PALM GARDEN HOTELS PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
GROUP | COMPANY | ||||||||||||||||||||||
Three months ended | Period ended | Three months ended | Period ended | ||||||||||||||||||||
For the period ended 30 September | 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' | % | ||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||
Revenue | 296,139 | 140,675 | >100 | 751,531 | 472,735 | 59 | - | - | - | - | |||||||||||||
Less: cost of sales | (128,178) | (38,354) | >100 | (256,755) | (120,431) | >100 | - | - | - | - | |||||||||||||
Gross profit | 167,961 | 102,320 | 494,776 | 352,304 | - | - | - | - | |||||||||||||||
Other income/(expenses) | (9,291) | 3,378 | (>100) | 53,829 | 6,255 | >100 | 496 | 471 | 5 | 909 | 194 | >100 | |||||||||||
Profit before operating expenses | 158,670 | 105,698 | 548,605 | 358,558 | 496 | 471 | 909 | 194 | |||||||||||||||
Operating expenses | |||||||||||||||||||||||
Personnel costs | (152,221) | (129,852) | 17 | (300,102) | (260,088) | 15 | (11) | - | (11) | - | |||||||||||||
Depreciation and amortization | (273,570) | (205,282) | 33 | (568,862) | (416,976) | 36 | - | - | - | - | |||||||||||||
Administration & other operating cost | (203,301) | (157,946) | 29 | (412,911) | (314,994) | 31 | (1,518) | (1,263) | 20 | (2,895) | (2,360) | 23 | |||||||||||
Results from operating activities | (470,422) | (387,383) | (733,270) | (633,501) | (1,034) | (792) | (1,998) | (2,166) | |||||||||||||||
Net finance costs | (1,524,567) | (397,416) | >100 | (3,062,824) | (830,726) | >100 | (451,719) | (123,992) | >100 | (787,762) | (243,003) | >100 | |||||||||||
Profit/(loss) before income tax expense | (1,994,989) | (784,799) | (3,796,094) | (1,464,227) | (452,753) | (124,785) | (789,760) | (245,169) | |||||||||||||||
Income tax expense | - | - | - | - | - | - | - | - | |||||||||||||||
Profit/(loss) for the period | (1,994,989) | (784,799) | (3,796,094) | (1,464,227) | (452,753) | (124,785) | (789,760) | (245,169) | |||||||||||||||
Other Comprehensive Income
Revaluation of property, plant and equipment
Exchange gain from translation of foreign operations
Total Comprehensive Income for the period Profit/(loss) attributable to:
- | - | - | - | |||||||||||
215,306 | (84,802) | (>100) | 4,602,023 | 71,252 | >100 | - | - | - | - | |||||
215,306 | (84,802) | 4,602,023 | 71,252 | - | - | - | - | |||||||
(1,779,683) | (869,601) | 805,928 | (1,392,975) | (452,753) | (124,785) | (789,760) | (245,169) | |||||||
Equity holders of the company | (1,125,036) | (418,000) | >100 | (2,141,784) | (787,146) | >100 | (452,753) | (124,785) | >100 | (789,760) | (245,169) | >100 | ||||
Non Controlling Interests | (869,953) | (366,799) | >100 | (1,654,310) | (677,081) | >100 | - | - | - | - | ||||||
(1,994,989) | (784,799) | (3,796,094) | (1,464,227) | (452,753) | (124,785) | (789,760) | (245,169) | |||||||||
Total Comprehensive income attributable to: | ||||||||||||||||
Equity holders of the company | (1,009,037) | (463,434) | >100 | 329,385 | (748,983) | (>100) | (452,753) | (124,785) | >100 | (789,760) | (245,169) | >100 | ||||
Non Controlling Interests | (770,646) | (406,167) | 90 | 476,543 | (643,992) | (>100) | - | - | - | - | ||||||
(1,779,683) | (869,601) | 805,928 | (1,392,975) | (452,753) | (124,785) | (789,760) | (245,169) | |||||||||
Earnings/(loss) per share based on PAT (Rs.) | (26.00) | (9.66) | (49.50) | (18.19) | (10.46) | (2.88) | (18.25) | (5.67) |
Page 2
PALM GARDEN HOTELS PLC
