GALADARI Hotels Lanka : INTERIM FINANCIAL STATEMENTS For the 12 months ended 31st December 2022

As at 31.12.2022

As at 31.12.2021

Rs.

Rs.

(Audited)

ASSETS

NON CURRENT ASSETS

Property, Plant & Equipment

5,291,067,916

5,166,302,902

Right of Use Asset

1,339,870,128

1,363,376,629

6,630,938,044

6,529,679,531

CURRENT ASSETS

Inventories

83,257,464

41,811,760

Trade and other receivables

128,648,014

104,712,827

Investments

2,998,726,873

2,871,461,376

Cash and cash equivalents

106,154,574

94,759,443

3,316,786,925

3,112,745,406

TOTAL ASSETS

9,947,724,969

9,642,424,937

EQUITY & LIABILITIES

CAPITAL & RESERVES

Stated capital

8,988,239,455

8,988,239,455

Revaluation reserve

7,919,276,779

7,919,276,779

Reserve for replacement of furniture,

fittings and equipments

828,016,552

750,079,760

Accumulated losses

(9,339,277,655)

(9,274,078,219)

Total Equity

8,396,255,131

8,383,517,775

NON - CURRENT LIABILITIES

Deferred tax liabilities

475,490,622

475,490,622

Retirement benefit obligations

75,895,292

66,122,835

551,385,914

541,613,457

CURRENT LIABILITIES

Trade and other payables

640,623,478

414,631,741

Provisions

275,382,790

285,393,148

Income tax payable

84,077,656

17,268,816

1,000,083,924

717,293,705

TOTAL LIABILITIES

1,551,469,838

1,258,907,162

TOTAL EQUITY & LIABILITIES

9,947,724,969

9,642,424,937

Net assets per share

16.76

16.74

(Sgd.)

(Sgd.)

Dr. J. A. S. Felix

L. R. De. Silva

Director

Director

24th February 2023

3 months ended

3 months ended

12 months ended

12 months ended

31.12.2022

31.12.2021

31.12.2022

31.12.2021

Rs.

Rs.

Rs.

Rs.

(Audited)

Revenue

386,640,566

262,476,051

1,183,219,555

554,024,830

Cost of Sales

(234,723,017)

(119,687,185)

(715,853,833)

(366,930,771)

Gross Profit

151,917,549

142,788,866

467,365,722

187,094,059

Other Income

1,583,106

1,116,162

5,831,003

2,587,158

Marketing Expenses

(3,645,088)

(2,736,638)

(9,463,512)

(6,458,060)

Administrative Expenses

(98,499,410)

(95,508,411)

(377,734,252)

(352,440,945)

Other Operating Expenses

(96,152,651)

(90,696,284)

(335,758,687)

(247,311,939)

Results From Operating Activities

(44,796,494)

(45,036,305)

(249,759,726)

(416,529,727)

Finance Income

170,807,012

33,943,933

363,087,898

134,788,068

Profit / (Loss) Before Tax

126,010,517

(11,092,372)

113,328,172

(281,741,659)

Income Tax Expenses

(55,497,472)

(36,518,170)

(100,590,816)

(60,689,511)

Profit / (Loss) For The Period

70,513,045

(47,610,542)

12,737,356

(342,431,170)

Other Comprehensive income

Items that will not be reclassified to profit or loss

Change in revaluation surplus of Property, Plant & Equipment

-

-

-

(458,813,861)

Remeasurements of Retirement benefit obligations

-

-

-

13,706,224

Related taxes

-

-

-

83,382,009

Other comprehensive income for the period

-

-

-

(361,725,628)

Total Comprehensive Income for the period

70,513,045

(47,610,542)

12,737,356

(704,156,798)

Basic Loss Per Share

0.14

(0.10)

0.03

(0.68)

The above figures are provisional and subject to audit.

Figures in brackets indicate deductions.

