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Citrus Leisure Plc

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Citrus Leisure Plc CITRUS LEISURE PLC Interim Financial Statements For the Period Ended 30th June 2014 Citrus Leisure PLC and Its Subsidiaries STATEMENT OF FINANCIAL POSITION Group Company 30.06.2014 30.06.2013 30.06.2014 30.06.2013 ASSETS Rs. 000' Rs. 000' Rs. 000' Rs. 000' Non-Current Assets Unaudited Unaudited Unaudited Unaudited Property, Plant and Equipment 4,137,324 2,271,555 9,286 11,582 Leasehold Property 76,872 78,645 54,561 55,195 Other Non-Current Assets 234 - - - Investments in Subsidiaries - - 2,802,736 2,777,736 Investment in Associates 1,333,264 1,325,374 - - Deferred Tax Assets 2,590 1,865 - - Intangible Assets - 285 - - 5,550,284 3,677,724 2,866,583 2,844,514 Current Assets Other Investments 46,559 - - Inventories 7,837 5,884 - - Trade and Other Receivables 337,413 1,259,839 573,324 326,679 Advance and Prepayment 503,688 - 7,388 2,666 Tax Receivables 8,158 - - - Other Current Financial Assets 370,941 358,341 345,047 349,791 Cash and Bank Balances 34,487 48,245 1,290 2,401 1,262,525 1,718,868 927,050 681,536 Total Assets 6,812,809 5,396,592 3,793,633 3,526,050 EQUITY AND LIABILITIES Capital and Reserves Stated Capital 2,403,273 2,403,273 2,403,273 2,403,273 Retained Earnings 415,841 432,560 442,545 428,594 2,819,113 2,835,833 2,845,818 2,831,866 Non Controlling Interest 1,187,442 1,224,000 - - Total Equity 4,006,555 4,059,833 2,845,818 2,831,866 Non-Current Liabilities Interest Bearing Loans and Borrowings 376,420 10,505 - - Retirement Benefit Obligation 6,843 5,595 442 202 Trade and Other Payables - 906 171,673 173,489 383,263 17,006 172,115 173,691 Current Liabilities Trade and Other Payables 273,069 179,519 731,239 507,280 Tax Payables 1,306 9,648 - 9,640 Interest Bearing Loans and Borrowings 2,148,616 1,130,586 44,460 3,574 2,422,991 1,319,753 775,700 520,493 Total Equity and Liabilities 6,812,809 5,396,592 3,793,633 3,526,050 These Financial Statements are in compliance with the requirements of the Companies Act No. 7 of 2007. Signed …………………………… Ravindra Dissanayake Manager Finance The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by; Signed Signed ………………………….. ………………………….. E.P.A. Cooray S.A. Ameresekere Chairman Director 15 August 2014 Colombo Page 2 of 10 Citrus Leisure PLC and Its Subsidiaries STATEMENT OF COMPREHENSIVE INCOME PERIOD ENDED 30TH JUNE 2014 Group 30.06.2014 30.06.2013 Rs. 000' Rs. 000' Unaudited Unaudited Revenue 50,375 52,646 - Cost of Sales (16,743) (15,702) Gross Profit 33,632 36,944 Other Income 1,993 1,338 - Selling and Marketing Expenses (2,900) (3,050) - Administrative Expenses (45,944) (39,134) - Finance Cost (28,149) (40,672) - Finance Income 7,332 9,909 - Share Of Profit Of Associate (2,063) (670) Profit before Tax (36,099) (35,335) Tax Expenses (1,391) (835) Profit for the year (37,489) (36,170) Discontinued Operations Profit/ (Loss) from Discontinuing Operations - - Profit for the year (37,489) (36,170) Other Comprehensive Income; Actuarial Gain/ (Loss) on Defined Benefit Plan - - Income tax effect - - Other Comprehensive Income for the year, net of tax - - Total Comprehensive Income for the Year, Net of Tax (37,489) (36,170) Total Comprehensive Income Attributable to; Equity Holders of the Parent (26,278) (24,161) Non-Controlling Interest (11,211) (12,009) (37,489) (36,170) Earning per Share (Basic) (0.27) (0.25) Earning per Share (Diluted) - - Page 3 of 10 Citrus Leisure PLC and Its Subsidiaries STATEMENT OF COMPREHENSIVE INCOME PERIOD ENDED 30TH JUNE 2014 Company 30.06.2014 30.06.2013 Rs. 000' Rs. 000' Unaudited Unaudited Revenue 2,739 1,385 Cost of Sales - - Gross Profit 2,739 1,385 Other Income 1,421 444 Selling and Marketing Expenses - (302) Administrative Expenses (8,282) (6,487) Finance Cost (436) (153) Finance Income 7,249 9,909 Share Of Profit Of Associate - - Profit before Tax 2,691 4,796 Tax Expenses (1,227) (1,343) Profit for the year 1,464 3,452 Other Comprehensive Income Actuarial Gain/ (Loss) on Defined Benefit Plan - - Income tax effect - - Other Comprehensive Income for the year, net of tax - - Total Comprehensive Income for the year, net of tax 1,464 3,452 Page 4 of 10 Citrus Leisure PLC and Its Subsidiaries STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF COMPREHENSIVE INCOME GROUP Attributable to