Serendib Hotels : Interim Financial Statements as at 31st December 2022

Serendib Hotels PLC

09 Months ended 31st December 2022

Contents	Page No.
Financial Statements
Statement of Financial Position	2
Statement of Profit or Loss	3
Statement of Comprehensive Income	4
Statement of Changes in Equity	5-6
Statement of Cash Flows	7
Notes to the Financial Statements	8
Investor Information	9-11

Serendib Hotels PLC

STATEMENT OF FINANCIAL POSITION

		Group			Company
As at	31.12.2022	31.12.2021	31.03.2022	31.12.2022	31.12.2021	31.03.2022
Rs.'000	Unaudited	Unaudited	Audited	Unaudited	Unaudited	Audited
Non-Current Assets
Property, Plant & Equipment	5,920,879	3,911,299	5,917,740	1,247,135	714,387	1,207,986
Intangible Assets	122,342	127,981	124,439	2,171	2,894	2,714
Right-of-Use Assets	265,445	287,808	282,217	195,374	200,520	199,234
Investments in Subsidiaries	-	-	-	1,676,207	983,267	983,267
Other Financial Assets	127,754	127,347	127,754	124,010	123,874	124,010
	6,436,420	4,454,435	6,452,150	3,244,897	2,024,942	2,517,211
Current Assets
Inventories	75,514	32,438	37,153	22,799	6,446	10,036
Trade and Other Receivables	305,265	225,669	394,236	156,983	65,639	178,484
Taxation Receivables	11,585	12,739	11,585	1,445	1,676	1,445
Other Financial Assets	-	-	-	117,321	137,321	137,321
Cash and Short Term Deposits	1,938,624	275,151	327,109	125,461	69,155	125,355
	2,330,988	545,997	770,083	424,009	280,237	452,641
Total Assets	8,767,408	5,000,432	7,222,233	3,668,906	2,305,179	2,969,852
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	2,931,064	913,122	913,122	2,931,064	913,122	913,122
Other Capital Reserves	1,854,100	720,493	1,854,100	415,953	50,544	415,953
Retained Earnings	(605,657)	247,015	(5,083)	(1,052,604)	(319,265)	(635,798)
Equity Attributable to Owners of the Parent	4,179,507	1,880,630	2,762,139	2,294,413	644,401	693,277
Non Controlling Interest	1,428,524	840,647	1,175,240	-	-	-
Total Equity	5,608,031	2,721,277	3,937,379	2,294,413	644,401	693,277
Non-Current Liabilities
Interest Bearing Loans & Borrowings	1,135,301	712,400	1,061,049	76,836	82,116	78,893
Deferred Tax Liabilities	549,781	315,258	549,781	112,798	41,396	112,798
Employee Benefit Liabilities	75,453	70,549	76,718	16,783	18,495	17,183
	1,760,535	1,098,207	1,687,548	206,417	142,007	208,874
Current Liabilities
Trade and Other Payables	1,198,298	602,095	987,786	590,743	203,551	293,674
Income Tax Liabilities	4,979	7,035	8,452	-	-	-
Interest Bearing Loans and Borrowings	122,677	458,483	464,586	568,577	1,299,885	1,751,103
Bank Overdraft	72,888	113,335	136,482	8,756	15,335	22,924
	1,398,842	1,180,948	1,597,306	1,168,076	1,518,771	2,067,701
Total Equity and Liabilities	8,767,408	5,000,432	7,222,233	3,668,906	2,305,179	2,969,852
Net Assets Per Share (Rs.)	9.37	16.86	24.77	5.14	5.78	6.22

These Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act No 07 of 2007.

Sgd.

