HAYLEYS LEISURE PLC

Interim Financial Statements

For the Period Ended

31st March 2024

.

HAYLEYS LEISURE PLC

PROVISIONAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st March 2024

STATEMENT OF FINANCIAL POSITION

GROUP

COMPANY

Un Audited

Audited

Un Audited

Audited

31-03-2024

31-03-2023

31-03-2024

31-03-2023

Rs' 000

Rs' 000

Rs' 000

Rs' 000

ASSETS

NON-CURRENT ASSETS

Property, Plant & Equipment

4,511,580

4,446,672

25,603

26,150

Right of Use Assets

27,398

32,299

-

-

Investments in Subsidiaries

-

-

1,237,519

1,237,519

Other Non-Current Financial Assets

265,877

265,877

265,877

265,877

4,804,855

4,744,849

1,528,999

1,529,546

CURRENT ASSETS

Inventories

99,496

116,923

-

-

Trade and Other Receivables

706,458

361,498

1,044,609

533,854

Advance and Prepayment

62,326

76,489

1,415

1,999

Other Current Financial Assets

2,082

1,990

2,082

1,990

Tax Recoverable

4,245

4,411

2

265

Short Term Deposits

2,466

2,053

2,466

2,053

Cash & Cash Equivalents

133,181

100,763

12,129

21,472

1,010,254

664,128

1,062,703

561,634

TOTAL ASSETS

5,815,109

5,408,977

2,591,702

2,091,180

EQUITY AND LIABILITIES

CAPITAL AND RESERVES

Stated Capital

909,371

909,371

909,371

909,371

-

Revaluation Reserves

469,694

376,989

-

-

Retained Earnings

(34,613)

83,737

132,377

157,775

1,344,452

1,370,098

1,041,748

1,067,146

Non-Controlling Interest

(169,778)

(136,120)

-

-

Total Equity

1,174,674

1,233,978

1,041,748

1,067,146

NON-CURRENT LIABILITIES

Interest Bearing Borrowings

1,539,920

1,832,172

-

-

Deferred Tax Liabilities

255,783

226,428

-

-

Retirement Benefit Obligations

62,580

43,702

7,209

4,112

1,858,283

2,102,302

7,209

4,112

CURRENT LIABILITIES

Interest Bearing Borrowings

504,739

462,717

-

19,643

-

Trade and Other Payables

1,628,737

965,903

1,213,222

641,459

Other Current Non-Financial Liabilities

117,919

148,086

35,226

51,026

Bank Overdraft

530,757

495,992

294,297

307,794

2,782,152

2,072,698

1,542,745

1,019,922

TOTAL EQUITY AND LIABILITIES

5,815,109

5,408,977

2,591,702

2,091,180

Net Assets Value per Share (Rs.)

12.45

12.69

9.65

9.88

I certify that these Financial Statements are 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 and presentation of these Financial Statements. Signed for and on behalf of the Board of Directors.

Sgd.

Sgd.

A.M. Pandithage

R. J. Karunarajah

Chairman

Managing Director

06 May 2024

Colombo

HAYLEYS LEISURE PLC

PROVISIONAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st March 2024

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

Quarter ended

Period ended

31st March

31st March

Un Audited

Un Audited

Un Audited

Audited

2024

2023

Change

2024

2023

Change

Rs '000

Rs '000

%

Rs '000

Rs '000

%

Revenue From Contract With Customers

828,019

545,305

52

2,877,808

1,531,664

88

Cost of Sales

(315,141)

(222,952)

41

(1,118,549)

(720,182)

55

GROSS PROFIT

512,878

322,353

59

1,759,259

811,482

>100

Other Income

11,994

8,350

44

49,541

26,370

88

Selling and Marketing Expenses

(18,048)

(13,929)

30

(68,963)

(35,740)

93

Administrative Expenses

(438,776)

(499,186)

(12)

(1,595,764)

(1,246,796)

28

-

Finance Cost

(75,304)

(64,895)

16

(385,348)

(521,921)

(26)

Finance Income

51,092

(590)

