East West Properties : Interim Financial Statements as of 30-09-2022

					1
EAST WEST PROPERTIES PLC
CONSOLIDATED INCOME STATEMENT
	6 Months ended 30th September	3 Months ended 30th September
	2022	2021	Change	2022	2021		Change
	Rs.	Rs.	%	Rs.	Rs.	%
Revenue		40,129,936	49.38	30,393,999	21,393,872		42.07
59,947,114
Direct Cost	(1,475,023)	(1,524,660)	(3.26)	(1,036,893)	(1,099,071)		(5.66)
Gross Profit	58,472,091	38,605,276	51.46	29,357,106	20,294,801		44.65
Other Income	1,281,551	1,465,501	(12.55)	875,226	919,364		(4.80)
	59,753,642	40,070,777		30,232,332	21,214,165
Administration Expenditure	(45,005,832)	(33,682,820)	33.62	(20,791,018)	(19,635,528)		5.88
Other Expenses				‐	‐
Results from Operating Activities	14,747,810	6,387,957	130.87	9,441,314	1,578,637		498.07
Finance Income	139,561,422	53,365,052	161.52	123,319,342	27,777,513		343.95
Finance Cost	(26,066,960)	(85,008)	30,564.31	73,964,259	42,549,717		74
Net Finance Income / (Costs)	113,494,461	53,280,045	113.01	197,283,600	70,327,230		180.52
Profit / (Loss) before Tax	128,242,271	59,668,002	114.93	206,724,914	71,905,867		187.49
Income Tax Expenses	(8,303,634)	(9,948,581)	(16.53)	(6,423,265)	(4,475,922)		43.51
Profit / (Loss) for the Year	119,938,637	49,719,421	141.23	200,301,649	67,429,945		197.05
Other Comprehensive Income
Items that will not to be reclassified to Profit or Loss
‐ Re‐measurement of Employee Benefits	‐			‐
‐ Deferred Tax on Re‐measurement of Employee Benefits	‐			‐
Total Other Comprehensive Income / (Expenses)
for the Year	‐	‐		‐	‐
Total Compehensive Income / (Expenses) for the Year	119,938,637	49,719,421	141.23	200,301,649	67,429,945		197.05
Profit / (Loss) attributable to:
Equity Holders of the Parent	112,955,927	45,095,966	150.48	195,983,466	65,274,303		200.25
Non‐Controlling Interest	6,982,710	4,623,455	51.03	4,318,182	2,155,643		100.32
Profit / (Loss) for the Year	119,938,637	49,719,421	141.23	200,301,649	67,429,945		197.05
Total Comprehensive Income / (Expenses) attributable to:		45,095,966	150.48	195,983,466	65,274,303		200.25
Equity Holder of the Parent	112,955,927
Non‐Controlling Interest	6,982,710	4,623,455	51.03	4,318,182	2,155,643		100.32
Total Comprehensive Income/(Expenses) for the Year	119,938,637	49,719,421	141.23	200,301,649	67,429,945		197.05
Earnings / (Loss) per Share	0.82	0.33		1.42	0.47

Figures in the brackets indicate deductions

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EAST WEST PROPERTIES PLC
COMPANY INCOME STATEMENT	6 Months ended 30th September	3 Months ended 30th September
	2022	2021	Change	2022	2021	Change
	Rs.	Rs.	%		Rs.	Rs.	%
Revenue	41,488,655	22,138,021	87.41		21,140,769	11,928,354	77.23
Other Income	1,281,551	615,039	108.37		875,226	336,647	159.98
	42,770,206	22,753,060			22,015,995	12,265,001
Administration Expenditure	(37,954,704)	(24,704,509)	53.63		(17,601,233)	(14,521,485)	21.21
Other Expenses	‐				‐	‐
Results from Operating Activities	4,815,503	(1,951,449)	(346.77)		4,414,763	(2,256,484)	(295.65)
Finance Income	133,879,605	51,928,464	157.8		119,767,913	27,034,421	343.0
Finance Cost	(26,066,901)	(82,571)	31,469.27		73,964,259	42,550,317	74
Net Finance Income	107,812,704	51,845,893	107.9		193,732,172	69,584,738	178.4
Profit before Tax	112,628,206	49,894,444	125.7		198,146,934	67,328,254	194.3
Income Tax Expenses	(6,939,998)	(9,610,646)	(27.79)		(6,657,903)	(4,297,580)	54.92
Profit for the Period	105,688,208	40,283,798	162.4		191,489,031	63,030,674	203.8
Other Comprehensive Income
Items that will not to be reclassified to Profit or Loss
‐ Re‐measurement of Employee Benefits	‐	‐			‐	‐

• Deferred Tax on Re‐measurement of Employee Benefits
  Total Other Comprehensive Income / (Expenses)

for the Period	‐	‐		‐	‐
Total Compehensive Income / (Expenses)for the Period	105,688,208	40,283,798	162.4	191,489,031	63,030,674	203.8
Earnings / (Loss) per Share		0.29			0.46
0.76		1.39
Figures in the brackets indicate deductions

