Tal Lanka Hotels : Quarterly Financial Report as at 31.03.2022

TAL LANKA HOTELS PLC

Statement of Profit or Loss and Other Comprehensive Income

(All amounts in Sri Lanka Rupees Thousands unless otherwise stated)

For the 12 Months Ended 31st March

4th Quarter Ended 31st MarchParticulars

2022	2021	% Change	2022	2021	% Change
Revenue	1,147,421	484,203	136.97	535,866	154,722	246
Direct Cost	(1,409,814)	(1,098,568)	28.33	(480,215)	(295,538)	62
Gross profit / (loss)	(262,393)	(614,365)	(57.29)	55,652	(140,816)	(140)
Other Income	312	17,795	(98.25)	97	14,054	(99)
Marketing Expenses	(44,306)	(41,267)	7.36	(11,031)	(11,083)	(0)
Administrative Expenses	(257,422)	(250,977)	2.57	(73,767)	(75,806)	(3)
Profit/(Loss) from operations	(563,810)	(888,815)	(36.57)	(29,049)	(213,652)	(86)
Finance Income	22,382	6,992	220.10	8,306	6,992	19
Finance expenses	(1,114,927)	(179,861)	519.88	(1,016,073)	(152,872)	565
Net Finance Expense	(1,092,545)	(172,869)	532.01	(1,007,767)	(145,880)	591
Loss Before Tax	(1,656,355)	(1,061,683)	56.01	(1,036,816)	(359,532)	188
Income Tax Expense	(58,552)	(33,523)	0.00	(58,552)	(33,523)	-
Loss for the year	(1,714,907)	(1,095,206)	56.58	(1,095,368)	(393,055)	179
Other Comprehensive income/(expense),net of income tax
Items that will not be reclassified subsequently to profit or loss:
Revaluation gain on building, net of tax	555,785	490,424	0.00	555,785	490,424	-
Re-measurement gain/(loss) on defined benefit plans, net of tax	13,671	(13,451)	(201.63)	13,671	(13,451)	(202)
Equity investments at FVOCI - net change in fair value, net of tax	2,587	(5,011)	(151.62)	2,587	(5,011)	(152)
Other comprehensive income for the year, net of tax	572,042	471,962	0.00	572,042	471,962	-
Total comprehensive expense for the year	(1,142,865)	(623,244)	83.37	(523,326)	78,907	(763)
Loss per share- basic (Rs.)	(12.28)	(7.84)	(7.84)	(2.81)

TAL LANKA HOTELS PLC Statement of Financial Position (All amounts in Sri Lanka Rupees Thousands unless otherwise stated)
Particulars	As at 31st March 2022	As at 31st March 2021
ASSETS Non-current assets Property, plant and equipment Intangible assets Leasehold property-right to use of land Equity Securities designated as at FVOCI Investments in Fixed Deposits Current assets Inventories Trade and other receivables Amounts receivable from related parties Deposits, prepayments and advances Current tax asset Cash and cash equivalents Total assets EQUITY AND LIABILITIES Capital and reserves Stated capital (139,637,494 Shares) Revaluation reserve Fair value reserve Accumulated losses Total Equity Non-current liabilities Loans and borrowings Retirement benefit obligation Deferred tax liability Current liabilities Trade and other payables Amounts payable to related parties Bank Overdraft Loans and borrowings Total liabilities Total Equity and Liabilities	4,002,574 873 765,076 18,695 808,128	3,720,218 3,627 778,267 15,821 140,297
5,595,345	4,658,229
63,960 137,694 42 80,689 6,284 192,196	55,209 35,169 1,084 85,522 15,910 23,307
480,864	216,201
6,076,209	4,874,431
1,396,375 1,894,366 4,146 (3,161,077)	1,396,375 1,472,378 1,560 (1,593,638)
133,810	1,276,675
3,676,884 38,078 566,520	2,044,032 81,669 420,459
4,281,482	2,546,161
504,478 108,130 101,228 947,081	398,530 119,387 109,175 424,503
1,660,917	1,051,595
5,942,399	3,597,756
6,076,209	4,874,431
Net asset value per share Rs. 0.96 9.14 I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007. Paras Puri Area Financial Controller- Sri Lanka , Maldives , Malaysia & Director of Finance - Taj Samudra , Colombo 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 of Directors of TAL Lanka Hotels PLC. V.Govindasamy - Director T.De Zoysa - Director Date :- 11th April 2022

