Beruwala Resorts : Interim Financial Statements as at 31.03.2022

Beruwala Resorts PLC

The Palms

INTERIM RESULTS

For the Twelve Months Ended

31st March 2022

8 - 1 /3 , York Arcade Building , Leyden Bastian Road ,

Colombo 1

31st March 2022

BERUWALA RESORTS PLC

THE PALMS - BERUWALA

STATEMENT OF COMPREHENSIVE INCOME

GROUP

GROUP			GROUP			GROUP
For the year		For the Quarter		For the Twelve Months
Ended		Ended 31st March		Ended 31st March
Audited		Unaudited	Audited			Unaudited	Audited
31.03.2021		2022	2021		Change	2022	2021		Change
Rs.'000		Rs.'000	Rs.'000		%	Rs.'000	Rs.'000		%
115,956	Revenue	77,961	53,788		-	242,906	115,956		-
(38,561)	Cost of Sales	(26,424)	(14,100)		87	(75,095)	(38,561)		95
77,395	Gross Profit	51,536	39,688		30	167,810	77,395		117
4,846	Other Operating Income	2,135	2,374		-	1,893	4,846		-
(165,992)	Administrative & Operating Expenses	(51,812)	(44,563)		16	(184,738)	(165,992)		11
(12,091)	Promotional & Marketing Expenses	(737)	(1,740)		(58)	(3,243)	(12,091)		(73)
(95,841)	Profit from Operating Activities	1,123	(4,241)		(126)	(18,277)	(95,842)		(81)
(39,177)	Finance Expenses	(10,251)	(5,830)		76	(35,859)	(39,177)		(8)
(135,018)	Profit / (Loss) before Exchange Gain / (Loss)	(9,128)	(10,071)		(9)	(54,136)	(135,019)		(60)
(10,138)	Exchange Gain / (Loss)	(92,139)	(12,980)			(92,733)	(10,138)
(145,156)	Profit / (Loss) before Taxation	(101,267)	(23,051)			(146,869)	(145,157)
3,988	Taxation	-	3,988			-	3,988
(141,170)	Net Profit /(Loss) for the period	(101,267)	(19,063)		431	(146,869)	(141,170)		4
	OTHER COMPREHENSIVE INCOME
-	Tax on other comprehensive income	-	-			-	-
-	Revaluation of land	26,275	-			26,275	-
(982)	Actuarial Gain / (Loss) on Available for FA sales	-	(982)		-	-	(982)		-
(142,151)	Total Comprehensive Income for the period	(74,992)	(20,045)		274	(120,594)	(142,151)		(15)
	Profit / (Loss) Attributable to;
(136,315)	Equity holders of the parent	(98,229)	(18,492)			(142,463)	(136,315)
(4,855)	Non- controlling interests	(3,038)	(572)			(4,406)	(4,855)
(141,170)	Net Profit /(Loss) for the period	(101,266)	(19,062)			(146,868)	(141,170)
	Total Comparehensive Income Attributable to;
(137,587)	Equity holders of the parent	(72,742)	(19,444)			(116,976)	(137,587)
(4,564)	Non- controlling interests	(2,250)	(601)			(3,618)	(4,564)
(142,151)	Total Comprehensive Income for the period	(74,991)	(20,045)			(120,594)	(142,151)
(0.23)	Earnings / (Loss) per Share	(0.17)	(0.04)			(0.24)	(0.23)		-

