Colombo Land and Development : Interim Financial Statement For The Nine Months Ended 30th September 2022

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

INTERIM

FINANCIAL

STATEMENTS

FOR THE NINE - MONTHS ENDED 30TH SEPTEMBER 2022

CEO MESSAGE

Dear Shareholders,

It is a great pleasure that I share with you the interim financial statements of Colombo Land and Development Company PLC for the quarter ended 30th September 2022.

Overall the Group recorded a Revenue of Rs. 78.83 Mn (YoY 15%), a Gross Profit of Rs. 50.71 Mn (YoY 11%) and a loss before tax of Rs. 37.27 Mn (YoY - 9%) for the quarter ending 30th September 2022.

Rental Income

The occupancy during this period stood at 71% compared to 69% in 2021. Overall, the rental income for the 3rd quarter increased by 7% when compared to the corresponding quarter.

Car park income

The revenue from Car Parks during this period increased by 56% when compared to the corresponding quarter. The average monthly revenue of the Gas Land car park increased by 31%, People's Park car park by 181% and Liberty Plaza car park dropped 62% during the quarter under review. The increase in the monthly car park fees of Peoples Park car park can be attributed to the steep increase in revenue of the said car park.

Finance and Administration Expenses

The administration expenses have reduced by 42% during the quarter under review mainly due to reduction in personnel cost. We saw a 79% increase in the finance cost due to the increase in lending rates for the quarter under review.

Future Outlook

We expect to see a positive movement in the retail traffic at the mall as well as to the car parks during the upcoming festive season. The hike in interest rates will continue to impact the business negatively. The company will seek strategies to restructure and reduce the exiting borrowings whilst managing increasing costs. Furthermore, we would continue to look at attracting potential tenants to fill in the occupancies.

P S Weerasekera

Director/ Group CEO

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

INTERIM FINANCIAL STATEMENT

01

STATEMENT OF FINANCIAL POSITION

		Group	Company
	Unaudited		Audited	Unaudited	Audited
	As at		As at	As at	As at
	30.09.22	31.12.21	30.09.22	31.12.21
	LKR		LKR	LKR	LKR
ASSETS
Non - current assets
Property,Plant and Equipment	180,051,302		182,698,012	8,699,807	9,420,951
Biological Assets	65,155,891		64,834,727	-	-
Investment Properties	12,769,742,321		12,858,981,000	7,777,775,951	7,793,948,999
Investment in Subsidiaries	-		-	880,276,346	880,276,346
	13,014,949,513		13,106,513,739	8,666,752,103	8,683,646,297
Current assets
Inventories	1,142,930		1,134,090	-	-
Trade and Other Receivables	116,674,021		155,013,734	1,830,473,460	1,817,878,390
Non Current Asset Held for sale	45,000,000		640,000,000	-	640,000,000
Financial Assets	37,379.60		37,379.60	37,380	37,380
Other Investments	38,178,491		19,775,180	38,178,491	19,775,180
Cash and Cash Equivalents	8,057,140		13,235,710	4,270,803	8,384,948
	209,089,961		829,196,094	1,872,960,134	2,486,075,897
Total assets	13,224,039,475		13,935,709,833	10,539,712,237	11,169,722,193
EQUITY AND LIABILITIES
Equity
Stated Capital	341,602,342		341,602,342	341,602,342	341,602,342
Revaluation Reserve	103,621,212		103,621,212	-	-
Retained Earnings	8,224,337,808		8,278,047,560	6,892,189,631	6,847,593,537
Equity Attributable to Equity Holders of the Parent	8,669,561,362		8,723,271,114	7,233,791,974	7,189,195,879
Non-Controlling Interests	(2,474,523)		(2,474,523)	-	-
Total equity	8,667,086,839		8,720,796,591	7,233,791,974	7,189,195,879
Non-Current Liabilities
Interest Bearing Loans and Borrowings	1,351,000,000		1,905,000,000	1,351,000,000	1,905,000,000
Other Long Term Payable	-		-	-	-
Deferred Tax Liabilities	3,004,546,413		3,004,546,411	1,904,236,987	1,904,236,987
Defined Benefit Obligations	5,447,639		5,198,297	4,692,732	4,505,976
	4,360,994,051		4,914,744,709	3,259,929,719	3,813,742,964
Current Liabilities
Trade and Other Payables	42,689,607		30,135,471	14,672,306	16,387,868
Income Tax Liabilities	9,248,575		9,248,570	9,107,483	9,107,483
Interest Bearing Loans and Borrowings	-		-	-	-
Tenant Deposits	137,623,683		256,655,827	17,297,207	137,159,337
Bank Overdraft	6,396,720		4,128,664	4,913,548	4,128,664
	195,958,585		300,168,533	45,990,545	166,783,351
Total liabilities	4,556,952,636		5,214,913,241	3,305,920,264	3,980,526,315
Total equity and liabilities	13,224,039,475		13,935,709,833	10,539,712,237	11,169,722,193
Net Assets per Share (Rs.)	43.36		43.63	36.19	35.97

The notes form an integral part of these Financial Statements.

Figures in brackets indicate deductions

The figures are provisional and subject to Audit

The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007.

These financial statements have been prepared in compliance with the Rule 7.4 of the CSE Listing Rules and Sri Lanka Accounting Standard LKAS 34-Interrim Financial Reporting.

