SERENDIB HOTELS PLC INTERIM CONDENSED FINANCIAL STATEMENTS SECOND QUARTER 2016/17

Transcription

1 SERENDIB HOTELS PLC INTERIM CONDENSED FINANCIAL STATEMENTS SECOND QUARTER 2016/17

2 Quarter ended 31st March 2017 Contents Page No. Operations Review 3 Financial Statements Statement of Financial Position 4 Statement of Profit or Loss 5 Statement of Comprehensive Income 6 Statement of Changes in Equity 7-8 Statement of Cash Flows 9 Notes to the Financial Statements 10 Investor Information 11-13

3 Operations Review Fourth Quarter 2016/17 The Serendib Leisure Hotels Group comprises Serendib Hotels PLC and its subsidiaries Dolphin Hotels PLC, Hotel Sigiriya PLC and Serendib Leisure Management Ltd. The Group under the Serendib Leisure umbrella currently manages AVANI Bentota Resort & Spa, AVANI Kalutara Resort, Club Hotel Dolphin and Hotel Sigiriya with a consolidated inventory of 413 keys. Jada Resorts & Spa (Pvt) Ltd., the owning company of AVANI Kalutara is treated as an investment. Hence, the operating results of AVANI Kalutara is not reflected in the Consolidated Financial Statements of Serendib Hotels PLC and is not discussed below. In the 4 th quarter of the financial year ended 31 March 2017, Sri Lanka recorded 604,953 tourist arrivals to the country. This is only a 3% growth compared to the same period last year. Since 2009, this is the lowest growth rate recorded in the January to March quarter. Except for January, the other two months in the quarter showed a decline in arrivals over the same period last year. The drop in the number of arrivals is attributed to the partial closure of the international airport during the first quarter and the withdrawal of the national carrier from key markets in Europe. During this period, arrivals from UK grew by 2% resulting in 59,137 arrivals, compared to 56,877 during the same quarter last year. However, during this period German arrivals dropped from 43,450 to 42,390 whereas from Russia has increased by 25% from 21,232 to 26,465. For the quarter ended 31 March 2017, Serendib Leisure Hotels recorded an average occupancy of 84%, which is 5 percentage points lower than the same period last year. Club Hotel Dolphin achieved an occupancy of 83%, whilst both AVANI Bentota and Hotel Sigiriya achieved 86% in each hotel. The occupancy enjoyed by AVANI Kalutara was only 30%. Group revenue recorded for the final quarter was Rs.580Mn, which is a 5% decrease from last year s final quarter. Group Profit before tax for the quarter ended 31 st March 2017 was Rs. 88Mn, a year-on-year decline of 62%. The year-round occupancy of the group was 76%, which is a drop in 3-percentage points from the last financial year. Despite the decrease in overall occupancy, the total revenue of the group for the year remained flat at Rs. 1.8Bn, as a result of increased rates, despite unfavourable exchange rate movements significantly impacting the price levels realized in rupee terms. AVANI Bentota recorded a revenue brush of 4%, whilst Club Hotel Dolphin revenue was flat and Hotel Sigiriya saw its revenue dropping by 2%. Profit before Tax for the financial year ended 31 March 2017 was Rs. 173Mn, a year-on-year decline of 52%. Heightened competition due to a large number of new inventory in the form of new resorts and a growing number of boutique villas, the adverse impact on exchange rates and several oneoff charges were the main reasons for the decline in operating results of this financial year. With the industry set to grow in terms of supply as well as demand, we perceive the coming year to be another challenging one. We look forward to facing these challenges going forward by refreshing our customer offerings to stay relevant in this rapidly evolving marketplace. 3

