Aitken Spence Hotel Holdings PLC
Interim Financial Statement - 1st Quarter
(For the three months ended 30th June 2024)
Aitken Spence Hotel Holdings PLC
Income Statements
Group | Company | |||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 |
Rs.' 000 | Rs.' 000 | Rs.' 000 | Rs.' 000 | |
Revenue | 9,242,819 | 8,107,036 | 205,355 | 186,853 |
Revenue taxes | (229,868) | (212,104) | (5,181) | (15,568) |
Net revenue | 9,012,951 | 7,894,932 | 200,174 | 171,285 |
Other operating income/(expenses) | 52,889 | (10,900) | 167,435 | (60,242) |
Staff costs | (1,891,829) | (1,800,257) | (76,588) | (59,705) |
Depreciation | (1,012,988) | (916,182) | (17,633) | (15,224) |
Amortisation and impairment | (333,890) | (324,572) | - | - |
Other operating expenses - direct | (2,562,358) | (2,330,478) | (67,570) | (68,883) |
Other operating expenses - indirect | (3,197,657) | (3,101,960) | (129,556) | (143,791) |
Profit/(loss) from operations | 67,118 | (589,417) | 76,262 | (176,560) |
Finance income | 94,332 | 115,161 | 35,155 | 20,585 |
Finance expense | (1,180,122) | (1,454,055) | (69,061) | (80,426) |
Net finance expense | (1,085,790) | (1,338,894) | (33,906) | (59,841) |
Share of loss of equity accounted investees (net of tax) | (19,415) | (42,939) | - | - |
Profit/(loss) before tax | (1,038,087) | (1,971,250) | 42,356 | (236,401) |
Income tax (expense)/reversal | (115,885) | (203,013) | 6,079 | 9,493 |
Profit/(loss) for the period | (1,153,972) | (2,174,263) | 48,435 | (226,908) |
Attributable to: | ||||
Equity holders of the parent company | (738,656) | (1,407,995) | 48,435 | (226,908) |
Non -controlling interests | (415,316) | (766,268) | - | - |
Profit/(loss) for the period | (1,153,972) | (2,174,263) | 48,435 | (226,908) |
Earnings/(loss) per share for the period - Rs. | (2.20) | (4.19) | 0.14 | (0.67) |
(Basic / Diluted) |
The above figures are provisional and subject to audit.
1
Aitken Spence Hotel Holdings PLC
Statements of Profit or Loss and other Comprehensive Income
Group | Company | |||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 |
Rs.' 000 | Rs.' 000 | Rs.' 000 | Rs.' 000 | |
Profit/(loss) for the period | (1,153,972) | (2,174,263) | 48,435 | (226,908) |
Other comprehensive income/(loss) | ||||
Items that will never be reclassified to profit or loss | ||||
Revaluation of freehold lands | - | - | - | - |
Share of other comprehensive income of equity accounted investees | - | (283) | - | - |
(net of tax) | ||||
Actuarial gains/(losses) on defined benefit obligations | - | - | - | - |
Income tax on other comprehensive income | - | - | - | - |
- | (283) | - | - | |
Items that are or may be reclassified to profit or loss | ||||
Foreign currency translation differences of foreign operations | 456,337 | (1,733,436) | - | - |
Net movement on cash flow hedging | 115,572 | 660,423 | - | - |
571,909 | (1,073,013) | - | - | |
Other comprehensive income/(loss) for the period (net of tax) | 571,909 | (1,073,296) | - | - |
Total comprehensive income/(loss) for the period (net of tax) | (582,063) | (3,247,559) | 48,435 | (226,908) |
Attributable to: | ||||
Equity holders of the parent company | (370,914) | (2,117,081) | 48,435 | (226,908) |
Non -controlling interests | (211,149) | (1,130,478) | - | - |
Total comprehensive income/(loss) for the period (net of tax) | (582,063) | (3,247,559) | 48,435 | (226,908) |
The above figures are provisional and subject to audit.
