Anilana Hotels and Properties : Interim Financial Statements as at 31st December 2023

ANILANA HOTELS AND PROPERTIES PLC

INTERIM FINANCIAL STATEMENTS (UNAUDITED)

FOR THE PERIOD ENDED

31ST DECEMBER 2023

								Page 2
ANILANA HOTELS AND PROPERTIES LIMITED							(Expressed in Sri Lankan Rupees)
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - (UNAUDITED)
		Group			Company
FOR THE PERIOD ENDED 31 DECEMBER	For The Quarter Ended	For The Year Ended	For The Quarter Ended	For The Year Ended
2023	2022	2023	2022	2023	2022	2023	2022
Revenue	-	2,097,610	-	28,576,569	-	-	-	12,329,958
Cost of Sales	-	(1,113,832)	-	(17,892,803)	-	-	-	(8,506,577)
Gross Profit	-	983,778	-	10,683,766	-	-	-	3,823,381
Other Income	-	-	-	(49,000)	-	-	-	-
Administrative Expenses	(34,370,981)	(36,187,658)	(100,383,598)	(144,097,821)	(21,645,339)	(16,725,486)	(60,066,157)	(82,144,175)
Business Promotion Expenses	(15,115)	-	(15,115)	(112,500)	(15,115)	-	(15,115)	(45,000)
Profit / (Loss) from Operation	(34,386,096)	(35,203,880)	(100,398,713)	(133,575,554)	(21,660,454)	(16,725,486)	(60,081,272)	(78,365,794)
Net Gain / (Loss) from Disposal of Subsidiary	-	-	-	(414,277,597)	-	-	-	-
Net Finance (Cost) / Income	(16,681,546)	(30,342,362)	(232,146,968)	(96,015,952)	(10,507,674)	(21,195,400)	(158,743,581)	(68,519,767)
Profit / (Loss) Before Taxation	(51,067,642)	(65,546,242)	(332,545,681)	(643,869,103)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
Income Tax Expense	-	-	-	-	-	-	-	-
Profit / (Loss) for the Year	(51,067,642)	(65,546,242)	(332,545,681)	(643,869,103)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
Attributable to - Equityholders of the Parent	(51,067,642)	(65,546,241)	(332,545,681)	(643,869,103)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
- Non-Controlling Interest	0	(1)	(0)	(1)	-	-	-	-
	(51,067,642)	(65,546,242)	(332,545,681)	(643,869,104)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
Basic Earnings / (Loss) Per Share (Rs.)	(0.04)	(0.05)	(0.26)	-	(0.03)	(0.03)	(0.17)	(0.11)
Profit / (Loss) for the Year	(51,067,642)	(65,546,242)	(332,545,681)	(643,869,103)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
Total Comprehensive Income / (Expense) for the Year	(51,067,642)	(65,546,242)	(332,545,681)	(643,869,103)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
Attributable to - Equityholders of the Parent	(51,067,642)	(65,546,240)	(332,545,681)	(643,869,102)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)
- Non-Controlling Interest	(0)	(1)	(0)	(0.90)	-	-	-	-
	(51,067,642)	(65,546,242)	(332,545,681)	(643,869,103)	(32,168,128)	(37,920,886)	(218,824,853)	(146,885,561)

Figures in brackets indicate deductions

Notes to the Financial Statements on Pages 6 to 9 form an integral part of these Financial Statements.

