Asian Hotels and Properties : Interim Financial Statements as @ 31st March 2022

Interim Condensed Financial Statements

ASIAN HOTELS AND PROPERTIES PLC

CONSOLIDATED INCOME STATEMENT

	For the quarter ended 31st March		For the year ended 31st March
	2022	2021	%		2022	2021	%
	Rs'000	Rs'000	Change		Rs'000	Rs'000	Change
Revenue from contracts with customers	1,721,483	624,997	175		4,094,672	1,790,116	129
Cost of Sales	(911,740)	(517,114)	76		(2,599,732)	(1,766,760)	47
Gross Profit	809,743	107,883	651		1,494,940	23,356	6,301
Other Operating Income	85,349	182,506	(53)		148,403	204,344	(27)
Distribution Expenses	(13,740)	(17,147)	(20)		(158,987)	(124,719)	27
Administrative Expenses	(420,756)	(490,307)	(14)		(1,475,215)	(1,703,462)	(13)
Other Operating Expenses	(133,947)	(96,128)	39		(416,188)	(312,274)	33
Results from Operating Activities	326,649	(313,193)	(204)		(407,047)	(1,912,755)	(79)
Finance Cost	(113,096)	(21,205)	433		(184,525)	(31,707)	482
Finance Income	1,568	4,212	(63)		7,493	33,509	(78)
Net Finance Income/ (Cost)	(111,528)	(16,993)	556		(177,032)	1,802	(9,924)
Change in Fair Value of Investment Property	124,852	(458,755)	-127		124,852	(458,755)	(127)
Profit/ (Loss) Before Tax	339,973	(788,941)	(143)		(459,227)	(2,369,708)	(81)
Tax Expense	(47,970)	66,627	(172)		(48,620)	125,706	(139)
Profit/ (Loss) for the Period	292,003	(722,314)	(140)		(507,847)	(2,244,002)	(77)
Attributable to:
Equity Holders of the Parent	168,810	(543,299)	(131)		(510,167)	(1,780,674)	(71)
Non-controlling Interests	123,193	(179,015)	(169)		2,320	(463,328)	(101)
	292,003	(722,314)	(140)		(507,847)	(2,244,002)	(77)
Earnings/ (Loss) Per Share (Rs.)	0.38	(1.23)			(1.15)	(4.02)
Dividend per Share ( Rs.)	-	-			-	-

Figures in brackets indicate deductions

The above figures are not audited.

Asian Hotels and Properties PLC

Interim Condensed Financial Statements

ASIAN HOTELS AND PROPERTIES PLC

COMPANY INCOME STATEMENT

	For the quarter ended 31st March		For the year ended 31st March
	2022	2021	%		2022	2021	%
	Rs'000	Rs'000	Change		Rs'000	Rs'000	Change
Revenue from contracts with customers	967,247	366,083	164		2,277,448	979,148	133
Cost of Sales	(514,896)	(324,732)	59		(1,524,994)	(1,101,882)	38
Gross Profit / (Loss)	452,351	41,351	994		752,454	(122,734)	(713)
Other Operating Income	57,018	181,777	(69)		118,026	200,627	(41)
Distribution Expenses	(8,963)	(9,854)	(9)		(78,118)	(79,289)	(1)
Administrative Expenses	(257,729)	(231,296)	11		(920,374)	(919,358)	0
Other Operating Expenses	(85,728)	(53,011)	62		(237,062)	(175,982)	35
Results from Operating Activities	156,949	(71,033)	(321)		(365,074)	(1,096,736)	(67)
Finance Cost	(22,136)	(5,910)	274.5516		(62,352)	(7,497)	731.6927
Finance Income	1,149	3,392	(66)		5,635	29,780	(81)
Net Finance Income/ (Cost)	(20,987)	(2,518)	733		(56,717)	22,283	(355)
Change in Fair Value of Investment Property	(42,374)	(349,236)	(88)		(42,374)	(349,236)	(88)
Profit/ (Loss) Before Tax	93,588	(422,787)	(122)		(464,165)	(1,423,689)	(67)
Tax Expense	(19,279)	16,811	(215)		(47,781)	(1,567)	2,949
Profit/ (Loss) for the Period	74,309	(405,976)	(118)		(511,946)	(1,425,256)	(64)
Earnings/ (Loss) Per Share (Rs.)	0.17	(0.92)			(1.16)	(3.22)
Dividend per Share ( Rs.)	-	-			-	-

Figures in brackets indicate deductions

The above figures are not audited.

Asian Hotels and Properties PLC

Interim Condensed Financial Statements

ASIAN HOTELS AND PROPERTIES PLC

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	For the quarter ended 31st	For the year ended 31st March
	March
	2022		2021	2022	2021
In Rs.'000s
Profit/ (Loss) for the period	292,003		(722,314)	(507,847)	(2,244,002)
Other comprehensive income
Revaluation of land and buildings	973,677		181,186	973,677	181,186
Re-measurement gain/(loss) on defined benefit Plans	17,233		(1,809)	17,233	(1,809)
Deferred tax effect on actuarial valuation	(809)		(14)	(809)	(14)
Deferred tax effect on Revaluation	(136,314)		(25,366)	(136,314)	(25,366)
Net other comprehensive income not to be reclassified to Income
Statement in subsequent periods	853,787		153,997	853,787	153,997
Total comprehensive income for the period, net of tax	1,145,790		(568,317)	345,940	(2,090,005)
Attributable to :
Equity holders of the parent	999,736		(408,732)	320,758	(1,646,107)
Non-controlling interests	146,054		(159,585)	25,182	(443,898)
	1,145,790		(568,317)	345,940	(2,090,005)

