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 31 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'

%

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Revenue

491,596

163,488

>100

1,243,128

636,222

95

-

-

-

-

Less: cost of sales

(204,394)

(45,070)

(>100)

(461,150)

(165,501)

(>100)

-

-

-

-

Gross profit

287,202

118,418

>100

781,978

470,721

66

-

-

-

-

Other income/(expenses)

85,842

2,208

>100

139,671

8,462

>100

445

471

(6)

1,354

2,107

(36)

Profit before operating expenses

373,044

120,626

>100

921,649

479,183

92

445

471

(6)

1,354

2,107

(36)

Operating expenses

Personnel costs

(168,688)

(130,859)

(29)

(468,790)

(390,947)

(20)

(1)

-

(13)

-

Depreciation and amortization

(259,664)

(207,287)

(25)

(828,526)

(624,263)

(33)

-

-

-

-

Administration & other operating cost

(268,010)

(127,022)

(>100)

(680,922)

(442,016)

(54)

(2,124)

(1,263)

(68)

(5,019)

(4,170)

(20)

Results from operating activities

(323,318)

(344,542)

6

(1,056,589)

(978,043)

(8)

(1,680)

(792)

(>100)

(3,678)

(2,063)

(78)

Net finance costs

(2,067,147)

(480,787)

(>100)

(5,129,971)

(1,311,513)

(>100)

(552,255)

(123,993)

(>100)

(1,340,017)

(386,066)

(>100)

Profit/(loss) before income tax expense

(2,390,465)

(825,329)

(>100)

(6,186,560)

(2,289,556)

(>100)

(553,935)

(124,785)

(>100)

(1,343,695)

(388,129)

(>100)

Income tax expense

-

-

-

-

-

-

-

-

Profit/(loss) for the period

(2,390,465)

(825,329)

(>100)

(6,186,560)

(2,289,556)

(>100)

(553,935)

(124,785)

(>100)

(1,343,695)

(388,129)

(>100)

Other Comprehensive Income

Fair value gains/(losses) that arose during the year

-

(236,214)

(>100)

-

(236,214)

(>100)

-

-

-

-

Actuarial gains/(losses) on defined benefit obligations

-

-

-

-

-

-

-

-

Revaluation of property, plant and equipment

-

-

-

-

-

-

-

-

-

Fair value change due to currency fluctuation in foreign inves

-

-

-

-

-

-

Change in fair value on investments in equity at fair value

-

-

-

-

-

Exchange gain from translation of foreign operations

15,011

33,906

(56)

4,617,034

105,158

>100

-

-

-

-

-

15,011

(202,308)

(>100)

4,617,034

(131,056)

>100

-

-

-

-

Total Comprehensive Income for the period

(2,375,454)

(1,027,637)

(>100)

(1,569,526)

(2,420,612)

(35)

(553,935)

(124,785)

(>100)

(1,343,695)

(388,129)

(>100)

Profit/(loss) attributable to:

Equity holders of the company

(1,386,028)

(437,585)

(>100)

(3,527,812)

(1,224,731)

(>100)

(553,935)

(124,785)

(>100)

(1,343,695)

(388,129)

(>100)

Non Controlling Interests

(1,004,437)

(387,744)

(>100)

(2,658,748)

(1,064,825)

(>100)

-

-

-

-

(2,390,465)

(825,329)

(6,186,560)

(2,289,556)

(553,935)

(124,785)

(1,343,695)

(388,129)

Total Comprehensive income attributable to:

Equity holders of the company

(1,377,905)

(596,044)

(>100)

(1,048,520)

(1,345,027)

(>100)

(553,935)

(124,785)

(>100)

(1,343,695)

(388,129)

(>100)

Non Controlling Interests

(997,549)

(431,593)

(>100)

(521,006)

(1,075,585)

(>100)

-

-

-

-

(2,375,454)

(1,027,637)

(1,569,526)

(2,420,612)

(553,935)

(124,785)

(1,343,695)

(388,129)

Earnings/(loss) per share based on PAT (Rs.)

(32.03)

(10.11)

(81.54)

(28.31)

(12.80)

(2.88)

(31.06)

(8.97)

PALM GARDEN HOTELS PLC

STATEMENT OF FINANCIAL POSITION

GROUP

COMPANY

As at

31.12.2022

31.12.2021

31.03.2022

31.12.2022

31.12.2021

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

65,440,718

38,994,751

55,750,413

-

-

-

Investment property

57,000

51,000

57,000

3,503,000

3,333,000

3,503,000

Intangible assets

32,893

98,663

35,593

-

-

-

Right to use assets

6,897,566

4,232,733

5,878,275

-

-

-

Investments in subsidiaries

-

-

-

4,194,018

4,194,018

4,194,018

Trading assets - Fair Value Through Profit or Loss

3,076

4,168

3,720

203

351

245

Investment securities

164,335

147,412

157,035

220

204

220

Total Non Current Assets

72,595,588

43,528,727

61,882,036

7,697,441

7,527,573

7,697,483

Current Assets

Inventories

131,802

60,924

68,445

-

-

-

Trade and other receivables

2,903,705

1,651,553

2,355,308

2,138

467

1,005

Current tax recoverable

406,730

293,751

371,649

13,367

13,367

13,367

Cash and cash equivalents

3,038,123

685,119

857,966

16,284

3,914

18,691

Total Current Assets

6,480,360

2,691,347

3,653,368

31,789

17,748

33,063

Total Assets

79,075,948

46,220,074

65,535,404

7,729,230

7,545,321

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

18,205,501

9,936,526

15,726,208

1,769,503

1,769,487

1,769,503

Accumulated losses

(11,421,937)

