Tal Lanka Hotels : Quarterly Financial Report as at 31.12.2021

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 09 Months Ended 31st December	3rd Quarter Ended 31st December
Particulars
	2021	2020	% Change	2021	2020	% Change
Revenue	611,555	329,481	86	373,748	121,930	207
Direct Cost	(929,600)	(803,030)	16	(377,092)	(262,577)	44
Gross profit / (loss)	(318,045)	(473,549)	(33)	(3,344)	(140,646)	(98)
Other Income	215	(1,612)	(113)	167	(3,142)	(105)
Marketing Expenses	(33,275)	(30,184)	10	(11,837)	(8,224)	44
Administrative Expenses	(183,655)	(175,171)	5	(64,655)	(75,025)	(14)
Profit/(Loss) from operations	(534,761)	(680,516)	(21)	(79,669)	(227,036)	(65)
Finance Income	14,076	5,353	163	6,498	199	3,170
Finance expenses	(98,854)	(26,989)	266	(37,270)	(36,521)	2
Net Finance Expense	(84,778)	(21,636)	292	(30,772)	(36,322)	(15)
Loss Before Tax	(619,539)	(702,152)	(12)	(110,442)	(263,358)	(58)
Income Tax Expense	Nil	Nil	-	Nil	Nil	-
Loss for the Period	(619,539)	(702,152)	(12)	(110,442)	(263,358)	(58)
Other Comprehensive income/(expense),net of income tax
Items that will not be reclassified subsequently to profit or loss:
Other comprehensive income for the Period, net of tax	Nil	Nil		Nil	Nil
Total comprehensive expense for the Period	(619,539)	(702,152)	(12)	(110,442)	(263,358)	(58)
Loss per share- basic (Rs.)	(4.44)	(5.03)		(0.79)	(1.89)

TAL LANKA HOTELS PLC

Statement of Financial Position

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

Particulars	As at 31st	As at 31st	As at 31st
December 2021	December 2020	March 2021
ASSETS
Non-current assets
Property, plant and equipment	3,468,411	3,241,579	3,720,218
Intangible assets	1,287	4,474	3,627
Leasehold property-right to use of land	768,373	781,564	778,267
Investments classified as FVOCI	15,821	21,388	15,821
Investments in Fixed Deposits	541,099	-	140,297
	4,794,991	4,049,005	4,658,229
Current assets
Inventories	70,499	65,010	55,209
Trade and other receivables	109,334	41,047	35,169
Amounts receivable from related parties	1,125	442	1,084
Deposits, prepayments and advances	89,704	94,826	85,522
Current tax asset	10,263	26,031	15,910
Cash and cash equivalents	65,499	29,642	23,307
	346,425	256,997	216,201
Total assets	5,141,416	4,306,002	4,874,431
EQUITY AND LIABILITIES
Capital and reserves
Stated capital (139,637,494 Shares)	1,396,375	1,396,375	1,396,375
Revaluation reserve	1,372,030	1,005,867	1,472,378
Fair value reserve	1,560	6,570	1,560
Accumulated losses	(2,112,829)	(1,211,046)	(1,593,638)
Total Equity	657,136	1,197,767	1,276,675
Non-current liabilities
Loans and borrowings	2,836,404	1,883,133	2,044,032
Retirement benefit obligation	59,504	90,385	81,669
Deferred tax liability	420,459	311,205	420,459
	3,316,367	2,284,723	2,546,161
Current liabilities
Trade and other payables	489,460	409,019	398,530
Amounts payable to related parties	132,936	114,309	119,387
Bank Overdraft	74,576	1,969	109,175
Loans and borrowings	470,941	298,214	424,503
	1,167,913	823,512	1,051,595
Total liabilities	4,484,280	3,108,235	3,597,756
Total Equity and Liabilities	5,141,416	4,306,002	4,874,431
Net asset value per share Rs.	4.71	8.58	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 :- 20th January 2022

