Trans Asia Hotels : Interim Financial Statements as @ 30th June 2022

Trans Asia Hotels PLC

Interim Condensed Financial Statements

For the Quarter Ended 30 June 2022

Interim Condensed Financial Statements

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

				Three months ended
				30th June
							Change
2022	2021	Note	2022		2021
	%
Revenue from contracts with customers				695,729		181,703	283
Cost of sales				(440,451)		(154,582)	185
Gross profit				255,278		27,121	841
Other operating income				3,912		191	1,948
Administrative expenses				(176,051)		(107,438)	64
Sales and marketing expenses				(41,325)		(22,087)	87
Other operating expenses				(66,452)		(34,858)	91
Loss from operations				(24,638)		(137,071)	(82)
Finance cost			(56,975)		(10,928)	421
Finance income			585		544	8
Net finance Cost			(56,390)		(10,384)	443
loss before tax			(81,028)		(147,455)	(45)
Income tax reversal		5	5,450		18,937	(71)
loss for the period				(75,578)		(128,518)	(41)
Other comprehensive income
Other comprehensive income for the year, net of tax			-		-	-
Total comprehensive expense for the year, net of tax			(75,578)		(128,518)	(41)
				Rs.		Rs.
Dividend per share			-		-
Earnings per share			(0.38)		(4.09)

Note: All values are in Rupees '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

Interim Condensed Financial Statements

STATEMENT OF FINANCIAL POSITION

As at	30.06.2022	31.03.2022
	Unaudited	(Adjusted)
ASSETS
Non-current assets
Property, plant and equipment	3,538,502	3,402,994
Right- of - use asset	716,331	719,432
Investment property	2,932,732	2,932,732
Intangible assets	339	409
Non current financial assets	14,392	15,001
Other non-current assets	1,972	2,093
Total non current assets	7,204,268	7,072,661
Current assets
Inventories	130,955	68,971
Trade and other receivables	155,066	195,606
Other current assets	111,399	142,568
Amounts due from related parties	18,698	20,268
Cash in hand and at bank	49,064	55,271
Total current assets	465,182	482,684
Total assets	7,669,450	7,555,345
EQUITY AND LIABILITIES
Stated capital	1,112,880	1,112,880
Revenue reserves	3,168,631	3,237,925
Other components of equity	1,518,601	1,524,544
Total equity	5,800,112	5,875,349
Non-current liabilities
Interest bearing loans and borrowings	-	57,188
Employees benefits	134,852	132,782
Deferred tax liabilities	232,168	240,996
Total non-current liabilities	367,020	430,966
Current liabilities
Trade and other payables	374,880	383,459
Other current liabilities	120,073	142,403
Interest bearing loans and borrowings	262,230	179,358
Amounts due to related parties	25,475	36,330
Current tax liability	27,769	39,177
Bank overdrafts	691,891	468,303
Total current liabilities	1,502,318	1,249,030
Total liabilities	1,869,338	1,679,996
Total equity and liabilities	7,669,450	7,555,345
	Rs.	Rs.
Net assets per share	29.00	29.45

Note All values are in Rupees '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

I certify that the financial statements are prepared and presented in compliance with the requirements of the Companies Act No.7 of 2007.

C L P Gunawardane

Chief Financial Officer

The Board of Directors are responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board;

K N J Balendra	J G A Cooray
Chairman	Director
18th July 2022

STATEMENT OF CHANGES IN EQUITY

As at 31 March 2021

Charge relating to Surcharge Tax

As at 1st April 2021

Loss for the period

Total comprehensive expenses

Transferred to revenue reserve

Share based payments

As at 30th June 2021

		Interim Condensed Financial Statements
	Other Components of Equity
Stated Capital	Other Capital	Revaluation	Revenue Reserve	Total Equity
Reserve	Reserve
1,112,880	21,729	1,491,586	3,217,952	5,844,147
-	-	-	(14,233)	(14,233)
1,112,880	21,729	1,491,586	3,203,719	5,829,914
-	-	-	(128,518)	(128,518)
-	-	-	(128,518)	(128,518)
-	-	(6,284)	6,284	-
-	101	-		101
1,112,880	21,830	1,485,302	3,081,485	5,701,497

As at 1st April 2022	1,112,880	22,666	1,501,878	3,237,925	5,875,349
Loss for the period	-	-	-	(75,578)	(75,578)
Total comprehensive expenses	-	-	-	(75,578)	(75,578)
Transferred to revenue reserve	-	-	(6,284)	6,284	-
Share based payments	-	341	-		341
As at 30th June 2022	1,112,880	23,007	1,495,594	3,168,631	5,800,112

Note : All values are in Rupees '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.

Interim Condensed Financial Statements

STATEMENT OF CASH FLOWS

For the three months ended 30th June	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
loss before tax	(81,028)	(147,455)
Adjustments for:
Finance income	(585)	(544)
Finance expenses	21,645	10,928
Depreciation of property, plant and equipment	38,353	39,527
Profit on disposal of property, plant and equipment	(928)	(52)
Amortisation of right- of - use assets.	3,101	3,101
Amortisation of intangible assets	70	70
Employee benefits provision and related costs	4,218	3,210
Exchange (gain)/loss on interest bearing loans borrowings	35,330	2,334
(Reversal)/ Provision for impairment of trade receivables	(1,950)	-
Share based payment expenses	341	101
Operating Profit/ (loss) before working capital changes	18,567	(88,780)
(Increase) / Decrease in inventories	(61,984)	(8,457)
(Increase) / Decrease in trade and other receivables	42,490	(7,716)
(Increase) / Decrease in other current assets	32,739	(18,692)
(Increase) / Decrease in other non-current assets	730	(3,202)
Increase / (Decrease) in trade and other payables	(8,579)	(57,547)
(Decrease)/Increase in other current liabilities	(33,185)	141
Cash used in operations	(9,222)	(184,253)
Finance income received	585	544
Finance expenses paid	(22,241)	(10,928)
Surcharge Tax paid	(7,117)	-
Tax paid	(7,670)	-
Employee benefits paid/transfers	(2,148)	(7,672)
Net cash used in operating activities	(47,813)	(202,309)
Cash flows from/(used in) investing activities
Purchase and construction of property, plant and equipment	(172,857)	(3,481)
Proceeds from sale of Property, plant and equipment	1,117	307
Net cash used in investing activities	(171,740)	(3,174)
Cash flows from/ (used in) financing activities
Repayment of long term borrowings	(10,242)	(50,178)
Net cash flow used in financing activities	(10,242)	(50,178)
Net decrease in cash and cash equivalents	(229,795)	(255,661)
Cash and cash equivalents at the beginning of the year	(413,032)	(191,321)
Cash and cash equivalents at the end	(642,827)	(446,982)
Analysis of cash and cash equivalents
Favourable balances
Cash in hand and at bank	49,064	14,199
	49,064	14,199
Unfavourable balances
Bank overdrafts	(691,891)	(461,181)
Total cash and cash equivalents	(642,827)	(446,982)

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand and short-term deposits with a maturity of three months or less. For the purpose of the cash flow statement, cash and cash equivalents consist of cash and short-term deposits as defined above, net of outstanding bank overdraft.

Note : All values are in Rupees '000s, unless otherwise stated.

Figures in brackets indicate deductions.

The above figures are not audited.