STATEMENT OF FINANCIAL POSITION
GROUP | COMPANY | |||||||||||
As at | 30.09.2022 | 30.09.2021 | 31.03.2022 | 30.09.2022 | 30.09.2021 | 31.03.2022 | ||||||
Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | |||||||
(Unaudited) | (Unaudited) | (Audited) | (Unaudited) | (Unaudited) | (Audited) | |||||||
Assets | ||||||||||||
Non Current Assets | ||||||||||||
Property, plant and equipment | 63,570,905 | 38,565,151 | 55,750,413 | - | - | - | ||||||
Investment property | 57,000 | 51,000 | 57,000 | 3,503,000 | 3,333,000 | 3,503,000 | ||||||
Intangible assets | 33,779 | 97,714 | 35,593 | - | - | - | ||||||
Right to use assets | 6,939,940 | 4,254,295 | 5,878,275 | - | - | - | ||||||
Investments in subsidiaries | - | - | - | 4,194,018 | 4,194,018 | 4,194,018 | ||||||
Trading assets - Fair Value Through Profit or Loss | 2,878 | 6,116 | 3,720 | 245 | 311 | 245 | ||||||
Investment securities | 164,135 | 583,605 | 157,035 | 220 | 218,300 | 220 | ||||||
Total Non Current Assets | 70,768,637 | 43,557,881 | 61,882,036 | 7,697,483 | 7,745,629 | 7,697,483 | ||||||
Current Assets | ||||||||||||
Inventories | 112,543 | 58,035 | 68,445 | - | - | - | ||||||
Trade and other receivables | 2,803,524 | 1,608,421 | 2,355,306 | 1,755 | 2,947 | 1,005 | ||||||
Current tax recoverable | 429,290 | 280,309 | 371,649 | 13,367 | 13,367 | 13,367 | ||||||
Cash and cash equivalents | 2,442,359 | 752,914 | 857,966 | 17,344 | 2,578 | 18,691 | ||||||
Total Current Assets | 5,787,716 | 2,699,679 | 3,653,366 | 32,466 | 18,892 | 33,063 | ||||||
Total Assets | 76,556,353 | 46,257,560 | 65,535,402 | 7,729,949 | 7,764,521 | 7,730,546 | ||||||
Liabilities and Equity | ||||||||||||
Equity | ||||||||||||
Stated capital | 2,436,091 | 2,436,091 | 2,436,091 | 2,436,091 | 2,436,091 | 2,436,091 | ||||||
Reserves | 18,197,378 | 10,131,797 | 15,726,208 | 1,769,503 | 1,912,208 | 1,769,503 | ||||||
Accumulated losses | (10,082,410) | (6,955,931) | (7,974,722) | (2,533,453) | (1,565,947) | (1,743,693) | ||||||
Equity Attributable to equity holders | 10,551,059 | 5,611,957 | 10,187,577 | 1,672,141 | 2,782,352 | 2,461,901 | ||||||
Non Controlling Interest | 15,380,322 | 9,505,588 | 14,646,845 | - | - | - | ||||||
Total Equity | 25,931,381 | 15,117,545 | 24,834,422 | 1,672,141 | 2,782,352 | 2,461,901 | ||||||
Liabilities | ||||||||||||
Non Current Liabilities | ||||||||||||
Loans and borrowings | 16,233,769 | 8,818,172 | 9,911,450 | - | - | - | ||||||
Employee benefits | 109,283 | 102,433 | 107,935 | - | - | - | ||||||
Deferred tax liabilities | 4,885,047 | 2,993,230 | 4,381,183 | 63,046 | - | 63,046 | ||||||
Total Non Current Liabilities | 21,228,099 | 11,913,835 | 14,400,568 | 63,046 | - | 63,046 | ||||||
Current Liabilities | ||||||||||||
Trade and other payables | 24,605,400 | 16,382,253 | 19,848,002 | 5,268,869 | 3,730,569 | 3,985,433 | ||||||
Loans and borrowings | 4,557,286 | 2,667,484 | 6,211,257 | 725,250 | 1,250,957 | 1,219,523 | ||||||
Current tax payable | 101,555 | 102,178 | 97,908 | 643 | 643 | 643 | ||||||
Bank overdrafts | 132,632 | 74,265 | 143,245 | - | - | - | ||||||
Total Current Liabilities | 29,396,873 | 19,226,180 | 26,300,412 | 5,994,762 | 4,982,169 | 5,205,599 | ||||||
Total Liabilities & Equity | 76,556,353 | 46,257,560 | 65,535,402 | 7,729,949 | 7,764,521 | 7,730,546 | ||||||
Net Assets per Share (Rs) | 243.86 | 129.71 | 235.46 | 38.65 | 64.31 | 56.90 |
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 for and on behalf of the Board.
