Aitken Spence Hotel : Interim Financial Statements as at 30.06-2022 - Aitken Spence Hotel Holdings PLC

Aitken Spence Hotel Holdings PLC

Interim Financial Statement - 1st Quarter

(For the three months ended 30th June 2022)

Aitken Spence Hotel Holdings PLC

Income Statement

	Group	Company
For the three months ended 30th June	2022	2021	2022	2021
	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000
Revenue	8,849,868	2,942,117	109,952	82,736
Revenue taxes	(192,749)	(89,536)	-	-
Net revenue	8,657,119	2,852,581	109,952	82,736
Other operating income/(expenses)	194,399	(25,625)	191,088	(3,240)
Staff costs	(1,877,905)	(926,619)	(50,182)	(33,099)
Depreciation	(959,745)	(631,981)	(17,397)	(14,386)
Amortisation and impairment	(365,458)	(210,991)	(179)	(436)
Other operating expenses - direct	(2,254,072)	(898,670)	(32,014)	(13,448)
Other operating expenses - indirect	(3,037,933)	(1,210,061)	(68,544)	(52,872)
Profit/(loss) from operations	356,405	(1,051,366)	132,724	(34,745)
Finance income	104,991	33,930	9,650	12,891
Finance expense	(1,136,300)	(544,924)	(36,568)	(16,439)
Net finance expense	(1,031,309)	(510,994)	(26,918)	(3,548)
Share of loss of equity accounted investees (net of tax)	(4,402)	(88,395)	-	-
Profit/(loss) before tax	(679,306)	(1,650,755)	105,806	(38,293)
Income tax (expense)/refund	(196,253)	(49,124)	1,829	(236)
Profit/(loss) for the period	(875,559)	(1,699,879)	107,635	(38,529)
Attributable to:
Equity holders of the parent company	(460,847)	(1,110,790)	107,635	(38,529)
Non -controlling interests	(414,712)	(589,089)	-	-
Profit/(loss) for the period	(875,559)	(1,699,879)	107,635	(38,529)
Earnings/(loss) per share for the period - Rs.	(1.37)	(3.30)	0.32	(0.11)
(Basic / Diluted)

The above figures are provisional and subject to audit.

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Aitken Spence Hotel Holdings PLC

Statement of Profit or Loss and other Comprehensive Income

	Group		Company
For the three months ended 30th June	2022	2021	2022	2021
	Rs.' 000	Rs.' 000	Rs.' 000	Rs.' 000
Profit/(loss) for the period	(875,559)	(1,699,879)	107,635	(38,529)
Other comprehensive income/(loss)
Items that will never be reclassified to profit or loss
Revaluation of freehold lands	-	-	-	-
Share of other comprehensive income of equity accounted investees	366	5,330	-	-
(net of tax)
Actuarial gains/(losses) on defined benefit obligations	-	-	-	-
Income tax on other comprehensive income	-	-	-	-
	366	5,330	-	-
Items that are or may be reclassified to profit or loss
Foreign currency translation differences of foreign operations	5,738,166	(33,742)	-	-
Net movement on cash flow hedging	(1,372,883)	(99,807)	-	-
	4,365,283	(133,549)	-	-
Other comprehensive income/(loss) for the period (net of tax)	4,365,649	(128,219)	-	-
Total comprehensive income/(loss) for the period (net of tax)	3,490,090	(1,828,098)	107,635	(38,529)
Attributable to:
Equity holders of the parent company	2,344,217	(1,184,759)	107,635	(38,529)
Non -controlling interests	1,145,873	(643,339)	-	-
Total comprehensive income/(loss) for the period (net of tax)	3,490,090	(1,828,098)	107,635	(38,529)

The above figures are provisional and subject to audit.

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Aitken Spence Hotel Holdings PLC