Mrs. S.S Kokatakadeniya

Chief Financial Officer - LOLC Group

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

Approved and signed on behalf of the Board,

Sgd.	Sgd.
Director	Director

Colombo

14 February 2023

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Serendib Hotels PLC

STATEMENT OF PROFIT OR LOSS

			Group							Company
	3 Months	3 Months	% Variance	9 Months		9 Months	% Variance	3 Months		3 Months	% Variance	9 Months		9 Months	% Variance
	Ended	Ended		Ended		Ended		Ended		Ended		Ended		Ended
	31.12.2022	31.12.2021		31.12.2022	31.12.2021		31.12.2022	31.12.2021		31.12.2022	31.12.2021
Rs.'000	Unaudited	Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited		Unaudited
Revenue	354,626	50,036	>100	871,870	318,801	>100	118,162	47	>100	250,412	35,157	>100
Cost of Sales	(139,858)	(13,185)	->100	(319,132)	(85,732)	->100	(40,060)	(58)	->100	(83,472)	(12,042)	->100
Gross Profit / (Loss)	214,768	36,851	>100	552,738	233,069	>100	78,103	(11)	>100	166,941	23,115	>100
Other Operating Income and Gains	23,726	745	>100	58,894	5,407	>100	1,493	738	>100	22,631	3,402	>100
Personnel costs	(106,509)	(82,256)	(29)	(319,225)	(267,648)	(19)	(27,916)	(20,110)	(39)	(86,583)	(64,345)	(35)
Depreciation and amortization	(63,513)	(45,827)	(39)	(185,772)	(143,796)	(29)	(13,519)	(11,426)	(18)	(36,717)	(37,247)	(1)
Other operating expenses	(124,597)	(46,149)	->100	(333,342)	(165,461)	->100	(36,574)	(9,488)	->100	(94,388)	(44,406)	->100
Results from Operating Activities	(56,125)	(136,636)	59	(226,707)	(338,429)	33%	1,587	(40,297)	>100	(28,116)	(119,481)	(76)
Net Finance Cost	(176,560)	(10,266)	->100	(411,612)	(26,119)	->100	(203,665)	(10,846)	->100	(388,691)	(31,518)	->100
Loss Before Tax	(232,685)	(146,902)	(58)	(638,319)	(364,548)	(75)	(202,078)	(51,143)	->100	(416,807)	(150,999)	->100
Income Tax Expense	-	-	-	-	-	-	-	-	-	-	-	-
Loss for the Period	(232,685)	(146,902)	(58)	(638,319)	(364,548)	(75)	(202,078)	(51,143)	->100	(416,807)	(150,999)	->100
Attributable to :
Equity Holders of the Parent	(240,649)	(115,695)	->100	(600,574)	(312,000)	(92)
Non-Controlling Interest	7,964	(31,207)	->100	(37,745)	(52,549)	28
	(232,685)	(146,902)	(58)	(638,319)	(364,549)	(75)
Loss Per Share (Rs.)	(1.90)	(0.91)		(4.75)		(2.47)

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Serendib Hotels PLC

STATEMENT OF COMPREHENSIVE INCOME

			Group						Company
	3 Months	3 Months	% Variance	9 Months	9 Months	% Variance	3 Months	3 Months		% Variance	9 Months	9 Months	% Variance
	Ended	Ended		Ended	Ended		Ended	Ended			Ended	Ended
Rs.'000	31.12.2022	31.12.2021		31.12.2022	31.12.2021		31.12.2022	31.12.2021			30.09.2021	30.09.2020
											Rs.	Rs.
Loss for the Period	(232,685)	(146,902)	-58%	(638,319)	(364,548)	-75%	(202,078)	(51,143)		> 100%	(416,807)	(150,999)	> 100%
Other Comprehensive Income	-	-	-			-	-	-		-			-
Other Comprehensive Expense for the Period
-	-	-	-	-	-	-	-	-	-	-	-
Total Comprehensive Expense for the Period
(232,685)	(146,902)	-58%	(638,319)	(364,548)	-75%	(202,078)	(51,143)		> 100%	(416,807)	(150,999)	> 100%
Attributable to:
Equity Holders of the Parent	(240,649)	(115,695)	> 100%	(600,574)	(311,999)	-92%
Non Controlling Interest	7,964	(31,207)	> 100%	(37,745)	(52,549)	28%
	(232,685)	(146,902)	-58%	(638,319)	(364,548)	-75%

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