Company Registration PQ 203
No:48, Janadhipathi Mawatha
Colombo-01
Interim Financial Statements
For the Six months ended 30th September 2024
THE KINGSBURY PLC
Statement of Financial Position
(All amounts in Sri Lanka Rupees thousands) | |||
Unaudited | Unaudited | Audited | |
As at 30.09.2024 | As at 30.09.2023 | As at 31.03.2024 | |
ASSETS | |||
Non-current assets | |||
Property Plant and Equipment | 4,448,512 | 3,593,893 | 4,497,314 |
Intangible assets | 18,432 | 15,645 | 20,639 |
Right-of-use asset | 11,055 | 11,302 | 11,180 |
Total non-current assets | 4,477,999 | 3,620,840 | 4,529,133 |
Current assets | |||
Inventories | 154,943 | 156,258 | 170,410 |
Trade and other receivables | 983,220 | 663,845 | 870,866 |
Other current assets | 119,603 | 93,415 | 97,413 |
Tax Receivable | 7,494 | 8,431 | 7,494 |
Cash and cash equivalents | 46,978 | 168,682 | 147,035 |
Total current assets | 1,312,238 | 1,090,631 | 1,293,218 |
Total Assets | |||
5,790,237 | 4,711,471 | 5,822,351 | |
EQUITY AND LIABILITIES | |||
Capital and reserves | |||
Stated capital | 836,000 | 836,000 | 836,000 |
Reserves | 1,342,225 | 731,173 | 1,357,389 |
Retained earnings | (766,561) | (1,017,388) | (842,609) |
Total Equity | 1,411,664 | 549,785 | 1,350,780 |
Non- current liabilities | |||
Interest-bearing borrowings | 1,068,760 | 664,340 | 1,260,367 |
Post employment benefit obligation | 127,737 | 89,503 | 109,180 |
Deferred tax liability | 649,064 | 311,817 | 620,275 |
Lease liability | 19,032 | 19,036 | 19,036 |
Other liabilities | 1,600 | 1,600 | 1,600 |
Total non-current liabilities | 1,866,193 | 1,086,296 | 2,010,458 |
Current Liabilities | |||
Trade and other payables | 1,571,715 | 1,407,224 | 1,612,495 |
Interest-bearing borrowings | 389,993 | 1,135,306 | 402,803 |
Other current liabilities | 163,555 | 147,971 | 144,897 |
Bank Overdraft | 387,117 | 384,889 | 300,917 |
Total current liabilities | |||
2,512,380 | 3,075,390 | 2,461,113 | |
Total equity and liabilities | |||
5,790,237 | 4,711,471 | 5,822,351 |
I certify that these Financial Statements have been prepared in compliance with the requirements of the Companies Act No 7 of 2007.
Sgd
Ravindra Dissanayake
Head of Finance
The Board of Directors is responsible for the preparation & presentation of these Financial statements.
Signed for and on behalf of the Board of Directors;
Sgd | Sgd |
A M Pandithage | R.J.Karunarajah |
Executive Chairman | Managing Director |
The notes on page 6 forms an integral part of these Financial Statements. | |
Figures in brackets indicate deductions or losses | |
31st October 2024 | |
Colombo |
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THE KINGSBURY PLC
Statement of Profit or Loss
(All amounts in Sri Lanka Rupees thousands) | |||||||||
Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||||
6 Months ended | 6 Months ended | Change | Quarter ended | Quarter ended | Change | Year ended | |||
30.09.2024 | 30.09.2023 | % | 30.09.2024 | 30.09.2023 | % | 31.03.2024 | |||
Turnover | 2,452,094 | 2,447,253 | 0 | 1,302,330 | 1,341,042 | (3) | 5,266,787 | ||
Cost of sales | (1,319,360) | (1,282,547) | (3) | (672,430) | (692,014) | 3 | (2,774,366) | ||
Gross profit | 1,132,734 | 1,164,706 | (3) | 629,900 | 649,028 | (3) | 2,492,421 | ||
Other income | (Note 04) | 4,789 | 1,927 | >100 | 1,399 | (262) | >100 | 14,347 | |
Administrative expenses | (914,667) | (891,524) | (3) | (463,162) | (455,995) | (2) | (1,869,081) | ||
Marketing expenses | (43,535) | (31,008) | (40) | (21,521) | (17,926) | (20) | (85,344) | ||
. | |||||||||
Results from operating activities | 179,321 | 244,101 | (27) | 146,616 | 174,845 | (16) | 552,343 | ||
Finance income | 2,261 | 4,423 | (49) | 498 | 2,216 | (78) | 6,047 | ||
Finance expenses | (91,906) | (176,190) | 48 | (45,310) | (82,527) | 45 | (303,737) | ||
Profit / (Loss) before tax | 24 | 8 | |||||||
89,676 | 72,334 | 101,804 | 94,534 | 254,653 | |||||
Income Tax (Charge) / Reversal | (35,288) | 53,433 | >(100) | (41,404) | (56,944) | 27 | 9,432 | ||
Profit / (Loss) for the period | (57) | 61 | |||||||
54,388 | 125,767 | 60,400 | 37,590 | 264,085 | |||||
Basic Earnings per share (Rs.) | 0.11 | 0.26 | 0.12 | 0.08 | 0.55 |
The notes on page 6 forms an integral part of these Financial Statements.
