EDEN HOTEL LANKA PLC INTERIM FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

31ST DECEMBER 2022

EDEN HOTELS LANKA PLC

STATEMENT OF FINANCIAL POSITION

GROUP

As at

31.12.2022

31.12.2021

31.03.2022

Rs.'000'

Rs.'000'

Rs.'000'

(Unaudited)

(Unaudited)

(Audited)

Assets

Non Current Assets

Property, plant and equipment

55,681,444

31,069,612

47,459,346

Investment property

57,000

51,000

57,000

Right-of- use asset

6,893,455

4,228,423

5,874,014

Intangible assets

50,330

186,504

53,030

Investments in subsidiaries

-

-

-

Trading assets - fair value through profit or loss

2,873

3,817

3,474

Investment securities

164,115

147,208

156,815

Total Non Current Assets

62,849,217

35,686,564

53,603,679

Current Assets

Inventories

132,486

60,924

68,445

Loan due from related parties

468,070

408,151

419,790

Trade and other receivables

2,074,014

1,491,887

2,176,441

Current tax receivables

392,410

278,584

357,330

Cash and cash equivalents

3,019,141

679,182

838,301

Total Current Assets

6,086,121

2,918,728

3,860,307

Total Assets

68,935,338

38,605,292

57,463,986

Liabilities and Equity

Equity

Stated capital

5,808,000

5,808,000

5,808,000

Capital reserves

20,005,269

9,385,170

17,251,323

Revenue reserves

(11,205,101)

(6,409,694)

(7,385,141)

Equity Attributable to Shareholders

14,608,168

8,783,476

15,674,183

Non controlling interest

13,129,147

7,339,843

11,185,044

Total Equity

27,737,315

16,123,319

26,859,227

Liabilities

Non Current Liabilities

Loans and borrowings

16,546,105

8,983,729

12,188,123

Employee benefits

107,134

100,831

107,935

Deferred tax liabilities

4,823,657

2,997,168

4,318,137

Total Non Current Liabilities

21,476,896

12,081,728

16,614,195

Current Liabilities

Trade and other payables

15,434,969

8,898,117

11,140,363

Loans and borrowings

4,097,584

1,299,078

2,609,750

Current tax payables

111,558

89,691

97,205

Bank overdrafts

77,016

113,360

143,245

Total Current Liabilities

19,721,127

10,400,246

13,990,563

Total Liabilities & Equity

68,935,338

38,605,292

57,463,986

Net Assets per Share (Rs)

27.67

16.64

29.69

COMPANY

31.12.2022

31.12.2021

31.03.2022

Rs.'000'

Rs.'000'

Rs.'000'

(Unaudited)

(Unaudited)

(Audited)

5,550,994

3,471,161

4,957,139

57,000

51,000

57,000

-

-

-

1,744

2,549

2,348

7,165,375

6,110,604

5,955,604

2,873

3,817

3,474

36,361

19,861

29,061

12,814,347

9,658,992

11,004,626

26,574

8,944

7,532

695,787

635,868

647,506

91,158

117,375

32,378

77,489

36,877

36,067

24,232

52,739

80,760

915,240

851,803

804,243

13,729,587

10,510,795

11,808,869

5,808,000

5,808,000

5,808,000

3,620,842

2,361,297

3,620,842

(7,311,545)

(4,269,541)

(5,048,892)

2,117,297

3,899,756

4,379,950

-

-

2,117,297

3,899,756

4,379,950

527,232

527,232

527,232

18,670

19,012

17,590

604,500

404,732

604,500

1,150,402

950,976

1,149,323

8,778,950

4,906,318

5,162,667

1,682,187

753,441

1,116,896

751

304

34

-

-

-

10,461,888

5,660,063

6,279,597

13,729,587

10,510,795

11,808,869

4.01

7.39

8.30

These Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act No 07 of 2007.

sgd

Mrs. S.S. Kotakadeniya

Chief Financial Officer- LOLC Group

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Approved and signed on behalf of the Board,

sgd

sgd

(Director)

(Director)

14th February 2023

Colombo

EDEN HOTELS LANKA PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

GROUP

COMPANY

Three months ended

Nine months ended

Three months ended

Nine months ended

For the period ended 31st December

2022

2021

Variance

2022

2021

Variance

2022

2021

Variance

2022

2021

Variance

Rs.'000'

Rs.'000'

%

Rs.'000'

Rs.'000'

