Fortress Resorts PlcCSELK: RHTL.N0000

Interim Financial Statements as at 31.03.2025

May 27, 2025 at 6:51 PM UTC · Issued by Fortress Resorts Plc

THE FOitTRESS RESORTS PLC

T Fry LYi

THE FORTRESS RESORTS PLC

INTERIM -lNANCIAL STATEMENTS

fOlt THE r£nioD ENDED 31 ST MARCH 2025

CONSOLIDATED STATEMENT OF- FINANCIAL PO SITION AS AT 31 SP MAR Clf

As at

Change

31.03.2025

31.03.2024

Audited

ASSETS Rs.'000'

Rs.'000'

Non-Current Assets

Property, Plant & Equipment 1,149,993

1,131,834

Right of use Assets 37,529

39,442

(5)

Intangible Assets 3,063

710

331

1,190,585

1,171,986

Current Assets

Inventories

31,967

28,266

Trade and Other Receivables

53,781

58,935

(9)

Advaiices and Prepayments

38,965

47,967

(t9)

Short Term Deposits

1,029,645

862,331

Cash and Cash equivalants

65,520

8,705

653

1,219,878

1,006,204

Total Assets

2,410,463

2,178,190

EQUITY AND LIABILITIES

Capital and Reserves

Stated Capital

1,108,867

Accumulated Profits

935,976

706,480

(52

Equity attributable to Equity Holders of the Parent

2,044,843

1,815,347

(13)

Non Controlling Interest

Total Equity

2,044,844

1,815,348

(13)

Non-Current liabilities

Interest Bearing Loans and Borrowings

64,553

61,712

(5)

Retirement Benefit Obligation

42,320

30,449

(39)

Deferred Tax Liability

33,999

44,636

140,872

136,797

(3)

Current Liabilities

Trade and Other Payables

131,443

121,857

(8)

Contract Liabilities

36,815

61,917

Interest Bearing Loans and Borrowings

12,678

13,329

Income Tax Payables

43,811

28,942

(51)

224,747

226,045

Total Equity and Liabilities 2,410,463

2,178,190

(II)

Net Asset Value per Share (Rs.) 18.44 16.37

I certify that these financial statements are in compliance with the requirements of the Companies Act No.7 of 2007

hief Financial Officer

The Board of Directors is responsible for the pre eration and presentaion of these Financial statements. Signed for and

Director

Colombo

27th May 2025

Note :The above figures for the interim period are not audited

INTEIMM FINANCIAL STATEMENTS

non or rERfOD emzo oi sr ccii

CONSOLfDAT£D STAnmw orrnorir or toss AND OmEe courncmvsivr scot rosmzrzRiOD TzNDED

31 ST NIAitCI-I

for 3 Months enhed Chynge Vear to date

31.03.2025 31.03.2024 %» 31.03.2025 31.03.2024

Rs.'000' Rs.'000' Its.'000' Its.'000'

Revenue 402,4'75 407,042 (1) i,006,142 921,487'

Cost of Sales (90,31/ (90,522) 0 (291,446) (282,850)

Change

(3)

312,158

316,520

(1)

714,696

638,637

Other Incoote anA Gains

7,7'67

(2,422)

(421)

21,I62

3,162

569

Advertising and Marketing Expenses

(23,674)

(9,379)

(22)

(64,944)

(53,565)

(21)

Administrative Expenses

(I 05,188)

(110,893)

(434,485)

(408,259)

(6)

Finance Cost

(1,956)

(1,861)

(5)

('Z,683)

(7,346)

(5)

Finance Income

19,371

24,563

(21)

76,377

94,076

(J9)

Profit/(Loss) before Tax

208,478

206,528

305,123

266,705

Income (Tax Expenses)

(40,602)

(6'z,748)

(40)

(69,015)

(54,363)

Profit/(Loss) for the period

167,676

138,779

236,708

212,3t2

Other Comprehensive Income/(loss)

Other Comprehensive Income/(loss) not to be reclassified to profit or loss in subsequent periods

Actuarial gain/ (loss) on defined Benefit Plan

(8,265)

(7,675)

(8)

(8,265)

('z,675)

(8)

Income tax effect

1,653

1,535

(8)

1,653

1,535

(8)

Net other comprehensive income/(loss) not to be reclassified

to profit or loss in subsequent periods (6,6I2) (6,140) (8) (6,612) (6,140) (8)

Other comprehensive income/(loss) for the period ,net of tax (b,612) (6,140) (8)

(6,612)

(6,140)

(8)

