Serendib Hotels LtdCSELK: SHOT.N0000

Quarterly Financial Report as at 31st December 2024

Feb 14, 2025 at 12:09 PM UTC · Issued by Serendib Hotels Ltd

Serendib Hotels PLC

Period ended 31st December 2024

Contents	Page No.
Financial Statements
Statement of Financial Position	2
Statement of Profit or Loss	3
Statement of Comprehensive Income	4
Statement of Changes in Equity	5-6
Statement of Cash Flows	7
Notes to the Financial Statements	8
Investor Information	9-11

Serendib Hotels PLC

STATEMENT OF FINANCIAL POSITION

		Group			Company
As at	31.12.2024	31.12.2023	31.03.2024	31.12.2024	31.12.2023	31.03.2024
Rs.'000	Unaudited	Unaudited	Audited	Unaudited	Unaudited	Audited
Non-Current Assets
Property, Plant & Equipment	5,747,925	5,800,908	5,875,809	1,237,458	1,202,424	1,285,438
Intangible Assets	118,657	118,930	119,962	1,266	1,447	1,266
Right-of-Use Assets	212,010	243,083	223,655	171,244	190,228	175,104
Investments in Subsidiaries	-	-	-	1,676,207	1,676,207	1,676,207
Other Financial Assets	130,270	127,870	130,270	124,905	123,955	124,905
	6,208,862	6,290,791	6,349,696	3,211,080	3,194,261	3,262,920
Current Assets
Inventories	87,853	101,065	84,861	23,900	28,633	27,248
Trade and Other Receivables	1,572,378	1,123,230	1,121,544	245,084	341,993	168,677
Taxation Receivables	17,265	16,983	12,494	-	-	-
Other Financial Assets	-	-	-	208,689	117,321	194,224
Cash and Cash Equivalents	998,751	1,877,006	1,843,109	136,278	188,739	218,578
	2,676,247	3,118,284	3,062,008	613,951	676,686	608,727
Total Assets	8,885,109	9,409,075	9,411,704	3,825,031	3,870,947	3,871,647
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	2,931,064	2,931,064	2,931,064	2,931,064	2,931,064	2,931,064
Other Capital Reserves	1,446,289	1,444,370	1,446,289	334,542	333,592	334,542
Retained Earnings	446,251	(114,460)	130,606	(828,865)	(937,481)	(870,009)
Equity Attributable to Owners of the Parent	4,823,604	4,260,974	4,507,958	2,436,741	2,327,175	2,395,597
Non Controlling Interest	1,441,044	1,279,776	1,347,283	-	-	-

Total Equity	6,264,648	5,540,750	5,855,241	2,436,741	2,327,175	2,395,597
Non-Current Liabilities
Interest Bearing Loans & Borrowings	52,383	761,248	482,391	37,841	58,366	49,414
Deferred Tax Liabilities	1,103,769	1,068,801	1,103,769	139,972	141,754	139,972
Employee Benefit Liabilities	71,185	56,202	65,334	16,570	15,858	15,049
	1,227,337	1,886,251	1,651,494	194,383	215,978	204,435
Current Liabilities
Trade and Other Payables	1,275,782	1,364,211	1,483,617	507,604	761,520	571,803
Current Tax Liabilities	3,490	1,957	56,144	1,884	1,916	1,899
Interest Bearing Loans and Borrowings	35,116	226,970	224,101	655,957	539,689	690,974
Bank Overdraft	78,736	388,936	141,107	28,462	24,669	6,939
	1,393,124	1,982,074	1,904,969	1,193,907	1,327,794	1,271,615
Total Equity and Liabilities	8,885,109	9,409,075	9,411,704	3,825,031	3,870,947	3,871,647

Net Assets Per Share (Rs.)	10.81	9.55	10.11	5.46	5.22	5.37

These Financial Statements have been prepared and presented in compliance with the requirements of the Companies Act No 07 of 2007.

Sgd.