%

Rs.'000'

Rs.'000'

%

Rs.'000'

Rs.'000'

%

(Un-audited)

(Un-audited)

(Un-audited)

(Un-audited)

(Un-audited)

(Un-audited)

(Un-audited)

(Un-audited)

Revenue

491,596

163,487

>100

1,243,128

636,222

95

16,020

27,550

(42)

17,608

148,107

(88)

Cost of sales

(204,394)

(45,070)

(>100)

(461,150)

(165,501)

(>100)

(7,435)

(264)

(>100)

(7,907)

(22,735)

65

Gross profit

287,202

118,417

781,978

470,721

8,586

27,286

9,701

125,372

Other income/(expenses)

91,877

797

>100

152,160

7,862

>100

2,594

293

>100

4,181

5,855

(29)

Profit before operating expenses

379,079

119,214

934,138

478,583

11,179

27,579

13,882

131,227

Operating expenses

Personnel costs

(170,309)

(130,858)

(30)

(470,400)

(390,947)

(20)

(46,864)

(27,354)

(71)

(105,984)

(78,331)

(35)

Depreciation and amortization

(259,914)

(207,237)

(25)

(828,376)

(624,113)

(33)

(22,126)

(22,600)

2

(67,126)

(67,815)

1

Other operating expenses

(262,945)

(123,525)

(>100)

(671,438)

(434,697)

(54)

(46,031)

(21,213)

(>100)

(89,429)

(111,343)

20

Results from operating activities

(314,089)

(342,406)

(1,036,076)

(971,174)

(103,841)

(43,588)

(248,656)

(126,262)

Net finance income/(cost)

(1,520,943)

(337,652)

(>100)

(3,802,071)

(925,237)

(>100)

(770,334)

(152,580)

(>100)

(2,013,997)

(410,144)

(>100)

Profit/(loss) before income tax expense

(1,835,031)

(680,058)

(4,838,147)

(1,896,411)

(874,176)

(196,168)

(2,262,653)

(536,406)

Tax expense

-

-

-

-

-

-

-

-

Profit/(loss) after tax

(1,835,031)

(680,058)

(4,838,147)

(1,896,411)

(874,176)

(196,168)

(2,262,653)

(536,406)

Statement of Other Comprehensive Income

Profit/(loss) after tax

(1,835,031)

(680,058)

(4,838,147)

(1,896,411)

(874,176)

(196,168)

(2,262,653)

(536,406)

Other Comprehensive Income

Items that will never be reclassified to profit or loss

Fair value gain/(losses) arose during the year

-

(118,107)

>100

-

(118,107)

>100

-

(118,107)

>100

-

(118,107)

>100

Items that are or may be reclassified to profit or loss

Exchange gain/(loss) on translation of foreign operations

15,011

33,906

(>100)

4,617,033

105,158

>100

-

Total Comprehensive Income/(expenses)

(1,820,020)

(764,259)

(221,113)

(1,909,361)

(874,176)

(314,275)

(2,262,653)

(654,513)

Profit/(loss) attributable to:

Shareholders of the company

(1,542,524)

(492,434)

(>100)

(3,982,350)

(1,387,677)

(>100)

(874,176)

(196,168)

(>100)

(2,262,653)

(536,406)

(>100)

Non Controlling Interest

(292,507)

(187,624)

(56)

(855,796)

(508,734)

(68)

-

-

-

-

(1,835,031)

(680,058)

(4,838,147)

(1,896,411)

(874,176)

(196,168)

(2,262,653)

(536,406)

Total Comprehensive income/(expenses) attributable to:

Shareholders of the company

(1,533,598)

(590,297)

(160)

(1,228,405)

(1,443,000)

(>100)

(874,176)

(314,275)

(>100)

(2,262,653)

(654,513)

(>100)

Non Controlling Interest

(286,422)

(173,962)

(65)

1,007,292

(466,361)

(>100)

-

-

-

-

(1,820,020)

(764,259)

(221,113)

(1,909,361)

(874,176)

(314,275)

(2,262,653)

(654,513)

Earnings/(loss) per share (Rs)

(2.92)

(0.93)

(7.54)

(2.63)

(1.66)

(0.37)

(4.29)

(1.02)