Consolidated Statement of Financial Position

As at	30.06.2022	30.06.2021	31.03.2022
	Rs.' 000	Rs.' 000	Rs.' 000
ASSETS		(Adjusted)	(Adjusted)
Non - current assets	79,119,615
Property, plant and equipment	52,165,790	67,363,789
Right-of-use-assests	19,765,385	11,781,973	16,379,328
Intangible assets	1,002,180	575,228	821,411
Investment in equity accounted investees	457,039	577,689	461,073
Other financial assests	339,398	772,741	283,123
Deferred tax assets	699,641	718,955	648,820
	101,383,258	66,592,376	85,957,544
Current assets	1,839,636
Inventories	918,676	1,627,072
Trade and other receivables	1,636,332	781,544	2,310,150
Amount due from holding company	806,871	334,552	485,713
Amount due from parent's group entities	914,891	172,425	620,304
Deposits and prepayments	924,607	536,042	553,452
Current tax receivable	41,142	43,207	36,480
Other financial assets	3,834,463	996,021	4,428,432
Cash and cash equivalents	7,031,351	1,487,903	4,033,614
	17,029,293	5,270,370	14,095,217
Assets classified as held for sale	-	1,080,606	1,586,969
Total Assets	118,412,551	72,943,352	101,639,730
EQUITY AND LIABILITIES
Equity	3,554,587
Stated capital	3,554,587	3,554,587
Reserves	11,596,477	5,480,262	8,791,779
Retained earnings	7,050,480	5,752,241	7,510,961
Total equity attributable to equity holders of the parent company	22,201,544	14,787,090	19,857,327
Non-controlling interests	9,415,680	5,362,925	8,269,807
Total Equity	31,617,224	20,150,015	28,127,134
Non - current liabilities	44,030,594
Interest - bearing liabilities - banks	27,286,249	38,596,278
Interest - bearing liabilities - leases	16,193,412	9,810,666	13,483,051
Deferred tax liabilities	1,530,008	1,052,466	1,364,422
Employee benefits	303,777	252,220	265,214
	62,057,791	38,401,601	53,708,965
Current liabilities	1,202,590
Trade payables	745,292	1,291,949
Other provisions and payables	5,937,195	3,056,611	5,373,008
Amount due to holding company	1,375,651	177,252	1,201,857
Amount due to parent's group entities	115,888	73,711	88,106
Interest - bearing liabilities - banks	7,012,658	3,844,669	5,356,106
Interest - bearing liabilities - leases	1,504,918	993,454	1,206,831
Current tax payable	53,137	6,243	50,364
Bank overdrafts and other short term borrowings	7,535,499	5,494,504	5,235,410
	24,737,536	14,391,736	19,803,631
Total Liabilities	86,795,327	52,793,337	73,512,596
Total Equity and Liabilities	118,412,551	72,943,352	101,639,730
Net Asset value per share (Rs.)	65.53	43.48	58.56

The above figures are provisional and subject to audit.

The Chief Financial Officer certfies that the financial statements have been prepared in compliance with the requirement of the Companies Act No. 07 of 2007.

sgd.

L.D.T. Perera

General Manager - Finance

sgd.	sgd.
Deshamanya D.H.S Jayawardena	Dr. M.P Dissanayake
Chairman	Managing Director
Colombo
10th August 2022

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Aitken Spence Hotel Holdings PLC

Company Statement of Financial Position

As at	30.06.2022	30.06.2021	31.03.2022
	Rs.' 000	Rs.' 000	Rs.' 000
ASSETS		(Adjusted)	(Adjusted)
Non - current assets	1,582,243
Property, plant and equipment	1,569,195	1,534,878
Intangible assets	-	971	179
Investments in subsidiaries	8,006,841	8,006,841	8,006,841
Investment in equity accounted investees	1,215,732	1,267,862	1,215,732
Other financial assets	38,333	606,058	38,333
	10,843,149	11,450,927	10,795,963
Current assets	24,720
Inventories	15,959	20,003
Trade and other receivables	154,020	170,083	204,788
Amount due from holding company	-	67,753	-
Amount due from parent's group entities	664,771	59,666	609,567
Deposits and prepayments	30,038	106,202	66,526
Current tax receivable	-	151,532	-
Other financial assets	1,135,976	149,811	747,109
Cash and cash equivalents	222,922	523,014	478,255
	2,232,447	1,244,020	2,126,248
Total Assets	13,075,596	12,694,947	12,922,211
EQUITY AND LIABILITIES
Equity	3,554,587
Stated capital	3,554,587	3,554,587
Reserves	705,961	705,961	705,961
Retained earnings	6,593,315	6,285,650	6,485,680
Total Equity	10,853,863	10,546,198	10,746,228
Non - current liabilities	346,995
Interest - bearing liabilities - banks	423,512	413,588
Deferred tax liabilities	78,998	37,060	82,954
Employee benefits	39,854	41,186	38,065
	465,847	501,758	534,607
Current liabilities	7,607
Trade creditors	7,660	25,277
Other provisions and payables	92,967	197,742	93,092
Amount due to holding company	501,106	176,612	409,987
Amount due to parent's group entities	583,783	564,616	564,107
Interest - bearing liabilities - banks	470,829	379,414	401,781
Current tax payable	90	-	3,330
Bank overdrafts and other short term borrowings	99,504	180,947	143,802
	1,755,886	1,506,991	1,641,376
Total Liabilities	2,221,733	2,008,749	2,175,983
Total Equity and Liabilities	13,075,596	12,554,947	12,922,211
Net Asset value per share (Rs.)	31.78	30.87	31.46

The above figures are provisional and subject to audit.

The Chief Financial Officer certfies that the financial statements have been prepared in compliance with the requirement of the Companies Act No. 07 of 2007.

sgd.

L.D.T. Perera

General Manager - Finance

sgd.	sgd.
Deshamanya D.H.S Jayawardena	Dr. M.P Dissanayake
Chairman	Managing Director
Colombo
10th August 2022

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