Browns Beach Hotels : Interim Financial Statements for the nine months ended 31st December 2022

Browns Beach Hotels PLC

Interim Financial Statement - 3rd Quarter

(For the Nine Months ended 31st December 2022)

Consolidated Income Statement

Browns Beach Hotels PLC

	Quarter ended	Nine months ended
	31st December	31st December
	2022	2021	2022	2021
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Revenue	153,350	130,059	423,412	209,803
Revenue tax	(3,449)	-	(3,449)	-
Net revenue	149,901	130,059	419,963	209,803
Other income	14,017	133	119,160	179
Staff cost	(47,232)	(31,829)	(125,140)	(86,304)
Depreciation	(53,896)	(54,811)	(162,077)	(164,794)
Amortisation	(77)	(78)	(232)	(232)
Other operating expenses - Direct	(33,902)	(31,408)	(89,488)	(43,669)
Other operating expenses - Indirect	(67,177)	(49,183)	(238,445)	(117,247)
Loss from operations	(38,366)	(37,117)	(76,259)	(202,264)
Finance income	12,566	2,805	31,020	8,571
Finance expenses	(202,047)	(71,100)	(415,453)	(189,036)
Net finance expense	(189,481)	(68,295)	(384,433)	(180,465)
Loss before taxation	(227,847)	(105,412)	(460,692)	(382,729)
Income tax expense	-	-	(7,746)	(61)
Loss for the period	(227,847)	(105,412)	(468,438)	(382,790)
Attributable to:
Equity holders of the parent company	(227,847)	(105,412)	(468,438)	(382,790)
Non-controlling interest	-	-	-	-
	(227,847)	(105,412)	(468,438)	(382,790)
Loss per share for the period ( Rs.)	(1.76)	(0.81)	(3.61)	(2.95)
( Basic / diluted)

The above figures are provisional and subject to audit.

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Company Income Statement

Browns Beach Hotels PLC

	Quarter ended	Nine months ended
	31st December	31st December
	2022	2021	2022	2021
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Revenue	-	-	-	-
Other income	3,806	3,806	11,417	11,417
Staff costs	(900)	-	(2,700)	-
Amortisation	(77)	(78)	(232)	(232)
Other operating expenses - Direct	-	-	-	-
Other operating expenses - Indirect	(886)	(540)	(4,819)	(2,814)
Profit from operations	1,943	3,188	3,666	8,371
Finance income	-	-	-	-
Finance expenses	(603)	(666)	(1,810)	(1,936)
Net finance expense	(603)	(666)	(1,810)	(1,936)
Profit before taxation	1,340	2,522	1,856	6,435
Income tax expense	-	-	-	(61)
Profit for the period	1,340	2,522	1,856	6,374
Earnings (loss) per share for the period ( Rs.)	0.01	0.02	0.01	0.05
( Basic / diluted)

The above figures are provisional and subject to audit.

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Statement of Comprehensive Income - Group

Browns Beach Hotels PLC

	Quarter ended	Nine months ended
	31st December	31st December
	2022	2021	2022	2021
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Loss for the period	(227,847)	(105,412)	(468,438)	(382,790)
Other comprehensive income
Net change in fair value of FVOCI financial assets	-	-	-	-
Actuarial gains/(losses) on defined benefit obligations	-	-	-	-
Total comprehensive income for the period	(227,847)	(105,412)	(468,438)	(382,790)
Attributable to:
Equity holders of the parent company	(227,847)	(105,412)	(468,438)	(382,790)
Non-controlling interests	-	-	-	-
	(227,847)	(105,412)	(468,438)	(382,790)

Statement of Comprehensive Income - Company

	Quarter ended	Nine months ended
	31st December	31st December
	2022	2021	2022	2021
	Rs. '000	Rs. '000	Rs. '000	Rs. '000
Profit for the period	1,340	2,522	1,856	6,374
Other comprehensive income
Net change in fair value of FVOCI financial assets	-	-	-	-
Total comprehensive income for the period	1,340	2,522	1,856	6,374

The above figures are provisional and subject to audit.

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Consolidated Statement of Financial Position

Browns Beach Hotels PLC

As at	31.12.2022	31.12.2021	31.03.2022
	Rs.'000	Rs. '000	Rs. '000
ASSETS
Non-current assets
Property, plant and equipment	4,844,246	5,051,630	5,002,386
Right of use asset	2,217	2,527	2,447
	4,846,463	5,054,157	5,004,833
Current assets
Inventories	32,847	21,008	23,259
Trade and other receivables	118,815	46,143	47,685
Deposits and prepayments	55,343	16,252	18,533
Amount due from related parties	11,712	4,432	18,280
Cash and cash equivalent	382,853	245,680	290,153
	601,570	333,515	397,910
TOTAL ASSETS	5,448,033	5,387,672	5,402,743
EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent
Stated capital	2,383,449	2,383,449	2,383,449
Revaluation reserve	1,074,307	1,074,307	1,074,307
General reserve	10,000	10,000	10,000
Retained earnings	(3,085,468)	(2,556,937)	(2,617,030)
	382,288	910,819	850,726
Non controlling interest	-	-	-
Total Equity	382,288	910,819	850,726
Non-current liabilities
Interest bearing liabilities-bank	3,514,882	3,435,712	1,763,824
Interest bearing liabilities-leases	20,201	20,333	16,044
Deferred tax liability	250,497	224,849	261,670
Employee benefits	9,882	11,191	8,422
	3,795,462	3,692,085	2,049,960
Current liabilities
Trade and other payables	334,258	119,002	114,185
Amount due to related companies	69,390	67,692	85,276
Interest bearing liabilities-bank	313,598	313,598	2,036,200
Interest bearing liabilities-leases	2,548	2,548	4,863
Income tax payable	4,661	3,834	7,713
Short term bank borrowings	545,828	278,094	253,820
	1,270,283	784,768	2,502,057
Total liabilities	5,065,745	4,476,853	4,552,017
TOTAL EQUITY AND LIABILITIES	5,448,033	5,387,672	5,402,743
Net asset value per share (Rs.)	2.95	7.84	6.56

The chief financial officer certifies that the financial statements have been prepared in compliance with the requirements of the Companies Act No 07 of 2007.

The Board of Directors is responsible for the preparation of these financial statements.

sgd.

L.D.T. Perera

General Manager - Finance

sgd.	sgd.
Deshamanya D. H. S. Jayawardena	Dr. M.P. Dissanayake
Chairman	Director
Colombo
09th February 2023

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