East West Properties : Financial statements as at 31st March 2022

					1
EAST WEST PROPERTIES PLC
CONSOLIDATED INCOME STATEMENT
	Year ended 31st March		Quarter ended 31st March
	2022	2021	Change	2022	2021		Change
	Rs.	Rs.	%	Rs.	Rs.	%
Revenue		71,773,265	12.83	20,855,842	20,687,825		0.81
80,985,192
Direct Cost	(2,879,356)	(6,721,973)	(57.17)	(631,488)	(602,911)		4.74
Gross Profit	78,105,836	65,051,292	20.07	20,224,354	20,084,915		0.69
Other Income	6,125,580	1,812,419	237.98	3,132,540	420,876		644.29
	84,231,416	66,863,711		23,356,894	20,505,791
Administration Expenditure	(71,881,826)	(77,511,927)	(7.26)	(21,062,939)	(16,626,650)		26.68
Other Expenses	(11,099,824)	(25,196,802)		(11,099,824)	‐
Results from Operating Activities	1,249,766	(35,845,018)	(103.49)	(8,805,869)	3,879,141		(327.01)
Finance Income	189,017,458	384,629,613	(50.86)	122,605,335	30,086,379		307.51
Finance Cost	(33,965,121)	(32,072,412)	5.90	(33,716,916)	(49,091)		68,582
Net Finance Income / (Costs)	155,052,337	352,557,201	(56.02)	88,888,419	30,037,288		195.93
Profit / (Loss) before Tax	156,302,103	316,712,182	(50.65)	80,082,550	33,916,429		136.12
Income Tax Expenses	(20,292,903)	(15,591,582)	30.15	(6,238,847)	6,658,967		(193.69)
Profit / (Loss) for the Year	136,009,200	301,120,600	(54.83)	73,843,703	40,575,396		81.99
Other Comprehensive Income
Items that will not to be reclassified to Profit or Loss
‐ Re‐measurement of Employee Benefits	1,923,508	(429,658)		1,923,508	895,251
‐ Deferred Tax on Re‐measurement of Employee Benefits	(57,273)	298,490		(57,273)
Total Other Comprehensive Income / (Expenses)
for the Year	1,866,235	(131,168)		1,866,235	895,251
Total Compehensive Income / (Expenses) for the Year	137,875,435	300,989,432	(54.19)	75,709,938	41,470,647		82.56
Profit / (Loss) attributable to:
Equity Holders of the Parent	132,238,067	290,921,548	(54.55)	77,163,700	38,641,577		99.69
Non‐Controlling Interest	3,771,133	10,199,053	(63.02)	(3,319,997)	1,933,818		(271.68)
Profit / (Loss) for the Year	136,009,200	301,120,600	(54.83)	73,843,703	40,575,396		81.99
Total Comprehensive Income / (Expenses) attributable to:		290,814,329	(53.93)	78,917,680	39,508,951		99.75
Equity Holder of the Parent	133,992,047
Non‐Controlling Interest	3,883,388	10,175,104	(61.83)	(3,207,742)	1,961,696		(263.52)
Total Comprehensive Income/(Expenses) for the Year	137,875,435	300,989,432	(54.19)	75,709,938	41,470,647		82.56
Earnings / (Loss) per Share	0.96	2.10		0.56	0.28

Figures in the brackets indicate deductions

						2
EAST WEST PROPERTIES PLC
COMPANY INCOME STATEMENT	Year ended 31st March		Quarter ended 31st March
	2022	2021	Change	2022	2021	Change
	Rs.		Rs.	%	Rs.		Rs.	%
Revenue	46,011,222	34,032,754	35.20	12,174,018	12,385,459	(1.71)
Other Income	2,315,608	11,056,889	(79.06)	1,318,615	370,876	255.54
	48,326,830	45,089,643		13,492,633	12,756,335
Administration Expenditure	(55,926,116)	(63,179,290)	(11.48)	(18,271,785)	(12,180,831)	50.00
Other Expenses	‐	(23,564,274)		‐		‐
Results from Operating Activities	(7,599,286)	(41,653,920)	(81.76)	(4,779,152)	575,504	(930.43)
Finance Income	185,922,695	382,089,198	(51.3)	121,605,679	29,329,622	314.6
Finance Cost	(33,961,920)	(32,070,991)	5.90	(33,716,917)	(34,108)	98,753
Net Finance Income	151,960,775	350,018,207	(56.6)	87,888,762	29,295,514	200.0
Profit before Tax	144,361,489	308,364,287	(53.2)	83,109,610	29,871,018	178.2
Income Tax Expenses	(16,048,479)	(18,196,661)	(11.81)	(2,490,403)	6,757,809	(136.85)
Profit for the Period	128,313,010	290,167,626	(55.8)	80,619,207	36,628,827	120.1
Other Comprehensive Income
Items that will not to be reclassified to Profit or Loss
‐ Re‐measurement of Employee Benefits	1,637,144	(368,563)		1,637,144	838,359
‐ Deferred Tax on Re‐measurement of Employee Benefits		286,271
Total Other Comprehensive Income / (Expenses)
for the Period	1,637,144	(82,292)		1,637,144	838,359
Total Compehensive Income / (Expenses)for the Period	129,950,154	290,085,333	(55.2)	82,256,351	37,467,186	119.5
Earnings / (Loss) per Share	0.93		2.10		0.58		0.26
Figures in the brackets indicate deductions