Mrs. S.S Kokatakadeniya

Chief Financial Officer - LOLC Group

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Approved and signed on behalf of the Board,

Sgd.	Sgd.
Mr.D.S.K Amarasekara	Mr.W.D.K Jayawardena
Director	Director
Colombo
13 February 2025

Serendib Hotels PLC

STATEMENT OF PROFIT OR LOSS

			Group					Company
	3 Months	3 Months	% Variance	9 Months	9 Months	% Variance	3 Months	3 Months	% Variance	9 Months	9 Months	% Variance
	Ended	Ended		Ended	Ended		Ended	Ended		Ended	Ended
	31.12.2024	31.12.2023		31.12.2024	31.12.2023		31.12.2024	31.12.2023		31.12.2024	31.12.2023
Rs.'000	Unaudited	Unaudited		Unaudited	Unaudited		Unaudited	Unaudited		Unaudited	Unaudited
Revenue	899,167	809,614	11%	2,191,076	1,803,063	22%	236,976	202,345	17%	520,633	488,075	7%
Cost of Sales	(253,126)	(225,983)	-12%	(689,483)	(557,048)	-24%	(55,181)	(54,489)	-1%	(143,453)	(142,222)	-1%
Gross Profit	646,041	583,631	11%	1,501,593	1,246,015	21%	181,795	147,856	23%	377,180	345,852	9%
Other Operating Gains / (Losses)	(1,147)	(11,778)	90%	14,128	9,899	43%	854	1,592	-46%	2,602	6,426	-60%
Personnel costs	(158,210)	(138,802)	-14%	(421,299)	(370,966)	-14%	(34,505)	(35,216)	2%	(98,513)	(97,598)	-1%
Depreciation and amortization	(63,582)	(65,836)	3%	(189,742)	(188,027)	-1%	(18,957)	(14,784)	-28%	(51,840)	(44,740)	-16%
Other operating expenses	(177,911)	(173,128)	-3%	(476,785)	(498,125)	4%	(63,683)	(53,063)	-20%	(156,532)	(166,972)	6%
Results from Operating Activities	245,191	194,086	26%	427,895	198,796	> 100%	65,504	46,386	41%	72,897	42,968	70%
Net Finance Income / (Cost)	6,062	3,163	92%	(18,489)	44,987	->100%	25,763	(26,425)	> 100%	(31,752)	(53,932)	41%
Profit /(Loss) Before Tax	251,252	197,249	27%	409,406	243,783	68%	91,267	19,961	> 100%	41,144	(10,964)	> 100%
Income Tax Expense	-	-	-	-	-	-	-	-	-	-	-	-
Profit/(Loss) for the Period	251,252	197,249	27%	409,406	243,783	68%	91,267	19,961	> 100%	41,144	(10,964)	> 100%
Attributable to :
Equity Holders of the Parent	219,782	162,518	35%	315,645	178,136	77%
Non-Controlling Interest	31,471	34,731	-9%	93,761	65,647	43%
	251,252	197,249	27%	409,406	243,783	68%

Earnings / (Loss) Per Share (Rs.)	0.49	0.36		0.71	0.40		0.20	0.04		0.09	(0.02)

Serendib Hotels PLC

STATEMENT OF COMPREHENSIVE INCOME

				Group					Company
	3 Months		3 Months	% Variance	9 Months	9 Months	% Variance	3 Months	3 Months	% Variance	9 Months	9 Months	% Variance
	Ended		Ended		Ended	Ended		Ended	Ended		Ended	Ended
Rs.'000	31.12.2024	31.12.2023		31.12.2024	31.12.2023		31.12.2024	31.12.2023		31.12.2024	31.12.2023

											Rs.	Rs.

Profit/(Loss) for the Period	251,252		197,249	27%	409,406	243,783	68%	91,267	19,961	> 100%	41,144	(10,964)	> 100%

Other Comprehensive Income	-		-	-			-	-	-	-			-
Other Comprehensive Income/(Expense) for the Period

-	-	-	-	-	-	-	-	-	-	-	-
Total Comprehensive Income/(Expense) for the Period
251,252		197,249	27%	409,406	243,783	68%	91,267	19,961	> 100%	41,144	(10,964)	> 100%
Attributable to:
Equity Holders of the Parent	219,782	162,518	35%	315,645	178,136	77%
Non Controlling Interest	31,471	34,731	-9%	93,761	65,647	43%
	251,252	197,249	27%	409,406	243,783	68%