Total Comprehensive Income/(loss) for the period net of Tax 161,264 32,639 22

229,496

206,202

Profit/(loss) and total comprehensive income/(loss) attributable to

Entire profit/ (loss) and total comprehensive income/ (loss) is attributable to the equity holders of the parent

Basic/ Diluted Earnings/(loss) Per Share

1.51

1.25

2.13

1.91

Dividend per share

Note :The above figures for the interim period are not audited

: Figures in brackets indicate deductions

THE FORTRESS RES ORTS PLC

INTERIM FINANCIAL STATEMENT3

fOfl THE PERiOD £NDED 31 SP LUNCH 202a

As at

Change

31.03.2025

31.03.2024

Audited

ASSETS

Rs.'000'

Non-Current Assets

Investment In Subsiciiay

1,000,010

Current Assets Other Receivables

Cash and Cash Equivalents

76,065

84,967

(10)

85,000

(10/

Total Assets

1,076,117

1,085,010

EQUIY AND LIABILITIES

Capital and Reserves

Stated Capital

J,108,867

1,108,867

Accuinilated Profits/ (losses)

(34,807)

(25,766)

Total Equity

1,083,101

Non-Current Liabilities

Interest Bearing Loans anc4 Borrowings Retirement Beneli t ObfigaBon

Current Lia bilities

Trade & Other Payables Bank Overdraft

2,057

1,909

2,057

1,909

Total Equity and Liabilities

1,076,117

1,085,010

Net Asset value per share (As.) 9.69 9.77

I certify thiit these financial statements are in cc»iih hence with the rec{uircmeiats o1 the Comparñes Act No.7 of 2007

Chief Financial Officer

The Bearer c›f Directors is responsible for the preparation and presentaion of these Financial statements. Signed for and on behalf of tlae Bonard by,

Director

Colombo

27th May 2025

Note :T1ae above figures for the interim periracl are not auditecJ

37STVAECH

Tor 3 M onllis

31.03.2025

Rs.'000'

nevenue

ended 31.03.2024

Rs.'000'

Chan$y

'/c

Year

31.03.2025

Rs.'000'

Jr te Chenge

31.03.2024 % Rs.'000'

Gross Profit

Other Income and Gains

Advertising and Marketing Expenses Administrative Expenses

(7,723)

Prof-i((Loss) before Tax

(2,0J3)

(JJ)

(9,U40)

(7,723)

Income fax Expenses

Profit /(Loss) for the period

(2,0 ?)

(JJ)

(9,040)

(7723)

Other Comprehensive Incoime/(Loss)

Total Coniprehensi ve I ncomq/(Loss) for the peri od

(9,040)

(7,723)

Basic / Diluted Earnings / (Loss) per share for the Keriod Dividend per share

(002)

(0.08)

(001

17)

Note :The abov e figures for the interim period are not audited Figures in brackets indicate deductions

THE FORTRESS nrsonrs rr c

INTERIM FINANCIAL STACEMENTS

FOR THE PERIOD ENDED JI ST I IARCH 202J

STATEMENT OY CHANGES IN EQ IIIKY F-OR THE PERIOD ENDED 31 ST MARCH

Non

Stated Capita1 Accumulated Controlling Total

Group Profit Interest

Rs.'000' Rs.'000' Rs.'000' Rs.'000'

Balance as at 01 st April 2024

706,480

1,815,348

236, 108

236,108

Other Cc›mprehensive loss for the year, net of tax

(6,612)

(6612)

Balance as at 31 st March 2025

2,044,844

Balance as at 01 st April 2023

I, I 05,867

500,278

1,609,146

Profit fen' the Period

212,342

(6,140)

Balance as at 31 st»March 2024

706,480

1,815,348

Stated Accumulated Total

Company Capital Profi((Losses)

Rs.'000' Rs.'000' Rs.'000'

Balance as at 01 st April 2024

1,108,867

(25,766)

1,081,101

Loss for the Period

(9,040)

Balance as at 31 st March 2025

1,108,867

(34,806)

1,074,061

Balance as at 01 st April 2023

l,10S,867

(18,044)

1,090,823

(7,723)

Balance as at 31 st March 2024

1,108,567

1,083,100

Note :The above figures for the interim period are not audited

:Figures in brackets indicate deductions

TffE TonTnEss arson+S PLC

INTEIUM FINANCIAL STDCEMENTS

FOR THE PERIOD EA'D£D 31 ST MAR CH 025

STATEMENT Or Case rroIVS FOR rrrE r EnIOD E'VDED

ei s mnncii

TOR THE PERIOD ENDED

Group

FONT THE.PERfOD ENDED

Company

Cash Flows Front / (Used in) Operating Activities

2025

Its.'000'