Figures in brackets indicate deductions or losses.
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THE KINGSBURY PLC
Statement of Comprehensive Income
(All amounts in Sri Lanka Rupees thousands) | ||||
Unaudited | Unaudited | Audited | ||
6 Months ended | 6 Months ended | Change | Year ended | |
30.09.2024 | 30.09.2023 | % | 31.03.2024 | |
Profit / (Loss) for the period | 54,388 | 125,767 | (57) | 264,085 |
Other Comprehensive Income not to be reclassified to | ||||
profit or loss in subsequent periods | ||||
Revaluation of building and building integrals | - | - | 938,021 | |
Deferred tax effect on building and building integrals | - | - | (281,406) | |
Deferred tax on transfers | 6,496 | - | 13,028 | |
Re-measurement loss on defined benefit plans | - | - | (9,951) | |
Deferred tax effect on defined benefit plans | - | - | 2,985 | |
Other Comprehensive Income for the period, net of tax | 6,496 | - | >100 | 662,677 |
Total Comprehensive Income/(loss) for the year, net of tax | 60,884 | 125,767 | (52) | 926,762 |
The notes on page 6 forms an integral part of these Financial Statements.
Figures in brackets indicate deductions or losses.
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THE KINGSBURY PLC
Statement of Changes in Equity
(All amounts in Sri Lanka Rupees thousands) | ||||
Stated Capital | Revaluation | Retained | Total | |
Reserve | Earnings | |||
Balance as at 01.04.2023 | 836,000 | 731,173 | (1,143,155) | 424,018 |
Profit / (Loss) for the six months | - | - | 125,767 | 125,767 |
Balance as at 30.09.2023 | 836,000 | 731,173 | (1,017,388) | 549,785 |
Balance as at 01.04.2024 | 836,000 | 1,357,389 | (842,609) | 1,350,780 |
Transfer to retained earnings from Revaluation reserve | - | (21,660) | 21,660 | - |
Deferred tax on transfers | - | 6,496 | - | 6,496 |
Profit / (Loss) for the six months | - | - | 54,388 | 54,388 |
Balance as at 30.09.2024 | 836,000 | 1,342,225 | (766,561) | 1,411,664 |
The notes on page 6 forms an integral part of these Financial Statements.
Figures in brackets indicate deductions or losses.
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THE KINGSBURY PLC
Statement of Cash Flows
(All amounts in Sri Lanka Rupees thousands) | ||||
Unaudited | Unaudited | Audited | ||
6 Months ended | 6 Months ended | Year ended | ||
30.09.2024 | 30.09.2023 | 31.03.2024 | ||
Operating activities | ||||
Cash generated from operations (Note A) | 174,437 | 133,190 | 473,626 | |
Interest paid | (89,612) | (33,858) | (87,749) | |
Retirement benefits paid | (6,525) | (7,889) | (13,947) | |
Net cash generated from /(used in) operating activities | 78,300 | 91,443 | 371,930 | |
Investing activities | ||||
Purchase of property plant & equipment | (59,717) | (54,324) | (112,326) | |
Purchase of intangible assets | (612) | - | (7,508) | |
Proceeds from disposal of property plant & equipment | 1,666 | - | - | |
Interest received | 2,261 | 4,423 | 5,774 | |
Net cash generated from/(used in) investing activities | (56,402) | (49,901) | (114,060) | |
Financing activities | ||||
Payments on interest-bearing borrowings | (204,417) | (172,240) | (310,176) | |
Payments on lease rent - capital portion | (4) | - | (8) | |
Net cash used in financing activities | (204,421) | (172,240) | (310,184) | |
Effect of exchange rate changes on cash & cash equivalents | ||||
(3,734) | (12,684) | (28,743) | ||
Net increase/(decrease) in cash and cash equivalents | (186,257) | (143,382) | (81,057) | |
Movement in cash and cash equivalents (Note B) | ||||
At the begining | (153,882) | (72,825) | (72,825) | |
Net increase/(decrease) in cash and cash equivalents | (186,257) | (143,382) | (81,057) | |
At end of the Period | (340,139) | (216,207) | (153,882) | |
