THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 TH JUNE 2024
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 TH JUNE
As.At | As.At | Change | ||
30.06.2024 | 31.03.2024 | % | ||
Audited | ||||
ASSETS | Rs. 000 | Rs. 000 | ||
Non-Current Assets | ||||
Property, Plant & Equipment | 1,126,311 | 1,131,834 | - | |
Right to use of Assets | 38,964 | 39,442 | (1) | |
Intangible Assets | 551 | 710 | (22) | |
Current Assets | 1,165,826 | 1,171,986 | (1) | |
Inventories | 28,049 | 28,266 | (1) | |
Trade and Other Receivables | 16,164 | 58,935 | (73) | |
Advances and Prepayments | 69,446 | 47,967 | 45 | |
Short Term Deposits | 832,022 | 862,331 | (4) | |
Cash and Cash equivalants | 4,457 | 8,705 | (49) | |
Total Assets | 950,138 | 1,006,204 | (6) | |
2,115,964 | 2,178,190 | (3) | ||
EQUITY AND LIABILITIES | ||||
Capital and Reserves | ||||
Stated Capital | 1,108,867 | 1,108,867 | - | |
Accumulated Profits | 707,179 | 706,480 | - | |
Equity attributable to Equity Holders of the Parent | 1,816,046 | 1,815,347 | - | |
Non Controlling Interest | 1 | 1 | - | |
Total Equity | 1,816,047 | 1,815,348 | - | |
Non-Current Liabilities | ||||
Interest Bearing Loans and Borrowings | 62,874 | 61,712 | (2) | |
Retirement Benefit Obligation | 30,885 | 30,449 | (1) | |
Deferred Tax Liability | 44,636 | 44,636 | - | |
Current Liabilities | 138,395 | 136,797 | (1) | |
Trade and Other Payables | 84,392 | 121,857 | 31 | |
Contract Liabilities | 39,597 | 61,917 | 36 | |
Interest Bearing Loans and Borrowings | 17,614 | 13,329 | (32) | |
Income Tax Payables | 19,919 | 28,942 | 31 | |
161,522 | 226,045 | 29 | ||
Total Equity and Liabilities | 3 | |||
2,115,964 | 2,178,190 | |||
Net Asset Value per Share (Rs.) | 16.38 | 16.37 |
I certify that these financial statements are in complience with the requirements of the Companies Act No.7 of 2007
Sgd.
Thilaksiri Dunuhinga
Chief Financial Officer
The Board of Directors is responsible for the preperation and presentaion of these Financial statements. Signed for and on behalf of the Board by,
Sgd | Sgd |
J.A.S.S.Adhihetty | L.N.D.S.Wijeyeratne |
Director | Director |
Colombo | |
31 st July 2024 |
Note :The above figures for the interim period are not audited
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE 2024
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED
30 TH JUNE
FOR 3 MONTHS ENDED | Change | |||
30.06.2024 | 30.06.2023 | % | ||
Rs. 000 | Rs. 000 | |||
Revenue | 159,980 | 133,164 | 20 | |
Cost of Sales | (64,509) | (54,327) | (19) | |
Gross Profit | 21 | |||
95,471 | 78,837 | |||
Other Income and Gains | 4,516 | - | - | |
Selling and Marketing Expenses | (11,528) | (8,077) | (43) | |
Administrative Expenses | (102,061) | (98,688) | (3) | |
Finance Cost | (1,885) | (1,815) | (4) | |
Finance Income | 22,164 | 26,250 | (16) | |
Profit/(Loss) before Tax | 291 | |||
6,677 | (3,493) | |||
Income (Tax Expenses)/ Reversal | (5,978) | - | - | |
Profit/(Loss) for the period | 120 | |||
699 | (3,493) | |||
Other Comprehensive Income | - | - | ||
Actuarial gain/(loss) on Defined Benefit Plan | - | - | ||
Income tax effect | - | - | ||
Net other comprehensive income not to be reclassified to profit | ||||
or loss in subsequent periods | - | - | ||
Other comprehensive income for the year ,net of tax | ||||
- | - | |||
Total Comprehensive Income/(loss) for the period net of Tax | 120 | |||
699 | (3,493) | |||
Profit and total comprehensive income attributable to | ||||
Entire profit and total comprehensive income is attributable to the equity holders of the parent | ||||