>100

86,767

74,576

16

PROFIT/ (LOSS) BEFORE TAX

43,836

(247,897)

>100

(154,508)

(892,029)

(83)

Tax Expenses

92,249

68,491

35

8,521

67,599

(87)

PROFIT/ (LOSS) AFTER TAX

136,085

(179,406)

>100

(145,987)

(824,431)

(82)

OTHER COMPREHENSIVE INCOME/(EXPENSE)

Actuarial Loss on defined benefit plan

(8,602)

(1,493)

(8,602)

(1,493)

Deferred Tax impact on Actuarial Loss

1,055

448

1,055

448

Effect of Income Tax Rate change of Revaluation Reserve

(39,731)

(85,917)

(39,731)

(85,917)

Other Comprehensive Income/(Expense) for the period, Net of Tax

85,158

(86,962)

>100

85,158

(86,962)

>100

Total Comprehensive Income/(Expense) for the period, Net of Tax

221,243

(266,369)

>100

(60,830)

(911,393)

(93)

Profit/ (Loss) for the Period Attributable to:

Equity holders of the Parent

139,748

(164,783)

>100

(112,626)

(741,165)

(85)

Non-Controlling Interest

(3,663)

(14,623)

(75)

(33,361)

(83,265)

(60)

136,085

(179,406)

>100

(145,987)

(824,431)

(82)

Total Comprehensive income/(expense) Attributable to:

Equity holders of the Parent

225,331

(251,681)

>100

(27,043)

(828,063)

(97)

-

Non-Controlling Interest

(4,088)

(14,688)

(72)

(33,786)

(83,330)

(59)

-

221,243

(266,369)

>100

(60,830)

(911,393)

(93)

Profit/ (Loss) per Share (Rs.)

1.29

(1.53)

(1.04)

(6.86)

HAYLEYS LEISURE PLC

PROVISIONAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st March 2024

COMPANY STATEMENT OF PROFIT OR LOSS AND COMPREHENSIVE INCOME

Quarter ended

Period ended

31st March

31st March

Un Audited

Un Audited

Un Audited

Audited

2024

2023

Change

2024

2023

Change

Rs '000

Rs '000

%

Rs '000

Rs '000

%

Revenue From Contract With Customers

136,951

120,854

13

440,804

291,454

51

Cost of Sales

-

-

-

-

GROSS PROFIT

136,951

120,854

13

440,804

291,454

51

Other Income

121

126

(4)

481

486

(1)

Impairment of Investment in Subsidiary

-

(32,021)

(100)

-

(32,021)

(100)

Selling and Marketing Expenses

(300)

(901)

(67)

(442)

(1,802)

(75)

Administrative Expenses

(127,753)

(108,581)

18

(432,758)

(306,574)

41

Finance Cost

(9,081)

(23,267)

(61)

(56,020)

(79,207)

(29)

Finance Income

6,082

5,780

5

25,203

39,441

(36)

PROFIT/ (LOSS) BEFORE TAX

6,020

(38,011)

>100

(22,732)

(88,224)

(74)

Tax Expenses

-

-

-

-

-

-

PROFIT/ (LOSS) AFTER TAX

6,020

(38,011)

>100

(22,732)

(88,224)

(74)

OTHER COMPREHENSIVE INCOME/(EXPENSE)

Actuarial Gain/(loss) on defined benefit plan

(2,666)

561

(2,666)

561

Other Comprehensive Income/(Expense) for the period, Net of Tax

(2,666)

561

>100

(2,666)

561

>100

Total Comprehensive Expense for the period, Net of Tax

3,354

(37,450)

(>100)

(25,398)

(87,663)

(>100)

Profit/(Loss) per Share (Rs.)

