COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM
FINANCIAL
STATEMENTS
FOR THE TWELVE - MONTHS ENDED 31ST DECEMBER 2021
CEO MESSAGE
Dear Shareholders,
It is a great pleasure that I share with you the interim financial statements of Colombo Land and Development Company PLC for the quarter ended 31st December 2021.
Overall the Group recorded a Revenue of Rs. 76.38 Mn (YoY - 31%), a Gross Profit of Rs. 49.47 Mn (YoY - 45%) and a profit before tax of Rs. 122.14 Mn (YoY -20%) for the quarter ending 31st December 2021.
Rental Income
We witness an occupancy drop during this period where it stood at 66% (73% in 2020) at the end of the 4th quarter. Overall, the rental income for the 4th quarter dropped by 48% when compared to the corresponding quarter mainly due to lower occupancy and rent reduction.
Car park income
Overall, the revenue from Car Parks for the 4th Quarter increased by 56% when compared to the corresponding quarter mainly due to limited operations of the car parks as a result of pandemic situation that prevailed during the 4th quarter of the year in 2020.
The average monthly revenue of the Gas Land car park increased by 91%, People's Park car park by 205% and Liberty Plaza car park dropped 4% during the quarter under review. The company increased the monthly car park fees of Peoples Park car park during the quarter under review which resulted in contributing a higher revenue for the 4th quarter.
Finance and Administration Expenses
The Company has been able to successfully negotiate and transfer our long-term liabilities with Banks and Financial Institution (Rs. 1,940 Mn) for a favorable interest rate.
The company having disposed the Liberty Arcade for a consideration of Rs. 640 Mn the Company will utilize majority of the sales proceeds to settle the long-term liabilities with the banks and thereby anticipating a reduction in finance cost for the financial year 2022.
The group has been able to maintain the administration expenses in line with the previous year.
Future Outlook
Going forward, we will be aggressively marketing our properties to fill up the available rental space with new tenants.
During these challenging times with the vaccination drive and less restrictions in movement, we expect retail traffic to increase during the upcoming April festive season. We will continue to improve the standards of our properties in order to add value to our occupants, customers and the Company.
P S Weerasekera
Director/ Group CEO
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
01
STATEMENT OF FINANCIAL POSITION
Group | Company | |||||
Unaudited | Audited | Unaudited | Audited | |||
As at | As at | As at | As at | |||
31.12.21 | 31.12.20 | 31.12.21 | 31.12.20 | |||
LKR | LKR | LKR | LKR | |||
ASSETS | ||||||
Non - current assets | ||||||
Property,Plant and Equipment | 182,696,987 | 174,453,000 | 9,420,951 | 6,377,189 | ||
Biological Assets | 64,834,726 | 57,435,700 | - | - | ||
Investment Properties | 12,858,981,000 | 13,517,812,502 | 7,793,949,000 | 8,699,112,500 | ||
Investment in Subsidiaries | - | - | 816,589,183 | 816,589,183 | ||
13,106,512,714 | 13,749,701,202 | 8,619,959,134 | 9,522,078,872 | |||
Current assets | ||||||
Asset Held for sale | 640,000,000 | - | 640,000,000 | - | ||
Inventories | 1,134,090 | 995,833 | - | - | ||
Trade and Other Receivables | 154,987,755 | 266,832,610 | 1,817,878,391 | 1,811,091,150 | ||
Investment in Preference Shares | - | - | 63,687,163 | 63,687,163 | ||
Financial Assets | 37,380 | 24,360 | 37,380 | 24,360 | ||
Other Investments | 19,775,180 | 22,368,094 | 19,775,180 | 22,368,094 | ||
Cash and Cash Equivalents | 13,235,653 | 4,390,041 | 8,384,948 | 1,231,522 | ||
829,170,057 | 294,610,938 | 2,549,763,061 | 1,898,402,289 | |||
Total assets | 13,935,682,771 | 14,044,312,140 | 11,169,722,195 | 11,420,481,161 | ||
EQUITY AND LIABILITIES | ||||||
Equity | ||||||
Stated Capital | 341,602,342 | 341,602,342 | 341,602,342 | 341,602,342 | ||
Revaluation Reserve | 103,653,785 | 92,379,785 | - | - | ||
Retained Earnings | 8,193,696,216 | 7,652,598,996 | 6,761,871,449 | 6,668,074,973 | ||
Equity Attributable to Equity Holders of the Parent | 8,638,952,343 | 8,086,581,123 | 7,103,473,792 | 7,009,677,315 | ||
Non-Controlling Interests | (2,474,523) | (2,465,523) | - | - | ||
Total equity | 8,636,477,820 | 8,084,115,600 | 7,103,473,792 | 7,009,677,315 | ||
Non-current liabilities | ||||||
Interest Bearing Loans and Borrowings | 1,905,000,000 | 1,700,056,614 | 1,905,000,000 | 1,700,056,614 | ||
