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) | |||||||
- | - | - | - |
- 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. - 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.
- Revenue includes accommodation sales for rooms occupied on daily basis, together with outlet sales and other income from hotel operations.
- Other income represents other sources of income not shown under revenue.
- All expenses related to management expenditure are fully provided for in these financial statements.
- Upon completion of the refurbishment, Eden Hotel Lanka PLC recommenced its' commercial operations in the month of December 2022
- 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 | - |
-
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. - 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. - There has been no material events occurring after the reporting date that require adjustment to or disclosure in these Interim Financial Statements.
- 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.