Basic Earnings/(Loss) Per Share | 0.01 | (0.03) | 120 | |
Dividend per share | - | - | - |
Note :The above figures for the interim period are not audited : Figures in brackets indicate deductions
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE 2024
COMPANY, STATEMENT OF FINANCIAL POSITION AS AT 30 TH JUNE | As.At | As.At | Change | |
30.06.2024 | 31.03.2024 | % | ||
Audited | ||||
ASSETS | Rs. 000 | Rs. 000 | ||
Non-Current Assets | ||||
Investment In Subsidiary | 1,000,010 | 1,000,010 | - | |
1,000,010 | 1,000,010 | - | ||
Current Assets | ||||
Other Receivables | 83,357 | 84,957 | (2) | |
Cash and Cash Equivalents | 43 | 43 | - | |
Total Assets | 83,400 | 85,000 | (2) | |
1,083,410 | 1,085,010 | - | ||
EQUITY AND LIABILITIES | ||||
Capital and Reserves | ||||
Stated Capital | 1,108,867 | 1,108,867 | - | |
Accumilated Profits/(losses) | (27,342) | (25,766) | 6 | |
Total Equity | 1,081,525 | 1,083,101 | - | |
Non-Current Liabilities | ||||
Interest Bearing Loans and Borrowings | - | - | ||
Retirement Benefit Obligation | - | - | - | |
Current Liabilities | - | - | ||
Trade & Other Payables | 1,885 | 1,909 | 1 | |
Bank Overdraft | - | - | - | |
Total Equity and Liabilities | 1,885 | 1,909 | 1 | |
1,083,410 | 1,085,010 | - | ||
Net Asset value per share (Rs.) | - | |||
9.75 | 9.77 |
I certify that these financial statements are in complience with the requirements of the Companies Act No.7 of 2007
Sgd
Thilaksiri Dunuhinga
Chief Financial Officer
The Board of Directors is responsible for the preperation and presentaion of these Financial statements. Signed for and on behalf of the Board by,
Sgd | Sgd |
J.A.S.S.Adhihetty | L.N.D.S.Wijeyeratne |
Director | Director |
Colombo | |
31 st July 2024 |
Note :The above figures for the interim period are not audited
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE 2024
COMPANY, STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED 30 TH JUNE
FOR 3 MONTHS ENDED | Change | |||
30.06.2024 | 30.06.2023 | % | ||
Revenue | Rs. 000 | Rs. 000 | ||
- | - | |||
Cost of Sales | - | - | ||
Gross Profit | ||||
- | - | |||
Other Income and Gains | - | - | - | |
Selling and Marketing Expenses | - | - | ||
Administrative Expenses | (1,576) | (2,567) | 39 | |
Finance Cost | - | - | - | |
Finance Income | - | - | ||
Profit/(Loss) before Tax | (1,576) | (2,567) | 39 | |
Income Tax Expenses | - | - | ||
Profit /(Loss) for the period | 39 | |||
(1,576) | (2,567) | |||
Other Comprehensive Income/(Loss) | - | |||
Total Comprehensive Income/(Loss) for the period | 39 | |||
(1,576) | (2,567) | |||
Basic Earnings / (Loss) per share for the period | (0.01) | (0.02) | 39 | |
Dividend per share | - | - | - |
Note :The above figures for the interim period are not audited : Figures in brackets indicate deductions
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE 2024
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 30 TH JUNE
Attributable to the equity holders | ||||||||||
of the parent | ||||||||||
Stated Capital | Accumulated | Non | Total | |||||||
Group | Controlling | |||||||||
Profit | Interest | |||||||||
Rs. 000 | Rs. 000 | Rs. 000 | Rs. 000 | |||||||
Balance as at 01st April 2024 | 1,108,867 | 706,480 | 1 | 1,815,348 | ||||||
Profit for the Period | - | 699 | - | 699 | ||||||
- | ||||||||||
Balance as at 30 th June 2024 | ||||||||||
1,108,867 | 707,179 | 1 | 1,816,047 | |||||||
Balance as at 01 st April 2023 | 1,108,867 | 500,277 | 1 | 1,609,145 | ||||||
Loss for the Period | - | (3,493) | - | (3,493) | ||||||
