Sigiriya Village Hotels PLC

Transcription

1 Sigiriya Village Hotels PLC INTERIM RESULTS For The Twelve Months Ended 31st March /1, York Arcade Building, Leyden Bastian Road, Colombo 1

2 HOTELS PLC INCOME STATEMENT For the Quarter For the twelve months ended 31st March ended 31st March Change Change Rs.'000 Rs.'000 Rs.'000 % Rs.'000 Rs.'000 % 203,038 Revenue 88,772 73, ## 241, , Less : Direct Expenses (41,658) Cost of Sales (15,172) (13,613) (11)## (47,077) (41,658) (13) 161,380 Gross Profit 73,600 59, ## 194, , ,226 Add : Other Operating Income 1,563 3,125 (50)## 8,352 3, Less : Indirect Expenses (118,234) Administrative & Operating Expenses (46,506) (35,188) (32)## (140,602) (118,234) ## (19) (9,540) Promotional & Marketing Expenses (4,422) (4,445) 1 (9,888) (9,540) (4) #DIV/0!## #DIV/0! (4,069) Finance Cost (837) (1,063) 21 ## (1,724) (4,069) 58 (131,843) (51,765) (40,696) (27) (152,214) (131,843) (15) 32,763 Profit from Operations 23,398 21,914 #DIV/0! 7 ## 50,306 32,763 #DIV/0! 54 ## (509) Share of Associate Companies 1,803 3,963 (55) 1,474 (509) ,254 Profit before Taxation 25,201 25,877 (3) 51,780 32, (4,800) Less : Taxation (2,583) (4,800) (46)## (4,900) (4,800) Deferred Taxation (6,407) 252 (2,642)## (6,407) 252 (2,642) ## 27,706 Net Profit /(Loss) for the year 16,211 21,329 (24)## 40,473 27, Earnings per Share ##

3 HOTELS PLC BALANCE SHEET As at 31st March Rs.'000 Rs.'000 Rs.'000 ASSETS NON CURRENT ASSETS 167,833 Property Plant & Equipment 242, , ,987 Investment 178, , , , ,820 CURRENT ASSETS 5,234 Inventories 5,811 5,234 31,595 Trade Debtors & Other Receivables 46,993 31, ,040 Amounts Owed by Related Companies 147, ,040 45,773 Cash & Cash Equivalents 6,238 45, , , , ,462 Total Assets 627, ,462 EQUITY & LIABILITIES CAPITAL & RESERVES 363,722 Stated Capital 363, , ,036 Revaluation Reserve - Land 126, ,036 8,310 Revenue Reserves 39,784 8, , , ,068 NON CURRENT LIABILITIES 6,553 Interest Bearing Borrowings 4,316 6,553 14,924 Retirement Benefit Obligations 16,888 14, Deferred Taxation 7, ,412 28,546 22,412 CURRENT LIABILITIES 45,643 Trade Creditors & Other Payables 51,916 45,643 15,877 Amounts Owed to Related Companies 6,502 15,877 1,804 Taxation 4,291 1, Interest Bearing Borrowings 2, Bank Overdrafts 3,883-63,982 69,082 63, ,462 Total Equity & Liabilities 627, , Net Assets / ( Liabilities ) per Share The above figures for the year ended 31st March 2012 are prepared based on the audited financial statements for the year ended 31st March The Finance Manager certifies that the financial statements have been prepared in complaince with the requirement of the Companies Act No. 07 of Sgd Devaki Diaz - Finance Manager For and on behalf of the Board, Sgd Sgd S.Rajaratnam T.Theyagamurti Director Director Colombo 28th May 2012

4 HOTELS PLC STATEMENT OF CHANGES IN EQUITY For the Twelve months ended 31st March 2012 Stated Other Revaluation Accumulated Total Capital Reserves Reserve Profit/(Loss) Rs. '000 Rs. '000 Rs. '000 Rs. '000 Rs. '000 Balance as at ,722 39, ,036 (58,395) 281,363 Rights Issue 189, ,000 Net Profit for the period ,705 27,705 Balance as at ,722 39, ,036 (30,690) 498,068 Balance as at ,722 39, ,036 (30,690) 498,068 Net Profit for the period ,473 40,473 Dividend paid (9,000) (9,000) Balance as at ,722 39, , ,541