					Page 3
ANILANA HOTELS AND PROPERTIES PLC
STATEMENT OF FINANCIAL POSITION - (UNAUDITED)			(Expressed in Sri Lankan Rupees)
		Group	Company
FOR THE PERIOD ENDED		31 December 2023	31 March 2023	31 December 2023	31 March 2023
ASSETS
Non-Current Assets
Property, Plant and Equipment		4,008,277,446	4,093,294,488	1,918,474,731	1,965,351,662
Investment Properties		690,433,000	690,433,000	-	-
Right-of-Use-Assets		20,239,555	21,571,556	-	-
Investment in Subsidiaries		-	-	1,262,373,940	1,262,373,940
Other Non Current Financial Assets		12,296,650	12,296,650	12,296,650	12,296,650
Total Non-Current Assets		4,731,246,651	4,817,595,693	3,193,145,321	3,240,022,252
Current Assets
Inventories		(8,087,056)	650,715	582,750	582,751
Financial Assets at Fair Value through Profit or	Loss	-	-	-	-
(FVTPL)
Trade and Other Receivables		3,099,335	4,189,993	145,000	3,877,493
Amounts Due from Related Parties		194,160,596	3,584,948	285,030,161	295,555,195
Other Non-Financial Assets		1,684,897	-	845,600	-
Cash and Cash Equivalents		5,603,795	2,070,606	4,098,624	820,453
Total Current Assets		196,461,566	10,496,262	290,702,135	300,835,892
Total Assets		4,927,708,217	4,828,091,956	3,483,847,456	3,540,858,144
EQUITY AND LIABILITIES
Equity
Stated Capital		5,079,875,760	5,079,875,760	5,079,875,760	5,079,875,760
Fair Value through OCI Reserve		(8,784,741)	(8,784,742)	(8,784,742)	(8,784,743)
Revaluation Reserve		1,314,371,069	1,314,371,068	575,567,873	575,567,873
Retained Earnings (at debit)		(4,642,238,246)	(4,309,692,565)	(4,285,844,893)	(4,067,020,040)
Attributable to Equityholders of the Parent		1,743,223,841	2,075,769,521	1,360,813,999	1,579,638,851
Non - Controlling Interest		394	395	-	-
Total Equity		1,743,224,236	2,075,769,916	1,360,813,999	1,579,638,851
Non - Current Liabilities
Borrowings - (Non-Current Potion)		965,851,094	678,811,011	453,250,000	436,734,935
Deferred Tax Liability		52,522,200	144,935,843	-	-
Retirement Benefits Obligation		13,685,844	11,063,063	6,902,439	7,071,839
Total Non - Current Liabilities		1,032,059,137	834,809,917	460,152,439	443,806,773
Current Liabilities
Trade and Other Payables		419,144,349	337,712,068	289,812,029	205,598,849
Borrowings - (Current Potion)		1,244,788,109	1,222,284,364	1,015,003,847	887,451,934
Amounts Due to Related Parties		285,527,178	142,618,391	251,627,643	309,048,935
Other Non-Financial Liabilities		178,203,649	211,694,065	103,234,264	112,109,566
Bank Overdrafts		24,761,559	3,203,235	3,203,235	3,203,236
Total Current Liabilities		2,152,424,844	1,917,512,123	1,662,881,019	1,517,412,520
Total Equity and Liabilities		4,927,708,217	4,828,091,956	3,483,847,456	3,540,858,144
Net Asset Value Per Share (Rs.)		1.36	1.78	1.06	1.34

I Certify that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 07 of 2007.

Chief Financial Officer

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
....................................................	……
Director	Director

Date : 01-03-2024

Colombo.

Figures in brackets indicate deductions

Notes to the Financial Statements on Pages 6 to 9 form an integral part of these Financial Statements.

Page 4

ANILANA HOTELS AND PROPERTIES PLC

STATEMENT OF CHANGES IN EQUITY - (UNAUDITED)(Expressed in Sri Lankan Rupees)

FOR THE PERIOD ENDED 31 DECEMBER

Group	Stated	Fair Value	Revaluation	Retained	Non
	Capital	through OCI	Reserve	Earnings	Controlling	Total
		Reserve		(at debit)	Interest
Balance as at 01 April 2023	5,079,875,760	(8,784,741)	1,314,371,069	(4,309,692,565)	394	2,075,769,916
Total Comprehensive Income / (Expense)
for the Period	-	-	-	(332,545,681)	(0)	(332,545,681)
Balance as at 31 December 2023	5,079,875,760	(8,784,741)	1,314,371,069	(4,642,238,246)	394	1,743,224,236
Balance as at 01 April 2022	5,079,875,760	(8,498,941)	1,483,036,945	(3,571,023,031)	1,390	2,983,392,122
Disposal of Subsidiary						-
Profit / (Loss) for the Year	-	-	-	(643,869,102)	(1)	(643,869,103)
Balance as at 31 December 2023	5,079,875,760	(8,498,941)	1,483,036,945	(4,214,892,133)	1,389	2,339,523,019

Company		Stated	Fair Value	Revaluation	Retained	Total
		Capital	through OCI		Earnings
			Reserve		(at debit)
Balance as at 01 April 2023	5,079,875,760	(8,784,742)	575,567,873	(4,067,020,040)	1,579,638,851
Total Comprehensive Income / (Expense) for the Period	-	-	-	(218,824,853)	(218,824,853)
Balance as at 31	December 2023	5,079,875,760	(8,784,742)	575,567,873	(4,285,844,893)	1,360,813,998
Balance as at 01	April 2022	5,079,875,760	(8,498,942)	632,920,550	(3,831,430,852)	1,872,866,516
Profit / (Loss) for the Year	-	-	-	(146,885,561)	(146,885,561)
Balance as at 31	December 2023	5,079,875,760	(8,498,942)	632,920,550	(3,978,316,413)	1,725,980,955

Figures in brackets indicate deductions

Notes to the Financial Statements on Pages 6 to 9 form an integral part of these Financial Statements.

