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

Interim Condensed Financial Statements For the Quarter Ended 31 March 2022

Trans Asia Hotels PLC

Interim Condensed Financial Statements

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		Quarter ended			Twelve months ended
		31st March			31st March
	Note	2022	2021		Change	2022		2021	Change
	%		%
Revenue from contracts with customers		754,236	258,913	191	1,817,224		810,968	124
			258,913
Cost of sales		(386,707)	(194,980)	98	(1,074,738)		(664,878)	62
Gross profit		367,529	63,933	475	742,486		146,090	408
Other operating income		28,330		499	5,577	30,377		3,717	717
Administrative expenses		(163,026)	(259,011)	(37)	(554,841)		(784,104)	(29)
Sales and marketing expenses		(4,777)	(7,292)	(34)	(80,869)		(45,430)	78
Other operating expenses		(58,358)	(37,948)	54	(179,126)		(136,292)	31
Profit & (Loss) from operations		169,698	(239,819)		(171)	(41,973)		(816,019)	(95)
Finance cost		(90,961)	(17,638)	416	(122,173)		(24,210)	405
Finance income		419	821		(49)	1,858		3,729	(50)
Net finance Cost		(90,542)	(16,817)		438	(120,315)		(20,481)	487
Change in fair value of investment property		167,226	(109,519)		(253)	167,226		(109,519)
Profit & (loss) before tax		246,382	(366,155)		(167)	4,938		(946,019)	(101)
Income tax (expense)/ reversal	5	(28,690)	49,816	(158)	(838)		127,273	(101)
Profit & (loss) for the period		217,692	(316,339)		(169)	4,100		(818,746)	(101)
Other comprehensive income
Items that will not be reclassified to profit or loss
Revaluation gain/(loss) on buildings		41,193	39,829	3	41,193		39,829	3
Re-measurement gain on defined benefit obligation		5,781	96		5,891	5,781		96	5,891
Other comprehensive income not be reclassified to
profit or loss in subsequent years		46,974	39,925	18	46,974		39,925	18
Tax effect on other comprehensive income		(6,576)	(5,590)	18	(6,576)		(5,590)	18
Other comprehensive income for the year, net of tax		40,398	34,336	18	40,398		34,336	18
Total comprehensive (expense)/income for the year, net of tax		258,090	(282,003)	(192)	44,498		(784,410)	(106)
		Rs.		Rs.			Rs.	Rs.
Dividend per share		-	-			-		-
Earnings per share		1.09	(1.58)			0.02		(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	31.03.2022	31.03.2021
	Unaudited	Audited
ASSETS
Non-current assets
Property, plant and equipment	3,402,994	3,425,319
Right- of - use asset	719,432	731,836
Investment property	2,932,732	2,765,506
Intangible assets	409	689
Non current financial assets	15,001	12,547
Other non-current assets	2,093	2,024
Total non current assets	7,072,661	6,937,921
Current assets
Inventories	68,971	36,535
Trade and other receivables	195,606	63,627
Other current assets	142,568	48,521
Amounts due from related parties	20,268	14,882
Cash in hand and at bank	55,271	70,803
Total current assets	482,684	234,368
Total assets	7,555,345	7,172,289
EQUITY AND LIABILITIES
Stated capital	1,112,880	1,112,880
Revenue reserves	3,252,158	3,217,952
Other components of equity	1,524,544	1,513,315
Total equity	5,889,582	5,844,147
Non-current liabilities
Interest bearing loans and borrowings	57,188	40,016
Employees benefits	132,782	146,037
Deferred tax liabilities	240,996	247,501
Total non-current liabilities	430,966	433,554
Current liabilities
Trade and other payables	383,459	310,459
Other current liabilities	142,403	98,962
Interest bearing loans and borrowings	179,358	177,511
Amounts due to related parties	36,330	14,847
Current tax liability	24,944	30,685
Bank overdrafts	468,303	262,124
Total current liabilities	1,234,797	894,588
Total liabilities	1,665,763	1,328,142
Total equity and liabilities	7,555,345	7,172,289
	Rs.	Rs.
Net assets per share	29.45	29.22

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
23rd May 2022

			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 1st April 2020	1,112,880	21,241	1,482,467	4,011,482	6,628,070
Loss for the period	-	-	-	(818,746)	(818,746)
Other comprehensive income	-	-	34,253	82	34,335
Total comprehensive expenses	-	-	34,253	(818,664)	(784,411)
Transferred to revenue reserve	-	-	(25,134)	25,134	-
Share based payments	-	488	-		488
As at 31st March 2021	1,112,880	21,729	1,491,586	3,217,952	5,844,147
As at 1st April 2021	1,112,880	21,729	1,491,586	3,217,952	5,844,147
Profit for the year	-	-	-	4,100	4,100
Other comprehensive income	-	-	35,426	4,972	40,398
Total comprehensive expenses	-	-	35,426	9,072	44,498
Issue of share capital	-		-		-
Transferred to revenue reserve	-	-	(25,134)	25,134	-
Share based payments	-	937	-		937
As at 31st March 2022	1,112,880	22,666	1,501,878	3,252,158	5,889,582

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 twelve months ended 31st March	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES
Profit & (loss) before tax	4,938	(946,019)
Adjustments for:
Finance income	(1,858)	(3,729)
Finance expenses	43,526	14,202
Depreciation of property, plant and equipment	153,688	174,466
Profit on disposal of property, plant and equipment	(1,704)	(2,476)
Amortisation of right- of - use assets.	12,404	12,404
Amortisation of intangible assets	280	317
Employee benefits provision and related costs	18,370	25,981
Exchange (gain)/loss on interest bearing loans borrowings	78,647	10,008
Change in fair value of investment property	(167,226)	109,519
Provision made on slow moving inventory	(267)	(8,054)
(Reversal)/ Provision for impairment of trade receivables	(3,245)	276,314
Share based payment expenses	937	488
Operating loss before working capital changes	138,490	(336,579)
(Increase) / Decrease in inventories	(32,169)	11,377
(Increase) / Decrease in trade and other receivables	(128,733)	111,308
(Increase) / Decrease in other current assets	(99,433)	42,312
(Increase) / Decrease in other non-current assets	(2,523)	(2,967)
Increase / (Decrease) in trade and other payables	73,000	15,771
(Decrease)/Increase in other current liabilities	64,946	(22,609)
Cash used in operations	13,578	(181,387)
Finance income received	1,858	3,729
Finance expenses paid	(33,219)	(5,756)
Tax paid	(19,665)	(27,378)
Employee benefits paid/transfers	(25,844)	(17,529)
Net cash used in operating activities	(63,292)	(228,321)
Cash flows from/(used in) investing activities
Purchase and construction of property, plant and equipment	(91,367)	(16,522)
Proceeds from sale of Property, plant and equipment	2,883	6,535
Net cash used in investing activities	(88,484)	(9,987)
Cash flows from/ (used in) financing activities
Repayment of long term borrowing	(69,935)	(12,500)
Loan obtained during the year	-	25,000
Net cash flow from / (used in) financing activities	(69,935)	12,500
Net decrease in cash and cash equivalents	(221,711)	(225,808)
Cash and cash equivalents at the beginning of the year	(191,321)	34,487
Cash and cash equivalents at the end	(413,032)	(191,321)
Analysis of cash and cash equivalents
Favourable balances
Cash in hand and at bank	55,271	70,803
	55,271	70,803
Unfavourable balances
Bank overdrafts	(468,303)	(262,124)
Total cash and cash equivalents	(413,032)	(191,321)

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.