Sgd. | Sgd. |
(Director) | (Director) |
14 November 2022 |
Page 2
PALM GARDEN HOTELS PLC
STATEMENT OF CHANGES IN EQUITY
Stated capital | Reserves | Retained | Non controlling | Total equity | ||||||
earnings | interest | |||||||||
GROUP | Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | |||||
Balance as at 1 April 2021 | 2,436,091 | 10,093,634 | (6,168,785) | 10,149,581 | 16,510,521 | |||||
Total comprehensive income for the year | ||||||||||
Profit/(loss) for the period | - | - | (787,146) | (677,081) | (1,464,227) | |||||
Other comprehensive income | ||||||||||
Revaluation of property, plant and equipment | - | - | - | - | - | |||||
Foreign currency translation differences of foreign operations | - | 38,163 | - | 33,089 | 71,252 | |||||
Balance as at 30 September 2021 | 2,436,091 | 10,131,797 | (6,955,931) | 9,505,589 | 15,117,546 | |||||
Balance as at 1 April 2022 | 2,436,091 | 15,726,208 | (7,974,723) | 14,646,847 | 24,834,423 | |||||
Total comprehensive income for the year | ||||||||||
Profit/(loss) for the period | - | - | (2,141,784) | (1,654,310) | (3,796,094) | |||||
Other comprehensive income | ||||||||||
Foreign currency translation differences of foreign operations | - | 2,471,170 | - | 2,130,853 | 4,602,023 | |||||
Other movements in equity | ||||||||||
Investment in subsidiaries by NCI | - | - | - | 291,029 | 291,029 | |||||
Changes in ownership that do not resulted in change in control | - | - | 34,097 | (34,097) | - | |||||
Balance as at 30 September 2022 | 2,436,091 | 18,197,378 | (10,082,410) | 15,380,322 | 25,931,380 | |||||
Stated capital | Reserves | Retained | Total equity | |||||||
earnings | ||||||||||
COMPANY | Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | ||||||
Balance as at 1 April 2021 | 2,436,091 | 1,912,207 | (1,320,781) | 3,027,517 | ||||||
Total comprehensive income for the year | ||||||||||
Profit/(loss) for the period | - | - | (245,169) | (245,169) | ||||||
Balance as at 30 September 2021 | 2,436,091 | 1,912,207 | (1,565,950) | 2,782,348 | ||||||
Balance as at 1 April 2022 | 2,436,091 | 1,769,503 | (1,743,693) | 2,461,901 | ||||||
Total comprehensive income for the year | ||||||||||
Profit/(loss) for the period | - | - | (789,760) | (789,760) | ||||||
Balance as at 30 September 2022 | 2,436,091 | 1,769,503 | (2,533,453) | 1,672,141 | ||||||
Page 3
PALM GARDEN HOTELS PLC
STATEMENT OF CASH FLOWS
GROUP | COMPANY | ||||||
For the period ended 30 September | 2022 | 2021 | 2022 | 2021 | |||
Rs.'000' | Rs.'000' | Rs.'000' | Rs.'000' | ||||
CASH FLOW FROM OPERATING ACTIVITIES | |||||||
Profit before income tax expense | (3,796,094) | (1,464,227) | (789,760) | (245,169) | |||
Adjustment for: | |||||||
(Profit)/Loss on sale of property, plant and equipment | (500) | 3 | - | - | |||