2024 2025 2024

lls'000' Rs.'000' 0s.'000'

Profit/ (Loss) befr re tax

Adjustments for

(9 040)

/,723)

Depreciation

62,638

Amortisation of intangible assets

706

Depreciation of right of use assets

t,9t3

Finance Ccst

7683

7,?45

Finance income

(76,97Z)

(94,076)

(Profit)/ Loss on Disposal of Property, Plant & Equipment

@1048)

300

Provision for Defined Benefit Obligation

Operating Profit/ (Loss) faefore working ca[oitaI changes

251,696

(9,040)

7,723)

(?,GUI)

(2,339)

(Increase)/ Decrease in trade and other receivables anti prepaynaents

14,10

(45196)

8,892

7,819

Increase/ (Decrease) in trade and oth a b1 and I act liabilities

? )

0 2

Cash Generated from / (Used in) Operations

29"780

274,303

(2)

Finance cost paid

(J5)

Defined foenefit obligation paid

(2,86?)

Income tax Water »

(*')

. -

Net cash from / (usec4 in) operating ac try i ties

2?I,306

(2)

Cash Flows from / (Used in) In vesting Activities

I°roceeds from ciisposal of property plant and equipment

371

Acquisition of property, plant and equipment

(85 499)

(37,985)

Acquisition of intangible assets

Withdrawals /(Inc estment in ) treasury bills

(2,796)

(24)

Investement in fixed deposits

t558 *6?)

Withdrawal of fixed deposits

Bill uâCL HOC CJIN t 1'0 C '1V 0 kd

ñetCarh !ioni'(Lsudii,) investing activities

Cash FIows from (Used in) Financing Activities

Principal Pavments under Lease Liabilities

(3,902)

Net Cash from/ (Used in) financing Activities

3,902)

Net Increase/(Decrease) in Cash and Cash Equivalents

58,356

(8,t96)

(2)

Cash and Cash Equivalents at the beginning of the Period

Cash and Casli Eg uival e nts ,it the end of the period

57,227

For the purpose of the cash flow statement, the period end cash and cash eq uivalents comprise the following:

Cash at Bank & In bland

8,705

Bank Overdraf t

(8,292)

( 0,033)

57,227

(1,328)

Note :4 he aiaove figures for the interim period are not audite d

:Figures in bracke Is indicate deductic›ns

'IlIk 'P-OR 1!‹ES S RESORTS PLC

INTERIM FINANCIAL STATEMEI'ITS

FOit THE PERfOD ENDED 3IST MARCH

NOTES zo Two iwERIM FINANCIAL STATEñ4ENTS T-OR THE PEftfOD ENDED 31STMARCH

Market Price of Ordinary Shares

	31.03.2025	31.03.2024
	Rs.	Rs.
Highest Price Per Share for the Quarter	33 40	23 00
Lowest Price Per Share for the Quarter	24.40	18.00
Last Traded	25.90	23.00

Financial year of the Company / Group ends on 31 st March . The interim financial statements are for the period ended 31st March 2025
The Statement of Financial Position of the Company and Group as at 31st March 2025 and Statements of Income, Changes in Equity and Cash Flow for the period then ended have been prepared in accordance with Sri Lanka Accounting Standard 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.
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.
All values included in these Financial Statements are in rupees '000' unless otherwise stated
Subsidiaries.

The Subsidiaries and its controlling percentages of the Group,which have been consolidated are as follows

Su bsidiaries	2025	2024	Nature of the Operations
Direct holding
La Forteresse (Private) Limited	100%	)00%	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 31st March 2025, amounting to 110,886,684.

There has not been a significant change in the nature of the contingent 1iabilities,which were disclosed in the Annual Report for the year ended 31st 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 31st March 2025.
Graphical Analysis of Seasonality performance - For the Quarter
400,000
300,000 t. ,......
2 ........ ........................ ................ ......... ....... .. . .. ....
200,000
150,000
' 100,000
50,000
0 Revenue
M Profit / (Loss) from Operating Activities
: Net Profit /( Loss)
The percentage of the shares held by public as at 31 st March was 18.366% comprising of 1,729 Shareholders. (31 st March 2024 -16.86% comprising 1,884 shareholders)
The float adjusted market capitalization as at 31 st March 2025 - Rs. 498,952,422 50

15. 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 soid option.

NOTES TO THE INTE RIM FINANCIAL STATE M ENTS FOR THE PERIOD ENDED

31 ST MARCH 2025

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 3 l March 2024 and are in compliance with the Sri Lanka Accounting Standard 34 - Interim Financial Reporting.