Balance as at 30 th June 2023 | ||||||||||
1,108,867 | 496,784 | 1 | 1,605,652 | |||||||
Company | Stated | Accumulated | Total | |||||||
Capital | Profit/(Losses) | |||||||||
Rs. 000 | Rs. 000 | Rs. 000 | ||||||||
Balance as at 01st April 2024 | 1,108,867 | (25,766) | 1,083,101 | |||||||
Loss for the Period | - | (1,576) | (1,576) | |||||||
Balance as at 30 th June 2024 | ||||||||||
1,108,867 | (27,342) | 1,081,525 | ||||||||
Balance as at 01 st April 2023 | 1,108,867 | (18,044) | 1,090,823 | |||||||
Loss for the Period | - | (2,567) | (2,567) | |||||||
Balance as at 30 th June 2023 | ||||||||||
1,108,867 | (20,611) | 1,088,256 |
Note :The above figures for the interim period are not audited :Figures in brackets indicate deductions
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE 2024
STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED | ||||||||
30 TH MARCH | FOR THE PERIOD ENDED | FOR THE PERIOD ENDED | ||||||
Group | Company | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Rs. 000 | Rs.000 | Rs.000 | Rs.000 | |||||
Cash Flows From / (Used in) Operating Activities | ||||||||
Profit/(Loss) before tax | 6,676 | (3,493) | (1,576) | (2,567) | ||||
Adjustments for | ||||||||
Depreciation | 16,222 | 15,740 | - | - | ||||
Amortisation of intangible assets | 160 | 189 | ||||||
Depreciation of right of use assets | 478 | 478 | - | - | ||||
Finance Ccst | 1,885 | 1,815 | - | - | ||||
Finance income | (22,163) | (26,250) | - | - | ||||
(Profit)/Loss on Disposal of Property, Plant & Equipment | 133 | 20 | - | - | ||||
Provision for Defined Benefit Obligation | 1,491 | 924 | - | - | ||||
Operating Profit/(Loss) before working capital changes | 4,883 | (10,577) | (1,576) | (2,567) | ||||
(Increase)/ Decrease in inventories | 216 | 2,059 | - | - | ||||
(Increase)/ Decrease in trade and other receivables and prepayments | 21,291 | (411) | 1,600 | 2,791 | ||||
Increase/(Decrease) in trade and other payables and contract liabilities | (59,786) | 2,293 | (24) | (224) | ||||
Cash Generated from / (Used in) Operations | (33,396) | (6,636) | - | - | ||||
Finance cost paid | (3) | (23) | - | - | ||||
Defined benefit obligation paid | (1,055) | (795) | - | - | ||||
Income tax paid | (15,000) | (2,061) | - | - | ||||
Net cash from / (used in) operating activities | (49,454) | (9,515) | - | - | ||||
Cash Flows from / (Used in) Investing Activities | ||||||||
Acquisition of property, plant and equipment | (10,833) | (3,558) | - | - | ||||
Investement in fixed deposits | (151,329) | (242,948) | ||||||
Withdrawal of fixed deposits | 175,481 | 231,000 | - | - | ||||
Finance income received | 27,841 | 24,007 | - | - | ||||
Net Cash from/(Used in) investing activities | 41,160 | 8,501 | - | - | ||||
Cash Flows from (Used in) Financing Activities | ||||||||
Principal Payments under Finance Lease Liabilities | (240) | - | - | - | ||||
Net Cash from/(Used in) financing Activities | (240) | - | - | - | ||||
Net Increase/(Decrease) in Cash and Cash Equivalents | (8,534) | (1,014) | - | - | ||||
Cash and Cash Equivalents at the beginning of the Period | (1,329) | 6,868 | 43 | 44 | ||||
Cash and Cash Equivalents at the end of the period | (9,863) | 5,854 | 43 | 44 | ||||
For the purpose of the cash flow statement, the period end cash and cash equivalents comprise of the following: | ||||||||
Cash at Bank & In Hand | 4,456 | 5,964 | 43 | 44 | ||||
Bank Overdraft | (14,319) | (110) | - | - | ||||
(9,863) | 5,854 | 43 | 44 | |||||