				Page 5
ANILANA HOTELS AND PROPERTIES PLC
STATEMENT OF CASH FLOWS - (UNAUDITED)			(Expressed in Sri Lankan Rupees)
	Group		Company
FOR THE PERIOD ENDED 31 DECEMBER	2023	2022	2023	2022
Cash Flows from Operating Activities
Loss Before Taxation	(332,545,681)	(643,869,104)	(218,824,853)	(146,885,561)
Adjustments for;
Depreciation	85,480,228	79,129,421	46,876,931	40,374,404
Gratuity Charge for the Year	-	45,000	-	56,000
Net Gain / (Loss) from Disposal of Subsidiary	-	414,277,597
Financial Assets at Fair Value through Profit or Loss (FVTPL)	-	-	-	-
Interest Expenses	232,146,968	96,015,952	158,743,581	68,519,767
Interest Income	-	-	-	-
Operating Profit / (Loss) Before Working Capital Changes	(13,586,485)	(54,401,135)	(13,204,341)	(37,935,391)
Changes in Working Capital
Inventories	8,737,771	(2,344,568)	1	9,145
Trade and Other Receivables	1,090,659	(1,040,455)	3,732,493
Amounts Due from Related Parties	(190,575,648)	5,633,199	10,525,034	171,433,784
Other Non-Financial Assets	(1,684,897)	(2,522,130)	(845,600)	-
Amounts Due to Related Parties	142,908,786	5,909,253	(57,421,292)	-
Other Non-Financial Liabilities	(33,490,416)	(2,029,674)	(8,875,302)	(2,293,894)
Trade and Other Payables	(10,981,364)	(12,957,083)	84,213,180	(11,802,539)
Cash Generated from Operations	(97,581,594)	(63,752,593)	18,124,173	119,411,105
Gratuity Paid	2,622,781	30,000	(169,400)	(56,000)
Interest Paid	(232,146,968)	(96,015,952)	(158,743,581)	(68,519,767)
Net Cash Flow from / (used in) Operating Activities	(327,105,781)	(159,738,545)	(140,788,809)	50,835,338
Cash Flows from Investing Activities
Acquisition of Property, Plant and Equipment / Intangible Assets and WIP	(463,186)	590,240,926	-	(4,816,870)
Net Proceeds from Disposals of / Investment in Shares	-	-	-	-
Net Proceeds from Disposals of Subsidiary	-	(414,279,084)
Interest Received	-	-	-	-
Net Cash Flow from / (used in) Investing Activities	(463,186.05)	175,961,842	-	(4,816,870)
Cash Flows from Financing Activities
Net Proceeds from Loans	309,543,829	(13,149,176)	144,066,979	(46,870,328)
Net Cash Flow from / (used in) Financing Activities	309,543,829	(13,149,176)	144,066,979	(46,870,328)
Net Changes in Cash and Cash Equivalents During the Period	(18,025,136)	3,074,123	3,278,170	(851,861)
Cash and Cash Equivalents at Beginning of the Period	(1,132,629)	(16,806,623)	(2,382,783)	(1,588,980)
Cash and Cash Equivalents at End of the Period	(19,157,766)	(13,732,499)	895,386	(2,440,841)

Figures in brackets indicate deductions

Notes to the Financial Statements on Pages 6 to 9 form an integral part of these Financial Statements.

Page 6

ANILANA HOTELS AND PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST DECEMBER 2023

1 . Reporting Entity

Anilana Hotels & Properties Limited is a Company incorporated and domiciled in Sri Lanka. The Registered office of the Company was located at 14, Reid Avenue, Colombo 07.

The consolidated financial statements of the company for the period ended 31st December 2023 comprise the Company and its Subsidiaries. The group has seven (7) subsidiaries including sub-subsidiaries.

2 . Nature of Operations and Principal Business Activities

The Company's Principal Activities are Developing Hotels and Properties.

3 . Basis of Preparation

The condensed interim financial statements of the Company and the Group have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the period ended 31 March 2022.

3..1 New Accounting Standards and Interpretations

The Interim Financial Statements of the Company and Group have been prepared on the basis of the same accounting policies and methods applied for the year ended 31 March 2022.The Group has not adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

4 . Estimates and Policies

The preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

There were no changes in estimates of amounts reported in prior financial years that may have a material effect in the current quarter and financial period to date.

In preparing the interim financial statements, the significant judgments made by the management in applying the Group's accounting policies and the sources of estimates uncertainty were consistent as those applied in the 2020/21 (Latest) Audited Financial Statements.