Serendib Hotels PLC

STATEMENT OF CHANGES IN EQUITY

		Attributable to Owners of the Parent			Total
Group	Stated	Other Components of Equity	Retained	Total	Non Controlling	Equity
	Capital	Revaluation	Fair Value	Earnings		Interest
		Reserve	Reserve
Rs.'000
Balance as at 01 April 2023	2,931,064	1,645,137	(200,767)	(292,596)	4,082,838	1,214,129	5,296,967
Net Loss for the period		-	-	178,136	178,136	65,647	243,783
Other Comprehensive Income / (Expense)	-	-	-	-	-	-	-

Total Comprehensive Expense	-	-	-	178,136	178,136	65,647	243,783

Balance as at 31 December 2023	2,931,064	1,645,137	(200,767)	(114,460)	4,260,974	1,279,776	5,540,750
Balance as at 01 April 2024	2,931,064	1,645,137	(198,848)	130,606	4,507,959	1,347,283	5,855,242
Net Profit for the period	-	-	-	315,645	315,645	93,761	409,406
Other Comprehensive Income / (Expense)	-	-	-	-	-	-	-
Total Comprehensive (Expense) / Income
-	-	-	315,645	315,645	93,761	409,406

Balance as at 31 December 2024	2,931,064	1,645,137	(198,848)	446,251	4,823,604	1,441,044	6,264,648
The above figures are provisional & subject to audit.

Serendib Hotels PLC

STATEMENT OF CHANGES IN EQUITY

Company	Stated	Other Components of Equity	Retained	Total
	Capital	Revaluation	Fair Value	Earnings
Rs.'000		Reserve	Reserve
Balance as at 01 April 2023	2,931,064	531,743	(198,152)	(926,517)	2,338,139
Net Loss for the period	-	-	-	(10,964)	(10,964)
Other Comprehensive Income / (Expense)	-	-	-	-	-

Total Comprehensive Expense	-	-	-	(10,964)	(10,964)

Balance as at 31 December 2023	2,931,064	531,743	(198,152)	(937,481)	2,327,175
Balance as at 01 April 2024	2,931,064	531,743	(197,201)	(870,009)	2,395,597
Net Profit for the period	-	-	-	41,144	41,144
Other Comprehensive Expense	-	-	-	-	-
Total Comprehensive Expense
-	-	-	41,144	41,144

Balance as at 31 December 2024	2,931,064	531,743	(197,201)	(828,865)	2,436,741
The above figures are provisional & subject to audit.

Serendib Hotels PLC

STATEMENT OF CASH FLOWS

	Group	Company
	9 Months		9 Months	9 Months	9 Months
Rs.'000	Ended		Ended	Ended	Ended
31.12.2024	31.12.2023	31.12.2024	31.12.2023
	Unaudited		Unaudited	Unaudited	Unaudited
Cash Flows From / (Used in) Operating Activities
	409,406	243,783	41,144	(10,964)
Adjustments for
Depreciation	177,298	169,519	47,980	40,337
Amortization	12,950	18,524	3,860	4,402
Exchange (Gain)/Loss	3,054	22,449	(15,337)	7,760
Finance Income	(30,819)	(212,049)	(15,525)	(24,415)
Finance Costs	123,321	144,613	62,615	70,587
Gains / (Loss) on Disposal of Property, Plant and Equipment	-	4,510	-	-
Impairment charge of debtors	5,923	18,911	2,358	9,378
Provision for Defined Benefit Plan	7,955		8,046	2,430	2,353
Working Capital Adjustments	709,088	418,306	129,525	99,438
(Increase) / Decrease in Inventories	(2,992)	(31,178)	3,348	(8,920)
Increase in Trade and Other Receivables	(429,344)	(574,634)	(78,730)	(143,041)
Decrease / (Increase) in Trade and Other Payables	(209,199)	(49,261)	(97,548)	65,056

