Overseas Realty Ceylon : Interim Financial Statements 31st December 2022

COMPANY

GROUP

31/12/2022

31/12/2021

31/12/2022

31/12/2021

(Audited)

(Audited)

Rs. '000

Rs. '000

Rs. '000

Rs. '000

ASSETS

Non-Current Assets

Investment Property

26,855,003

26,548,458

27,763,639

27,446,614

Investment Property Under Development

-

-

38,262,038

25,637,157

Property, Plant & Equipment

475,276

417,614

1,421,006

1,218,350

Intangible Assets

6,840

11,427

6,840

11,427

Investments in Subsidiaries

13,708,885

13,708,885

-

-

Inventories

-

-

89,481

89,481

Other Financial Assets

466,600

506,600

-

-

Total Non-Current Assets

41,512,604

41,192,984

67,543,003

54,403,029

Current Assets

Inventories

16,195

9,629

2,329,626

7,826,138

Trade and Other Receivables

1,158,631

549,749

4,551,355

5,394,979

Other Financial Assets

2,468

44,711

29,689

-

Income Tax Recoverable

-

-

1,531

1,549

Short Term Investments

2,565,044

1,820,118

2,565,044

1,820,118

Cash & Cash Equivalents

196,589

836,917

1,575,412

1,696,471

Total Current Assets

3,938,928

3,261,124

11,052,659

16,739,255

Total Assets

45,451,532

44,454,108

78,595,661

71,142,284

EQUITY & LIABILITIES

Equity Attributable to Equity Holders of the Parent

Stated Capital

18,443,353

18,443,353

18,443,353

18,443,353

Revaluation Reserve

466,731

397,599

587,834

437,703

Retained Earnings

24,328,059

23,651,666

32,768,590

28,240,006

Total Equity

43,238,143

42,492,618

51,799,777

47,121,062

Non-Current Liabilities

Post Employment Benefit Liability

31,706

30,899

58,178

56,708

Amounts due to Related Parties

266,223

-

19,768,116

10,052,737

Differed Tax Liabilities

545,971

538,703

703,781

721,101

Total Non-Current Liabilities

843,900

569,602

20,530,075

10,830,546

Current Liabilities

Trade & Other Payables

206,470

340,237

1,893,954

3,066,930

Rental & Customer Deposits

1,027,321

952,973

1,030,342

1,689,691

Interest Bearing Loans & Borrowings

-

-

2,658,449

8,102,113

Income Tax Payable

104,755

74,272

652,121

307,536

Dividend Payable

30,943

24,406

30,943

24,406

Total Current Liabilities

1,369,489

1,391,888

6,265,809

13,190,676

Total Liabilities

2,213,388

1,961,490

26,795,884

24,021,222

Total Equity & Liabilities

45,451,532

44,454,108

78,595,661

71,142,284

All figures are provisional and subject to audit, unless otherwise stated.

31/12/2022

31/12/2021

Net Asset Value Per Share (Rs)

41.67

37.91

COMPANY

Quarter Ended

Year Ended

Quarter Ended

Year Ended

Variance

31/12/2022

31/12/2022

31/12/2021

31/12/2021

%

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rental Income

553,208

2,074,657

468,304

1,965,318

6%

Other Services

5,183

37,572

8,890

23,470

60%

Total Revenue

558,391

2,112,228

477,195

1,988,787

6%

Direct Operating Expenses

(115,972)

(494,801)

(125,985)

(503,939)

2%

Gross Profit

442,419

1,617,427

351,210

1,484,849

9%

Fair Value Gain / (Loss) on Investment Property

135,260

306,545

(170,198)

(418,713)

173%

Administration Expenses

(80,160)

(232,262)

(73,831)

(204,115)

-14%

Exchange Gain / (Loss)

(7,783)

162,362

143

12,778

High

Finance Cost

(59,439)

(59,439)

(12,502)

(12,502)

High

Finance Income

258,528

533,127

39,723

131,536

High

Dividend Income

-

55,000

-

-

-

Profit Before Tax

688,824

2,382,760

134,545

993,834

140%

Income Tax Expense

(60,715)

(156,989)

(17,858)

(69,781)

-125%

Profit After Tax

628,109

2,225,772

116,686

924,053

141%

GROUP

Quarter Ended

Year Ended

Quarter Ended

Year Ended

Variance

31/12/2022

31/12/2022

31/12/2021

31/12/2021

%

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rental Income

571,413

2,153,981

490,306

2,049,407

5%

Sale of Apartments

1,453,436

12,391,355

2,177,765

5,144,331

141%

Other Services

227,568

501,046

97,546

504,423

-1%

Total Revenue

2,252,416

15,046,383

2,765,617

7,698,161

95%

Direct Operating Expenses

(257,280)

(796,456)

(432,335)

(1,453,826)

45%

Cost of Sales of Apartments

(622,786)

(7,393,450)

(1,023,386)

(2,478,932)

-198%

Gross Profit

1,372,350

6,856,477

1,309,896

3,765,403

82%

Fair Value Gain / (Loss) on Investment Property

145,740

317,025

(183,603)

(432,117)

High

Administration Expenses

(286,409)

(742,426)

(127,950)

(535,394)

-39%

Exchange Gain / (Loss)

(61,859)

188,638

(3,361)

19,569

High

Marketing & Promotional Expenses

(40,439)

(217,860)

(51,971)

(123,227)

-77%

Finance Cost

(62,634)

(63,714)

(13,491)

(14,287)

High

Finance Income

306,652

648,259

38,667

125,827

High

Other income

5,829

38,957

10,320

32,965

18%

Profit Before Tax

1,379,232

7,025,356

978,507

2,838,739

147%

Income Tax Expense

(237,050)

(948,495)

(80,390)

(337,917)

-181%

Profit After Tax

1,142,182

6,076,861

898,117

2,500,822

143%

All figures are provisional and subject to audit, unless otherwise stated.

Accounting Ratios As At

31/12/2022

31/12/2021

Quarter

Twelve Months

Quarter

Twelve Months

Dividends Per Share (Rs)

1.25

-

Interest Cover (Times)

High

High

Debt/Equity Ratio (Times)

0.05

0.17

Quick Asset Ratio (Times)

1.39

0.39

Earnings Per Share

0.92

4.89

0.72

2.01

The Company or its subsidiaries do not have listed debt

(Rs)

(Rs)

Performance at the CSE during the Quarter Ended

31/12/2022

31/12/2021

Last Traded Price

14.90

19.20

High

15.20

21.50

Low

13.00

16.50

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

COMPANY

GROUP

Year Ended

Year Ended

Year Ended

Year Ended

31/12/2022

31/12/2021

31/12/2022

31/12/2021

Rs. 000

Rs. 000

Rs. 000

Rs. 000

Profit For the Period

2,225,772

924,053

6,076,861

2,500,822

Revaluation of Land and Buildings

67,776

3,155

161,282

30,188

Differed Tax Effect

1,356

-

(11,152)

-

Accurial Gain/(Loss)

4,322

5,214

5,338

8,949

Differed Tax Effect

86

-

174

-

Other Comprehensive Income for the Period, Net of Tax

73,540

8,369

155,641

39,137

Total Comprehensive Income for the Period, Net of Tax

2,299,312

932,422

6,232,502

2,539,959

Attributable to:

Equity Holders of the Parent

6,232,502

2,539,959

Non-controlling Interest

-

-

6,232,502

2,539,959