Note A | Unaudited | Unaudited | Audited | |
6 Months ended | 6 Months ended | Year ended | ||
30.09.2024 | 30.09.2023 | 31.03.2024 | ||
Cash flows from operating activities | ||||
Profit / (Loss) before tax | 89,676 | 72,334 | 254,653 | |
Finance Expenses | 88,172 | 163,506 | 274,721 | |
Finance Income | (2,261) | (4,423) | (5,774) | |
Net Foreign exchange (gain) / loss | 3,734 | 12,684 | 28,743 | |
Depreciation on property, plant & equipment | 96,128 | 91,442 | 161,640 | |
Amortization of Rights of use Asset | 124 | 124 | 247 | |
Amortization of intangible assets | 2,819 | 3,577 | 5,662 | |
Post employment benefit plans | 25,082 | 8,929 | 24,711 | |
Provision for Bad & Doubtful Debts | (881) | 5,314 | 2,989 | |
Loss on disposal of property, plant & equipment | 2,434 | 112 | 893 | |
Operating profit before working capital changes | 305,027 | 353,599 | 748,485 | |
(Increase)/Decrease in trade and other receivables | (133,663) | (317,770) | (531,778) | |
(Increase)/Decrease in inventories | 15,467 | 11,715 | (2,437) | |
Increase/(Decrease) in trade and other payables | (12,394) | 85,646 | 259,356 | |
Net Cash generated from/(used in) operations | 174,437 | 133,190 | 473,626 | |
Note B | ||||
Analysis of cash and cash equivalents | ||||
Cash & cash equivalents | 46,978 | 168,682 | 147,035 | |
Bank Overdraft | (387,117) | (384,889) | (300,917) | |
(340,139) | (216,207) | (153,882) |
The notes on page 6 forms an integral part of these Financial Statements.
Figures in brackets indicate deductions.
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THE KINGSBURY PLC
Notes to the Financial Statements
- The Interim Financial Statements are unaudited and have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34-Interim Financial Reporting. These Interim Financial Statements should be read in conjunction with the Annual Financial Statements for the year ended 31st March 2024.
- The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The presentation and classification of the financial statements of the previous periods have been amended where relevant to be comparable with those of the current year.
- The Statement of Financial Position of the Company as at 30th September 2024 and The Statement of Profit or Loss for the six months ended are drawn up from the unaudited accounts of the Company and provides information required as per rule 8 of the Colombo Stock Exchange.
4 Other income | 30.09.2024 | 31.03.2024 |
(Rs.000) | (Rs.000) | |
Loss on disposal of property, plant and equipment | (768) | (893) |
Sundry Income | 5,557 | 15,240 |
4,789 | 14,347 | |
5 No circumstances have arisen since the Statement of Financial Position date, which would require adjustments to the Interim Financial statements.
6 We confirm that there are no material contingent liabilities or contingent assets which require disclosure in the Interim Financial Statements for the period of ended 30th September 2024.
7 Stated Capital | No. of Shares | Stated Capital |
('000) | Rs '000 | |
As At 31st March 2024 | 484,000 | 836,000 |
As At 30th September 2024 | 484,000 | 836,000 |
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THE KINGSBURY PLC
Investor Information as at 30th September 2024
The market value of an Ordinary share recorded during the quarter | 30.09.2024 | 30.09.2023 | 021 | |
Highest price | (Rs.) | 10.90 | 12.50 | |
Lowest price | (Rs.) | 8.90 | 9.00 | |
Last Traded Price (Rs.) | 10.40 | 12.10 | ||
Ratios | 30.09.2024 | 30.09.2023 | ||
Basic Earnings per share (Rs.) | 0.11 | 0.26 | ||
Net assets per share (Rs.) | 2.92 | 1.14 | ||
Price earning ratio (Times) | 92.55 | 46.57 |
Share trading information for the quarter
No: of transactions
No: of shares traded
Value of shares traded (Rs.)