2
Aitken Spence Hotel Holdings PLC
Consolidated Statement of Financial Position
As at | 30.06.2024 | 30.06.2023 | 31.03.2024 |
Rs.' 000 | Rs.' 000 | Rs.' 000 | |
ASSETS | |||
Non - current assets | 66,299,549 | ||
Property, plant and equipment | 68,880,249 | 66,183,428 | |
Right-of-use-assests | 14,219,159 | 15,633,848 | 14,282,682 |
Intangible assets | 790,674 | 833,797 | 804,588 |
Investment in equity accounted investees | 43,771 | 49,818 | 63,185 |
Other financial assests | 980,151 | 982,842 | 975,778 |
Deferred tax assets | 385,674 | 427,762 | 359,966 |
82,718,978 | 86,808,316 | 82,669,627 | |
Current assets | 1,448,508 | ||
Inventories | 1,460,511 | 1,426,110 | |
Trade and other receivables | 1,796,369 | 1,787,807 | 3,315,811 |
Amount due from holding company | 561,388 | 166,449 | 1,068,116 |
Amount due from parent's group entities | 1,288,427 | 687,200 | 1,386,708 |
Deposits and prepayments | 1,052,673 | 781,119 | 881,417 |
Current tax receivable | 14,441 | 26,548 | 14,895 |
Other financial assets | 4,005,172 | 4,346,219 | 4,029,660 |
Cash and cash equivalents | 2,202,062 | 2,613,857 | 2,297,233 |
12,369,040 | 11,869,710 | 14,419,950 | |
Total Assets | 95,088,018 | 98,678,026 | 97,089,577 |
EQUITY AND LIABILITIES | |||
Equity | 3,554,587 | ||
Stated capital | 3,554,587 | 3,554,587 | |
Reserves | 9,883,221 | 9,596,801 | 9,515,479 |
Retained earnings | 7,551,360 | 5,772,787 | 8,290,016 |
Total equity attributable to equity holders of the parent company | 20,989,168 | 18,924,175 | 21,360,082 |
Non-controlling interests | 9,141,266 | 8,008,537 | 9,504,610 |
Total Equity | 30,130,434 | 26,932,712 | 30,864,692 |
Non - current liabilities | 28,069,607 | ||
Interest - bearing liabilities - banks | 33,247,355 | 28,562,441 | |
Interest - bearing liabilities - leases | 10,935,828 | 12,485,037 | 11,104,238 |
Deferred tax liabilities | 3,321,711 | 3,079,971 | 3,290,299 |
Employee benefits | 377,766 | 324,142 | 366,966 |
42,704,912 | 49,136,505 | 43,323,944 | |
Current liabilities | 1,154,755 | ||
Trade payables | 1,154,645 | 1,503,995 | |
Other provisions and payables | 4,765,810 | 4,697,609 | 5,774,814 |
Amount due to holding company | 2,481,012 | 1,785,001 | 2,531,875 |
Amount due to parent's group entities | 73,454 | 231,032 | 75,377 |
Interest - bearing liabilities - banks | 4,995,987 | 5,294,839 | 5,693,006 |
Interest - bearing liabilities - leases | 1,422,969 | 1,362,395 | 1,379,271 |
Current tax payable | 226,294 | 277,577 | 323,908 |
Bank overdrafts and other short term borrowings | 7,132,391 | 7,805,711 | 5,618,695 |
22,252,672 | 22,608,809 | 22,900,941 | |
Total Liabilities | 64,957,584 | 71,745,314 | 66,224,885 |
Total Equity and Liabilities | 95,088,018 | 98,678,026 | 97,089,577 |
Net Asset value per share (Rs.) | 61.92 | 55.78 | 63.03 |
The above figures are provisional and subject to audit.
I certify that the financial statements have been prepared in compliance with the requirement of the Companies Act No. 07 of 2007.
sgd.
C.M.S. Jayawickrama
Director
For and on behalf of the Board:
sgd. | sgd. | sgd. |
Deshamanya D.H.S. Jayawardena | Ms. D.S.T. Jayawardena | Dr. M.P. Dissanayake |
Chairman | Joint Deputy Chairperson/ | Managing Director |
Colombo | Joint Managing Director | |
12th August 2024 |
3
Aitken Spence Hotel Holdings PLC
Company Statement of Financial Position
As at | 30.06.2024 | 30.06.2023 | 31.03.2024 |
Rs.' 000 | Rs.' 000 | Rs.' 000 | |
ASSETS | |||
Non - current assets | 1,942,076 | ||
Property, plant and equipment | 1,715,994 | 1,911,214 | |
Investments in subsidiaries | 7,418,461 | 7,470,779 | 7,418,461 |
Investment in equity accounted investees | 992,673 | 1,008,176 | 992,673 |
Other financial assets | 725,524 | 725,524 | 725,524 |
11,078,734 | 10,920,473 | 11,047,872 | |
Current assets | 41,053 | ||
Inventories | 43,215 | 40,408 | |
Trade and other receivables | 38,820 | 70,755 | 140,154 |
Amount due from parent's group entities | 1,321,189 | 757,342 | 1,366,866 |