Cash Generated from / (Used in) Operations	67,553	(236,767)	(43,405)	12,533
Finance Cost Paid	(112,125)	(6,618)	-	(53)
Defined Benefit Plan Costs Paid	(2,104)	(11,232)	(909)	(1,469)
Income Taxes Paid	(52,653)	-	-	-
Net Cash Used in Operating Activities	(99,329)	(254,617)	(44,314)	11,011
Cash Flows From / (Used in) Investing Activities
Acquisition of Property, Plant & Equipment	(49,415)	(75,878)	-	903
Proceeds from Disposal of Property, Plant & Equipment	-	4,190	-	-
Interest Received	-	-	1,010	1,528
Net Cash Flows (Used in) / from Investing Activities	(49,415)	(71,688)	1,010	2,431
Net Cash Flows From / (Used in) Financing Activities
Repayment of Related Party Borrowings	(15,000)	-	-	-
Repayment of Interest Bearing Loans & Borrowings	(618,243)	(168,072)	(60,519)	(20,970)
Net Cash Flows Used in Financing Activities	(633,243)	(168,072)	(60,519)	(20,970)
Net Decrease in Cash and Cash Equivalents	(781,987)	(494,377)	(103,823)	(7,528)
Cash and Cash Equivalents at the beginning of the period	1,702,002	1,982,447	211,639	171,598
Cash and Cash Equivalents at the end of the period	920,015	1,488,070	107,816	164,070
Analysis of Cash & Cash Equivalents
Cash and Bank Balances	998,751	1,877,006	136,278	188,739
Bank Overdraft	(78,736)	(388,936)	(28,462)	(24,669)
	920,015	1,488,070	107,816	164,070

The above figures are provisional & subject to audit.

Serendib Hotels PLC

NOTES TO THE FINANCIAL STATEMENTS

The Statement of Financial Position, the Statement of Comprehensive Income , Cash Flow Statement and Statement of Changes in Equity for the Group/Company as at and for the period ended 31 December 2024 that are drawn up from unaudited accounts of the Company and it's subsidiaries provide information as required by Colombo Stock Exchange and LKAS 34, "Interim Financial Reporting". Furthermore, provisions of the Companies Act No 7 of 2007 has been considered in preparing these interim financial statements.
The interim financial statements are presented in Sri Lanka Rupees (LKR) and all values are rounded to the nearest thousand except when otherwise indicated.
The presentation and classification of the financial statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.
Accounting policies and method of computations as stated in the audited financial statements for the financial year ended 31 March 2024 are followed in the preparation of these Interim Financial Statements.
Revenue includes accommodation sales for rooms occupied on daily basis, together with outlet sales and other income from hotel operations.

All expenses related to management expenditure are fully provided
Valuation of financial assets and liabilities
Fair Value hierarchy As at 31 December 2024 Investment securities
Fair Value hierarchy As at 31 December 2023 Investment securities
Fair Value hierarchy As at 31 December 2024 Investment securities
Fair Value hierarchy As at 31 December 2023 Investment securities
Going concern

	Group
Level 1	Level 2	Level 3
Rs.	Rs.	Rs.
-	-	130,270
-	-	130,270

-	-	127,870
-	-	127,870

	Company
Level 1	Level 2	Level 3
Rs.	Rs.	Rs.
-	-	124,905
-	-	124,905

-	-	123,955
-	-	123,955

In determining the basis of preparing the interim financial statements for the period ended 31 December 2024, based on available information the management has formed reasonable judgement that the Group companies have adequate resources to continue its business operations for the foreseeable future monitoring its business performance and continuity by adopting risk mitigation initiatives at each company level.

There has been no material events occurring after the reporting date that require adjustment to or disclosure in these Interim Financial Statements.
There are no contingent liabilities as at the reporting date that require disclosures in these Interim Financial Statements.

Serendib Hotels PLC

INVESTOR INFORMATION

Group		31.12.2024	31.12.2023	31.03.2024
Earnings / (Loss) Per Share (Rs.)	0.71	0.40	0.95
Debt/ Total Equity Ratio (%)	1.40	17.84	12.07
Interest Cover (Times)	4.65	(2.46)	3.96
Quick Asset Ratio (Times)	1.86	1.52	1.56
No. of Shares Representing Stated Capital
	- Voting	302,058,952	302,058,952	302,058,952
	- Non Voting	144,044,224	144,044,224	144,044,224
Market Price	- Voting - Highest (Rs.)	22.70	14.20	15.10
	- Voting -Lowest (Rs.)	14.50	11.70	12.00
	- Last Traded Price (Rs.)	21.80	12.50	14.00
Market Price	- Non Voting - Highest (Rs.)	14.70	10.30	9.80
	- Non Voting -Lowest (Rs.)	9.60	8.40	10.40
	- Last Traded Price (Rs.)	13.90	9.30	8.70

The above figures are provisional & subject to audit.

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