BERUWALA RESORTS PLC

THE PALMS - BERUWALA

STATEMENT OF COMPREHENSIVE INCOME

COMPANY			COMPANY			COMPANY
For the Year		For the Quarter		For the Twelve Months
Ended		Ended 31st March		Ended 31st March
Audited		Unaudited	Audited			Unaudited	Audited
31.03.2021		2022	2021		Change	2022	2021		Change
Rs.'000		Rs.'000	Rs.'000		%	Rs.'000	Rs.'000		%
115,956	Revenue	77,961	53,788		-	242,906	115,956		-
(38,561)	Cost of Sales	(26,424)	(14,100)		87	(75,095)	(38,561)		95
77,395	Gross Profit	51,536	39,688		30	167,810	77,395		117
3,281	Other Operating Income	2,135	882		142	2,135	3,281		(35)
(148,682)	Administrative & Operating Expenses	(47,825)	(42,165)		13	(167,503)	(148,682)		13
(12,091)	Promotional & Marketing Expenses	(737)	(1,740)		(58)	(3,243)	(12,091)		(73)
(80,097)	Profit from Operating Activities	5,110	(3,334)		253	(801)	(80,097)		99
(39,073.76)	Finance Cost	(10,228)	(5,812)		(76)	(35,746)	(39,074)		(9)
(119,171)	Profit / (Loss) before Exchange Gain / (Loss)	(5,118)	(9,146)		(44)	(36,547)	(119,171)		(69)
(10,138)	Exchange Gain / (Loss)	(92,139)	(12,980)			(92,734)	(10,138)
(129,308)	Profit / (Loss) before Taxation	(97,257)	(22,126)			(129,281)	(129,308)
3,640	Taxation	-	3,640		-	-	3,640		-
(125,668)	Net Profit /(Loss) for the period	(97,257)	(18,486)		426	(129,281)	(125,668)		3
	OTHER COMPREHENSIVE INCOME
	Tax on other comprehensive income
	Revaluation of land
(1,910)	Actuarial Gain / (Loss) on defined benefit plans	-	(1,910)			-	(1,910)
(127,578)	Total Comprehensive Income for the period	(97,257)	(20,396)		377	(129,281)	(127,578)		1
	Profit / (Loss) Attributable to;
(125,668)	Equity holders of the parent	(97,257)	(18,486)			(129,281)	(125,668)
-	Non- controlling interests	-				-	-
(125,668)	Net Profit /(Loss) for the period	(97,257)	(18,486)			(129,281)	(125,668)
	Total Comprehensive Income Attributable to;
(127,578)	Equity holders of the parent	(97,257)	(20,396)			(129,281)	(127,578)
-	Non- controlling interests	-				-	-
(127,578)	Total Comprehensive Income for the period	(97,257)	(20,396)			(129,281)	(127,578)
(0.21)	Earnings / (Loss) per Share	(0.16)	(0.04)			(0.22)	(0.21)

BERUWALA RESORTS PLC

THE PALMS - BERUWALA

STATEMENT OF FINANCIAL POSITION

GROUP	COMPANY		GROUP	COMPANY
Audited		Unaudited	Audited	Unaudited	Audited
31.03.2021	31.03.2021	AS AT 31ST MARCH	2022	2021	2022	2021
Rs.'000	Rs.'000		Rs.'000	Rs.'000	Rs.'000	Rs.'000
		ASSETS
		NON CURRENT ASSETS
1,110,634	439,592	Property Plant & Equipment	1,102,475	1,110,634	417,266	439,592
2,585	2,585	Intangible Assets	2,100	2,585	2,100	2,585
13,353	13,353	Ritght of Use Assets	12,482	13,353	12,482	13,353
-	391,476	Investment in Subsidiaries	-	-	391,476	391,476
-		Deferred Tax Assets	-	-
1,126,572	847,006		1,117,058	1,126,572	823,325	847,006
		CURRENT ASSETS
6,722	6,722	Inventories	9,513	6,722	9,513	6,722
21,646	21,646	Trade Debtors & Other Receivables	55,807	21,646	55,807	21,646
43,847	48,242	Amounts Owed by Related Companies	46,156	43,847	55,109	48,242
1,329	1,329	Income Tax	1,329	1,329	1,329	1,329
15,898	15,687	Cash & Cash Equivalents	12,971	15,898	12,871	15,687
89,442	93,626		125,777	89,442	134,630	93,626
1,216,014	940,632	Total Assets	1,242,834	1,216,014	957,954	940,632
		EQUITY & LIABILITIES
		CAPITAL & RESERVES
340,000	340,000	Stated Capital	340,000	340,000	340,000	340,000
74,268	-	Revaluation Reserve	100,543	74,268	-	-
(7,621)	(6,244)	Actuarial Gain/(Loss) on Defined Benefit Obligation	(7,621)	(7,621)	(6,244)	(6,244)
(95,278)	(56,742)	Retained Earnings	(237,741)	(95,278)	(186,024)	(56,742)
311,369	277,014	Equity Attributable to Shareholders of Parent	195,181	311,369	147,732	277,014
170,496	-	Non Controlling Interest	166,090	170,496	-	-
481,865	277,014	Total Equity	361,271	481,865	147,732	277,014
		NON CURRENT LIABILITIES
227,480	227,480	Interest Bearing Borrowings	247,585	227,480	247,586	227,480
115,782	47,283	Deferred Tax	115,782	115,782	47,283	47,283
16,045	16,045	Lease Liabilities	-	16,045	-	16,045
14,524	13,992	Retirement Benefit Obligations	16,268	14,524	15,717	13,992
373,830	304,800		379,635	373,830	310,586	304,800
		CURRENT LIABILITIES
58,796	57,294	Trade Creditors & Other Payables	104,738	58,796	103,536	57,294
144,916	144,916	Amounts Owed to Related Companies	156,885	144,916	156,643	144,916
2,684	2,684	Lease Liabilities	21,197	2,684	21,197	2,684
-	-	Income Tax	-	-	-	-
55,890	55,890	Interest Bearing Borrowings	123,780	55,890	123,780	55,890
98,033	98,033	Bank Overdrafts	95,328	98,033	94,480	98,033
360,319	358,818		501,928	360,319	499,636	358,818
1,216,014	940,632	Total Equity & Liabilities	1,242,834	1,216,014	957,953	940,632
0.37	0.33	Net Assets per Share	0.23	0.37	0.18	0.33
	For and on behalf of the Board ,	0	0	1	0
	Sgd		Sgd
	Anushman Rajaratnam	Sanjeev Rajaratnam
	Director		Director
	Colombo
	26th May 2022