0.06

(0.35)

(0.21)

(0.82)

HAYLEYS LEISURE PLC

PROVISIONAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st March 2024

STATEMENT OF CHANGES IN EQUITY

CONSOLIDATED

Stated

Revaluation

Retained

Total

Non-Controlling

Total

Capital

Reserve

Earnings

Interest

Equity

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Balance as of 01 Apr 2022

909,371

462,906

825,883

2,198,160

(52,790)

2,145,370

Loss for the Period

-

-

(741,165)

(741,165)

(83,265)

(824,431)

Acturial Gain (Net of Tax)

-

-

(1,401)

(1,401)

(92)

(1,493)

Deffered Tax impact

-

-

420

420

28

448

Deffered Tax impact on Revaluation Surplus

-

(85,917)

-

(85,917)

-

(85,917)

Balance as of 31 Mar 2023

909,371

376,988

83,737

1,370,097

(136,120)

1,233,977

Balance as of 01 Apr 2023

909,371

376,989

83,737

1,370,097

(136,120)

1,233,977

Loss for the Period

-

-

(112,626)

(112,626)

(33,361)

(145,987)

Acturial Gain (Net of Tax)

-

-

(8,177)

(8,177)

(425)

(8,602)

Deffered Tax impact

-

-

2,453

2,453

128

2,581

Revaluation of Surplus

-

132,436

-

132,436

-

132,436

Effect of Income Tax Rate change of Revaluation Reserv

-

(39,731)

-

(39,731)

-

(39,731)

Balance as of 31 Mar 2024

909,371

469,694

(34,613)

1,344,452

(169,778)

1,174,673

COMPANY

Stated

Revaluation

Retained

Total

Capital

Reserve

Earnings

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Balance as of 01 Apr 2022

909,371

-

245,438

1,154,809

Loss for the Period

-

-

(88,224)

(88,224)

Actuarial Gain/(Loss)

-

-

561

561

Balance as of 31 Mar 2023

909,371

-

157,775

1,067,146

Balance as of 01 Apr 2023

909,371

-

157,775

1,067,146

Loss for the Period

-

-

(22,732)

(22,732)

Profit/(Loss) on fair value through OCI financial assets

-

-

(2,666)

(2,666)

Balance as of 31 Mar 2024

909,371

-

132,377

1,041,748

HAYLEYS LEISURE PLC

PROVISIONAL FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31st March 2024

CASH FLOW STATEMENT

GROUP

COMPANY

Un Audited

Audited

Un Audited

Audited

2024

2023

2024

2023

Rs.'000

Rs.'000

Rs.'000

Rs.'000

Cash Flows From / (Used in) Operating Activities

Loss before Tax

(154,508)

(892,029)

(22,732)

(88,224)

Adjustments for

Depreciation

193,605

335,239

11,550

10,609

Amortization of right to use Assets

4,902

14,135

-

-

Provision / (Reversal) of fall in value of investment

(91)

(855)

(91)

(855)

Disposal of Property, Plant and Equipment

(4,950)

-

-

-

Derecognition of Asset

19,461

-

-

-

Impairment of Investment in Subsidiary

-

-

-

32,021

Impairment of trade and other receivables

4,284

(2,239)

-

-

Creditors written back

(1,027)

-

-

-

Dividend Income

(1)

(0)

(1)

(0)

Finance Income

(86,676)

(73,721)

(25,020)

(38,586)

Finance Cost

385,348

521,921

56,020

79,207

Net Effect on Exchange Gain/(loss)

47,960

(37,963)

(1,379)

9,957

Provision for Defined Benefit Obligation

18,703

11,095

2,278

2,220

Effect of Exchange rate changes on Bank Loans

(56,968)

(79,655)

-

-

Operating Profit/(Loss) before Working Capital Changes

370,041

(204,072)

20,625

6,350

(Increase)/ Decrease in Inventories

17,427

(44,047)

-

-

(Increase)/ Decrease in Trade and Other Receivables

(327,435)

(104,922)

(488,946)

(386,879)

(Increase)/Decrease in Advance and Prepayment

14,163

6,350

584

10,741

Increase /(Decrease) in Trade and Other Payables

662,527

560,258

572,031

372,519

Increase/(Decrease) in Other Current Non-Financial Liabilities

(30,167)

60,247

(15,800)

(1,927)

