SIGIRIYA VILLAGE HOTEL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 TH SEPTEMBER /1, Sir Baron Jayatilaka Mawatha, Colombo - 1

Transcription

1 HOTEL PLC INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 TH SEPTEMBER /1, Sir Baron Jayatilaka Mawatha, Colombo - 1

2 STATEMENT OF COMPREHENSIVE INCOME For the year Ended For the Quarter ended 30th September For the Six Months ended 30th September Change Change Audited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % 374,313 Revenue 106,013 95, , , (97,215) Cost of Sales (28,608) (25,823) 11 (50,534) (45,220) ,098 Gross Profit 77,406 70, , , ,266 Other Operating Income (191,896) Administrative & Operating Expenses (54,558) (47,930) 14 (103,552) (93,986) 10 (8,384) Promotional & Marketing Expenses (1,644) (2,714) (39) (2,628) (3,437) (24) 78,084 Profit from Operating Activities 21,203 19, ,635 16, (9,246) Finance Cost (1,263) 1,388 (191) (2,902) (739) ,839 19,940 20,914 (5) 17,733 15, ,044 Share of Profit/(Loss) of Equity Accounted Investee ,500 1, ,883 Profit /(Loss) before Taxation 20,681 21,417 (3) 19,234 16, (15,416) Taxation (1,581) (722) 119 (3,171) (2,893) 10 55,467 Net Profit /(Loss) for the Period 19,100 20,696 (8) 16,063 14, Other Comprehensive Income (4,308) Actuarial Gain /( Loss ) on defined benefit plans (11,977) Gain / (Loss) on Available for Sale - Financial Assets (6,838) 8,500 (180) (10,200) 17,000 (160) 39,182 Total Comprehensive Income for the Period 12,262 29,196 (58) 5,863 31,085 (81) 6.16 Earnings Per Share

3 STATEMENT OF FINANCIAL POSITION AS AT 30TH SEPTEMBER Audited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 ASSETS NON CURRENT ASSETS 427,270 Property Plant & Equipment 417, ,786 70,872 Investment In Associate 70,872 68, ,402 Financial Assets 99, , , , ,992 CURRENT ASSETS 11,682 Inventories 14,739 12,953 59,385 Trade Debtors & Other receivables 66,291 45, ,437 Amounts Owed by Related Companies 195, ,467 5,635 Cash & Cash Equivalents 13,047 4, , , , ,682 Total Assets 877, ,633 EQUITY & LIABILITIES CAPITAL & RESERVES 363,722 Stated Capital 363, ,722 (28,407) Fair Value Gain on Available for Sale Financial Assets (38,607) (16,430) 181,161 Revenue Reserves 195, , , , ,965 NON CURRENT LIABILITIES 102,514 Interest Bearing Borrowings 90,130 53,293 13,143 Retirement Benefit Obligations 14,165 9,466 16,715 Deferred Taxation 16,715 14, , ,011 77,077 CURRENT LIABILITIES 99,831 Trade Creditors & Other Payables 91, ,137 1,498 Amounts Owed to Related Companies 3,226 1,244 18,294 Taxation 17,819 8,621 24,768 Interest Bearing Borrowings 24,768 62,489 71,443 Bank Overdrafts 97,699 55, , , , ,682 Total Equity & Liabilities 877, , Net Assets Per Share (0) For and on behalf of the Board, (0) 0 Sgd. Director Sanjeev Rajaratnam Sgd. Director T Theyagamurti Colombo 9 November 2018

4 STATEMENT OF CHANGES IN EQUITY For the Six Months ended 30th September Stated Capital Fair Value Gain on Available For Sale Financial Assets Revenue Reserves Total Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at ,722 (16,433) 166, ,474 Profit for the Period 10,488 10,488 Other comprehensive Income/(Expense) Dividend Paid - Balance as at ,722 (16,430) 176, ,966 Balance as at ,722 (28,407) 181, ,641 Profit for the Period 14,562 14,562 Other comprehensive Income/(Expense) - (10,200) - (10,200) Dividend Paid Balance as at ,722 (38,607) 195, ,003

