Pegasus Hotels of Ceylon : - Interim Financials 31 March 2022

Pegasus Hotels of Ceylon PLC

A Carson Cumberbatch Company

Interim report for the year ended 31st March 2022

PEGASUS HOTELS OF CEYLON PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP (All figures are in Sri Lankan Rupees Thousands)

	Three months ended	Year ended
	31st March		31st March
	2022	2021	Change	2022	2021
	%	%
Revenue	172,110	85,836	101	386,075	197,547	95
Direct costs	(120,363)	(74,595)	61	(350,070)	(261,881)	34
Gross profit / (loss)	51,747	11,241	360	36,005	(64,334)	(156)
Other income	950	2,201	(57)	3,895	6,264	(38)
Administrative expenses	(50,235)	(17,289)	191	(170,510)	(137,015)	24
Loss from operations	(4,098)	(9,053)	(55)	(142,413)	(206,126)	(31)
Impairment of goodwill / Investment in subsidiary	(65,515)	(49,772)	32	(65,515)	(49,772)	32
Finance income	7,796	1,942	301	12,992	11,163	16
Finance costs	(5,349)	(1,519)	252	(19,517)	(13,454)	45
Net finance income / (cost)	2,447	423	478	(6,525)	(2,291)	185
Loss before taxation	(67,166)	(58,402)	15	(214,453)	(258,189)	(17)
Deferred taxation	(558)	1,230	(145)	20,823	32,079	(35)
Loss for the period / year	(67,329)	(58,709)	15	(193,630)	(229,824)	(16)
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gain / (loss) from valuation of employee
benefits	8,600	(3,155)	(373)	8,600	(3,155)	(373)
Revaluation of property, plant and equipment	465,706	383,368	21	465,706	383,368	21
Related tax	(66,403)	(53,230)	25	(66,403)	(53,230)	25
Other comprehensive income / (expense) for the
period / year	407,903	326,983	25	407,903	326,983	25
Total comprehensive income / (expense) for the
period / year	340,574	268,274	27	214,273	97,159	121
Earnings / (loss) per share (Rs.)	(2.22)	(1.93)		(6.37)	(7.56)

Change % represents the percentage change in current period's results compared to the comparative period of previous year.

Figures in brackets indicate deductions.

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PEGASUS HOTELS OF CEYLON PLC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY (All figures are in Sri Lankan Rupees Thousands)

	Three months ended	Year ended
	31st March		31st March	Change
	2022	2021	Change	2022	2021
	%	%
Revenue	144,967	68,294	112	325,117	151,200	115
Direct costs	(100,953)	(61,094)	65	(292,981)	(214,073)	37
Gross profit / (loss)	44,014	7,200	511	32,136	(62,873)	(151)
Other income / (expense)	(15)	1,427	(101)	940	3,503	(73)
Selling and promotional expenses	(5,473)	(5,159)	6	(9,348)	(8,970)	4
Administrative expenses	(43,171)	(15,882)	172	(144,720)	(115,830)	25
Loss from operations	(4,645)	(12,414)	(63)	(120,992)	(184,170)	(34)
Finance income	7,768	1,795	333	12,748	10,867	17
Finance costs	(1,809)	(569)	218	(7,704)	(4,296)	79
Net finance income	5,959	1,226	386	5,044	6,571	(23)
Profit / (loss) before taxation	1,314	(60,960)	(102)	(115,948)	(227,371)	(49)
Income tax expenses	395	(1,537)	(126)	-	(3,714)	(100)
Deferred taxation	(501)	1,573	(132)	16,292	27,633	(41)
Profit / (loss) for the period / year	1,208	(60,924)	(102)	(99,656)	(203,452)	(51)
Other comprehensive income
Items that will not be reclassified to profit or loss
Actuarial gain / (loss) from valuation of employee
benefits	5,972	(1,984)	(401)	5,972	(1,984)	(401)
	436,951	286,115	53	436,951	286,115	53
Related tax	(62,009)	(39,778)	56	(62,009)	(39,778)	56
Other comprehensive income / (expense) for the
period / year	380,914	244,353	56	380,914	244,353	56
Total comprehensive income / (expense) for the
period / year	382,122	183,429	108	281,258	40,901	588
Earnings / (loss) per share (Rs.)	0.04	(2.00)		(3.28)	(6.69)
Dividend per share (Rs.)	-	-		-	-

Change % represents the percentage change in current period's results compared to the comparative period of previous year.

Figures in brackets indicate deductions.