BERUWALA RESORTS PLC

THE PALMS - BERUWALA

STATEMENT OF CHANGE IN EQUITY

GROUP
FOR THE TWELVE MONTHS ENDED 31ST MARCH 2022
		Stated	Revaluation	Accumulated	Actuarial	Total Equity	Non-	Total
		Capital	Reserve	Profit/(Loss)	Gain/(Loss) on	Attributable to	Controlling	Equity
					Defined Benefit	Equity Holders	Interest
					Obligations	of the Parent
		Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01.04.2020	340,000	74,268	41,036	(6,348)	448,955	175,060	624,016
Profit/(Loss ) for the Period			(136,315)		(136,315)	(4,855)	(141,170)
Actuarial Gain/(Loss) on Defined Benefit Plans				(1,272)	(1,272)	291	(982)
Balance as at 31.03.2021		340,000	74,268	(95,278)	(7,621)	311,368	170,496	481,865
Balance as at 01.04.2021	340,000	74,268	(95,278)	(7,621)	311,369	170,496	481,865
Profit/(Loss ) for the Period			(142,463)		(142,463)	(4,406)	(146,869)
Gain on Revaluation of Land		26,275			26,275		26,275
Deferred Tax on Land Revaluation			-		-	-	-
Actuarial Gain/(Loss) on Defined Benefit Plans			-	-	-	-	-
Balance as at 31.03.2022		340,000	100,543	(237,741)	(7,621)	195,181	166,090	361,271
COMPANY
FOR THE TWELVE MONTHS ENDED 31ST MARCH 2022
					Stated	Accumulated	Actuarial	Total
					Capital	Profit/(Loss)	Gain/(Loss) on
							Defined Benefit
							Obligations
					Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01.04.2020				340,000	68,925	(4,334)	404,591
Profit/(Loss ) for the Period				-	(125,668)		(125,668)
Actuarial Gain/(Loss) on Defined Benefit Plans						(1,910)	(1,910)
Balance as at 31.03.2021				340,000	(56,743)	(6,244)	277,013
Balance as at 01.04.2021				340,000	(56,743)	(6,244)	277,013
Profit/(Loss ) for the Period				-	(129,281)		(129,281)
Actuarial Gain/(Loss) on Defined Benefit Plans						-	-
Balance as at 31.03.2022				340,000	(186,024)	(6,244)	147,732