5 . Capital: No ordinary shares had been issued during the quarter ended 31st December 2023

No of Ordinary Shares as at end of the period were 1,281,320,814

6 . Material Events After the Balance Sheet Date:

No events have occurred since the reporting date which would require any adjustment to, or disclosure in, the financial statements.

7 . Contingent Liabilities and Contingent Assets:

There has been no significant change in the nature and value of the contingencies

1. Highest, Lowest and Closing share prices.

	2023/2024 -3rd Quarter
	Date	Price (Rs)
Highest	No Trading	No Trading
Do	Do
Lowest
Do	Do
Last Traded

Page 7

2022/2023 - 3rd Quarter

Date	Price (Rs)
No Trading	No Trading
Do	Do
Do	Do

1. 25 Largest Shareholders as at 31st December 2023 - Please see Annex - A
2. Directors' holding in shares as at 31st December 2023 - Please see Annex - B
3. Public Holding Percentage as at 31st December 2023 - 21.04% Number of shareholders representing the above Percentage - 2175
4. The Float adjusted market capitalization as at 31st December 2023 - Rs. 242,628,368.40
5. The Float adjusted market capitalization of the Company falls under Option 2 of Rule 7.14.1 (i)
6. 1. of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.

Notes to the Financial Statements Continued

Page 8

Annex - A

ANILANA HOTELS AND PROPERTIES PLC

TWNTY FIVE MAJOR SHAREHOLDERS LIST - CDS DATED 31st DECEMBER 2023

	NAME	NO. OF SHARES	%
1	SOMAP INTERNATIONAL PTE LTD (IN PROVISIONAL LIQUIDATION)	929,988,246	72.58
2	SSBT-GMO EMERGING MARKETS FUND	103,983,101	8.115
3	PEOPLE'S LEASING & FINANCE PLC/MR.A.C.SENEVIRATNE	36,081,857	2.816
4	MRS M.C. AMERASINGHE	27,800,000	2.17
5	NATION LANKA FINANCE PLC	13,907,348	1.085
6	DFCC BANK PLC/S.M.D.N.P. BANDA	10,000,500	0.78
7	MR O.E.H. KALVO	9,857,109	0.769
8	ASIA FORT ASSET MANAGEMENT (PVT) LTD	9,460,136	0.738
9	SEYLAN BANK PLC./JANASHAKTHI PLC	9,278,007	0.724
10	NATION LANKA CAPITAL LTD/JEROME RADLEY JUDE EPHRAUMS	8,089,634	0.631
11	MR M.K. DE LIVERA & MR M.D. DE LIVERA	8,000,317	0.624
12	SANDWAVE LIMITED	7,894,196	0.616
13	MR A.C. SENEVIRATNE	5,370,166	0.419
14	SSBT-MDPIM EMERGING MARKETS EQUITY POOL	4,200,000	0.328
15	MR M.T. RAJAB KHAN	3,389,397	0.265
16	CEYQUARTZ MBI (PVT) LTD	3,333,400	0.26
17	MR J.A.M. JIFFRY	2,920,001	0.228
18	MRS S.M. SENEVIRATNE	2,900,000	0.226
19	ASSOCIATED ELECTRICAL CORPORATION LTD	2,150,000	0.168
20	MR R.E. RAMBUKWELLE	2,060,000	0.161
21	MERCHANT BANK OF SRI LANKA & FINANCE PLC/R.B. JOSEPH	2,000,000	0.156
22	MERCHANT BANK OF SRI LANKA & FINANCE PLC/K.A.T. WIJESENA	2,000,000	0.156
23	MR H.A. NASAR	1,900,000	0.148
24	MR M.A. MOHAMED ALTAF	1,472,714	0.115
25	MR J. RUDRA	1,333,333	0.104
		1,209,369,462	94.382
	OTHERS	65,822,310	5.137
	TOTAL	1,281,320,814	100

Notes to the Financial Statements Continued

Page 9

Annex - B

ANILANA HOTELS AND PROPERTIES PLC

Interim Financial Statements for the period ended 31st December 2023

Additional Notes (Contd….)

Directors' holding in shares as at 31st December 2023

	No. of Shares	%
Mr. A C Seneviratne	5,370,166
People's Leasing & Finance PLC/Mr. A C Seneviratne 36,081,857	41,452,023	3.235
Mr. Pramod Panday		Nil	Nil
Ms. Sonal Panday		Nil	Nil
Mr. Rakesh Sharma		Nil	Nil
Mr. Tarun Sharma		Nil	Nil
Mr. Nilanjan Ray		Nil	Nil
Mr. Arun Kuzhimannil Mathew		Nil	Nil

Notes to the Financial Statements Continued