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PEGASUS HOTELS OF CEYLON PLC

STATEMENT OF FINANCIAL POSITION

(All figures are in Sri Lankan Rupees Thousands)

	Group	Company
As at	31.03.2022	31.03.2021	31.03.2022	31.03.2021
(Audited)	(Audited)
ASSETS
Non-current assets
Property, plant and equipment	2,699,883	2,301,175	2,363,151	1,980,722
Right-of-use assets	5,624	5,826	-	-
Intangible assets	1,008	66,859	-	-
Investment in subsidiary	-	-	60,451	60,451
Compensation receivable	24,759	24,759	24,759	24,759
Current assets
Inventories	22,778	18,515	18,361	14,832
Investment in fixed deposits	36,276	131,720	36,276	131,720
Fair value through profit or loss financial assets	12,998	16,270	12,959	4,226
Tax receivable	1,668	-	1,134	-
Cash and cash equivalents	79,920	7,103	77,915	6,645
Total assets	2,942,414	2,605,871	2,641,757	2,248,702
EQUITY AND LIABILITIES
Equity
Stated capital	515,170	515,170	515,170	515,170
Capital reserves	1,790,805	1,390,298	1,594,889	1,219,111
Revenue reserves	(109,854)	76,290	4,725	99,155
Total equity	2,196,121	1,981,758	2,114,784	1,833,436
Non-current liabilities
Deferred tax liability	267,246	221,666	251,161	205,444
Employee benefits	15,729	28,784	12,165	21,762
Loans and borrowings	176,982	157,185	73,177	46,812
Lease liability	9,505	9,204	-	-
Total non-current liabilities	469,462	416,839	336,503	274,018
Current liabilities
Trade and other payables	146,824	115,152	105,014	77,627
Loans and borrowings	129,434	88,620	85,456	61,541
Bank overdraft	-	1,959	-	607
Total current liabilities	276,831	207,274	190,470	141,248
Total equity and liabilities	2,942,414	2,605,871	2,641,757	2,248,702
Net assets per share (Rs.)	72.26	65.21	69.58	60.33

The Statement of Financial Position as at 31st March 2022 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the year then ended as disclosed in pages 1 to 5 have been drawn up from unaudited financial statements.

I certify that these financial statements are in compliance with the requirements of Companies Act, No. 7 of 2007.

(Sgd).

V.R. Wijesinghe

Director - Finance

Carsons Management Services (Private) Limited

The Board of Directors is responsible for the preparation and presentation of these financial statements.

Approved and signed on behalf of the Managers,	Approved and signed on behalf of the Board,
(Sgd).	(Sgd).	(Sgd).
A.P. Weeratunge	D.C.R. Gunawardena	K. Selvanathan
Director	Chairman	Director
Carsons Management Services (Private) Limited

27th May 2022

Colombo

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PEGASUS HOTELS OF CEYLON PLC STATEMENT OF CHANGES IN EQUITY

(All figures are in Sri Lankan Rupees Thousands)

Group		Capital	Revenue
	Stated capital	reserves	reserves	Total equity
Balance as at 1st April 2021	515,170	1,390,298	76,290	1,981,758
Loss for the year	-	-	(193,630)	(193,630)
Other comprehensive income / (expense) for the year	-	400,507	7,396	407,903
Total comprehensive income / (expense) for the year	-	400,507	(186,234)	214,273
Forfeiture of unclaimed dividends	-	-	90	90
Balance as at 31st March 2022 (Unaudited)	515,170	1,790,805	(109,854)	2,196,121
Balance as at 1st April 2020	515,170	1,060,602	308,650	1,884,422
Loss for the year	-	-	(229,824)	(229,824)
Other comprehensive income / (expense) for the year	-	329,696	(2,713)	326,983
Total comprehensive income / (expense) for the year	-	329,696	(232,537)	97,159
Forfeiture of unclaimed dividends	-	-	177	177
Balance as at 31st March 2021 (Audited)	515,170	1,390,298	76,290	1,981,758
Company		Capital	Revenue
	Stated capital	reserves	reserves	Total equity
Balance as at 1st April 2021	515,170	1,219,111	99,155	1,833,436
Loss for the year	-	-	(99,656)	(99,656)
Other comprehensive income / (expense) for the year	-	375,778	5,136	380,914
Total comprehensive income / (expense) for the year	-	375,778	(94,520)	281,258
Forfeiture of unclaimed dividends	-	-	90	90
Balance as at 31st March 2022 (Unaudited)	515,170	1,594,889	4,725	2,114,784
Balance as at 1st April 2020	515,170	973,052	304,136	1,792,358
Loss for the year	-	-	(203,452)	(203,452)
Other comprehensive income / (expense) for the year	-	246,059	(1,706)	244,353
Total comprehensive income / (expense) for the year	-	246,059	(205,158)	40,901
Forfeiture of unclaimed dividends	-	-	177	177
Balance as at 31st March 2021 (Audited)	515,170	1,219,111	99,155	1,833,436

Figures in brackets indicate deductions.

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