Top 20 Shareholders
30.09.2024
1,248
2,742,528
27,403,901
Name of Shareholder | No. of Shares | % | ||
1 | Hayleys PLC | 174,614,114 | 36.08 | |
2 | Carbotels (Pvt) Limited | 113,250,000 | 23.40 | |
3 | Employee's Provident Fund | 51,119,894 | 10.56 | |
4 | Mr. Kulappuarachchige Don Harindra Perera | 15,096,347 | 3.12 | |
5 | Mr. Kulappu Arachchige Don Anurada Perera | 13,346,626 | 2.76 | |
6 | Bank of Ceylon-No2 A/C (BoC PTF) | 10,860,351 | 2.24 | |
7 | Bank of Ceylon A/C Ceybank Unit Trust | 10,779,473 | 2.23 | |
8 | Mr. Kulappuarachchige Don Dammika Perera | 6,432,292 | 1.33 | |
9 | Renuka Hotels PLC | 4,742,600 | 0.98 | |
10 | Renuka City Hotels PLC | 4,520,600 | 0.93 | |
11 | Merchant Bank of Sri Lanka & Finance PLC 01 | 3,875,454 | 0.80 | |
12 | Renuka Consultants & Services Limited | 3,670,200 | 0.76 | |
13 | Associated Electrical Corporation Ltd | 3,415,784 | 0.71 | |
14 | Mr.Narawala Gamage Mahinda | 3,403,529 | 0.70 | |
15 | Mr. Amarakoon Mudiyanselage Weerasinghe | 2,507,771 | 0.52 | |
16 | People's Leasing & Finance PLC/L.P.Hapangama | 2,455,400 | 0.51 | |
17 | Mr. Addara Pathiranage Somasiri | 2,200,000 | 0.45 | |
18 | Mr. Shiran Harsha Amarasekera | 2,149,000 | 0.44 | |
19 | Cargo Boat Development Company PLC | 2,020,200 | 0.42 | |
20 | J.B. Cocoshell (Pvt) Ltd | 1,773,554 | 0.37 | |
432,233,189 | 89.30 | |||
Percentage of Public Shareholding | 39.17% | |||
Total No. of shareholders represent in the public holding | 4,789 | |||
Float adjusted Market Capitalization (Rs) | 1,990,575,237 | |||
The Company complies with option 5 of the listing Rules 7.13.1 (i) (a) which requires a minimum public holding of | ||||
20% for a Company having a float adjusted market capitalization of less than Rs. 2.5 Bn. | ||||
Directors' shareholding as at 30th September 2024 | ||||
Name of Director | No. of Shares | |||
1 | Mr. A.M. Pandithage | Nil | ||
2 | Mr. S.C. Ganegoda | 125,000 | ||
3 | Mr. N.J. De Silva Deva - Aditya | Nil | ||
4 | Mrs. R.N. Ponnambalam | Nil | ||
5 | Ms. I. Jamaldeen | Nil | ||
6 | Mr. R.J. Karunarajah | Nil | ||
7 | Mr. T.A.B. Speldewinde | Nil | ||
8 | Ms. D. B. Perera | Nil | ||
9 | Mr. D.T.R. De Silva | Nil |
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THE KINGSBURY PLC | |
Corporate Information | |
Name Of Company | The Kingsbury PLC |
Company Registration No | PQ 203 |
Legal Form | A Public Limited Company Incorporated in Sri Lanka on 04th May 196 |
Registered Office | No. 48, Janadhipathi Mawatha |
Colombo 01 | |
Sri Lanka | |
Board Of Directors | Mr. A. M. Pandithage (Chairman) |
Mr. R. J. Karunarajah (Managing Director) | |
Mr. N. J. De.S Deva Adithya | |
Mr. S. C. Ganegoda | |
Ms. R. N. Ponnambalam | |
Ms. I. Jamaldeen | |
Mr. T. A. B. Speldewinde | |
Ms. D. B. Perera | |
Mr. D. T. R. De Silva | |
Audit Committee | Mr. T. A. B. Speldewinde (Chairman) |
Mr. D. T. R. De Silva | |
Ms. I. Jamaldeen | |
Remuneration Committee | Mr. T. A. B. Speldewinde (Chairman) |
Mr. D. T. R. De Silva | |
Mr. S. C. Ganegoda | |
Nominations And Governance Committee | Mr. T. A. B. Speldewinde (Chairman) |
Mr. D. T. R. De Silva | |
Mr. S. C. Ganegoda | |
Related Party Transactions Review Committee | Mr. T. A. B. Speldewinde (Chairman) |
Mr. D. T. R. De Silva | |
Mr. S. C. Ganegoda | |
Secretaries | Hayleys Group Services (Private) Limited |
No. 400, Deans Road | |
Colombo 10 | |
+94 112 627 650-3 (4 lines) | |
Auditors | Ernst & Young |
Chartered Accountants | |
Rotunda Towers,No 109,Galle Road, Colombo 03 | |
Sri Lanka | |
Bankers | Hatton National Bank PLC |
Bank of Ceylon | |
Nations Trust Bank PLC | |
Investor Relations | Please contact Sector Head of Finance : Mr. R. Dissanayake |
+94 77 108 7703 | |
ravindra.d@hayleysleisure.com |
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