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 % 329,304 Revenue 95,993 89, , , (84,800) Cost of Sales (25,278) (26,369) (4) (44,077) (41,692) 6 244,504 Gross Profit 70,715 63, , , ,000 Other Operating Income 6,805 5, ,627 10, (209,860) Administrative & Operating Expenses (47,986) (50,802) (6) (94,066) (92,642) 2 (13,007) Promotional & Marketing Expenses (3,202) (1,507) 112 (4,501) (3,326) 35 42,637 Profit from Operating Activities 26,331 16, ,327 17, (29,795) Finance Cost (7,360) (5,453) 35 (15,309) (11,128) 38 12,842 18,971 11, ,018 6, ,939 Share of Profit/(Loss) of Equity Accounted Investee (2) 1, ,781 Profit /(Loss) before Taxation 19,474 11, ,035 7, (6,002) Taxation (1,355) (2,533) (46) (3,527) (4,440) (21) 8,779 Net Profit /(Loss) for the Period 18,119 8, ,508 3, Other Comprehensive Income 774 Actuarial Gain /( Loss ) on defined benefit plans (18,777) Gain / (Loss) on Available for Sale - Financial Assets (8,500) 15,338 (155) - 27,277 (100) (9,224) Total Comprehensive Income for the Period 9,619 24,337 (60) 11,508 30,353 (62) 0.98 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 442,279 Property Plant & Equipment 432, ,902 68,828 Investment In Associate 69,845 67, ,379 Financial Assets 121, , , , ,133 CURRENT ASSETS 14,808 Inventories 12,953 15,091 65,456 Trade Debtors & Other receivables 45,816 44, ,539 Amounts Owed by Related Companies 213, ,167 3,892 Cash & Cash Equivalents 4,406 2, , , , ,180 Total Assets 900, ,755 EQUITY & LIABILITIES CAPITAL & RESERVES 363,722 Stated Capital 363, ,722 (16,430) Fair Value Gain on Available for Sale Financial Assets (16,430) 29, ,182 Revenue Reserves 177, , , , ,050 NON CURRENT LIABILITIES 81,820 Interest Bearing Borrowings 53,293 48,388 10,166 Retirement Benefit Obligations 9,466 7,915 14,318 Deferred Taxation 14,318 14, ,304 77,077 70,319 CURRENT LIABILITIES 171,722 Trade Creditors & Other Payables 171, ,021 2,119 Amounts Owed to Related Companies 1,244 1,494 14,609 Taxation 8,621 11,939 63,797 Interest Bearing Borrowings 62,489 49,906 39,156 Bank Overdrafts 55,100 47, , , , ,180 Total Equity & Liabilities 900, , Net Assets Per Share For and on behalf of the Board, Sgd. Sgd. Director Director S. Rajaratnam T. Theyagamurti Colombo 31 October 2017

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 2, , ,698 Profit for the Period - - 3,076 3,076 Other comprehensive Income/(Expense) - 27,277-27,277 Dividend Paid - - (36,000) (36,000) Balance as at ,722 29, , ,052 Balance as at ,722 (16,430) 166, ,474 Profit for the Period ,508 11,508 Other comprehensive Income/(Expense) Dividend Paid Balance as at ,722 (16,430) 177, ,982

