 59,199 Total 2,830,443 2,664,068 2) Statistics 2016/17 Rs. 2015/16 Rs. Highest Market Price per Share Lowest Market Price per Share Closing Price on 31st March ) Basis of preparation and summary of significant accounting policies 3.1) Basis of preparation These interim financial statements for the quarter ended 31st March 2017 have been prepared in accordance with the requirements of LKAS - 34 Interim Financial Reporting and the Statement of Recommended Practices as laid down by the Institute of Chartered Accountants of Sri Lanka and the Companies Act No.7 of The interim 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 annual financial statements as at 31st March ) Significant accounting policies The accounting policies adopted in preparation of these interim financial statements are consistent with those followed in the preparation of the company s annual financial statements for the year ended 31st March 2016, except for the adoption of new Sri Lanka Accounting Standards (SLFRSs). The effect of transition to SLFRSs are summarised below. - Investment in non-quoted equity investments Under the previous Sri Lanka Accounting Standards (SLASs), the company measured the investment in non-quoted equity investments at cost. On adoption of SLFRSs, the company categorised this investment as available for sale in accordance with LKAS 39 - Financial Instruments: Recognition and Measurement. This investment was measured at the fair value using the net assets based valuation model. - Revised presentation of financial statements In accordance with, LKAS 1 - Presentation of Financial Statements, the company elected to present single statement of comprehensive income and the comparative information have been re-arranged or re-grouped where ever necessary.

7 TAL LANKA HOTELS PLC Notes to the financial statements (In the notes all amounts are shown in Sri Lanka Rupees Thousands unless otherwise stated) 4) Contingencies The company has no material contingent liabilities or assets as at the reporting date. 5) Events after the Balance Sheet Date There have been no material events occurring after the balance sheet date that require adjustment to or disclosure in the financial statements. 6) 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 31st March 2017 is as follows. 2016/17 Rs. 2015/16 Rs. Basic fee Payable 40,320 20,180 Incentive fee Payable 47,882 22,614 88,202 42,794

8 Notes to the financial statements 7) TAL LANKA HOTELS PLC TOP 20 SHARE HOLDERS AS AT 31ST MARCH 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 1,305, E.W. BALASURIYA & CO. (PVT) LTD 901, SAMPATH BANK PLC/MR.ARUNASALAM SITHAMPALAM 587, SEYLAN BANK LTD / GOVINDASAMY RAMANAN 522, 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. - NAFEESA HAMZAALLY ABDUL HUSEIN 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 130,695, Others 8,942, Total Shares 139,637,

9 Notes to the financial statements 8) TAL LANKA HOTELS PLC PUBLIC SHARE HOLDING AS OF 31ST MARCH 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 11,232 24,080, % Total Shares 139,637, %

10 Notes to the financial statements 9) TAL LANKA HOTELS PLC DIRECTORS' SHAREHOLDING AS AT 31ST MARCH 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 M r. S a r a b j e e t 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 n o t 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 10) TAL LANKA HOTELS PLC ANALYSIS OF SHAREHOLDERS ACCORDING TO THE NO OF SHARES AS AT 31ST MARCH 2017 (LOCAL : FOREIGN) NO OF SHARES NO. OF TOTAL PERCENTAGE SHAREHOLDERS HOLDINGS FOREIGN LOCAL FOREIGN LOCAL FOREIGN LOCAL 1 To ,007 24,376 2,100, % 1.50% 1001 To 10, ,997 3,323, % 2.38% 10,001 To 100, ,903 3,390, % 2.43% 100,001 To 1,000, ,029 3,682, % 2.64% 1,000,001 & Above ,627,220 8,743, % 6.26% TOTAL 92 11, ,397,525 21,239, % 15.21% GRAND TOTAL 11, ,637, %

12 Notes to the financial statements 11) TAL LANKA HOTELS PLC ANALYSIS OF SHAREHOLDERS ACCORDING TO THE NO OF SHARES AS AT 31ST MARCH 2017 (COMPANY: MEMBER ) NO OF SHARES NO. OF TOTAL PERCENTAGE SHAREHOLDERS HOLDINGS COMPANIES MEMBERS COMPANIES MEMBERS COMPANIES MEMBERS 1 To ,961 32,567 2,092, % 1.50% 1001 To 10, ,107 3,224, % 2.31% 10,001 To 100, ,282,140 2,380, % 1.71% 100,001 To 1,000, ,603, , % 0.30% 1,000,001 & Above 5-126,370, % - TOTAL , ,517,262 8,120, % 5.82% GRAND TOTAL 11, ,637, %