Signed for and on behalf of the Board of Directors of Colombo Land & Development Company PLC

Director

November 14,2022

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

INTERIM FINANCIAL STATEMENT

02

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

			Group
		Unaudited	Unaudited	Unaudited	Unaudited
		9 Month to	9 Month to	Quarter ended	Quarter ended
		September'22	September'21	September '22	September '21
		LKR	LKR	LKR	LKR
	Revenue	250,288,957	258,830,092	78,830,538		68,521,616
	Direct expenses	(81,785,049)	(75,468,033)	(28,125,947)		(22,766,676)
	Net Rental income	168,503,908	183,362,059	50,704,591		45,754,940
	Other Income and Gains	43,195,456	3,217,583	25,511,278		2,106,834
	Change in value of Investment Properties	-	-	-		-
	Fair Valuation of Biological Assets	-	-	-		-
	Selling and Distribution Costs	(913,919)	(670,322)	(289,655)		(121,092)
	Administrative Expenses	(63,087,679)	(87,523,021)	(21,441,045)		(37,147,476)
	Finance Cost	(201,407,518)	(158,889,592)	(91,755,162)		(51,353,276)
	Profit / (loss) before tax	(53,709,753)	(60,503,293)	(37,269,993)		(40,760,070)
	Income Tax Expense	-	-	-		-
	Profit / (loss) for the period	(53,564,560)	(60,503,293)	(37,124,801)		(40,760,070)
	Attributable to:
	Equity Holders of the Parent	(53,709,753)	(60,503,293)	(37,269,993)		(40,760,070)
	Non-Controlling interests	-	-	-		-
	Earnings Per Share - Restated	(0.27)	(0.30)	(0.19)		(0.20)
	Profit / (Loss) for the period	(53,709,753)	(60,503,293)	(37,269,993)		(40,760,070)
	Other Comprehensive Income
	Other Comprehensive Income not to be classified to profit or loss in subsequent periods	-	-	-		-
	Actuarial Gain/(Loss) on Defined Benefit Plans
	-	-	-		-
	Net Gain/(Loss) on Financial Assets classified under FVOCI	-	-	-		-
	Deferred Tax attributable to actuarial gains/(Loss) on defined benefit obligations	-	-	-		-
	Revaluation Gain/(Loss) of the Property Plant and Equipment's
	-	-	-		-
	Tax effects on Revaluation of Building
	-	-	-		-
	Total of Other Comprehensive Income	-	-	-		-
	Total Comprehensive income for the period ,net of tax	(53,709,753)	(60,503,293)	(37,269,993)		(40,760,070)
	Attributable to:
	Equity Holders of the Parent	(53,709,753)	(60,503,293)	(37,269,993)		(40,760,070)
	Non-Controlling Interests	-	-	-		-

The notes form an integral part of these financial statements.

Figures in brackets indicate deductions

The figures are provisional and subject to Audit

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

INTERIM FINANCIAL STATEMENT

03

STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME

		Company
	Unaudited	Unaudited		Unaudited	Unaudited
	9 Month to	9 Month to	Quarter ended Quarter ended
	September'22	September'21		September '22 September '21
	LKR	LKR		LKR	LKR
Revenue	114,989,336	117,750,130		35,461,148	28,410,185
Direct expenses	(30,518,696)	(31,079,759)		(10,383,008)	(9,902,029)
Net Rental income	84,470,640	86,670,371		25,078,140	18,508,156
Other Income and Gains	23,498,058	4,135,834		17,286,205	1,690,039
Change in value of Investment Properties	-	-		-	-
Fair Valuation of Biological Assets	-	-		-	-
Selling and Distribution Costs	(385,919)	(12,047)		(139,655)	(16,092)
Administrative Expenses	(53,070,616)	(67,762,901)		(17,950,055)	(29,772,960)
Finance Cost	(9,916,070)	(43,085,025)		(430,646)	(25,253,074)
Profit / (loss) before tax	44,596,094	(20,053,768)		23,843,990	(34,843,931)
Income Tax Expense	-	-		-	-
Profit / (loss) for the period	44,596,094	(20,053,768)		23,843,990	(34,843,931)
Attributable to:
Equity Holders of the Parent	44,596,094	(20,053,768)		23,843,990	(34,843,931)
Non-Controlling interests	-	-		-	-
Earnings Per Share - Restated	0.22	(0.10)		0.12	(0.17)
Profit / (Loss) for the period	44,596,094	(20,053,768)		23,843,990	(34,843,931)
Other Comprehensive Income
Other Comprehensive Income not to be classified to profit or loss in subsequent periods	-	-		-	-
Actuarial Gain/(Loss) on Defined Benefit Plans	-	-		-	-
Net Gain/(Loss) on Financial Assets classified under FVOCI	-	-		-	-
Deferred Tax attributable to actuarial gains/(Loss) on defined benefit obligations	-	-		-	-
Revaluation Gain/(Loss) of the Property Plant and Equipment's	-	-		-	-
Tax effects on Revaluation of Building	-	-		-	-
Total of Other Comprehensive Income	-	-		-	-
Total Comprehensive income for the period ,net of tax	44,596,094	(20,053,768)		23,843,990	(34,843,931)
Attributable to:
Equity Holders of the Parent	44,596,094	(20,053,768)		23,843,990	(34,843,931)
Non-Controlling Interests	-	-		-	-

The notes form an integral part of these financial statements.

Figures in brackets indicate deductions

The figures are provisional and subject to Audit

-

COLOMBO LAND AND DEVELOPMENT COMPANY PLC

INTERIM FINANCIAL STATEMENT

04