ASIAN HOTELS AND PROPERTIES PLC

COMPANY STATEMENT OF COMPREHENSIVE INCOME

			For the quarter ended 31st	For the year ended 31st March
			March
			2022		2021	2022	2021
In Rs.'000s
Profit/ (Loss) for the period	74,309		(405,976)	(511,946)	(1,425,256)
Other comprehensive income
Revaluation of land and buildings	932,484		141,357	932,484	141,357
Re-measurement gain/(loss) on defined benefit Plans	11,452		(1,905)	11,452	(1,905)
Deferred tax effect on actuarial valuation
Deferred tax effect on Revaluation	(130,547)		(19,790)	(130,547)	(19,790)
Net other comprehensive income not to be reclassified to Income
Statement in subsequent periods	813,389		119,662	813,389	119,662
Total comprehensive income for the period, net of tax	887,698		(286,314)	301,443	(1,305,594)

Figures in brackets indicate deductions.

The above figures are not audited.

Asian Hotels and Properties PLC

Interim Condensed Financial Statements

ASIAN HOTELS AND PROPERTIES PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at

ASSETS

Non Current Assets

Property, Plant and Equipment Right of use Asset Investment Property Intangible Assets

Investment Property - Work in Progress Non Current Financial Assets

Other Non Current Assets

Total Non Current Assets

Current Assets

Inventories

Trade and Other Receivables Amounts Due from Related Parties Other Current Assets

Short Term Investments

Cash in Hand and at Bank

Total Current Assets

Total Assets

EQUITY & LIABILITIES

Equity

Stated Capital

Revenue Reserves

Other Components of Equity

Equity attributable to owners of the company

Non-controlling Interest

Total Equity

Non Current Liabilities

Interest Bearing Borrowings

Deferred Tax Liabilities

Employee Benefit Liabilities

Total Non Current Liabilities

Current Liabilities

Trade and Other Payables

Amounts Due to Related Parties

Income Tax Liabilities

Interest Bearing Borrowings

Other Current Liabilities

Bank Overdrafts

Total Current Liabilities

Total Liabilities

Total Equity and Liabilities

Net Assets Per Share (Rs.)

The above figures are not audited.

Unaudited	Audited
31st March 2022	31st March 2021
Rs '000	Rs '000
34,803,525	34,198,342
719,432	731,836
5,630,122	5,005,270
1,227	1,680
-	113,015
34,375	27,722
3,089	3,009
41,191,770	40,080,874
204,587	107,085
487,899	162,606
46,735	33,490
344,475	135,957
-	198,535
233,184	150,385
1,316,880	788,058
42,508,650	40,868,932
3,345,117	3,345,117
5,187,893	5,673,539
23,093,391	22,287,036
31,626,401	31,305,692
3,332,915	3,307,203
34,959,316	34,612,895
252,710	59,436
3,856,597	3,736,792
343,870	378,361
4,453,177	4,174,589
1,020,667	726,277
87,290	69,364
44,192	37,192
700,451	208,797
318,812	267,982
924,745	771,836
3,096,157	2,081,448
7,549,334	6,256,037
42,508,650	40,868,932
71.43	70.70

I certify that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

C.L.P. Gunawardane

Chief Financial Officer / Director

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by ,

K.N.J. Balendra	J.G.A. Cooray
Chairman	Director
23rd May 2022

Asian Hotels and Properties PLC

Interim Condensed Financial Statements

ASIAN HOTELS AND PROPERTIES PLC

COMPANY STATEMENT OF FINANCIAL POSITION

As at

ASSETS

Non Current Assets

Property, Plant and Equipment

Investment Property

Intangible Assets

Investments in Subsidiary

Investment Property - Work in Progress

Non Current Financial Assets

Other Non Current Assets

Total Non Current Assets

Current Assets

Inventories

Trade and Other Receivables

Amounts Due from Related Parties

Other Current Assets

Short Term Investments

Cash in Hand and at Bank

Total Current Assets

Total Assets

EQUITY & LIABILITIES

Equity attributable to Equity Holders of the Parent

Stated Capital

Revenue Reserves

Other Components of Equity

Total Equity

Non Current Liabilities

Interest Bearing Borrowings

Deferred Tax Liabilities

Employee Benefit Liabilities

Total Non Current Liabilities

Current Liabilities

Trade and Other Payables

Amounts Due to Related Parties

Income Tax Liabilities

Interest Bearing Borrowings

Other Current Liabilities

Bank Overdrafts

Total Current Liabilities

Total Liabilities

Total Equity and Liabilities

Net Assets Per Share (Rs.)

The above figures are not audited.

	AHP/42/2019
Unaudited	Audited
31st March 2022	31st March 2021
Rs '000	Rs '000
31,400,531	30,773,023
2,697,390	2,239,764
819	991
660,045	660,045
-	113,015
19,374	15,174
996	985
34,779,155	33,802,997
135,616	70,550
292,293	98,979
27,519	20,463
201,907	87,436
-	198,535
177,913	79,582
835,248	555,545
35,614,403	34,358,542
3,345,117	3,345,117
3,735,500	4,235,994
22,649,232	21,847,751
29,729,849	29,428,862
195,522	19,420
3,615,600	3,489,290
211,088	232,324
4,022,210	3,741,034
637,141	415,749
52,011	56,372
19,248	6,507
521,093	31,286
176,409	169,020
456,442	509,712
1,862,344	1,188,646
5,884,554	4,929,680
35,614,403	34,358,542
67.14	66.46

I certify that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

C.L.P. Gunawardane

Chief Financial Officer / Director

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by ,

K.N.J. Balendra	J.G.A. Cooray
Chairman	Director
23rd May 2022

Asian Hotels and Properties PLC