-

-

-

-

  1. The Statement of Financial Position, the Statement of Profit or Loss and Other Comprehensive Income , Cash Flow Statement and Statement of Changes in Equity for the Group and the Company as at and for the period then ended 31st December 2022 are drawn up from unaudited accounts of the company and Its subsidiary companies and provide information as required by Colombo Stock Exchange and LKAS 34, "Interim Financial Reporting". Further , provisions of the Companies Act No 7 of 2007 has been considered in preparing these interim financial statements.
    The interim financial statements are presented in Sri Lanka Rupees (LKR) and all values are rounded to the nearest thousand except when otherwise indicated
    The presentation and classification of the financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.
  2. Accounting policies and methods of computation as stated in the Financial Statements for 2021/22 are followed in the preparation of these Interim Financial Statements.
  3. Revenue includes accommodation sales for rooms occupied on daily basis, together with outlet sales and other income from hotel operations.
  4. Other income represents other sources of income not shown under revenue.
  5. All expenses related to management expenditure are fully provided for in these financial statements.
  6. Upon completion of the refurbishment, Eden Hotel Lanka PLC recommenced its' commercial operations in the month of December 2022
  7. Valuation of financial assets and liabilities

Group

Company

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Fair Value hierarchy

As at 31st December 2022

Trading assets - Fair Value Through Profit or Loss

2,873

2,873

Investment securities

164,115

36,361

2,873

164,115

-

2,873

36,361

-

Fair Value hierarchy

As at 31st December 2021

Trading assets - Fair Value Through Profit or Loss Investment securities

Group

Level 1

Level 2

Level 3

Rs.'000'

Rs.'000'

Rs.'000'

3,817

147,208

3,817

147,208

-

Company

Level 1

Level 2

Level 3

Rs.'000'

Rs.'000'

Rs.'000'

3,817

19,861

3,817

19,861

-

  1. Going concern and macro-economic Impact
    In determining the basis of preparing the financial statements for the period ended 31st December 2022, based on available information, the management has formed reasonable judgement that the Group companies have adequate resources to continue its business operations for the foreseeable future monitoring its business performance and continuity by adopting risk mitigation initiatives at each company level.
  2. Subsidiary Rights Issue
    Dolphin Hotels PLC, a subsidiary of Eden Hotel Lanka PLC, concluded its Rights Issue in the month of September 2022, raising Rs 632,429,540 additional capital, issuing 31,621,477 new shares at Rs 20 per share Hotel Sigiriya PLC, a subsidiary of Eden Hotel Lanka PLC, concluded its Rights Issue in the month of September 2022, raising Rs 351,540,000 additional capital, issuing 11,718,000 new shares at Rs 30 per share
    Serendib Hotels PLC, a subsidiary of Eden Hotel Lanka PLC, concluded its Rights Issue in the month of December 2022, raising Rs 2,017,942,170 additional capital, issuing 226,544,214 new voting shares at Rs 7 per share and 108,033,168 new non-voting shares at Rs 4 per share.
  3. There has been no material events occurring after the reporting date that require adjustment to or disclosure in these Interim Financial Statements.
  4. There is no contingent liabilities as at the reporting date that require disclosures in these Interim Financial Statements

EDEN HOTELS LANKA PLC

STATEMENT OF CHANGES IN EQUITY

Foreign currency

Retained

Stated capital

Revaluation

Fair Value

translation

Non Controlling

Total equity

earnings

GROUP

reserve

reserve

reserve

interest

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Balance as at 01st April 2021

5,808,000

8,048,034

142,531

1,274,550

(5,046,639)

7,806,204

18,032,680

Comprehensive income for the period

Net profit/(loss) for the period

-

-

-

-

(1,387,679)

(508,734)

(1,896,413)

Other comprehensive income

Exchange gain/(loss) on translation of foreign operations

-

-

-

62,785

-

42,373

105,158

Fair value gain/(losses) arose during the year

(118,107)

(118,107)

Fair value gains/(losses) recycled to the Income Statement on reclassification

-

-

(24,624)

-

24,624

-

-

Total Comprehensive Income

-

-

(142,731)

62,785

(1,363,055)

(466,361)

(1,909,362)

Balance as at 31st December 2021

5,808,000

8,048,034

(200)

1,337,335

(6,409,694)

7,339,843

16,123,319

Balance as at 01st April 2022

5,808,000

11,654,369

(200)

5,597,154

(7,385,141)

11,185,044

26,859,227

Comprehensive income for the period

Net profit/(loss) for the period

-

-

-

-

(3,982,350)

(855,796)

(4,838,147)