TAL LANKA HOTELS PLC

Statement of Changes in Equity

(All amounts in Sri Lanka Rupees thousands)

Particulars	Stated	Revaluation		Accumulated	Total
Capital	reserve	Fair value reserve	losses
Balance as at 01st April 2020	1,396,375	1,077,607	6,570	(580,633)	1,899,919
Total comprehensive income/(expense) for the period
Loss for the period	Nil	Nil	Nil	(702,152)	(702,152)
Other comprehensive income/(expense)	Nil	Nil	Nil	Nil	Nil
Transfer of depreciation, net of deferred tax	Nil	(71,740)	Nil	71,740	Nil
Balance as at 31st December 2020	1,396,375	1,005,867	6,570	(1,211,045)	1,197,767
Balance as at 01st April 2021	1,396,375	1,472,378	1,560	(1,593,638)	1,276,675
Total comprehensive income/(expense) for the period
Loss for the period	Nil	Nil	Nil	(619,539)	(619,539)
Other comprehensive income/(expense)	Nil	Nil	Nil	Nil	Nil
Transfer of depreciation,net of deferred tax	Nil	(100,348)	Nil	100,348	Nil
Balance as at 31st December 2021	1,396,375	1,372,030	1,560	(2,112,829)	657,136

TAL LANKA HOTELS PLC

Statement of Cash Flows

(All amounts in Sri Lanka Rupees thousands)

	For the 09 Months ended
Particulars	31st December
	2021	2020
Cash flows from Operating activities
Loss before tax	(619,539)	(702,152)
Adjustments for:
Gain on disposals of property plant and equipment	Nil	Nil
Depreciation on property, plant and equipment	264,116	276,128
Amortisation of intangible asset	2,340	2,667
Amortisation of leasehold property	9,893	9,893
Interest income	(14,076)	(5,353)
Interest expense	94,303	63,528
Provision for defined benefit plans	13,428	9,561
Impairment of Inventories	(1,503)	Nil
Economic service charge (written back)/write off	5,535	3,404
Unrealized exchange (gain) / loss on loans	2,458	(38,890)
Operating profit/(loss)before working capital changes	(243,045)	(381,214)
(Increase )/Decrease in inventories	(13,787)	6,490
(Increase )/Decrease in trade and other receivables	(74,053)	105,943
(Increase )/Decrease in amounts receivable from related companies	(41)	772
(Increase )/Decrease in deposits ,prepayments and advances	(4,182)	8,909
Increase /(Decrease) in trade and other payables	75,370	(10,774)
Increase /(Decrease) in amounts payable to related companies	15,274	8,141
Cash generated from /(Used in) operations	(244,464)	(261,733)
Taxes Paid	Nil	159
Retirement benefits paid	(592)	Nil
(Investments )/Withdrawal in plan asset	(35,000)	Nil
Interest paid	(8,014)	(6,962)
Net cash (Used in) /generated from operating activities	(288,070)	(268,536)
Cash flows from investing activities
Net proceeds from disposal of property, plant and equipment	Nil	Nil
Purchase of property, plant and equipment	(12,309)	(21,586)
Acquisition of intangible assets	Nil	Nil
(Investment) / Withdrawal in fixed deposits	(387,640)	50,000
Interest received	170	5,845
Net cash Used in investing activities	(399,779)	34,259
Cash flows from Financing activities
Borrowings obtained	387,640	50,000
Cashback Facility obtained on FD	379,000	Nil
Repayments of borrowings	Nil	Nil
Payments on lease liability	(2,000)	Nil
Net cash generated from /(used in) financing activities	764,640	50,000
Net increase /(decrease) in cash and cash equivalents	76,791	(184,277)
Cash & cash equivalents at the beginning of the year	(85,868)	211,950
Cash & cash equivalents at the end of the period	(9,077)	27,673
Cash and cash equivalents at the end of the period
Cash and cash equivalents	(9,077)	27,673
	(9,077)	27,673