Equity Holders of the Parent Retained Non-Controlling Stated Capital Total Equity Earnings Interest Rs. 000' Rs. 000' Rs. 000' Rs. 000' Balance as at 01st April 2013 2,403,273 456,722 1,236,009 4,096,004 Net Profit /(Loss) for the period - (24,161) (12,009) (36,170) Balance as at 30th June 2013 2,403,273 432,561 1,224,000 4,059,834 Balance as at 01st April 2014 2,403,273 440,924 1,199,849 4,044,045 - - - - Effect of change in Group Holding - 1,195 (1,195) - - - - - Net Profit /(Loss) for the period - (26,278) (11,211) (37,489) - - - - Balance as at 30 June 2014 2,403,273 415,841 1,187,442 4,006,556 COMPANY Stated Capital Retained Earnings Total Equity Rs. Rs. Rs. Balance as at 01st April 2013 2,403,273 424,633 2,827,906 Net Profit /(Loss) for the period - (24,161) (24,161) Balance as at 30th June 2013 2,403,273 400,472 2,803,745 Balance as at 01st April 2014 2,403,273 441,081 2,844,354 Net Profit /(Loss) for the period - 1,464 1,464 Balance as at 30 June 2014 2,403,273 442,545 2,845,818 Page 5 of 10 Citrus Leisure PLC and Its Subsidiaries CASH FLOW STATEMENT FOR THE THREE MONTHS ENDED 30TH JUNE 2014 Group Company 30.06.2014 30.06.2013 30.06.2014 30.06.2013 Rs.000' Rs.000' Rs.000' Rs.000' Unaudited Unaudited Unaudited Unaudited Cash Flows From/(Used in) Operating Activities Profit /(Loss) before Income Tax Expense (36,099) (35,335) 2,691 4,796 Adjustments for : Amortization 139 126 78 94 Depreciation 4,223 3,465 1,395 261 Provision for fall in value of Equity Securities 123 (265) (385) Finance Costs 45,675 40,672 273 153 Finance Income (8,787) (9,909) (8,787) (9,909) Differed Lease Income (150) (444) (150) (444) Provision for Defined Benefit Plans 501 265 68 63 Share of associate companies profit/ (loss) (net of tax) 2,063 670 - - Operating Profit before Working Capital Changes 7,564 (367) (4,697) (5,371) (Increase)/Decrease in Inventories (2,538) (392) - - (Increase)/Decrease in Trade and Other Receivables 196,106 790,171 (202,482) (10,270) Increase/(Decrease) in Trade and Other Payables (82,307) (718,533) 204,218 1,833 Cash Generated from Operations 118,826 70,879 (2,962) (13,808) Finance Cost Paid (45,675) (40,672) (273) (153) Income Tax Paid - - - - Defined Benefit Plan Cost Paid - - - - Net Cash Flow From Operating Activities 73,151 30,207 (3,235) (13,961) Cash Flows from/(Used in) Investing Activities Acquisition of Property, Plant and Equipment (176,016) (197,498) (1,961) (84) Investments in Subsidiaries - - (25,000) - Interest Income 8,787 9,909 8,787 9,909 Net Cash Flow Used in Investing Activities (167,229) (187,589) (18,174) 9,825 Cash Flows from/(Used in) Financing Activities Proceeds from Interest Bearing Loans and Borrowings 84,185 135,479 21,470 - Repayment of Interest Bearing Loans and Borrowings - - - (641) Net Cash flows Used in Financing Activities 84,185 135,479 21,470 (641) Net Increase / (Decrease) in Cash and Cash Equivalents (9,893) (21,903) 61 (4,777) Cash and Cash Equivelents at the beginning of the period (858,986) (709,906) (21,761) 3,605 Cash and Cash Equivelents at the end of the period (868,879) (731,809) (21,701) (1,172) Cash and Cash Equivelents at the end of the period comprise; Cash at Bank and in Hand 34,487 48,143 1,290 2,401 Bank Overdraft (903,367) (779,952) (22,991) (3,573) (868,879) (731,809) (21,701) (1,172) Page 6 of 10 Citrus Leisure PLC and Its Subsidiaries NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30TH JUNE 2014 01 Share information As at 30.06.2014 As at 30.06.2013 Basic Earnings/(Loss) Per Share (Rs.) Group (0.27) (0.31) Diluted Earnings/(Loss) Per Share (Rs.) Group - - Net Assets Per Share (Rs.) Company 29.44 29.30 Group 29.17 29.34 Market Price Per Share (Rs.) Highest 17.20 27.50 Lowest 15.40 18.50 Last Traded 16.30 21.00 REEF . W0019 Highest 1.40 4.60 Lowest 1.40 2.30 Last Traded 1.40 2.50 02 The above figures are provisional and subject to Audit & the financial year ends on 31st March. 03 The Statement of Financial Position of the company as at 31st March 2014 and Statements of Comprehensive Income, Changes in Equity and Cash Flow for the period then ended have been prepared in accordance with Sri Lanka Financial Reporting Standards (SLFRS/LKASs) and are in agreement with the books of accounts maintained by the Company and have provided the information required by the Colombo Stock Exchange.
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