Note :The above figures for the interim period are not audited :Figures in brackets indicate deductions
THE FORTRESS RESORTS PLC
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 TH JUNE
NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 TH JUNE
1. | Market Price of Ordinary Shares | ||||
30.06.2024 | 30.06.2023 | ||||
Rs. | Rs. | ||||
Highest Price Per Share for the Quarter | 28.00 | 22.40 | |||
Lowest Price Per Share for the Quarter | 21.50 | 17.70 | |||
Last Traded | 24.60 | 21.00 | |||
2. | Financial year of the Company / Group ends on 31st March . Interim figures are for three months ended 30 th June 2024 | ||||
3. | The Statement of Financial Position of the Company and Group as at 31 st March 2024 and Statements of Income, Changes in Equity and Cash Flow for | ||||
the period then ended have been prepared in accordance with Sri Lanka Accounting Standars 34 ,interim financial statements and are in agreement with | |||||
the books of accounts maintained by the group and have provided the information required by the Colombo Stock Exchange. | |||||
4. | The presentation and classification of figures for the corresponding period of the previous year have been amended, where relevant, to be comparable | ||||
with those for the current year. | |||||
5. | All values included in these Financial Statements are in rupees "000" unless otherwise stated. | ||||
6. | Subsidiaries. |
The Subsidiaries and its controlling percentages of the Group,which have been consolidated are as follows | |||
Subsidiaries | 2024 | 2023 | Nature of the Operations |
Direct holding | |||
La Forteresse (Private) Limited | 100% | 100% | Operation of Small Luxurry Hotel |
Indirect holding | |||
Summer Season Mirissa (Private ) Limited | 99.99% | 99.99% | Operations not yet commenced |
Investment in subsidiaries are carried at cost less impairments (if any) in the separate financial statements
- Net Assets value per Share has been calculated, for all periods, based on the number of shares in issue as at 30 th June 2024, amounting to 110,886,684.
- There has not been a significant change in the nature of the contingent liabilities,which were disclosed in the Annual Report for the year ended 31 st March 2024.
- There have been no material events occurring after the Balance Sheet date that require adjustments or disclosure to Interim financial statements as at 30 th June 2024.
- Graphical Analysis of Seasonality performance - For the Quarter
200,000 | ||||||||||||||
150,000 | Revenue | |||||||||||||
100,000 | ||||||||||||||
50,000 | Profit / (Loss) from | |||||||||||||
Operating Activities | ||||||||||||||
- | Net Profit /( Loss) | |||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||
(50,000) | ||||||||||||||
(100,000) | ||||||||||||||
- The percentage of the shares held by public as at 30 th June 2024 was 16.863% Comprising of 1,766 Shareholders. (30 th June 2023 -16.93% Comprising 1949 shareholders)
- The float adjusted market capitalization as at 30 th June 2024 - Rs.458,119,105.50
- The Float adjusted market capitalization of the company falls under Option 2 of Rule 7.13.1(b) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirment applicable under the said option.
NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 TH MARCH 2024
14.
The interim financial statements are unaudited and have been prepared in accordance with the same accounting policies and methods set out in the Annual Financial Statements for the year ended 31 March 2024 and are in compliance with the Sri Lanka Accounting Standard 34 - Interim Financial Reporting.
