Annual Report 2011 - Colombo Stock Exchange

Beruwela Walk Inn PLC 13Report of the DirectorsTo be presented at the Thirty-Ninth Annual General Meeting of the Company to be held in Colombo, on 21 st June 2012 at10.00 a.m. (“Annual General Meeting”).The Directors have pleasure in presenting to the members their Report together with the Audited Financial Statements ofBERUWELA WALK INN PLC for the year ended 31 st December 2011.Principal ActivityThe principal activity of the Company, which is hotel operation, remains unchanged.Review of the Year and Future DevelopmentsA review of the operation of the Company during the financial year, results of those operations and developments for thefuture are described in the Chairman’s Message on page 8 of this Annual Report.TurnoverThe Turnover of the Company during the year was Rs.nil (2010: Rs.nil).EmploymentThe number of persons employed by BERUWELA WALK INN PLC as at 31 st December 2011 was 4 (31 st December 2010:4).Share InformationThe market value of an ordinary share of the Company as at 31 st December 2011 was Rs. 145.10 (31 st December 2010:Rs. 130.00). The number of shareholders as at 31 st December 2011 was 328 (31 st December 2010: 255). An analysis ofshareholders based on shares held, the distribution of ownership and details of share transactions during the year and theinformation that would be of importance to Investors is provided on page 4 of this report.Results and Appropriations for the year ended 31 st December2011 2010Rs.’000Rs.’000Loss after making provision for doubtful debts, and all known liabilities and beforeproviding for depreciation on Property, Plant and Equipment was (38,376) (24,014)From which has to be deducted the depreciation on Property, Plant and Equipment of (6,733) (614)Which leaves a Loss Before Taxation of (45,109) (24,628)Taxation was - -Leaving a Net Loss for the year of (45,109) (24,628)Extraordinary Items 104,725 -Leaving a Net Profit/ (Loss) for the year of 59,616 (24,628)With the Retained Profit Brought Forward (496,903) (472,275)The amount available for appropriation was (437,287) (496,903)AppropriationsTransfer from Reserves leaving an unappropriate balance to be carried forward of (437,287) (496,903)DividendFor the year ended 31 st December 2011, the Directors are of the opinion that the Company should not declare dividends.