4 STATEMENT OF FINANCIAL POSITION Group Company As at Rs.'000 Audited Audited ASSETS Non-Current Assets Property, Plant & Equipment 3,185,809 3,151, , ,904 Leasehold Property 29,296 31,127 27,227 28,929 Intangible Assets 95,986 25,791 25, Investments in Subsidiaries , ,497 Investments in Associate - 359, ,623 Investment in Equity Shares 330,106 12, ,107 4,000 3,641,197 3,579,627 1,415,516 1,425,280 Current Assets Inventories 25,088 21,824 7,817 6,555 Trade and Other Receivables 469, , ,773 72,789 Taxation Recoverable 12,885 1, Other Current Financial Assets Cash and Short Term Deposits 163, ,116 29, , , , , ,824 Total Assets 4,312,077 4,291,631 1,569,689 1,616,104 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 913, , , ,122 Other Components of Equity 570, ,392 82,442 82,346 Other Revenue Reserve 19,940 19,940 14,500 14,500 Retained Earnings 938, , , ,971 Equity Attributable to Owners of the Parent 2,441,226 2,489,457 1,203,827 1,257,939 Non Controlling Interest 805, ,667 Total Equity 3,246,450 3,280,124 1,203,827 1,257,939 Non-Current Liabilities Interest Bearing Loans & Borrowings 54, ,480 8,741 80,379 Deferred Tax Liabilities 144, ,610 31,883 16,926 Retirement Benefit Obligation 56,494 53,783 14,282 13, , ,873 54, ,708 Current Liabilities Trade and Other Payables 540, , , ,999 Dividends Payable 8,201 4,321 3,206 1,614 Income Tax Liabilities ,835-1,170 Other Current Financial Liabilities 5, Interest Bearing Loans and Borrowings 126, , ,595 88,394 Bank Overdreft 129,687 57,866 15,311 33, , , , ,457 Total Equity and Liabilities 4,312,077 4,291,631 1,569,689 1,616,104 Net Assets Per Share (Rs.) The above figures are provisional & subject to audit. These Financial Statements are in compliance with the requirements of the Companies Act No.07 of K.D.D.Gunasekera - Director Finance The board of directors is responsible for the preparation and presentation of these financial statements. Signed for and on behalf of the board by.. A.N. Esufally - Chairman Colombo 24 May W.M.De.F. Arsakularatne - Director 4

5 STATEMENT OF PROFIT OR LOSS Group Company 3 Months 3 Months % Variance Year Year % Variance 3 Months 3 Months % Variance Year Year % Variance Ended Ended Ended Ended Ended Ended Ended Ended Rs.' Revenue 580, ,681-5% 1,771,321 1,768,249 0% 183, ,546-2% 528, ,385 4% Cost of Sales (140,308) (131,731) 7% (490,046) (457,481) 7% (36,102) (35,385) 2% (132,138) (116,453) 13% Gross Profit 439, ,950-8% 1,281,275 1,310,768-2% 147, ,161-3% 396, ,932 1% Dividend Income ,135 80,183-36% Other Operating Income and Gains (3,358) 9, % 18,432 50,311-63% 1, % 2,360 10,689-78% Sales and Marketing Expenses (7,613) (10,737) -29% (38,781) (38,606) 0% (3,547) (4,108) -14% (18,572) (16,794) 11% Administrative Expenses (306,640) (255,260) 20% (1,051,061) (923,428) 14% (99,726) (84,834) 18% (325,507) (296,208) 10% Operating Profit 122, ,352-45% 209, ,046-47% 45,584 63,647-28% 106, ,802-37% Finance Cost (3,848) (4,376) -12% (14,887) (24,887) -40% (2,956) (2,727) 8% (10,131) (11,312) -10% Finance Income 1,070 3,266-67% 9,387 10,980-15% 271 3,842-93% 3,930 5,260-25% Loss on Deemed Disposal of Investment in Associate (31,541) - 100% (31,541) - 100% (33,100) - 100% (33,100) - 100% Share of Results of Associate - 10, % - (21,328) -100% - - Profit /(Loss) Before Tax 87, ,336-62% 172, ,811-52% 9,799 64,762-85% 66, ,750-59% Income Tax Expense (25,231) (31,460) -20% (44,739) (62,448) -28% (10,400) (14,308) -27% (9,049) (15,294) -41% Profit for the Period 62, ,876-69% 128, ,363-57% (601) 50, % 57, ,456-61% Attributable to : Equity Holders of the Parent 43, ,440-71% 67, ,059-67% Non-Controlling Interest 19,543 48,436-60% 60,571 98,304-38% 62, ,876-69% 128, ,363-57% Earnings /(Loss) Per Share (Rs.) (0.01) The above figures are provisional & subject to audit. 5