Deposits and prepayments | 34,731 | 44,026 | 21,992 |
Current tax receivable | 3,890 | 4,731 | 3,890 |
Other financial assets | 262,906 | 339,906 | 260,371 |
Cash and cash equivalents | 80,834 | 146,728 | 147,562 |
1,783,423 | 1,406,703 | 1,981,243 | |
Total Assets | 12,862,157 | 12,327,176 | 13,029,115 |
EQUITY AND LIABILITIES | |||
Equity | 3,554,587 | ||
Stated capital | 3,554,587 | 3,554,587 | |
Reserves | 689,177 | 689,177 | 689,177 |
Retained earnings | 5,927,191 | 5,975,246 | 5,878,756 |
Total Equity | 10,170,955 | 10,219,010 | 10,122,520 |
Non - current liabilities | 318,126 | ||
Interest - bearing liabilities - banks | 490,030 | 318,126 | |
Deferred tax liabilities | 143,007 | 219,677 | 149,087 |
Employee benefits | 61,938 | 49,470 | 60,733 |
523,071 | 759,177 | 527,946 | |
Current liabilities | 41,262 | ||
Trade creditors | 24,844 | 42,572 | |
Other provisions and payables | 158,460 | 96,345 | 171,875 |
Amount due to holding company | 1,468,863 | 805,861 | 1,609,944 |
Amount due to parent's group entities | 804 | 12,311 | - |
Interest - bearing liabilities - banks | 171,904 | 183,030 | 217,205 |
Bank overdrafts and other short term borrowings | 326,838 | 226,598 | 337,053 |
2,168,131 | 1,348,989 | 2,378,649 | |
Total Liabilities | 2,691,202 | 2,108,166 | 2,906,595 |
Total Equity and Liabilities | 12,862,157 | 12,327,176 | 13,029,115 |
Net Asset value per share (Rs.) | 29.75 | 29.90 | 29.61 |
The above figures are provisional and subject to audit.
I certify that the financial statements have been prepared in compliance with the requirement of the Companies Act No. 07 of 2007.
sgd.
C.M.S. Jayawickrama
Director
For and on behalf of the Board:
sgd. | sgd. | sgd. |
Deshamanya D.H.S. Jayawardena | Ms. D.S.T. Jayawardena | Dr. M.P. Dissanayake |
Chairman | Joint Deputy Chairperson/ | Managing Director |
Colombo | Joint Managing Director | |
12th August 2024 |
4
Aitken Spence Hotel Holdings PLC
Consolidated Statement of Changes in Equity
For the three months ended 30th June | ||||||||||
____________________ Attributable to Equity Holders of the parent ____________________ | ||||||||||
Stated | General | Foreign | Fair Value | Cashflow | Revaluation | Retained | Total | Non | Total | |
Capital | Reserve | Currency | Reserve | hedge | Reserve | Earnings | Controlling | Equity | ||
Translation | Reserve | Interest | ||||||||
Reserve | ||||||||||
Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | |
Balance as at 01 st April 2023 | 3,554,587 | 22,929 | 10,181,031 | 62,626 | (3,109,161) | 3,148,179 | 7,181,065 | 21,041,256 | 9,139,015 | 30,180,271 |
Loss for the period | - | - | - | - | - | - | (1,407,995) | (1,407,995) | (766,268) | (2,174,263) |
Other comprehensive income/(loss) for the period | - | - | (1,105,057) | - | 396,254 | - | (283) | (709,086) | (364,210) | (1,073,296) |
Total comprehensive income/(loss) for the | ||||||||||
period | - | - | (1,105,057) | - | 396,254 | - | (1,408,278) | (2,117,081) | (1,130,478) | (3,247,559) |
Balance as at 30 th June 2023 | 3,554,587 | 22,929 | 9,075,974 | 62,626 | (2,712,907) | 3,148,179 | 5,772,787 | 18,924,175 | 8,008,537 | 26,932,712 |
Balance as at 01 st April 2024 | 3,554,587 | 22,929 | 8,479,077 | 73,525 | (2,208,231) | 3,148,179 | 8,290,016 | 21,360,082 | 9,504,610 | 30,864,692 |
Loss for the period | - | - | - | - | - | - | (738,656) | (738,656) | (415,316) | (1,153,972) |
Other comprehensive income/(loss) for the period | - | - | 298,399 | - | 69,343 | - | - | 367,742 | 204,167 | 571,909 |
Total comprehensive income/(loss) for the | - | - | 298,399 | - | 69,343 | - | (738,656) | (370,914) | (211,149) | (582,063) |
period | ||||||||||
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | (152,195) | (152,195) |
Balance as at 30 th June 2024 | 3,554,587 | 22,929 | 8,777,476 | 73,525 | (2,138,888) | 3,148,179 | 7,551,360 | 20,989,168 | 9,141,266 | 30,130,434 |
The above figures are provisional and subject to audit.
