Trans Asia Hotels : Interim Financial Statements as @ 31st December 2022

Trans Asia Hotels PLC

Interim Condensed Financial Statements For the Quarter Ended 31 December 2022

John Keells Group - Confidential

Interim Condensed Financial Statements

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Quarter ended			Nine months ended
	31st December			31st December
			Change
Note	2022	2021	2022		2021	Change %
%
Continuing operations
Revenue from contracts with customers	1,035,774	628,394	65	2,458,697		1,062,988	131
Cost of sales	(614,705)	(355,364)	(73)	(1,520,979)		(677,894)	(124)
Gross profit	421,069	273,030	54	937,718		385,094	144
Other operating income	-	365	(100)	1,055		2,046	(48)
Administrative expenses	(216,355)	(153,054)	(41)	(575,167)		(391,814)	(47)
Sales and marketing expenses	(50,430)	(29,150)	(73)	(143,460)		(76,092)	(89)
Other operating expenses	(91,092)	(54,244)	(68)	(236,926)		(130,907)	(81)
Profit/ (Loss) from operations	63,192	36,947	71	(16,780)		(211,673)	92
Finance cost	(60,607)	(12,436)	(387)	(167,898)		(31,213)	(438)
Finance income	1,168	476	145	2,441		1,439	70
Net finance Cost	(59,439)	(11,960)	(397)	(165,457)		(29,774)	(456)

Profit/ (Loss) before tax		3,753	24,987	(85)	(182,237)	(241,447)	25
Income tax (expense)/ reversal	5	(181,689)	8,337	(2,279)	(162,959)	27,852	(685)
Profit/ (Loss) for the period		(177,936)	33,324	634	(345,196)	(213,595)	(62)
Other comprehensive income/expense
Items that will not be reclassified to profit or loss

Other comprehensive income not be reclassified to
profit or loss in subsequent years
Tax effect on other comprehensive income	-	-	-	(73,881)	-	-
Other comprehensive income/expense for the year, net of tax	-	-	-	(73,881)	-
Total comprehensive income/expense for the year, net of tax	(177,936)	33,324	(634)	(419,077)	(213,595)	96
	Rs.	Rs.		Rs.	Rs.
Dividend per share	-	-	-	-	-	-
Earnings/(Loss) per share	(0.89)	0.17	623	(1.73)	(1.07)	(61)

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	31.12.2022	31.03.2022
	Unaudited
ASSETS
Non-current assets
Property, plant and equipment	3,732,063	3,402,994
Right- of - use asset	710,129	719,432
Investment property	2,932,732	2,932,732
Intangible assets	446	409
Non current financial assets	19,550	15,001
Other non-current assets	7,010	2,093
Total non current assets	7,401,930	7,072,661
Current assets
Inventories	171,730	68,971
Trade and other receivables	215,333	195,606
Other current assets	129,765	142,568
Amounts due from related parties	22,835	20,268
Cash in hand and at bank	115,694	55,271
Total current assets	655,357	482,684
Total assets	8,057,287	7,555,345
EQUITY AND LIABILITIES
Stated capital	1,112,880	1,112,880
Revenue reserves	2,912,134	3,252,158
Other components of equity	1,431,669	1,524,544
Total equity	5,456,683	5,889,582
Non-current liabilities
Interest bearing loans and borrowings	218,250	57,188
Employees benefits	134,678	132,782
Deferred tax liabilities	466,614	240,996
Total non-current liabilities	819,542	430,966
Current liabilities
Trade and other payables	542,371	383,459
Other current liabilities	262,883	142,403
Interest bearing loans and borrowings	88,820	179,358
Amounts due to related parties	51,860	36,330
Current tax liability	18,013	24,944
Bank overdrafts	817,115	468,303
Total current liabilities	1,781,062	1,234,797
Total liabilities	2,600,604	1,665,763
Total equity and liabilities	8,057,287	7,555,345
	Rs.	Rs.
Net assets per share	27.28	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
30th January 2023