TAL LANKA HOTELS PLC Statement of Changes in Equity (All amounts in Sri Lanka Rupees thousands)
Particulars	Stated Capital	Revaluation reserve	Fair value reserve	Accumulated losses	Total
Balance as at 01st April 2020 Total comprehensive income/(expense) for the Year Loss for the period Other comprehensive income/(expense) Revaluation gain on building,net of tax Re-measurement gain/(loss) on defined benefit plans, net of tax Equity investments at FVOCI -net change in fair value , net of tax Total Other comprehensive income/(expense),net of tax Total comprehensive income/(expense)for the year Transfer of depreciation, net of deferred tax	1,396,374.94 Nil Nil Nil Nil	1,077,607.17 Nil 490,424.00 Nil Nil	6,570.15 Nil Nil Nil (5,010.64)	(580,633.23) (1,095,206.22) Nil (13,451.34) Nil	1,899,919.03 (1,095,206.22) 490,424.00 (13,451.34) (5,010.64)
Nil	490,424.00	(5,010.64)	(13,451.34)	471,962.03
Nil	490,424.00	(5,010.64)	(1,108,657.56)	(623,244.19)
Nil	(95,653)	Nil	95,653	Nil
Balance as at 31st March 2021	1,396,375	1,472,378	1,560	(1,593,638)	1,276,675
Balance as at 01st April 2021 Total comprehensive income/(expense) for the period Loss for the period Other comprehensive income/(expense) Revaluation gain on building,net of tax Re-measurement gain/(loss) on defined benefit plans, net of tax Equity investments at FVOCI -net change in fair value , net of tax Total Other comprehensive income/(expense),net of tax Total comprehensive income/(expense)for the year Transfer of depreciation,net of deferred tax	- 1,396,375 Nil Nil Nil Nil Nil	- 1,472,378 Nil Nil 555,785 Nil Nil	- 1,560 Nil Nil Nil Nil 2,587	(1,593,638) (1,714,907) Nil Nil 13,671 Nil	- 1,276,675 (1,714,907) Nil 555,785 13,671 2,587
Nil	555,785	2,587	13,671	572,042
Nil	555,785	2,587	(1,701,237)	(1,142,865)
Nil	(133,797)	Nil	133,797	Nil
Balance as at 31st March 2022	1,396,375	1,894,366	4,146	(3,161,077)	133,810

TAL LANKA HOTELS PLC Statement of Cash Flows

(All amounts in Sri Lanka Rupees thousands)

For the 12 Months endedParticulars

31st March

2022	2021
Cash flows from Operating activities
Loss before tax	(1,656,355)	(1,061,683)
Adjustments for:
Gain on disposals of property plant and equipment	Nil	(54)
Depreciation on property, plant and equipment	377,224	367,753
Amortisation of intangible asset	2,754	3,513
Amortisation of Right of use assets	13,191	13,191
Interest income	(22,382)	(6,992)
Interest expense	139,970	87,884
Provision for defined benefit plans	7,897	16,203
Impairment Provision for Trade and Other Receivables	5,002	Nil
Receivables from AGH written off during the year	Nil	3,641
Impairment of Inventories	890	Nil
Economic service charge write off	9,514	12,256
Unrealized exchange loss	1,003,267	91,520
Operating profit/(loss)before working capital changes	(119,027)	(472,768)
(Increase )/Decrease in inventories	(9,640)	16,290
(Increase )/Decrease in trade and other receivables	(107,416)	108,249
(Increase )/Decrease in amounts receivable from related companies	1,042	130
(Increase )/Decrease in deposits ,prepayments and advances	4,833	18,212
Increase /(Decrease) in trade and other payables	105,949	(21,263)
Increase /(Decrease) in amounts payable to related companies	(11,257)	13,219
Cash (Used in)/generated from operations	(135,516)	(337,931)
Income taxe Paid	(5,481)	Nil
Retirement benefits paid by the Company	(592)	Nil
Investments in plan asset	(35,000)	(31,000)
Interest paid	(10,640)	(11,311)
Net cash (Used in) /generated from operating activities	(187,229)	(380,242)
Cash flows from investing activities
Net proceeds from disposal of property, plant and equipment	Nil	54
Purchase of property, plant and equipment	(13,318)	(21,590)
(Investment) / Withdrawal in fixed deposits	(387,640)	(86,850)
Interest received	383	5,892
Net cash Used in investing activities	(400,575)	(102,494)
Cash flows from Financing activities
Borrowings obtained from Related Party	387,640	184,918
Borrowings obtained from Bank	379,000	Nil
Payments on lease liability	(2,000)	Nil
Net cash generated from /(used in) financing activities	764,640	184,918
Net increase /(decrease) in cash and cash equivalents	176,836	(297,818)
Cash & cash equivalents at the beginning of the year	(85,868)	211,950
Cash & cash equivalents at the end of the year	90,968	(85,868)
Cash and cash equivalents at the end of the year
Cash and cash equivalents	90,968	(85,868)
90,968	(85,868)