Other Long Term Payable | - | 6,562,500 | - | 6,562,500 | ||
Deferred Tax Liabilities | 3,088,912,637 | 3,566,406,262 | 1,989,959,075 | 2,410,182,919 | ||
Defined Benefit Obligations | 5,198,300 | 12,856,165 | 4,505,976 | 8,812,964 | ||
4,999,110,937 | 5,285,881,541 | 3,899,465,051 | 4,125,614,997 | |||
Current liabilities | ||||||
Trade and Other Payables | 30,060,948 | 311,664,180 | 16,387,868 | 64,863,196 | ||
Income Tax Liabilities | 9,248,575 | 9,248,573 | 9,107,483 | 9,107,483 | ||
Interest Bearing Loans and Borrowings | - | 162,202,048 | - | 162,202,049 | ||
Tenant Deposits | 256,655,827 | 184,418,565 | 137,159,337 | 42,234,489 | ||
Bank Overdraft | 4,128,664 | 6,781,632 | 4,128,664 | 6,781,632 | ||
300,094,014 | 674,314,998 | 166,783,352 | 285,188,849 | |||
Total liabilities | 5,299,204,951 | 5,960,196,539 | 4,066,248,403 | 4,410,803,846 | ||
Total equity and liabilities | 13,935,682,771 | 14,044,312,140 | 11,169,722,195 | 11,420,481,161 | ||
- | - | - | - | |||
Net Assets per Share (Rs.) | 43.21 | 40.44 | 35.54 | 35.07 |
The notes form an integral part of these Financial Statements Figures in brackets indicate deductions
The figures are provisional and subject to Audit
The Financial Statements have been prepared in compliance with the requirements of the Companies Act no 7 of 2007
These financial statements have been prepared in compliance with the Rule 7.4 of the CSE Listing Rules and Sri Lanka Accounting Standard LKAS 34-Interrim Financial Reporting
Signed for and on behalf of the Board of Directors of Colombo Land & Development Company PLC
Director | Director |
February 24, 2022 |
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
02
STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME
Group | ||||||
Unaudited | Audited | Unaudited | Audited | |||
Quarter ended | Quarter ended | Year ended | Year ended | |||
December '21 | December '20 | December '21 | December '20 | |||
LKR | LKR | LKR | LKR | |||
Revenue | 76,388,329 | 111,379,544 | 335,218,422 | 438,405,676 | ||
Direct expenses | (26,917,386) | (21,146,720) | (102,385,419) | (108,488,628) | ||
Net Rental income | 49,470,944 | 90,232,824 | 232,833,003 | 329,917,048 | ||
Other Income and Gains | 4,108,494 | 848,155 | 7,326,077 | 2,211,105 | ||
Change in value of Investment Properties | 131,451,932 | 199,291,679 | 131,451,932 | 199,291,679 | ||
Fair Valuation of Biological Assets | 7,137,093 | 1,564,885 | 7,137,093 | 1,564,885 | ||
Selling and Distribution Costs | (12,324,820) | (22,614,479) | (12,995,142) | (23,432,364) | ||
Administrative Expenses | (9,066,991) | (23,160,207) | (96,590,011) | (101,655,774) | ||
Finance Cost | (48,602,327) | (94,018,619) | (207,491,919) | (232,370,736) | ||
Profit / (loss) before tax | 122,174,325 | 152,144,238 | 61,671,032 | 175,525,843 | ||
Income Tax Expense | 477,493,598 | (116,320,629) | 477,493,598 | (116,320,629) | ||
Profit / (loss) for the period | 599,667,923 | 35,823,609 | 539,164,630 | 59,205,214 | ||
Attributable to: | ||||||
Equity Holders of the Parent | 599,667,923 | 35,823,609 | 539,173,630 | 59,205,214 | ||
Non-Controlling interests | (9,000) | (21,000) | ||||
Earnings Per Share - Restated | 3.00 | 0.18 | 2.70 | 0.30 | ||
Profit / (Loss) for the period | 599,667,923 | 35,823,609 | 539,164,630 | 59,205,214 | ||
Other Comprehensive Income | ||||||
Other Comprehensive Income to be classified to profit | ||||||
or loss in subsequent periods | ||||||
Net Loss on Financial Assets classified under FVOCI | ||||||
Other Comprehensive Income not to be classified to profit | ||||||
or loss in subsequent periods | ||||||
Actuarial Gain on Defined Benefit Plans | 1,910,560 | (289,356) | 1,910,560 | (289,356) | ||
Net Gain/(Loss) on Financial Assets classified under FVOCI | 13,020 | 840 | 13,020 | 840 | ||
Deferred Tax attributable to actuarial gains on defined | ||||||
benefit obligations | 132,838 | 132,838 | ||||
Revaluation Gain/(Loss) of the Property Plant and Equipment's | 11,274,000 | 36,580,079 | 11,274,000 | 36,580,079 | ||
Tax effects on revaluation of Property Plant and Equipment | - | (10,242,422) | (10,242,422) | |||
Total of Other Comprehensive Income | 13,197,580 | 26,181,979 | 13,197,580 | 26,181,979 | ||
Total Comprehensive income for the year,net of tax | 612,865,502 | 62,005,588 | 552,362,210 | 85,387,193 | ||
Attributable to: | ||||||
Equity Holders of the Parent | 612,874,502 | 62,026,588 | 552,371,210 | 85,408,193 | ||
Non-Controlling Interest | (9,000) | (21,000) | (9,000) | (21,000) |
The notes form an integral part of these financial statements.