Cash Generated from Operations

706,557

273,815

88,494

804

Finance Cost paid

(374,333)

(442,266)

(54,642)

(79,207)

Defined Benefit Obligation paid

(8,426)

(4,296)

(1,848)

(494)

Tax Paid

-

(756)

-

(0)

Net Cash flows From/(used in) Operating Activities

323,798

(173,504)

32,004

(78,898)

Cash Flows from / (Used in) Investing Activities

Acquisition of Property, Plant & Equipment

(143,829)

(97,887)

(11,004)

(1,586)

Dividend Received

1

0

1

0

Finance Income Received

5,801

32,029

3,212

28,629

Proceeds from Disposal of Property, Plant and Equipment

5,556

-

-

-

Net Cash Flows from/(Used in) Investing Activities

(132,471)

(65,858)

(7,791)

27,043

Cash Flows from (Used in) Financing Activities

Proceed from loans

117,113

302,137

-

-

Repayment of loans

(298,936)

(156,049)

(19,643)

(15,381)

Principal Payment under Finance Lease Liabilities

(11,438)

(5,134)

-

-

Net Cash Flows Used in Financing Activities

(193,261)

140,954

(19,643)

(15,381)

Net Increase/(Decrease) in Cash and Cash Equivalents

(1,934)

(98,408)

4,570

(67,236)

Cash and Cash Equivalents at the beginning of the year

(393,176)

(294,768)

(284,269)

(217,033)

Cash and Cash Equivalents at the end of the Period

(395,110)

(393,176)

(279,699)

(284,269)

For the purpose of the cash flow statement, the Period end cash and cash equivalents comprise of the following:

Bank Deposits

2,466

2,053

2,466

2,053

Cash at Bank & In Hand

133,181

100,763

12,129

21,472

Bank Overdraft

(530,757)

(495,992)

(294,294)

(307,794)

(395,110)

(393,176)

(279,699)

(284,269)

HAYLEYS LEISURE PLC

SHARE INFORMATION

1. Share Trading Information for the quarter ended 30 December;

2024

2023

Rs.

Rs.

Highest Price

22.90

10 Jan 2024

26.00

23 Mar 2023

Lowest Price

19.50

26 Feb 2024

19.50

17 Jan 2023

Last Traded Price

20.00

24.00

No: of Transactions

1,210

684

No: of Shares Traded

2,195,189

1,543,919

Value of Shares Traded (Rs:)

46,186,684

37,796,878

2.Top Twenty Shareholders as at 31 Mar 2024

Name of Shareholder

Number of Shares

% of issued

as at 31 Mar 2024

capital

1

Hayleys PLC

46,690,587

43.24

2

Dean Foster (Private) Limited

23,049,088

21.34

3

Employee's Provident Fund

10,388,284

9.62

4

Mr. Sujeewa Indika Ranasinghe

2,390,926

2.21

5

Mercantile Investments and Finance PLC

1,933,440

1.79

6

Toyo Cushion Lanka (Private) Limited

1,835,420

1.70

7

Volanka Exports Limited

1,445,358

1.34

8

People's Leasing & Finance PLC/L.P.Hapangama

1,381,692

1.28

9

Associated Electrical Corporation Ltd

1,234,942

1.14

10

Mr. Kulappuarachchige Don Dammika Perera

1,006,422

0.93

11

Code-Gen International (Pvt) Ltd

1,000,000

0.93

12

Sri Lanka Insurance Corporation Ltd-Life Fund

832,061

0.77

13

Bank of Ceylon No. 1 Account

686,139

0.64

14

Seylan Bank PLC/W.D.N.H.Perera

558,000

0.52

15

SANDWAVE LIMITED

545,167

0.50

16

Hatton National Bank PLC/Mushtaq Mohamed Fuad

497,745

0.46

17

People's Leasing & Finance PLC/Dr.H.S.D.Soysa & Mrs.G.Soysa

487,517

0.45

18

Deutsche Bank AG - National Equity Fund

400,000

0.37

19

Mr. Derek Joseph De Silva Wijeyeratne

320,088

0.30

20

Bank of Ceylon A/C Ceybank Century Growth Fund

316,448

0.29

Total

96,999,324

89.82

Percentage of Public Holding

31.45%

Total No. of Shareholders Represent in Public Holding

2,207

Float Adjusted Market Capitalization as at 31 Mar 2024

368,229,475

The Company complies with option 5 of the Listing Rules 7.13.1 (i) (a) - 20% minimum Public Holding is required if the Company has less than Rs. 2.5 Bn. Float Adjusted Market Capitalization.