5
Aitken Spence Hotel Holdings PLC
Company Statement of Changes in Equity
For the three months ended 30th June
Stated | General | Revaluation | Retained | Total Equity | |
Capital | Reserve | Reserve | Earnings | ||
Rs '000 | Rs '000 | Rs '000 | Rs '000 | Rs '000 | |
Balance as at 01 st April 2023 | 3,554,587 | 22,929 | 666,248 | 6,202,154 | 10,445,918 |
Loss for the period | - | - | - | (226,908) | (226,908) |
Other comprehensive income/(loss) for the period | - | - | - | - | - |
Total comprehensive loss for the period | - | - | - | (226,908) | (226,908) |
Balance as at 30 th June 2023 | 3,554,587 | 22,929 | 666,248 | 5,975,246 | 10,219,010 |
Balance as at 01 st April 2024 | 3,554,587 | 22,929 | 666,248 | 5,878,756 | 10,122,520 |
Profit for the period | - | - | - | 48,435 | 48,435 |
Other comprehensive income/(loss) for the period | - | - | - | - | - |
Total comprehensive income for the period | - | - | - | 48,435 | 48,435 |
Balance as at 30 th June 2024 | 3,554,587 | 22,929 | 666,248 | 5,927,191 | 10,170,955 |
The above figures are provisional and subject to audit.
6
Aitken Spence Hotel Holdings PLC
Statements of Cash Flows
Group | Company | |||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 |
Rs.' 000 | Rs.' 000 | Rs.' 000 | Rs.' 000 | |
Cash flow from operating activities | ||||
Profit/(loss) before taxation | (1,038,087) | (1,971,250) | 42,356 | (236,401) |
Adjustments for | ||||
Depreciation | 1,012,988 | 916,182 | 17,633 | 15,224 |
Amortisation of ROU assets and intangible assets | 314,370 | 324,572 | - | - |
Impairment of non financial assets | 19,520 | - | - | - |
Provision for impairment/(reversal of impairment) of trade debtors | 156,762 | (5,892) | (97) | 359 |
Provision of impairment/(reversal of impairment) of financial assets | (127) | - | - | - |
Interest expense | 1,180,122 | 1,454,055 | 69,061 | 80,426 |
Interest income | (94,332) | (115,161) | (35,155) | (20,585) |
Loss on sale of property, plant and equipment | 1,551 | 4,354 | - | - |
Provision for retirement benefit obligations | 18,676 | 20,534 | 3,244 | 3,548 |
Share of loss of equity accounted investees (net of tax) | 19,415 | 42,939 | - | - |
Effect of movement in exchange rates | (24,713) | 34,476 | (2,140) | 60,673 |
Operating profit/(loss) before working capital changes | 1,566,145 | 704,809 | 94,902 | (96,756) |
(Increase) / Decrease in inventories | (22,399) | 230,481 | (645) | 809 |
(Increase) / Decrease in trade and other receivables | 1,356,898 | 760,672 | 101,430 | 17,964 |
(Increase) / Decrease in amount due from holding company | 510,660 | (17,289) | - | - |
(Increase) / Decrease in amount due from parent's group entities | 117,088 | 262,922 | 77,428 | (143,708) |
(Increase) / Decrease in deposits and prepayments | (171,256) | 14,168 | (12,739) | (4,337) |
Increase / (Decrease) in trade creditors | (349,240) | (404,926) | (1,310) | (1,928) |
Increase / (Decrease) in provisions and other payables | (1,011,007) | (784,629) | (13,415) | (62,786) |
Increase / (Decrease) in amount due to holding company | (87,802) | 462,745 | (160,109) | 271,389 |
Increase / (Decrease) in Amount due to parent's group entities | (1,923) | 26,763 | 804 | (7,519) |
Cash generated from/(used in) operations | 1,907,164 | 1,255,716 | 86,346 | (26,872) |
Interest expense paid | (922,269) | (1,184,735) | (50,033) | (48,355) |
Retirement benefit obligations paid | (10,115) | (3,858) | (2,039) | (1,313) |
Income taxes paid | (154,328) | (21,219) | - | - |
Net cash flow generated from/(used in) operating activities | 820,452 | 45,904 | 34,274 | (76,540) |
(Carried forward to next page) |
7
Aitken Spence Hotel Holdings PLC
Statements of Cash Flows - Contd.