Interim Condensed Financial Statements

STATEMENT OF CHANGES IN EQUITY
		Other Components of Equity
	Stated Capital	Other Capital	Revaluation	Revenue Reserve	Total Equity
	Reserve	Reserve
As at 31 March 2021	1,112,880	21,729	1,491,586	3,217,952	5,844,147
Adjustment for Surcharge Tax	-	-	-	(14,233)	(14,233)
As at 1st April 2021	1,112,880	21,729	1,491,586	3,203,719	5,829,914
Loss for the period	-	-	-	(213,595)	(213,595)
Other Comprehensive income	-	-	-	-	-
Total comprehensive expenses	-	-	-	(213,595)	(213,595)
Transferred to revenue reserve	-	-	(18,851)	18,851	-
Share based payments	-	703	-		703
As at 31st December 2021	1,112,880	22,432	1,472,735	3,008,975	5,617,022
As at 1st April 2022	1,112,880	22,666	1,501,878	3,237,925	5,875,349
Loss for the year	-	-	-	(345,196)	(345,196)
Other comprehensive income	-	-	(74,436)	555	(73,881)
Total comprehensive expenses	-	-	(74,436)	(344,641)	(419,077)
Transferred to revenue reserve	-	-	(18,850)	18,850	-
Share based payments	-	411	-	-	411
					-
As at 31st December 2022	1,112,880	23,077	1,408,592	2,912,134	5,456,683

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 nine months ended 31st December	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Loss before Tax	(182,237)	(241,447)
Adjustments for:
	Finance income	(2,441)	(1,439)
	Finance expenses	128,005	30,191
	Depreciation of property, plant and equipment	117,652	115,750
	Profit on disposal of property, plant and equipment	(1,553)	(866)
	Amortisation of right- of - use assets.	9,303	9,303
	Amortisation of intangible assets	223	210
	Employee benefits provision and related costs	12,809	9,481
	Exchange (gain)/loss on interest bearing loans borrowings	39,893	1,022
	Provision for impairment of trade receivables			(123)	-
	Share based payment expenses	411	703
Operating loss before working capital changes	121,942	(77,092)
(Increase) / Decrease in inventories	(102,759)	(21,389)
(Increase) / Decrease in trade and other receivables	(19,604)	(110,561)
(Increase) / Decrease in other current assets	10,236	(7,620)
(Increase) / Decrease in other non-current assets	(9,466)	(86)
Increase / (Decrease) in trade and other payables	158,912	80,515
(Decrease)/Increase in other current liabilities	136,051	1,705
Cash used in operations	295,312	(134,528)
Finance income received	2,441	1,439
Finance expenses paid	(128,005)	(45,861)
Surcharge Tax paid	(14,232)		-
Income Tax paid	(18,156)	(17,660)
Gratuity Paid	(10,913)	(21,526)
Net cash used in operating activities	126,447	(218,136)
Cash flows from/(used in) investing activities
Purchase and construction of property, plant and equipment	(447,530)	(51,137)
Proceeds from sale of Property, plant and equipment	2,063	1,155
Net cash used in investing activities	(445,467)	(49,982)
Cash flows from financing activities
Repayment of long term borrowing	(17,369)	(50,178)
Loan obtained during the year	48,000	-
Net cash flow from / (used in) financing activities	30,631	(50,178)
Net decrease in cash and cash equivalents	(288,389)	(318,296)
Cash and cash equivalents at the beginning of the year	(413,032)	(191,321)
Cash and cash equivalents at the end	(701,421)		(509,617)
Analysis of cash and cash equivalents
Favourable balances
Cash in hand and at bank	115,694	18,099
				115,694	18,099
Unfavourable balances
Bank overdrafts	(817,115)	(527,716)
Total cash and cash equivalents	(701,421)	(509,617)

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.