Other comprehensive income

Exchange gain/(loss) on translation of foreign operations

-

-

-

2,753,945

-

1,863,088

4,617,033

Total Comprehensive Income

-

-

-

2,753,945

(3,982,350)

1,007,292

(221,113)

Investments in subsidiary by NCI

1,099,200

1,099,200

Changes in ownership that do not resulted in change in control

162,389

(162,389)

Balance as at 31st December 2022

5,808,000

11,654,369

(200)

8,351,100

(11,205,101)

13,129,147

27,737,314

Stated capital

Revaluation

Fair Value

Retained earnings

Total equity

COMPANY

Reserve

reserve

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

Balance as at 01st April 2021

5,808,000

2,361,496

142,531

(3,757,759)

4,554,268

Comprehensive income for the period

Net profit/(loss) for the period

-

-

-

(536,406)

(536,406)

Fair value gain/(losses) arose during the year

-

-

(118,107)

-

(118,107)

Fair value gains/(losses) recycled to the Income Statement on reclassification

-

-

(24,624)

24,624

-

Total comprehensive income for the year

-

-

(142,731)

(511,782)

(654,513)

Balance as at 31st December 2021

5,808,000

2,361,496

(200)

(4,269,541)

3,899,755

-

Balance as at 01st April 2022

5,808,000

3,621,042

(200)

(5,048,892)

4,379,950

Comprehensive income for the period

Net profit/(loss) for the period

(2,262,653)

(2,262,653)

Total comprehensive income for the year

-

-

-

(2,262,653)

(2,262,653)

Balance as at 31st December 2022

5,808,000

3,621,042

(200)

(7,311,545)

2,117,297

EDEN HOTELS LANKA PLC

STATEMENT OF CASH FLOWS

GROUP

COMPANY

For the period ended 31st December

2022

2021

2022

2021

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

CASH FLOW FROM OPERATING ACTIVITIES

Profit before income tax expense

(4,838,147)

(1,896,411)

(2,262,653)

(536,406)

Adjustment for:

Depreciation and amortization

828,376

624,113

67,126

67,815

Provision for gratuity

9,901

9,524

1,620

1,620

Interest cost

3,956,571

1,063,911

2,050,945

445,793

Interest income

(154,500)

(138,673)

(36,948)

(35,650)

(Gain)/loss on fair valuation of Other FVTPL instruments

601

(2,491)

601

(2,491)

Operating profit before working capital changes

(197,198)

(340,027)

(179,309)

(59,319)

Working capital changes

(Increase)/decrease in accounts receivables & others

173,567

(64,131)

(111,534)

(44,465)

(Increase)/decrease in inventories

(64,040)

1,412

(19,042)

3,438

Increase/(decrease) in accounts payables

(76,213)

575,025

144,532

(145,010)

Cash generated from operations

(163,884)

172,279

(165,353)

(245,356)

Interest paid

(64,140)

(32,814)

(64,140)

(24,903)

Gratuity paid

(10,702)

(13,096)

(541)

(905)

Net cash from /(used in) operating activities

(238,726)

126,369

(230,034)

(271,164)

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment

(2,578,192)

(697,981)

(660,380)

(37,376)

Disposal of Investments

-

100,194

-

100,194

Acquisition of Rights Issue shares by subsidiaries

-

-

(1,209,771)

Interest received

-

909

-

909

Issue of shares by Subsidiaries to NCI

1,099,200

-

-

-

Net cash flow from investing activities

(1,478,992)

(596,878)

(1,870,151)

63,727

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds/(Repayments) of long term loans

2,025,868

174,133

104,737

(464)

Funds received from/payment made to ultimate parent company

1,938,920

115,376

1,938,920

115,376

Net cash generated from financing activities

3,964,788

289,510

2,043,657

114,913

Net increase/(decrease) in cash & cash equivalents during the period

2,247,070

(181,002)

(56,528)

(92,523)

Cash & cash equivalents at the beginning of the period

695,055

746,824

80,760

145,262

Cash & cash equivalents at the end of the period

2,942,125

565,822

24,232

52,739

Analysis of cash & cash equivalents at the end of the period

Cash at bank and in hand

3,019,141

679,182

24,232

52,739

Unfavourable Bank Balances used for cash management purposes

(77,016)

(113,360)

-

-

2,942,125

565,822

24,232

52,739

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Eden Hotel Lanka plc published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 11:36:11 UTC.