(Profit)/Loss on sale of intangible assets | - | 814 | - | - | |||
Depreciation and amortization | 584,195 | 416,976 | - | - | |||
Provision for gratuity | 8,070 | 5,800 | - | - | |||
Investment income | - | (135) | - | - | |||
Finance cost | 3,158,191 | 879,658 | 787,788 | 243,012 | |||
Interest income | (95,366) | (48,526) | (30) | (11) | |||
(Gain)/loss on FVTPL assets | (3,720) | (603) | - | 728 | |||
Impairment of trade receivable | - | (2,406) | - | - | |||
Operating profit before working capital changes | (145,224) | (212,646) | (2,001) | (1,440) | |||
Working capital changes | |||||||
(Increase)/decrease in accounts receivables & others | (505,859) | (16,898) | (749) | 151 | |||
(Increase)/decrease in inventories | (44,098) | 4,301 | - | - | |||
Increase/(decrease) in accounts payables | 4,757,398 | 315,936 | 1,373 | (1,931) | |||
Cash generated from operations | 4,062,218 | 90,693 | (1,377) | (3,220) | |||
Interest paid | (2,412,294) | (363,885) | - | - | |||
Income tax paid | (3,473) | (1,849) | - | - | |||
Gratuity paid | (6,720) | (4,680) | - | - | |||
Net cash from /(used in) operating activities | 1,639,731 | (279,721) | (1,377) | (3,220) | |||
CASH FLOW FROM INVESTING ACTIVITIES | |||||||
Issue of shares by subsidiaries to NCI | 291,029 | - | - | - | |||
Acquisition of property, plant and equipment | (1,872,641) | (340,558) | - | - | |||
Proceed from the sale of property, plant and equipment | 500 | 4,333 | - | - | |||
Sale proceeds from FVTPL asset | - | 2,137 | - | 2,137 | |||
Interest received | 95,366 | 48,526 | 30 | 11 | |||
Investment income received | - | 135 | - | - | |||
Net cash flow from investing activities | (1,485,746) | (285,427) | 30 | 2,148 | |||
CASH FLOW FROM FINANCING ACTIVITIES | |||||||
Proceeds from interest bearing loans and borrowings | 1,398,219 | 71,992 | - | - | |||
Repayment of interest bearing loans and borrowings | (822,546) | (311,918) | - | - | |||
Fund transfers from/(to) ultimate parent | 865,350 | 732,394 | - | 1,000 | |||
Net cash generated from financing activities | 1,441,023 | 492,468 | - | 1,000 | |||
Net increase/(decrease) in cash & cash equivalents during the perio | 1,595,008 | (72,680) | (1,347) | (72) | |||
Cash & cash equivalents at the beginning of the period | 714,720 | 751,329 | 18,691 | 2,650 | |||
Cash & cash equivalents at the end of the period | 2,309,728 | 678,649 | 17,344 | 2,578 | |||
Analysis of cash & cash equivalents at the end of the period | |||||||
Cash at bank and in hand | 2,442,359 | 752,914 | 17,344 | 2,578 | |||
Bank overdraft | (132,632) | (74,265) | - | - | |||
2,309,728 | 678,649 | 17,344 | 2,578 | ||||
Page 4
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Palm Garden Hotels plc published this content on 15 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2022 11:10:46 UTC.