Group | Company | |||
For the three months ended 30th June | 2024 | 2023 | 2024 | 2023 |
Rs.' 000 | Rs.' 000 | Rs.' 000 | Rs.' 000 | |
(brought forward from previous page) | ||||
Net cash flow generated from/(used in) operating activities | 820,452 | 45,904 | 34,274 | (76,540) |
Cash flow from investing activities | ||||
Proceeds from/(investment in) debt securities | - | 73,935 | - | 73,935 |
Acquisition of property, plant and equipment | (313,861) | (418,376) | (48,495) | (23,089) |
Acquisition of intangible assets | (542) | (871) | - | - |
Proceeds from sale of property, plant and equipment | 904 | - | - | - |
Withdrawal/(Purchase) of term deposits | 61,633 | 132,555 | (1,298) | 17,827 |
Interest received | 34,575 | 102,209 | 2,167 | 10,358 |
Net cash flow generated from/(used in) investing activities | (217,291) | (110,548) | (47,626) | 79,031 |
Cash flow from financing activities | ||||
Repayment of interest bearing liabilities - banks | (1,796,499) | (2,166,442) | (45,301) | (39,459) |
Proceeds from interest bearing liabilities - banks | 143,320 | 118,573 | - | - |
Repayment of interest bearing liabilities - leases | (517,812) | (518,116) | - | - |
Dividends paid to shareholders of non - controlling interests | (152,195) | - | - | - |
Net cash flow used in financing activities | (2,323,186) | (2,565,985) | (45,301) | (39,459) |
Net decrease in cash and cash equivalents | (1,720,025) | (2,630,629) | (58,653) | (36,968) |
Cash and cash equivalents at the beginning of the period | (3,321,462) | (2,684,021) | (189,491) | 17,771 |
Effect of movement in exchange rates | 111,158 | 122,796 | 2,140 | (60,673) |
Cash and cash equivalents at the end of the period | (4,930,329) | (5,191,854) | (246,004) | (79,870) |
Analysis of cash & cash equivalents at the end of the period | ||||
Cash at bank and in hand and short term deposits | 2,202,062 | 2,613,857 | 80,834 | 146,728 |
Bank overdrafts and other short term borrowings | (7,132,391) | (7,805,711) | (326,838) | (226,598) |
(4,930,329) | (5,191,854) | (246,004) | (79,870) |
The above figures are provisional and subject to audit.
8
Aitken Spence Hotel Holdings PLC
Notes to Interim Financial Statements
1 | Segmental Results | |||||
1.1 | Revenue | |||||
Group | ||||||
External | Intra Group | Total | Total | |||
For the three months ended 30th June | 2024 | 2023 | ||||
Rs.' 000 | Rs.' 000 | Rs.' 000 | Rs.' 000 | |||
Sri Lankan Sector | ||||||
Resorts and Hotels | 1,969,329 | 2,745 | 1,972,074 | 1,448,815 | ||
Others | 5,333 | 213,977 | 219,310 | 205,224 | ||
Total Sri Lankan Sector | 1,974,662 | 216,722 | 2,191,384 | 1,654,039 | ||
South Asian and Middle East Sector | 7,268,157 | - | 7,268,157 | 6,653,710 | ||
9,242,819 | 216,722 | 9,459,541 | 8,307,749 | |||
Intra Group | (216,722) | (200,713) | ||||
Total | 9,242,819 | 8,107,036 | ||||
1.2 | Profit/(Loss) before taxation | |||||
Group | ||||||
For the three months ended 30th June | 2024 | 2023 | ||||
Rs.' 000 | Rs.' 000 | |||||
Sri Lankan Sector | ||||||
Resorts and Hotels | (279,436) | (700,417) | ||||
Others | (141,524) | (158,504) | ||||
(420,960) | (858,921) | |||||
Share of loss of equity accounted investees | (19,415) | (42,939) | ||||
Total Sri Lankan Sector | (440,375) | (901,860) | ||||
South Asian and Middle East Sector | (597,712) | (1,069,390) | ||||
Total | (1,038,087) | (1,971,250) | ||||
1.3 | Total Assets | |||||
Group | ||||||
As at | 30.06.2024 | 30.06.2023 | ||||
Rs.' 000 | Rs.' 000 | |||||
Sri Lankan Sector | ||||||
Resorts and Hotels | 20,249,928 | 19,184,775 | ||||
Others | 764,150 | 1,981,917 | ||||
21,014,078 | 21,166,692 | |||||
Share of equity accounted investees | 43,771 | 49,818 | ||||
Total Sri Lankan Sector | 21,057,849 | 21,216,510 | ||||
South Asian and Middle East Sector | 74,030,169 | 77,461,516 | ||||
Total | 95,088,018 | 98,678,026 |
9
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