6 STATEMENT OF COMPREHENSIVE INCOME Group Company 3 Months 3 Months Year Year 3 Months 3 Months Year Year Ended Ended Ended Ended Ended Ended Ended Ended Rs. Rs. Rs. Rs. Profit for the Period 62, , , ,363 (601) 50,454 57, ,456 Other Comprehensive Income Net Movement on Cash Flow Hedge (9,842) (12,919) 5,141 (56,757) (2,038) (6,375) 7,220 (26,601) - Net (loss)/gain on available-for-sale (AFS) financial assets 1, , Revaluation of Land and Buildings - 379, ,450 - (27,507) - (27,507) - Deferred Taxation Attributable to Revaluation of Land and Buildings (7,122) (19,881) (7,122) (19,881) (7,122) 4,166 (7,122) 4,166 - Defined Benefit Plan Acturial Gain/(Loss) (4,602) 4,319 (4,602) 4,319 (560) 1,398 (560) 1,398 - Deferred Taxation Attributable to Acturial (Gain)/Loss 437 (518) 437 (518) 67 (168) 67 (168) Other Comprehensive Income for the Period, Net of Tax (19,570) 350,451 (6,146) 306,613 (8,094) (28,486) (395) (48,712) Total Comprehensive Income for the Period, Net of Tax 43, , , ,976 (8,695) 21,968 57,416 98,744 Attributable to: Equity Holders of the Parent 27, ,936 63, ,019 Non Controlling Interest 15, ,391 58, ,957 (0.63) 43, , , ,976 The above figures are provisional & subject to audit. 6

7 STATEMENT OF CHANGES IN EQUITY Attributable to Owners of the parent Total Group Stated Other Components of Equity Other Revenue Retained Total Non Controlling Equity Capital Cash Flow Hedge Asset Revaluation Reserves Earnings Interest Reserve Reserve Rs. Rs. Rs. Rs. Rs. Rs. Rs. Balance as at April 01, ,122 57, ,581 19,940 1,058,417 2,238, ,602 2,838,454 Effect of Changes in Accounting Policies - Prior Year 146,624 (146,624) - - Balance as at April 01, 2015 ( Restated ) 913,122 57, ,205 19, ,793 2,238, ,602 2,838,454 SGT Liability (23,091) (23,091) (6,530) (29,621) Net Profit/(Loss) for the period - 203, ,059 98, ,363 Other Comprehensive Income Net Movement on Cash Flow Hedge (46,154) (46,154) (10,603) (56,757) Revaluation of Land and Buildings 234, , , ,450 Deferred Taxation Attributable Revaluation of Land and Buildings (11,161) (11,161) (8,719) (19,880) Defined Benefit Plan Acturial Gain 2,915 2,915 1,404 4,319 Deferred Taxation Attributable to Acturial (Gain)/Loss (350) (350) (168) (518) Total Comprehensive Income - (46,154) 223, , , , ,356 Write back of Unclaimed Dividend 2,203 2, ,657 Dividend to Non Controlling Interest (111,526) (111,526) (27,817) (139,342) Balance as at March 31, ,122 11, ,754 19, ,003 2,489, ,667 3,280,124 Balance as at April 01, ,122 11, ,754 19, ,003 2,489, ,667 3,280,124 Net Profit/(Loss) for the period 67,514 67,514 60, ,085 Other Comprehensive Income Net Movement on Cash Flow Hedge 5,846 5,846 (704) 5,141 Deferred Taxation Attributable Revaluation of Land and Buildings (7,122) (7,122) (7,122) Defined Benefit Plan Acturial Gain (3,303) (3,303) (1,298) (4,602) Deferred Taxation Attributable to Acturial (Gain)/Loss Total Comprehensive Income - 5,846 (7,122) - 64,492 63,215 58, ,939 Adjustment in respect of changes in Group Holding (10,768) (10,694) Dividends (111,521) (111,521) (33,400) (144,921) Balance as at March 31, ,122 17, ,632 19, ,048 2,441, ,224 3,246,450 The above figures are provisional & subject to audit.

