GALADARI Hotels Lanka : Interim Financial Statements for the Period Ended 30th September, 2022

As at 30.09.2022

As at 30.09.2021

As at 31.12.2021

Rs.

Rs.

Rs.

(Audited)

ASSETS

NON CURRENT ASSETS

Property, Plant & Equipment

5,254,589,200

5,655,712,748

5,166,302,902

Right of Use Asset

1,351,623,374

1,369,253,247

1,363,376,629

6,606,212,574

7,024,965,995

6,529,679,531

CURRENT ASSETS

Inventories

72,530,885

36,513,225

41,811,760

Trade and other receivables

89,744,897

109,269,192

104,712,827

Investments

2,839,706,048

2,835,023,508

2,871,461,376

Cash and cash equivalents

83,269,540

82,078,690

94,759,443

3,085,251,370

3,062,884,615

3,112,745,406

TOTAL ASSETS

9,691,463,944

10,087,850,610

9,642,424,937

EQUITY & LIABILITIES

CAPITAL & RESERVES

Stated capital

8,988,239,455

8,988,239,455

8,988,239,455

Revaluation reserve

7,919,276,779

8,292,789,760

7,919,276,779

Reserve for replacement of furniture,

fittings and equipments

797,928,310

734,876,578

750,079,760

Accumulated losses

(9,379,702,460)

(9,223,051,849)

(9,274,078,219)

Total Equity

8,325,742,086

8,792,853,944

8,383,517,775

NON - CURRENT LIABILITIES

Deferred tax liabilities

475,490,622

531,291,935

475,490,622

Retirement benefit obligations

75,147,045

97,199,725

66,122,835

550,637,667

628,491,660

541,613,457

CURRENT LIABILITIES

Trade and other payables

487,099,992

379,574,400

414,631,741

Provisions

291,147,435

265,226,062

285,393,148

Income tax payable

36,836,764

21,704,544

17,268,816

815,084,191

666,505,006

717,293,705

TOTAL LIABILITIES

1,365,721,858

1,294,996,666

1,258,907,162

TOTAL EQUITY & LIABILITIES

9,691,463,944

10,087,850,610

9,642,424,937

Net assets per share

16.62

17.56

16.74

(Sgd.)

(Sgd.)

Dr. J. A. S. Felix

L. R. De. Silva

Director

Director

11th November 2022

3 months ended

3 months ended

9 months ended

9 months ended

12 months ended

30.09.2022

30.09.2021

30.09.2022

30.09.2021

31.12.2021

Rs.

Rs.

Rs.

Rs.

Rs.

(Audited)

Revenue

260,664,324

89,906,711

796,578,989

291,548,779

554,024,830

Cost of Sales

(168,571,209)

(70,418,754)

(481,130,816)

(247,243,586)

(366,930,771)

Gross Profit

92,093,115

19,487,957

315,448,173

44,305,193

187,094,059

Other Income

1,180,029

393,034

4,247,897

1,470,996

2,587,158

Marketing Expenses

(2,475,629)

(1,085,358)

(5,818,424)

(3,721,422)

(6,458,060)

Administrative Expenses

(92,004,706)

(79,941,407)

(279,234,842)

(256,932,534)

(352,440,945)

Other Operating Expenses

(99,355,946)

(48,875,448)

(239,606,036)

(156,615,656)

(247,311,939)

Results From Operating Activities

(100,563,137)

(110,021,222)

(204,963,232)

(371,493,423)

(416,529,727)

Finance Income

88,673,454

32,933,520

192,280,886

100,844,135

134,788,068

Loss Before Tax

(11,889,683)

(77,087,702)

(12,682,346)

(270,649,288)

(281,741,659)

Income Tax Expenses

(21,330,050)

(7,899,851)

(45,093,344)

(24,171,341)

(60,689,511)

Loss For The Period

(33,219,733)

(84,987,553)

(57,775,691)

(294,820,629)

(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

(33,219,733)

(84,987,553)

(57,775,691)

(294,820,629)

(704,156,798)

Basic Loss Per Share

(0.07)

(0.17)

(0.12)

(0.59)

(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

-

-

-

(294,820,629)

(294,820,629)

Total comprehensive income for the year

-

-

-

(294,820,629)

(294,820,629)

Transactions with owners of the company, recognized directly in equity

Provision for Reserve of Replacement of

Furniture Fittings & Equipment

-

-

19,693,196

(19,693,196)

-

Replacement of Furniture,

Fittings & Equipment

-

-

(1,300,314)

1,300,314

-

Total transactions with owners of the company

-

-

18,392,882

(18,392,882)

-

Balance as at 30th September 2021

8,988,239,455

8,292,789,760

734,876,578

(9,223,051,849)

8,792,853,944

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

Loss for the period

-

-

-

(57,775,691)

(57,775,691)

Total comprehensive income for the year

-

-

-

(57,775,691)

(57,775,691)

Transactions with owners of the company, recognized directly in equity

Provision for Replacement of

-

-

49,655,388

(49,655,388)

-

Furniture Fittings & Equipment

Replacement of Furniture,

-

-

(1,806,838)

1,806,838

-

Fittings & Equipment

Balance as at 30th September 2022

8,988,239,455

7,919,276,779

797,928,310

(9,379,702,460)

8,325,742,085

For the 9 months ended

30.09.2022

30.09.2021

Y /E 31.12.2021

(Audited)

Rs.

Rs.

Rs.

Cash Flows From Operating Activities

Loss before tax

(12,682,346)

(270,649,288)

(281,741,659)

Adjustments for

Allowance for impairment of bad and doubtful receivables

1,350,000

1,350,000

1,373,408

Provision reversed for impairment of slow moving inventories

-

-

(5,876)

Depreciation and amortisation

146,991,784

150,683,853

201,224,244

Provision for retirement benefit obligations

13,500,000

16,200,000

5,605,890

Interest for provision for litigation settlement

5,754,288

7,701,255

10,268,340

Provision for litigation

-

-

17,600,000

Interest Income

(187,888,933)

(100,713,922)

(138,182,440)

Operating profit / (Loss) before working capital changes

(32,975,207)

(195,428,102)

(183,858,093)

(Increase) / Decrease in inventories

(30,719,125)

2,846,721

(2,445,939)

Decrease / (Increase) in Trade & Other Receivables

13,617,930

(30,842,014)

(39,035,059)

Increase in Trade & Other Payables

72,468,249

58,144,134

93,201,475

Cash generated from / (used in) operations

22,391,847

(165,279,262)

(132,137,616)

Retirement benefits paid

(4,475,794)

(7,063,773)

(13,840,330)

Income tax paid

(25,525,392)

-

(647,200)

Net Cash used in operating activities

(7,609,339)

(172,343,035)

(146,625,146)

Cash flows from Investing Activities

Acquisition of Property, Plant & Equipment

(223,524,825)

(5,407,645)

(19,475,431)

Net withdrawal in Fixed deposits

31,755,328

123,138,593

86,700,726

Interest Received

187,888,933

100,713,922

138,182,440

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

(3,880,564)

218,444,870

205,407,735

Net (Decrease) / Increase in Cash & Cash Equivalents

(11,489,903)

46,101,836

58,782,589

Cash & cash equivalents at the beginning of the period

94,759,443

35,976,854

35,976,854

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

83,269,540

82,078,690

94,759,443

Note 1

Cash in Hand

1,580,000

1,510,000

1,450,000

Cash at Bank

81,689,540

80,568,690

93,309,443

83,269,540

82,078,690

94,759,443