5 STATEMENT OF CASH FLOWS For the period ended 30th September Audited Unaudited Unaudited Rs.'000 Rs.'000 Rs.'000 14,781 Net Profit/(Loss) before Taxation 15,035 7,515 Adjustment for Non-Cash Items 23,219 Depreciation 11,038 11,588 29,795 Interest Expenses 15,309 11,128 - Profit on Disposal of property, plant & equipment - - (1,939) Share of Associate Company's Profit (1,017) (911) 4,227 Provision for Gratuity 1, ,082 Operating Profit/(Loss) Before Working Capital Changes 41,475 30,243 (3,605) (Increase)/Decrease in Inventories 1,855 (3,888) (5,397) (Increase)/Decrease in Debtors & Receivables 19,640 15,678 (32,520) (Increase)/Decrease in Related Party Balances (19,802) (18,772) 48,684 Increase /(Decrease) in Creditors & Accruals 7,783 65,735 7,162 9,477 58,752 77,244 Cash Generated from Operations 50,951 88,996 (20,248) Dividend Paid (8,278) (36,000) (29,795) Interest Paid (15,309) (11,128) (635) Taxes Paid (9,515) (2,045) (1,568) Gratuity Paid (1,809) (1,289) 24,998 Net Cash Flow From / (Used in) Operating Activities 16,040 38,534 Cash Flows From / (Used in) Investing Activities (25,710) Acquisition of Property Plant & Equipment (1,474) (702) - Transfer of WIP Investment In Financial Assets Proceeds from Disposal of Property, Plant & Equipment - - (25,710) Net Cash Flows From / (Used in) Investing Activities (1,474) (702) Cash Flows From / (Used in) Financing Activities 66,182 Repayment of Loan (28,651) (21,140) - Lease Payment (1,345) - - Loan Proceeds - 40,000 66,182 Net Cash Flows From / (Used in) Financing Activities (29,996) 18,860 65,471 Net Change in Cash & Cash Equivalents during the year (15,430) 56,692 (100,734) Cash & Cash Equivalents at the beginning of the year (35,264) (100,734) (35,264) Cash & Cash Equivalents at the end of the year (50,693) (44,042) Analysis of Cash & Cash Equivalents at the end of the Period 2,492 Cash at Bank 3,398 1,787 1,400 Cash in Hand 1,008 1,197 (39,156) Bank Overdraft (55,100) (47,026) (35,264) (50,694) (44,042)

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 2017 was %. 8 Public Shareholders The number of Public Shareholders as at 30th September 2017 were Shareholdings of Directors Directors' direct shareholdings as at 30th September 2017 Name of Director No. of Shares Mr. Sanjeev Rajaratnam 150,000 Mr. Amrit Rajaratnam 11, 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. 12 Five months of the period under review relates to the off season of the tourism industry. 13 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 2017 MAJOR SHAREHOLDERS NO OF SHARES % 1 COLOMBO FORT HOTELS LIMITED 3,704, PAN ASIA BANKING CORPORATION PLC/LANKEM CEYLON PLC 2,080, BANSEI SECURITIES CAPITAL (PVT) LTD/R.C.J.GOONEWARDENE 500, MR. JOSEPH ROMESH DE SILVA 431, ROSEWOOD (PVT) LIMITED-ACCOUNT NO.1 320, ESTATE OF THE LATE NAWALAGE GERALD HERBERT COORAY 204, FREUDENBERG SHIPPING AGENCIES LIMITED 199, ASSOCIATED ELECTRICAL CORPORATION LTD 150, MR. SANJEEV RAJARATNAM 150, MRS. NIZREEN ABDULHUSEIN EDIRIWEERA 103, NEGOMBO HOTELS LIMITED 91, BLUE OCEANIC BEACH HOTEL (PVT) LTD 81, ALLIANCE FINANCE COMPANY PLC 64, ISLAND CONSUMER SUPPLIES (PVT) LTD 62, COMMERCIAL BANK OF CEYLON PLC/D.J.N.HETTIARACHCHI 56, MRS. ALALIYAKANKANAMLAGE MARY JOSEPHINE COORAY 49, COMMERCIAL BANK OF CEYLON PLC/S.N.C.W.M.B.C.KANDEGEDARA 48, COLOMBO INVESTMENT TRUST PLC 44, ESTATE OF THE LATE LIYANAGE SALIYA IGNATIOUS PERERA (DECEASED) 42, CORPORATE HOLDINGS (PRIVATE)LIMITED A/C NO.01 37, TOTAL 8,421, REVENUE AND NET PROFIT /( LOSS ) (RS'000) 180, , , , ,000 80,000 60,000 40,000 20, , , , , ,517 13,996 11,508 3,076 7,995 1, / / / / /17 REVENUE NET PROFIT /( LOSS)