8 STATEMENT OF CHANGES IN EQUITY Company Stated Other Components of Equity Other Revenue Retained Total Capital Cash Flow Hedge Asset Revaluation Reserves Earnings Rs.'000 Reserve Reserve Rs. Rs. Rs. Rs. Rs. Rs. Balance as at April 01, ,122 17,895 38,952 14, ,488 1,269,957 Effect of Changes in Accounting Policies - Prior Year 75,441 (75,441) - Balance as at April 01, 2015 ( Restated ) 913,122 17, ,393 14, ,047 1,269,957 SGT Liability (646) (646) Net Profit/(Loss) for the period , ,456 Other Comprehensive Income Deferred Taxation Attributable to Actuarial (Gain)/Loss (168) (168) Total Comprehensive Income - (26,601) (23,341) - 148,040 98,098 Dividend Paid (111,526) (111,526) Write back of Unclaimed Dividend - 1,408 1,408 Balance as at March 31, ,122 (8,706) 91,051 14, ,971 1,257,938 Balance as at April 01, ,122 (8,706) 91,051 14, ,971 1,257,938 Net Profit/(Loss) for the period ,811 57,811 Other Comprehensive Income Net Movement on Cash Flow Hedge 7,220 7,220 Revaluation of Land and Buildings (7,122) (7,122) Defined Benefit Plan Acturial Gain/(Loss) (560) (560) Deferred Taxation Attributable to Acturial (Gain)/Loss Total Comprehensive Income - 7,220 (7,122) - 57,318 57,416 Dividend Paid (111,526) (111,526) Balance as at March 31, ,122 (1,486) 83,928 14, ,764 1,203,828 The above figures are provisional & subject to audit.

9 STATEMENT OF CASH FLOWS Rs.'000 Cash Flows Used in Operating Activities Year Ended Group Year Ended Year Ended Company Year Ended Net Profit before Income Tax 172, ,811 66, ,750 Adjustments for Depreciation 134, ,378 46,976 46,853 Amortization 7,470 3,467 4,310 2,070 Share of results of associate - 21, Exchange Gain/(Loss) 4,360 (2,899) (388) 1,182 Other (Write backs) / Write Offs 6,061 (9,272) 2,821 (3,224) Dividend Income - - (51,135) (80,183) Interest Income (9,387) (10,980) (3,931) (5,260) Loss on Deemed Disposal of Investment in Associates 31,541 33,100 Impact on Deemed Dilution of AFS Equity Shares 9,417 9,417 Finance Costs 14,887 24,238 10,131 11,312 Loss / (Profit) on Disposal of Fixed Assets 995 (87) (425) 614 Movements in Provisions, Pensions and Government Grants 13,070 12,241 2,867 3,000 Working Capital Adjustments 385, , , ,114 (Increase)/ Decrease in Inventories (3,263) (3,597) (1,262) (621) (Increase)/ Decrease in Trade and Other Receivables (169,153) (75,984) (48,172) (16,069) Increase/ (Decrease) in Trade and Other Payables 160,366 45,588-12,144 (Increase)/Decrease Current Financial Assets 25 45,792 42,056 - (Increase)/Decrease Current Financial Liabilities 5, Cash Generated from / (Used in) Operations 379, , , ,569 Finance Cost Paid (14,887) (24,238) (10,131) (11,312) Defined Benefit Plan Costs Paid (14,961) (3,715) (2,548) (2,278) Taxes Paid (51,679) (37,550) (2,338) (1,240) Super Gain Tax (29,621) (646) Net Cash From/(Used in) Operating Activities 297, ,900 98, ,092 Cash Flows From / (Used in) Investing Activities Acquisition of Property, Plant & Equipment (189,194) (92,890) (45,979) (9,835) Acquisition of Intangible Assets (75,835) (2,501) (27,365) - Proceeds from Disposal of Property, Plant & Equipment 20,446 23, ,383 Investments - - (10,694) - Loan Received from Related Parties - (375,000) - (375,000) Loans Settled by Related Parties - 375, ,000 Interest Received 9,387 10,980 3,931 5,260 Dividend Received ,135 80,183 Net Cash Flows From / (Used in) Investing Activities (235,196) (60,872) (28,547) 81,991 Net Cash Flows From / (Used in) Financing Activities Proceeds From Interest Bearing Loans & Borrowings (221,517) (147,922) 73,000 (81,447) Repayment of Interest Bearing Loans & Borrowings - (88,581) Repayment of Related Party Borrowings 20,000 (7,000) Adjustment in respect of changes in Group Holding (10,694) - Dividends Paid (107,640) (109,508) (111,526) (109,889) Dividends Paid to Non-Controlling Interest (33,400) (27,817) - Net Cash Flows from/(used in) Financing Activities (353,251) (285,247) (134,107) (191,336) Net Increase/(Decrease) in Cash and Cash Equivalents (290,812) 117,781 (64,446) 9,747 Cash and Cash Equivalents at the beginning of the period 324, ,469 78,180 68,433 Cash and Cash Equivalents at the end of the period 33, ,250 13,734 78,180 Analysis of Cash & Cash Equivalents Cash and Bank Balances 163, ,116 29, ,460 Bank Overdraft (129,687) (57,866) (15,311) (33,280) 33, ,250 13,734 78,180 The above figures are provisional & subject to audit. 9