Stated

Revaluation

Reserve for

Accumulated

Capital

Reserve

Replacements

Losses

Total

of FF & E*

Rs.

Rs.

Rs.

Rs.

Rs.

Balance as at 1st January 2021

8,988,239,455

8,292,789,760

716,483,696

(8,909,838,338)

9,087,674,573

Loss for the period

-

-

-

(342,431,170)

(342,431,170)

Other comprehensive income

Deficit on Revaluation of Property, Plant & Equipment

-

(458,813,861)

-

-

(458,813,861)

Deferred tax adjustment on revaluation

85,300,880

(1,918,871)

83,382,009

Net Acturial gain from gratuity actuarial valuation

-

-

-

13,706,224

13,706,224

Total comprehensive income for the year

-

(373,512,981)

-

(330,643,817)

(704,156,798)

Transactions with owners of the company, recognized directly in equity

Provision for Reserve of Replacement of

-

-

34,570,003

(34,570,003)

-

Furniture Fittings & Equipment

Replacement of Furniture,

-

-

(973,939)

973,939

-

Fittings & Equipment

Total transactions with owners of the company

-

-

33,596,064

(33,596,064)

-

Balance as at 31st December 2021 (Audited)

8,988,239,455

7,919,276,779

750,079,760

(9,274,078,219)

8,383,517,775

Balance as at 1st January 2022

8,988,239,455

7,919,276,779

750,079,760

(9,274,078,219)

8,383,517,775

Profit for the period

-

-

-

12,737,356

12,737,356

Total comprehensive income for the year

-

-

-

12,737,356

12,737,356

Transactions with owners of the company, recognized directly in equity

Provision for Replacement of

-

-

77,936,792

(77,936,792)

-

Furniture Fittings & Equipment

Replacement of Furniture,

-

-

-

-

-

Fittings & Equipment

Balance as at 31st December 2022

8,988,239,455

7,919,276,779

828,016,552

(9,339,277,655)

8,396,255,131

For the 12 months ended

31.12.2022

Y /E 31.12.2021

(Audited)

Rs.

Rs.

Cash Flows From Operating Activities

Profit /(Loss) before tax

113,328,172

(281,741,659)

Adjustments for

Allowance for impairment of bad and doubtful receivables

1,800,000

1,373,408

Provision reversed for impairment of slow moving inventories

-

(5,876)

Depreciation and amortisation

194,972,792

201,224,244

Provision for retirement benefit obligations

15,844,600

5,605,890

Interest for provision for litigation settlement

7,589,643

10,268,340

Payment and Reversal / Provision for litigation

(17,600,000)

17,600,000

Interest Income

(358,020,990)

(138,182,440)

Operating Loss before working capital changes

(42,085,782)

(183,858,093)

Increase in inventories

(41,445,704)

(2,445,939)

Increase in Trade & Other Receivables

(25,735,187)

(39,035,059)

Increase in Trade & Other Payables

225,991,737

93,201,475

Cash generated from / (used in) operations

116,725,063

(132,137,616)

Retirement benefits paid

(6,072,143)

(13,840,330)

Income tax paid

(33,781,978)

(647,200)

Net generated from / (used in) operating activities

76,870,942

(146,625,146)

Cash flows from Investing Activities

Acquisition of Property, Plant & Equipment

(296,231,305)

(19,475,431)

Net (investment) / withdrawal in Fixed deposits

(127,265,497)

86,700,726

Interest Received

358,020,990

138,182,440

Net Cash flows (used in) / generated from Investing Activities

(65,475,812)

205,407,735

Net (Decrease) / Increase in Cash & Cash Equivalents

11,395,131

58,782,589

Cash & cash equivalents at the beginning of the period

94,759,443

35,976,854

Cash & cash equivalents at the end of the period ( Note 1)

106,154,574

94,759,443

Note 1

Cash in Hand

1,605,000

1,450,000

Cash at Bank

104,549,574

93,309,443

106,154,574

94,759,443