3. Directors' shareholding

Name of Director

No. of shares

No. of shares

as at 31 Mar 2024

as at 31 Mar 2023

Mr.A.M.Pandithage

-

-

Mr. R.J. Karunarajah

-

-

Ms.R.N.Ponnambalam

-

-

Ms.W.D.De Costa

-

-

Mr. S. C. Ganegoda

-

-

Mr. S. H. Amarasekera**

-

-

Mr. D. T. R. De Silva

-

-

Ms. D.B. Perera

-

-

Ms. A.I.Wanigasekera*

-

-

Ms.A.A.K. Amarasinghe*

-

-

-

-

Total

-

-

  • Appointed w.e.f. 03.01.2024 **Resigned w.e.f. 31.12.2023

HAYLEYS LEISURE PLC

NOTES TO FINANCIAL STATEMENTS

  1. The Interim Consolidated 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 2023.
  2. The accounting policies have been consistently applied by the Group 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.
  3. The Statement of Financial Position of the Company as at 31st March 2024 and The Statement of Profit or Loss for the tweleve 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. No circumstances have arisen since the Statement of Financial Position date, which would require adjustments to the Interim Financial statements.

5

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 31st March 2024.

The Stated Capital as at 31st March 2024 is Rs.909,370,708/- (31st March 2023 - Rs. 909,370,708/-) comprising 107,989,958 fully paid Ordinary shares (31st March 2023 - 107,989,958).

HAYLEYS LEISURE PLC

CORPORATE INFORMATION

NAME OF COMPANY

Hayleys Leisure PLC

COMPANY REGISTRATION NO

PQ 145

LEGAL FORM

Public Quoted Company with limited liability originally incorporated in Sri Lanka as a Private Company

and later converted to a Public Company.

REGISTERED OFFICE

Level 27, East Tower , World Trade Center

Echelon Square, Colombo - 01

Telephone 011 - 4767800

Website

www.amayaresorts.com

BOARD OF DIRECTORS

Mr. A. M. Pandithage (Chairman)

Mr. R. J. Karunarajah (Managing Director)

Mr. S. H. Amarasekera (Resigned w.e.f 31.12.2023)

Ms. R. N. Ponnambalam

Ms. W. D. De Costa

Mr. S. C. Ganegoda

Mr. D. T. R. De Silva

Ms. D. B. Perera

Ms. A. I. Wanigasekera (Appointed w.e.f 03.01.2024)

Ms. A. A. K. Amarasinghe (Appointed w.e.f 03.01.2024)

SUBSIDIARY COMPANIES

UNQUOTED

Culture Club Resorts (Private) Limited.

Kandyan Resorts (Private) Limited.

Sun Tan Beach Resorts Limited.

Hayleys Holidays (Private) Limited.

CDC Convention (Private) Limited.

Hayleys Hotel Management Services (Private) Limited.

SECRETARIES

Hayleys Group Services (Private) Limited

No. 400, Deans Road Colombo 10, Sri Lanka

AUDITORS

Ernst & Young

Chartered Accountants

No. 201, De Saram Place, Colombo 10, Sri Lanka

Colombo - 10.

BANKERS

Hatton National Bank PLC

Commercial

Bank of Ceylon PLC

Pan Asia Bank PLC

Nations Trust Bank PLC

DFCC Bank PLC

Seylan Bank PLC

Bank of Ceylon

Sampath Bank PLC

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Disclaimer

Amaya Leisure plc published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 12:00:05 UTC.