(7,356,704)

(7,974,722)

(3,087,388)

(1,684,297)

(1,743,693)

Equity Attributable to equity holders

9,219,655

5,015,913

10,187,577

1,118,206

2,521,281

2,461,901

Non Controlling Interest

15,144,442

9,073,996

14,646,845

-

-

-

Total Equity

24,364,097

14,089,909

24,834,422

1,118,206

2,521,281

2,461,901

Liabilities

Non Current Liabilities

Loans and borrowings

17,472,988

8,939,696

9,911,450

-

-

-

Employee benefits

107,134

100,831

107,935

-

-

-

Deferred tax liabilities

4,886,703

2,997,168

4,381,183

63,046

-

63,046

Total Non Current Liabilities

22,466,825

12,037,695

14,400,568

63,046

-

63,046

Current Liabilities

Trade and other payables

28,396,332

17,103,991

19,848,003

5,822,085

3,841,454

3,985,433

Loans and borrowings

3,659,477

2,783,938

6,211,257

725,250

1,181,943

1,219,523

Current tax payable

112,201

91,181

97,908

643

643

643

Bank overdrafts

77,016

113,360

143,245

-

-

-

Total Current Liabilities

32,245,026

20,092,470

26,300,413

6,547,978

5,024,040

5,205,599

Total Liabilities & Equity

79,075,948

46,220,074

65,535,404

7,729,230

7,545,321

7,730,546

Net Assets per Share (Rs)

213.09

115.93

235.46

25.84

58.27

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 February 2023

Colombo

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 31 December 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

-

-

(3,527,812)

(2,658,748)

(6,186,560)

Other comprehensive income

Foreign currency translation differences of foreign operations

-

2,479,293

-

2,137,741

4,617,034

Other movements in equity

Investment in subsidiaries by NCI

-

-

-

1,099,200

1,099,200

Changes in ownership that do not resulted in change in control

-

-

80,598

(80,598)

-

Balance as at 31 December 2022

2,436,091

18,205,501

(11,421,937)

15,144,442

24,364,097

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

-

-

(388,129)

(388,129)

Balance as at 31 December 2021

2,436,091

1,912,207

(1,708,910)

2,639,388

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

-

-

(1,343,695)

(1,343,695)

Balance as at 31 December 2022

2,436,091

1,769,503

(3,087,388)

1,118,206

PALM GARDEN HOTELS PLC

STATEMENT OF CASH FLOWS

GROUP

COMPANY

For the period ended 31 December

2022

2021

2022

2021

Rs.'000'

Rs.'000'

Rs.'000'

Rs.'000'

CASH FLOW FROM OPERATING ACTIVITIES

Profit before income tax expense

(6,186,560)

(2,289,556)

(1,343,695)

(388,129)

Adjustment for:

(Profit)/Loss on sale of property, plant and equipment

(500)

(22)

-

-

Depreciation and amortization

839,332

624,263

-

-

Provision for gratuity

9,901

9,207

-

-

Investment income

-

(632)

-

-

Finance cost

5,276,263

1,390,265

1,340,049

386,076

Interest income

(146,290)

(78,467)

(32)

(14)

(Gain)/loss on FVTPL assets

643

(2,490)

42

689

Impairment of trade receivable

-

(2,333)

-

-

Operating profit before working capital changes

(207,211)

(349,765)

(3,636)

(1,378)

Working capital changes

(Increase)/decrease in accounts receivables & others

(548,397)

(73,469)

(1,135)

2,630

(Increase)/decrease in inventories

63,357

1,412

-

-

Increase/(decrease) in accounts payables

1,205,893

(168,685)

(1,087,818)

(3,978)

Cash generated from operations

513,642

(590,507)

(1,092,589)

(2,726)

Interest paid

(789,197)

(428,284)

-

(101,288)

Income tax paid

(3,672)

(1,847)

-

-

Gratuity paid

(10,702)

(7,556)

-

-

Net cash from /(used in) operating activities

(289,929)

(1,028,194)

(1,092,589)

(104,014)

CASH FLOW FROM INVESTING ACTIVITIES

Issue of shares by subsidiaries to NCI

1,099,200

-

-

-

Acquisition of property, plant and equipment

(3,921,901)

(638,811)

-

-

Proceed from the sale of property, plant and equipment

500

4,333

-

-

Sale proceeds from FVTPL asset

-

2,137

-

2,137

Interest received

146,290

78,467

32

14

Investment income received

-

632

-

-

Sale proceeds from investment securities

-

204,254

-

102,127

Net cash flow from investing activities

(2,675,911)

(348,988)

32

104,278

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from interest bearing loans and borrowings

517,912

371,742

-

-

Repayment of interest bearing loans and borrowings

(410,392)

(359,722)

-

-

Fund transfers from/(to) ultimate parent

5,104,707

1,185,591

1,090,150

1,000

Net cash generated from financing activities

5,212,227

1,197,611

1,090,150

1,000

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

2,246,387

(179,571)

(2,407)

1,264

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

2,961,107

571,758

16,284

3,914

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

Cash at bank and in hand

3,038,123

685,119

16,284

3,914

Bank overdraft

(77,016)

(113,360)

-

-

2,961,107

571,758

16,284

3,914

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Palm Garden Hotels 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 11:36:09 UTC.