10 NOTES TO THE FINANCIAL STATEMENTS 1 The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS- 34, Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 March Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements. 2 The accounting policies have been consistently applied by the Company and unaudited previous quarter's figures have been restated wherever necessary for better presentation and to be comparable with those of the current period. 3 Commitments and Contingent Liabilities The Employee Union of Club Hotel Dolphin has filed a case against Club Hotel Dolphin and Serendib Leisure Management Limited at the Department of Labour- Narahenpita for downgrading of 23 employees based on their performance appraisal for 2013/14. Currently negotiations are underway for settlement at a sum of Rs. 552,000/-. Marawila Pradeshiya Sabha has filed a case against Club Hotel Dolphin at Magistrate Court- Marawaila, charged for operating the Hotel without the required permit issued by the Pradeshiya Sabha. Summon have been issued to the Hotel and the case shall be called on 31/05/2017 Serendib Hotels PLC has given Corporate Guarantees to Kalutara Luxury Hotel & Resort (Pvt) Ltd (Other Related Company) for USD 5.2Mn (Equivalent to LKR Mn) and Jada Resorts & Spa (Pvt) Ltd (Other Related Party) for USD 960,000 (Equivalent to LKR Mn), in favour of The Hongkong and Shanghai Banking Corporation Limited. Except for the above there has been no significant change in the nature of the contingent liabilities as disclosed in the Annual Report of 2015/16 4 Except for the above Contingent Liabilities no other circumstances have arisen after the reporting date, which would require adjustments to or disclosure in the Financial Statements. 5 Reconciliation of Comparative Information Exchange gains/losses arising from operations have been classified under Other Operating Income / Administration Expenses and Exchange Gains / Losses arising from financing activities have been classified under Finance Income / Cost. The following expenses have been reclassified for better representation in line with current year figures. As previously reported Reclassification Reclassified Statement of Comprehensive Income ( Rs.'000 ) Group Cost of Sales (376,825) (80,656) (457,481) Other Operating Income and Gains 10,735 39,576 50,311 Sales and Marketing Expenses (85,651) 47,045 (38,606) Administrative Expenses (955,734) 32,306 (923,428) Exchange( Loss)/Gain 37,622 (37,622) - Finance Cost (24,238) (649) (24,887) Company Cost of Sales (94,731) (21,722) (116,453) Sales and Marketing Expenses (35,587) 18,793 (16,794) Administrative Expenses (299,137) 2,929 (296,208) Exchange( Loss)/Gain 6,754 (6,754) - Other Operating Income and Gains 3,935 6,754 10,689 Finance Income 5,260-5,260 10

11 INVESTOR INFORMATION Audited Group Y/E Earnings /(Loss) per Share (Rs.) Debt/ Total Equity Ratio (%) Interest Cover (Times) Quick Asset Ratio (Times) 1 1 No. of Shares Representing Stated Capital - Voting 75,514,738 75,514,738 - Non Voting 36,011,056 36,011,056 Market Price - Voting - Highest (Rs.) Voting -Lowest (Rs.) Last Traded Price (Rs.) Market Price - Non Voting - Highest (Rs.) Non Voting -Lowest (Rs.) Last Traded Price (Rs.) The above figures are provisional & subject to audit. 11