Figures in brackets indicate deductions
The figures are provisional and subject to Audit
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
03
STATEMENT OF PROFIT OR LOSS & OTHER COMPREHENSIVE INCOME
Company | |||||||
Unaudited | Audited | Unaudited | Audited | ||||
Quarter ended | Quarter ended | Year ended | Year ended | ||||
December '21 | December '20 | December '21 | December '20 | ||||
LKR | LKR | LKR | LKR | ||||
Revenue | 49,179,550 | 43,114,017 | 166,929,680 | 168,813,474 | |||
Direct expenses | (10,116,948) | (10,673,420) | (41,196,707) | (45,625,619) | |||
Net Rental income | 39,062,602 | 32,440,597 | 125,732,973 | 123,187,855 | |||
Other Income and Gains | 2,723,901 | 1,446,400 | 6,859,735 | 4,732,612 | |||
Change in value of Investment Properties | (316,234,799) | 101,367,500 | (316,234,799) | 101,367,500 | |||
Selling and Distribution Costs | (7,182,381) | (7,367,161) | (7,194,428) | (7,762,921) | |||
Administrative Expenses | (13,812,890) | (15,809,782) | (81,575,791) | (75,040,372) | |||
Finance Cost | (12,433,879) | (18,027,890) | (55,518,904) | (40,182,357) | |||
Profit / (loss) before tax | (307,877,446) | 94,049,664 | (327,931,215) | 106,302,317 | |||
Income Tax Expense | 420,223,845 | (36,296,283) | 420,223,845 | (36,296,283) | |||
Profit / (loss) for the period | 112,346,399 | 57,753,381 | 92,292,630 | 70,006,034 | |||
Attributable to: | |||||||
Equity Holders of the Parent | 112,346,399 | 57,753,381 | 92,292,630 | 70,006,034 | |||
Non-Controlling interests | |||||||
Earnings Per Share - Restated | 0.56 | 0.29 | 0.46 | 0.35 | |||
Profit / (Loss) for the period | 112,346,399 | 57,753,381 | 92,292,630 | 70,006,034 | |||
Other Comprehensive Income | |||||||
Other Comprehensive Income to be classified to profit | |||||||
or loss in subsequent periods | |||||||
Net Loss on Financial Assets classified under FVOCI | |||||||
Other Comprehensive Income not to be classified to profit | |||||||
or loss in subsequent periods | |||||||
Actuarial Gain on Defined Benefit Plans | 1,490,827 | 110,922 | 1,490,827 | 110,922 | |||
Net Gain/(Loss) on Financial Assets classified under FVOCI | 13,020 | 840 | 13,020 | 840 | |||
Deferred Tax attributable to actuarial gains on defined | (31,058) | (31,058) | |||||
benefit obligations | |||||||
Revaluation Gain/(Loss) of the Property Plant and Equipment's | |||||||
Tax effects on revaluation of Property Plant and Equipment | |||||||
Total of Other Comprehensive Income | 1,503,847 | 80,704 | 1,503,847 | 80,704 | |||
Total Comprehensive income for the year,net of tax | 113,850,246 | 57,834,085 | 93,796,477 | 70,086,738 | |||
Attributable to: | |||||||
Equity Holders of the Parent | 113,850,246 | 57,834,085 | 93,796,477 | 70,086,738 | |||
Non-Controlling Interest | - | - | |||||
The notes form an integral part of these financial statements.
Figures in brackets indicate deductions
The figures are provisional and subject to Audit
-
COLOMBO LAND AND DEVELOPMENT COMPANY PLC
INTERIM FINANCIAL STATEMENT
04
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Colombo Land and Development Company plc published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 10:31:07 UTC.