The number of shares held b the Board of Directors as of 31st March 2025 are as follows:

	Name of the Director	No of Shares	%
1	Mr.J A.S. Sumith Adhihett;	13,741	0.01
2	Mr.C. Vishvajit Cabraal	Nil
3	Mr.C. Umagiliya Weerawardena	Nil
4	Mr.Jan Peter Van fwest	Nil
5	Mr.Jitendra Romesh Gunaratne	Nil
6	Ms. Amarasinghe Arachchige Ka› slot Amarasinghe	Nil
7	Mr. Vasantha Leelananda	Nil
8	Ms. K.A. D.B Perera	Nil
g	v r A mrit Merril .loseph Fernando	Nil
i 0	Mrs. R.N Pallegama	Nil
11	Mr. A. Y.L Joseph	Nil
i2	Mrs. K.D.Weerasing1ae	Nil

Twenty largest shareholders ot' the compan; as o1 31st k4arch 2025 arc as fo1lows:

Name of the Share Holder

No of Shares

54 I F HOLDINGS (PRIVATE) LIMITED

28,616,411

25.81

V ALLIBEL LEISURE (PRIVATE) LIMIJ ED

24,417,932

22.02

VALLI BEL ONE PLC

20,618,257

18.59

MR.K.D.D. PLIRA

10,329,317

9.32

L B FINANCE PLC

4,051,100

3.65

ESD . OF LATE MR. M, J. FF.RR AT D€â

2,124,400

1.92

MERCHANT BAN K OF SRI LAUGH & F INANC E PI.L/S A HAS1 1 HA

2,000,473

1.80

SANDWAVE LIMITED

1,194,775

1.08

MW. A.P.L FERNANDO

1.157.811

1.04

MW. M.1°.D COORAY

860,000

0.78

MR D.C FERRAT DO

833,333

0.75

F4R, M. .I. FL RNANDO

833,333

0.75

DR.D. JAYANU"I HA

621,000

0.56

H TTO4 EA I IONAL BAN K PLC /MUSHTAQ V OI4AMED FLt D

608,047

0.55

MERCHAN I BANI OF SRI LAN KA & FH AN F. PUT!D. WEERA SINGHE

600,000

0.54

SEYLAN BANK PLC/JAYAL IH.A I9F. Y AGE

464,281

0.42

SEYLAN BANK PLC/MOHAMED MUSHTAQ FUAD

371,000

0.33

MW.G.B.D THILAKARATNE

342,182

0.31

ROYAL CERAMIC S LANKA PLC

336.100

0.3C

S.41 UVI INVE STMLNT TRUST (PRIVATE) LTD

284,166

0.26

Corporate Information

Name of the Compan y

Comput;' Ilegistration No PQ 207

S ecretaries

P \' Corporate Secretariat (Pvl) Ltd. o.3/1.7. Ky nseJ Road.

Colombo 08.

Telephone : 011 4640360-3

Fax : 011.4740.588

Elnail: pwcsfippwcs,1k

Legal Form

Public Quoted Company itla Llmited Liability. Lxternal Auditors

Quoted on the Diri Savi Board ot the Colonabo Ernst & Young

Stock Exchange. Chartered Accountants

Rotunda Towers

o. l09,Ga11e Road

Registered Office Helena ho 03.

Level 29, West Tower

\ orId Trade Center, Echelon SQuare Colombo 01

Boa nd Of D irectors

M r .1itendra Roinesh Gtrnaratnc(Chairman

Mr I A S S uinitla Adia ihetty

Mr C1aat1 ura Vish› a it C abraal Mr.C L magillya Weerawardena Mr..lan Peter Va w'est

Ms Ainaras inghe Arachchi oe Kaw'shi Ainarasinghe

Mr. V Leelananda

Ms.K A D B Perera

Mr Amrith Merril Joseph Fernandti

Mrs. II N Pal Iegaiaa a Mi .? ñ" E .1oseph

1nternal .Auditors KPMG

32A, S ir Mohamed Macau Markar Mawatha, C'ol olnbo 03, 00700

4 el *94 11 5426 426

Fn *94 11 2445 872

Bu nl‹ers

Dank ot Cevlon

Sampath Bank PLC

Pan Asia Banking Corporation PLC Nations Trust Bank PLC

Su bsidiary Companies

La Forteresse (Private) Limited Summer Season Mirissa (Pvt) Ltd

hotel

the Fol4ress Retorts & Spa, Koggala telephone 091.4389400

F ax 091.4359458

Email: info@tliefortress.lk

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