12 DIRECTORS' SHAREHOLDING No. of Shares Voting Non Voting Mr. A. N Esufally 16,565 NIL Mr. S M Enderby NIL NIL Mr. W M De F Arsakularatne NIL NIL Prof. L D K B Gamage NIL NIL Mr. E J D Rajakarier NIL NIL Mr. M A Jafferjee NIL NIL Mr. R N Athukorala NIL NIL Mr. T M Wijesinghe NIL NIL Ms. S.L. Speldewinde NIL NIL Mr. S.A.Chojnacki NIL NIL Mr. I.A.H.Esually NIL NIL LIST OF 20 MAJOR SHAREHOLDERS (VOTING) Name No. of Shares % Hemas Holdings PLC 42,802, Lodging Investment (Labuan) Ltd. 18,886, Seylan Bank Ltd./ B.S.M. De Silva 1,294, Mr. E.J.De Soysa 800, Peoples Leasing & Finance PLC/L.P.Hapangama 643, Mrs. B.C.R. Wickramaratne 595, Acuity Partners (Pvt) Ltd. / Mr B S M De Silva 490, Mrs. M. V. Fernando 400, The Ceylon Chamber Of Commerce Account No , Dr. B. G. S. De Silva 355, Mrs. C A Wenceslaus 286, Mrs. A R Gamage 248, Dr. R S Deraniyagala 225, Ms. H G S Ansell 216, Mr. P P S Fernando 216, Miss. J.C. Wickramaratne 203, Waldock Mackenzie Limited/Dr.H.S.D.Soysa 191, Hemtours (Private) Limited 181, Mrs. S. Poologasundram 161, Dr. K. Poologasundram 156, ,726, Shares held by the balance shareholders 6,788, ,514,

13 LIST OF 20 MAJOR SHAREHOLDERS (NON -VOTING) Name No. of Shares % Hemas Holdings PLC 19,260, Lodging Investment (Labuan) Ltd. 7,156, Deutsche Bank AG as Trustee to Candor Opportunities Fund 1,244, Askold (Pvt) Ltd. 999, National Industries Group (Holdings) (S.A.K) 950, Ceylon Guardian Investment Trust PLC A/C # , J B Cocoshell (Pvt) Ltd. 456, Trading Partners (Pvt) Ltd. 410, Shalsri Investments (Pvt) Ltd. 341, Acuity Partners (Pvt) Ltd. /Mr. B. S. M. De Silva 309, Ceylon Investment PLC 266, Guardian Fund Management Ltd. / The Aitken Spence and Associated Companies Executive Staff Provid 195, Mr. H W M Woodward 184, Cocoshell Activated Carbon Company Ltd. 150, Mr. H.A.Pieris 139, Mrs. H.G.S.Ansell 136, Mr. M.K. Kutubdeen 134, Dr. H.S.D. Soysa 112, Mrs.B.Y.La Brooy 100, Mr.H.A.M.P.Algama 100, ,113, Shares held by the balance shareholders 2,897, ,011, PUBLIC HOLDING As at Number of Shareholders % Ordinary (Voting) Shares % Ordinary (Non - Voting) Shares % 13

14 CORPORATE INFORMATION Legal Form A quoted public company with limited Liability Incorporated in Sri Lanka in 1966 Company Registration No. PQ 223 Subsidiaries Hotel Sigiriya PLC Dolphin Hotels PLC Serendib Leisure Management Ltd. Hemas South Colombo Hospital (Pvt) Ltd Directors Mr. A N Esufally Chairman - Alternate: Mr. V H A Perera Mr. D T R De Silva Managing Director (Resigned w.e.f ) Deshamanya J C L De Mel (Resigned w.e.f ) Prof. L D K B Gamage (Resigned w.e.f ) Mr. S M Enderby Mr. E J D Rajakarier Mr. W M De F Arsakularatne Mr. M A Jafferjee Mr. R N A Athukorala Mr. T M Wijesinghe (Appointed w.e.f ) Ms. S.L. Speldewinde (Appointed w.e.f ) Mr. S.A.Chojnacki (Appointed w.e.f ) Mr. I.A.H.Esually (Appointed w.e.f ) Registered Office Hemas House Level 3 75, Braybrooke Place Colombo 02 Tel: + 94 (11) Fax: + 94 (11) inquiries@serendibleisure.lk Website : Secretaries Hemas Corporate Services (Pvt) Ltd. Level 9, Hemas House 75, Braybrooke Place Colombo 02 Tel: + 94 (11) Fax: + 94 (11) Managing Agent Serendib Leisure Management Ltd