15. The number of shares held by the Board of Directors as of 30 th June 2024 are as follows:
Name of the Director | No of Shares | % | |
1 | Mr. Malik Joseph Fernando | 833,333 | 0.75 |
2 | Mr.L.N.De Silva Wijeyeratne | Nil | - |
3 | Mr.J.A.S.Sumith Adhihetty | 13,741 | 0.01 |
4 | Mr.C.Vishvajit Cabraal | Nil | - |
5 | Mr.K.D.Harindra Perera | Nil | - |
6 | Mr.C.Umagiliya Weerawardena | Nil | - |
7 | Mr.Jan Peter Vant Twest | Nil | - |
8 | Mr.Jitendra Romesh Gunaratne | Nil | - |
9 | Mr.Dilhan Crishantha Fernando | 833,333 | 0.75 |
10 | Ms. Amarasunghe Arachchige Kawshi Amarasinghe | Nil | |
11 | Mr.Wasantha Leelananda | Nil | |
12 | Ms.K.A.D.B Perera | Nil | |
Mr. Amrit Merril Joseph Fernando (Alternate Director to Mr.D.C Fernando) | Nil | ||
13 | - |
16. Twenty largest shareholders of the company as of 30 th June 2024 are as follows:
Name of the Share Holder | No of Shares | % | |
1 | M J F HOLDINGS (PRIVATE) LIMITED | 28,616,411 | 25.81 |
2 | VALLIBEL LEISURE (PRIVATE) LIMITED | 24,417,932 | 22.02 |
3 | VALLIBEL ONE PLC | 20,618,257 | 18.59 |
4 | MR.K.D.D. PERERA | 10,329,317 | 9.32 |
5 | L B FINANCE PLC | 4,051,100 | 3.65 |
6 | MR. MERRIL J FERNANDO(DECEASED) | 2,124,400 | 1.92 |
7 | MERCHANT BANK OF SRI LANKA & FINANCE PLC/S.A.A HASITHA | 2,065,941 | 1.86 |
8 | BANK OF CEYLON NO. 1 ACCOUNT | 1,451,100 | 1.31 |
9 | SEYLAN BANK PLC/JAYANTHA DEWAGE | 1,441,400 | 1.30 |
10 | MR. A P L FERNANDO | 1,157,811 | 1.04 |
11 | MR. M. J. FERNANDO | 833,333 | 0.75 |
12 | MR D.C FERNANDO | 833,333 | 0.75 |
13 | MR.M.P.D COORAY | 716,632 | 0.65 |
14 | MERCHANT BANK OF SRI LANKA & FINANCE PLC/D.WEERASINGHE | 650,000 | 0.59 |
15 | DR.D.JAYANNTHA | 621,000 | 0.56 |
16 | MR.G.V.C.Y PANDITHARATHNA | 420,921 | 0.38 |
17 | HATTON NATIONAL BANK PLC/MUSHTAQ MOHAMED FUAD | 378,704 | 0.34 |
18 | ROYAL CERAMICS LANKA PLC | 336,100 | 0.30 |
19 | DFCC BANK PLC/K.UDAYAKUMARA | 307,003 | 0.28 |
20 | SAKUVI INVESTMENT TRUST (PRIVATE) LTD | 284,166 | 0.26 |
Corporate Information
Name of the Company | Secretaries |
The Fortress Resorts PLC | P W Corporate Secretarial (Pvt) Ltd. |
No.3/17, Kynsey Road. | |
Company Registration No | Colombo 08. |
PQ 207 | Telephone : 011 4640360-3 |
Fax : 011 4740588 | |
Legal Form | Email: pwcs@pwcs.lk |
External Auditors | |
Public Quoted Company with Limited Liability, | |
Quoted on the Diri Savi Board of the Colombo | Ernst & Young |
Stock Exchange. | Chartered Accountants |
Rotunda Towers | |
Registered Office | No.109,Galle Road |
Colombo 03. | |
Level 29, West Tower | Internal Auditors |
World Trade Center, Echelon Square | |
Colombo 01. | KPMG |
32A, Sir Mohamed Macan Markar Mawatha, | |
Board Of Directors | Colombo 03, 00700 |
Tel: +94 11 5426 426 | |
Mr.K D Harindra Perera (Chairman) | Fax: +94 11 2445 872 |
Mr. J A S Sumith Adhihetty | |
Mr. Malik Joseph Fernando | Bankers |
Mr. L N De Silva Wijeyeratne | |
Mr.Chathura Vishvajit Cabraal | Bank of Ceylon |
Mr.C Umagiliya Weerawardena | Sampath Bank PLC |
Mr.Jitendra Romesh Gunaratne | Pan Asia Banking Corporation PLC |
Mr.Jan Peter Vant Twest | |
Mr.Dilhan Crishantha Fernando | |
(Alternate Director Mr.Amrith Merril Joseph Fernando) | |
Ms.K A D B Perera | |
Ms. Amarasunghe Arachchige Kawshi Amarasinghe | |
Mr. Vasantha Leelananda | |
Subsidiary Companies | |
La Forteresse (Private) Limited | |
Summer Season Mirissa (Pvt) Ltd | |
Hotel | |
The Fortress Resorts & Spa, Koggala | |
Telephone : 091 4389400 | |
Fax : 091 4389458 | |
Email: info@thefortress.lk |