Browns Beach Hotels : Interim Financial Statements as at 31-12-2021 - Browns Beach Hotels PLC

Browns Beach Hotels PLC

Interim Financial Statement - 3rd Quarter

(For the Nine Months ended 31st December 2021)

Consolidated Income Statement

Browns Beach Hotels PLC

	Quarter ended	Nine months ended
	31st December	31st December
	2021	2020	2021	2020
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Revenue	130,059	10,487	209,803	39,814
Revenue tax	-	-	-	-
Net revenue	130,059	10,487	209,803	39,814
Other income	133	4,675	179	20,935
Staff cost	(31,829)	(22,225)	(86,304)	(58,313)
Depreciation	(54,811)	(57,330)	(164,794)	(172,038)
Amortisation	(78)	(78)	(232)	(234)
Other operating expenses - Direct	(31,408)	(4,081)	(43,669)	(13,218)
Other operating expenses - Indirect	(49,183)	(21,525)	(117,247)	(92,446)
Loss from operations	(37,117)	(90,077)	(202,264)	(275,500)
Finance income	2,805	825	8,571	2,748
Finance expenses	(71,100)	(67,313)	(189,036)	(238,908)
Net finance expense	(68,295)	(66,488)	(180,465)	(236,160)
Loss before taxation	(105,412)	(156,565)	(382,729)	(511,660)
Income tax expense	-	(1,089)	(61)	(2,236)
Loss for the period	(105,412)	(157,654)	(382,790)	(513,896)
Attributable to:
Equity holders of the parent company	(105,412)	(157,654)	(382,790)	(513,896)
Non-controlling interest	-	-	-	-
	(105,412)	(157,654)	(382,790)	(513,896)
Loss per share for the period ( Rs.)	(0.81)	(1.22)	(2.95)	(3.97)
(Basic / diluted)

The above figures are provisional and subject to audit.

1

Company Income Statement

Browns Beach Hotels PLC

	Quarter ended	Nine months ended
	31st December	31st December
	2021	2020	2021	2020
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Revenue	-	-	-	-
Other income	3,806	3,806	11,417	11,417
Staff costs	-	-	-	-
Amortisation	(78)	(78)	(232)	(234)
Other operating expenses - Direct	-	-	-	-
Other operating expenses - Indirect	(540)	(419)	(2,814)	(2,825)
Profit from operations	3,188	3,309	8,371	8,358
Finance income	-	-	-	-
Finance expenses	(666)	(686)	(1,936)	(1,996)
Net finance expense	(666)	(686)	(1,936)	(1,996)
Profit before taxation	2,522	2,623	6,435	6,362
Income tax expense	-	(891)	(61)	(1,527)
Profit for the period	2,522	1,732	6,374	4,835
Earnings per share for the period ( Rs.)	0.02	0.01	0.05	0.04
(Basic / diluted)

The above figures are provisional and subject to audit.

2

Statement of Comprehensive Income - Group

Browns Beach Hotels PLC

	Quarter ended	Nine months ended
	31st December	31st December
	2021	2020	2021	2020
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Loss for the period	(105,412)	(157,654)	(382,790)	(513,896)
Other comprehensive income
Net change in fair value of FVOCI financial assets	-	-	-	-
Actuarial gains/(losses) on defined benefit obligations	-	-	-	-
Total comprehensive loss for the period	(105,412)	(157,654)	(382,790)	(513,896)
Attributable to:
Equity holders of the parent company	(105,412)	(157,654)	(382,790)	(513,896)
Non-controlling interests	-	-	-	-
	(105,412)	(157,654)	(382,790)	(513,896)

Statement of Comprehensive Income - Company

	Quarter ended	Nine months ended
	31st December	31st December
	2021	2020	2021	2020
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Profit for the period	2,522	1,732	6,374	4,835
Other comprehensive income
Net change in fair value of FVOCI financial assets	-	-	-	-
Total comprehensive income for the period	2,522	1,732	6,374	4,835

The above figures are provisional and subject to audit.

3

Consolidated Statement of Financial Position

Browns Beach Hotels PLC

As at	31.12.2021	31.12.2020	31.03.2021
	Rs.'000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant and equipment	5,051,630	5,171,938	5,215,566
Right of use asset	2,527	2,837	2,759
	5,054,157	5,174,775	5,218,325
Current assets
Inventories	21,008	17,001	15,323
Trade and other receivables	46,143	3,122	26,041
Deposits and prepayments	16,252	21,925	19,281
Amount due from related parties	4,432	1,291	1,478
Cash and cash equivalent	245,680	222,485	185,784
	333,515	265,824	247,907
TOTAL ASSETS	5,387,672	5,440,599	5,466,232
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Stated capital	2,383,449	2,383,449	2,383,449
Revaluation reserve	1,074,307	984,307	1,074,307
General reserve	10,000	10,000	10,000
Retained earnings	(2,556,937)	(2,029,095)	(2,174,147)
	910,819	1,348,661	1,293,609
Non controlling interest	-	-	-
Total Equity	910,819	1,348,661	1,293,609
Non-current liabilities
Interest bearing liabilities-loans	3,435,712	2,931,818	3,224,273
Interest bearing liabilities-leases	20,333	19,424	18,390
Deferred tax liability	224,849	176,896	224,849
Employee benefits	11,191	8,507	10,564
	3,692,085	3,136,645	3,478,076
Current liabilities
Trade and other payables	119,000	486,629	76,366
Amount due to related companies	67,692	12,362	99,520
Interest bearing liabilities-loans	313,599	291,540	351,102
Interest bearing liabilities-leases	2,548	2,825	2,555
Income tax payable	3,835	4,294	3,657
Bank overdraft	278,094	157,643	161,347
	784,768	955,293	694,547
Total liabilities	4,476,853	4,091,938	4,172,623
TOTAL EQUITY AND LIABILITIES	5,387,672	5,440,599	5,466,232
Net asset value per share (Rs.)	7.03	10.41	9.98

The above figures are provisional and subject to audit.

The chief financial officer certifies that the financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.

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

sgd.

Mr. C.M.S. Jayawickrama

Joint Managing Director - Managing Agent

sgd.	sgd.
Deshamanya D. H. S. Jayawardena	Dr. M.P. Dissanayake
Chairman	Director
Colombo
11th February 2022	4