EAST WEST PROPERTIES PLC				3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
	6 Months ended 30th September		Year ended
	2022	2021	31.03.2022
ASSETS	Rs.		Rs.		Rs.
NON ‐ CURRENT ASSETS
Property, Plant & Equipment	176,410,672	145,824,694	178,682,562
Lease Hold Property	25,439,723	25,860,214	25,649,968
Investment Properties	1,208,638,881	505,823,240	1,209,012,060
Intangible Assets	22,452,583	22,452,583	22,452,583
Interest Bearing Loan	‐	25,000,000		‐
	1,432,941,858		724,960,731	1,435,797,173
CURRENT ASSETS
Inventories	2,204,713	2,204,713	2,204,713
Trade & Other Receivables	92,253,471	78,032,181	64,253,211
Amounts Due From Related Parties	57,746,272	77,570,026	62,851,419
Other Financial Assets	528,891,843	596,110,264	555,069,572
Short Term Investments	604,719,512	790,177,452	489,225,262
Cash & Cash Equivalents	26,132,317	320,830,969		16,228,945
TOTAL ASSETS	2,744,889,986		2,589,886,336	2,625,630,295
EQUITY AND LIABILITIES
Stated Capital ‐ 138,240,000 Ordinary Shares	1,212,000,000	1,212,000,000	1,212,000,000
Capital Reserve	77,184,832	77,184,832	77,184,832
Revenue Reserve	1,321,320,142	1,119,475,796	1,208,364,215
Equity Attributable to Equity
Holders of the Parent	2,610,504,974	2,408,660,629	2,497,549,047
Non Controlling Interest	49,441,928	43,199,285		42,459,217
TOTAL EQUITY	2,659,946,902	2,451,859,913	2,540,008,264
NON ‐ CURRENT LIABILITIES
Employee Benefits	6,396,111	8,404,544	6,396,111
Deferred Tax Liabilities	6,286,518	3,034,299	6,286,518
Rent Received in Advance	6,429,395	8,000,686	7,181,893
	19,112,024		19,439,529		19,864,521
CURRENT LIABILITIES
Trade & Other Payables	40,798,251	67,417,636	48,924,335
Amount Due to Related Parties	‐	13,199,000		‐
Rent Received in Advance	1,814,088	1,456,780	1,547,183
Income Tax Liabilities	20,580,611	32,366,269	13,236,977
Bank Overdraft	2,638,111	4,147,209		2,049,014
TOTAL EQUITY & LIABILITIES	2,744,889,986		2,589,886,336		2,625,630,295
Net Assets Value Per share	18.88		17.42	18.07

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

Vijayanthi Jayasinghe

Finance Officer

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

Signed for and on behalf of the Board.

Nahil Wijesuriya	Sunil AbeyRatne
Director	Director
09th December 2022
Colombo

4

EAST WEST PROPERTIES PLC

STATEMENT OF FINANCIAL POSITION ‐ COMPANY

ASSETS

NON ‐ CURRENT ASSETS

Property, Plant & Equipment

Lease Hold Property

Investment Property

Investments in Subsidiaries

Interest Bearing Loan

CURRENT ASSETS

Trade & Other Receivables

Amounts Due From Related Parties

Other Financial Assets

Short Term Investments

Cash & Cash Equivalents

TOTAL ASSETS

EQUITY AND LIABILITIES

Equity

Stated Capital ‐ 138,240,000 Ordinary Shares

Capital Reserve

Retained Earnings

TOTAL EQUITY

NON ‐ CURRENT LIABILITIES

Employee Benefits

Diferred Tax Liabilities

Rent Received in Advance

CURRENT LIABILITIES

Trade & Other Payables

Amount Due to Related Parties

Deposits & Advances Received

Income Tax Liabilities

Bank Overdrafts

TOTAL EQUITY & LIABILITIES

Net Assets Value Per share

6 Months ended 30th September	Year ended
2022	2021	31.03.2022
Rs.		Rs.	Rs.
171,131,028	137,317,782	171,691,298
25,439,723	25,860,214	25,649,968
1,208,638,881	505,823,240	1,209,012,060
39,445,672	29,584,254	39,445,672
‐	25,000,000	‐
1,444,655,304		723,585,490	1,445,798,999
67,159,408	51,795,830	41,542,504
57,746,272	68,402,034	62,851,419
528,891,843	596,110,264	555,069,572
542,356,762	747,077,452	432,292,262
12,753,668	316,618,271	12,588,162
2,653,563,257		2,503,589,340	2,550,142,917
1,212,000,000	1,212,000,000	1,212,000,000
77,184,832	77,184,832	77,184,832
1,286,853,267	1,081,644,948	1,181,165,058
2,576,038,099		2,370,829,780	2,470,349,891
5,471,818	7,083,893	5,471,818
5,844,373	4,960,874	5,844,373
6,429,395	8,000,686	7,181,893
37,285,941	62,374,921	46,394,746
884,852	13,199,000	‐
1,814,088	1,456,780	1,547,183
17,643,998	31,536,197	11,304,000
2,150,694	4,147,209	2,049,014
2,653,563,257		2,503,589,340	2,550,142,917
18.63		17.15	17.87

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

Vijayanthi Jayasinghe

Finance Officer

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

Nahil Wijesuriya	Suni AbeyRatne
Director	Director
09th December 2022
Colombo