5 HOTELS PLC CASH FLOW STATEMENT Rs.'000 Rs.'000 32,253 Net Profit/(Loss) before Taxation 51,780 32,253 Adjustment for Non-Cash Items 6,180 Depreciation 7,539 6,180 4,069 Interest Expenses 1,724 4,069 - Profit / (Loss ) on Disposal of Fixed Assets (863) - (619) Reversal of Over Provision for fall in value of shares 844 (619) 496 Reversal of Capital Expenses Profit / (Loss ) of the Associate Company (1,474) 509 2,455 Provision for Gratuity 3,283 2,455 13,090 11,053 13,090 45,343 Operating Profit before Working Capital Changes 62,833 45,343 (426) (Increase)/Decrease in Inventories (576) (426) (7,292) (Increase)/Decrease in Debtors & Receivables (15,398) (7,292) (132,391) (Increase)/Decrease in Related Party Balances (772) (132,391) (42,331) Increase/(Decrease) in Creditors & Accruals 6,273 (42,331) (182,440) (10,473) (182,440) (137,097) Cash Generated from Operations 52,360 (137,097) (4,069) Interest Paid (1,724) (4,069) - Dividend Paid (9,000) - (3,520) Taxes Paid (2,413) (3,520) (528) Gratuity Paid (1,318) (528) (145,214) Net Cash Flow from Operating Activities 37,905 (145,214) Cash Flow from Investing Activities (2,327) Acquisition of Fixed Assets (81,806) (2,327) 6,202 Disposal of Investments - 6, Proceeds from Sale of Fixed Assets (563) Acquisition / Sale of Investment - (563) 3,413 Net Cash Flow from Investing Activities (80,916) 3,413 Cash Flow from Financing Activities - (488) Loan (Paid)/ Received (406) (488) 189,000 Rights Issue - 189, ,512 Net Cash Flow from Financing Activities (406) 188,512 46,711 Net Change in Cash & Cash Equivalents during the period (43,417) 46,711 (939) Cash & Cash Equivalents at the beginning of the period 45,772 (939) 45,772 Cash & Cash Equivalents at the end of the period 2,355 45,772 Analysis of Cash & Cash Equivalents at the end of the period 44,740 Cash at Bank 4,991 44,740 1,032 Cash in Hand 1,247 1,032 - Bank Overdraft (3,883) - 45,772 2,355 45,772

6 1. Accounting Policies HOTELS PLC NOTES TO THE ACCOUNTS The Financial Statements of the Company has been prepared on the basis of the same Accounting Policies and methods applied for the year ended 31st March 2012 and are in compliance with Sri Lanka Accounting Standards 35 - Interim Financial Reporting. 2. Companies Investments in Associate Companies are accounted in the Financial Statements based on "Equity Method". 3. Ratios Rs. Rs. Market Price for the quarter ended Highest Lowest Last Traded Price (Volume Weighted Average Price) 4. Events subsequent to the Interim Period There have been no material events subsequent to the interim period which require disclosed in the provisional Interim Financial Statements except those disclosed below. The Directors have recommended the payment of a First and Final Dividend of Rs. 2 / - per share for the year ended 31 st March 2012 to the ordinary shareholders which will be declared at the Annual General Meeting to be held on 27 th June In accordance with Sri Lanka Accounting Standard No. 12 ( Revised ) - Events After the Balance Sheet Date, this proposed First and Final Dividend has not been recognised as liability as at 31st March 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 31st March 2012 was 33.6 % 8. Shareholdings of Directors Directors direct and Indirect shareholdings as at 31st March 2012 was; Name of Directors No. of Shares Mr. A. Rajaratnam 1,429 Mr. S. Rajaratnam 77, 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 March 31, Management Fees There was no liabilities for management fees or any other similar expenditure not provided for in the Interim Financial Statements. 11. The quarterly figures in the Income Statement are unaudited.

7 HOTELS PLC Twenty Major Shareholders as at Major Shareholders No of Shares % 1 LANKEM CEYLON PLC 2,753, PAN ASIA BANKING CORPORATION PLC/LANKEM CEYLON PLC 2,080, COLOMBO FORT HOTELS LTD 925, MR.JOSEPH ROMESH DE SILVA 604, PAN ASIA BANKING CORPORATION PLC/MR.R.C.J GOONEWARDENE 422, EST.OF LATE MR. NAWALAGE GERALD HERBERT COORAY 204, ALLIANCE FINANCE COMPANY PLC 129, SEYLAN BANK PLC/ROMANI KUMAR EARDLEY PATRICK DE SILVA 99, NEGOMBO HOTELS LIMITED 91, ROSEWOOD (PVT) LIMITED-ACCOUNT NO. 1 87, BLUE OCEANIC BEACH HOTEL (PVT) LTD 81, MR. SANJEEV RAJARATNAM 77, ASSOCIATED ELECTRICAL CORPORATION LTD 66, MR. MALIK JOSEPH FERNANDO 65, ISLAND CONSUMER SUPPLIES ( PVT. ) LTD 62, COMMERCIAL BANK OF CEYLON PLC / MR. D.J.N. HETTIARACHCHI 56, COMMERCIAL BANK OF CEYLON PLC / MR. S.N.C.W.M.B.C.KANDEGEDARA 51, MRS. ALALIYA KANKANAMALAGE MARY JOSEPHINE COORAY 49, MR. PRASANNA SENANI RAJIV CASIECHITTY 45, MRS. REX ALIYANTHA LINDSAY WHITE 44, TOTAL 7,997, REVENUE AND NET PROFIT /( LOSS ) Twelve months ended 31st March , , , , ,000 50,000 86, , ,038 27, ,245 40,473 - (50,000) (5,436) (34,997) REVENUE NET PROFIT /( LOSS)