EAST WEST PROPERTIES PLC	3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

NON ‐ CURRENT ASSETS

Property, Plant & Equipment

Lease Hold Property

Investment Properties

Intangible Assets

Interest Bearing Loan

CURRENT ASSETS

Inventories

Trade & Other Receivables

Amounts Due From Related Parties

Other Financial Assets

Short Term Investments

Cash & Cash Equivalents

TOTAL ASSETS

EQUITY AND LIABILITIES

Stated Capital ‐ 138,240,000 Ordinary Shares Capital Reserve

Revenue Reserve

Equity Attributable to Equity Holders of the Parent

Non Controlling Interest

TOTAL EQUITY

NON ‐ CURRENT LIABILITIES

Employee Benefits

Deferred Tax Liabilities

Rent Received in Advance

CURRENT LIABILITIES

Trade & Other Payables

Amount Due to Related Parties

Rent Received in Advance

Income Tax Liabilities

Bank Overdraft

TOTAL EQUITY & LIABILITIES

Net Assets Value Per share

Year ended 31st March

20222021

Rs.Rs.

178,804,212 141,376,590

25,649,968 26,070,459

1,209,314,476 58,002,988

22,452,583 22,452,583

• 50,000,000
  1,436,221,239 297,902,621

2,204,713	2,204,713
76,939,290	72,883,934
56,340,033	64,956,172
553,519,692	566,417,384
494,517,190	1,192,703,276
10,831,464	321,914,986
2,630,573,622		2,518,983,085
1,212,000,000	1,212,000,000
77,184,832	77,184,832
1,208,371,878	1,074,379,831
2,497,556,710	2,363,564,663
42,459,217	38,575,830
2,540,015,928	2,402,140,493
6,396,111	8,404,544
5,403,019	3,034,299
7,272,297	8,729,076
19,071,426		20,167,919
	70,026,565
50,040,093
‐		‐
1,456,779	1,456,779
17,994,808	22,572,137
1,994,587	2,619,191
2,630,573,622		2,518,983,085

18.0717.10

I certify that these financial statements are in compliance with the requirements of the companies Act No.7 of 2007.

Vijayanthi Jayasinghe

Finance Officer

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

Nahil Wijesuriya	Vajira Wijesuriya
Director	Director
13th June 2022
Colombo

4

EAST WEST PROPERTIES PLC

STATEMENT OF FINANCIAL POSITION ‐ COMPANY

ASSETS

NON ‐ CURRENT ASSETS

Property, Plant & Equipment

Lease Hold Property

Investment Property

Investments in Subsidiaries

Interest Bearing Loan

CURRENT ASSETS

Trade & Other Receivables

Amounts Due From Related Parties

Other Financial Assets

Short Term Investments

Cash & Cash Equivalents

TOTAL ASSETS

EQUITY AND LIABILITIES

Equity

Stated Capital ‐ 138,240,000 Ordinary Shares

Capital Reserve

Retained Earnings

TOTAL EQUITY

NON ‐ CURRENT LIABILITIES

Employee Benefits

Diferred Tax Liabilities

Rent Received in Advance

CURRENT LIABILITIES

Trade & Other Payables

Amount Due to Related Parties

Deposits & Advances Received

Income Tax Liabilities

Bank Overdrafts

TOTAL EQUITY & LIABILITIES

Net Assets Value Per share

Year ended 31st March

20222021

Rs.Rs.

171,812,949 130,446,685

25,649,968 26,070,459

1,209,314,476 58,002,988

29,584,254 29,584,254

• 50,000,000
  1,436,361,647 294,104,387

53,880,749 51,340,780

56,340,033 56,208,233

553,519,692 566,417,384

437,584,190 1,152,358,276

7,190,681 320,771,167

2,544,876,992 2,441,200,226

1,212,000,000 1,212,000,000

77,184,832 77,184,832

1,171,311,304 1,041,361,149

2,460,496,136 2,330,545,982

5,471,818 7,083,893

4,960,874 4,960,874

7,272,297 8,729,076

47,162,671 66,433,121

1,456,779 1,456,779

16,061,831 21,925,551

1,994,587 64,950

2,544,876,992 2,441,200,226

17.8016.86

I certify that these financial statements are in compliance with the requirements of the companies Act No.7 of 2007

Vijayanthi Jayasinghe

Finance Officer

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

Nahil Wijesuriya	Vajira Wijesuriya
Director	Director
13th June 2022
Colombo