5 STATEMENT OF CASH FLOWS For the period ended 30th September Audited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 70,883 Net Profit/(Loss) before Taxation 17,733 15,035 Adjustment for Non-Cash Items 22,365 Depreciation 10,809 11,038 32,244 Interest Expenses 14,227 15, Profit on Disposal of property, plant & equipment (2,044) Share of Associate Company's Profit (740) 2,299 Provision for Gratuity 1,228 1, ,790 Operating Profit/(Loss) Before Working Capital Changes 43,257 42,492 3,125 (Increase)/Decrease in Inventories (3,056) 1,855 5,471 (Increase)/Decrease in Debtors & Receivables (6,907) 19,640 13,793 (Increase)/Decrease in Related Party Balances (13,392) (20,820) (98,905) Increase /(Decrease) in Creditors & Accruals 4,382 7,783 (76,516) (18,973) 8,459 49,275 Cash Generated from Operations 24,284 50,951 (8,464) Dividend Paid (16,369) (8,278) (32,244) Interest Paid (14,227) (15,309) (9,515) Taxes Paid 436 (9,515) (4,109) Gratuity Paid (205) (1,809) 3,407 Net Cash Flow From / (Used in) Operating Activities (6,081) 16,040 Cash Flows From / (Used in) Investing Activities (7,398) Acquisition of Property Plant & Equipment (1,145) (1,474) - Transfer of WIP - - Investment In Financial Assets - Proceeds from Disposal of Property, Plant & Equipment (7,398) Net Cash Flows From / (Used in) Investing Activities (1,145) (1,474) Cash Flows From / (Used in) Financing Activities (106,335) Repayment of Loan (12,384) (29,996) (1,066) Lease Payment 88,000 Loan Proceeds - (26,799) Net Cash Flows From / (Used in) Financing Activities (12,384) (29,996) (30,790) Net Change in Cash & Cash Equivalents during the year (18,870) (15,431) (35,263) Cash & Cash Equivalents at the beginning of the year (65,782) (35,264) (66,053) Cash & Cash Equivalents at the end of the year (84,651) (50,694) Analysis of Cash & Cash Equivalents at the end of the Period 10,303 Cash at Bank 7,997 3,398 2,563 Cash in Hand 5,050 1,008 (78,920) Bank Overdraft (97,699) (55,100) (66,053) (84,651) (50,694)

6 NOTES TO THE ACCOUNTS 1 Account Status The Financial Statements of the company 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. The Interim Financial Statements are provisional and subject to audit. 2 The accounting policies have been consistently applied by the Company 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 relevant to be comparable with those of the current period. 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 material events subsequent to the interim period which require disclosure in 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. 363,722,215/- represented by 9,000,000 Ordinary Shares. 7 Public Holding The percentage of shares held by the public as at 30th September 2018 was 31.45%. 8 Public Shareholders The number of Public Shareholders as at 30th September 2018 were The applicable option under Colombo Stock Exchange Rule on Minimum Public Holding is option 5 and the Float Adjusted Market Capitalization as at 30th September 2018 was Rs. 112,936,950/- 10 Shareholdings of Directors Directors' direct shareholdings as at 30th September 2018 Name of Director No. of Shares Mr. Sanjeev Rajaratnam 245,472 Mr. Amrit Rajaratnam 16, 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 were no liabilities for management fees or any other similar expenditure not provided for in the Interim Financial Statements. 13 The period under review relates to the off season of the tourism industry. 14 Associate Companies Investment in Associate Companies accounted in the Interim Financial Statement is based on "Equity Method".

7 TWENTY MAJOR SHAREHOLDERS AS AT 30TH SEPTEMBER 2018 MAJOR SHAREHOLDERS NO OF SHARES % 1 COLOMBO FORT HOTELS LIMITED 3,704, % 2 PAN ASIA BANKING CORPORATION PLC/LANKEM CEYLON PLC 2,080, % 3 BANSEI SECURITIES CAPITAL (PVT) LTD/R.C.J.GOONEWARDENE 513, % 4 MR. JOSEPH ROMESH DE SILVA 426, % 5 ROSEWOOD (PVT) LIMITED-ACCOUNT NO.1 320, % 6 MR. SANJEEV RAJARATNAM 245, % 7 FREUDENBERG SHIPPING AGENCIES LIMITED 220, % 8 MRS. ALALIYAKANKANAMLAGE MARY JOSEPHINE COORAY 151, % 9 ASSOCIATED ELECTRICAL CORPORATION LTD 150, % 10 NEGOMBO HOTELS LIMITED 91, % 11 BLUE OCEANIC BEACH HOTEL (PVT) LTD 81, % 12 ALLIANCE FINANCE COMPANY PLC 64, % 13 ISLAND CONSUMER SUPPLIES LTD 62, % 14 COMMERCIAL BANK OF CEYLON PLC/D.J.N.HETTIARACHCHI 56, % 15 MR. NAWALAGE JOSEPH HIRAN MAHINDA COORAY 51, % 16 MISS NAWALAGE THERESE MANOURI SHIROMAL COORAY 51, % 17 COLOMBO INVESTMENT TRUST PLC 44, % 18 EST.OF.LAT LIYANAGE SALIYA IGNATIOUS PERERA (DECEASED) 42, % 19 CORPORATE HOLDINGS (PRIVATE)LIMITED A/C NO.01 37, % 20 COMMERCIAL BANK OF CEYLON PLC/S.N.C.W.M.B.C.KANDEGEDARA 30, % TOTAL 8,425, %