ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

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STATEMENT OF FINANCIAL POSITIONPASSIONASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /13128GroupCompanyAs atAs at1st April1st AprilAs at 31st March 2013 2012 2011 2013 2012 2011Page No. Note Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000ASSETSNon Current AssetsProperty, Plant and Equipment 142 14 18,308,983 12,005,037 11,847,798 15,029,139 9,160,039 9,186,218Leasehold Property 143 15 831,068 843,472 855,876 - - -Investment Property 144 16 3,618,750 3,101,540 2,701,972 1,860,500 1,632,000 1,332,280Intangible Assets 144 17 8,517 12,190 16,683 1,062 1,373 1,819Investment in Subsidiary 145 18 - - - 660,045 660,045 660,045Long Term Investments 145 19 - - - - - -Other Non Current Financial Assets 146 20 22,571 49,058 65,659 15,291 13,258 23,865Total Non Current Assets 22,789,889 16,011,297 15,487,988 17,566,037 11,466,715 11,204,227Current AssetsInventories 146 21 135,186 115,852 122,746 102,154 73,571 79,460Work in Progress - Apartments 147 22 - 64,392 1,353,804 - 64,392 1,353,804Trade and Other Receivables 147 23 478,840 553,785 491,787 245,569 300,604 307,047Amounts due from Related Parties 148 24 34,659 46,629 47,893 20,136 28,227 30,029Other Current Assets 148 25 169,488 173,061 152,787 92,913 131,627 63,908Short Term Investments 148 26 2,715,796 2,779,490 317,921 2,155,923 2,427,490 42,921Cash In Hand and at Bank 407,409 305,164 176,350 307,568 181,014 115,712Total Current Assets 3,941,378 4,038,373 2,663,288 2,924,263 3,206,925 1,992,881Total Assets 26,731,267 20,049,670 18,151,276 20,490,300 14,673,640 13,197,108EQUITY & LIABILITIESEquityStated Capital 149 27 3,345,117 3,345,117 3,345,117 3,345,117 3,345,117 3,345,117Capital Reserves 149 28 11,110,290 5,143,193 5,179,592 10,602,127 4,772,950 4,791,408Revenue Reserves 149 29 7,242,061 6,490,690 5,194,148 5,782,448 5,247,994 4,107,205Equity attributable to Equity holders of the Parent 21,697,468 14,979,000 13,718,857 19,729,692 13,366,061 12,243,730Non-controlling Interest 3,425,691 2,963,109 2,783,449 - - -Total Equity 25,123,159 17,942,109 16,502,306 19,729,692 13,366,061 12,243,730Non Current LiabilitiesInterest Bearing Borrowings 150 30 1,416 2,852 4,288 - - -Employee Benefits 151 31 194,097 208,696 175,448 96,071 109,551 86,149Deferred Taxation 151 32 329,313 255,793 248,354 - - -Total Non-Current Liabilities 524,826 467,341 428,090 96,071 109,551 86,149Current LiabilitiesTrade and Other Payables 152 33 643,462 844,959 919,495 465,528 614,853 718,929Amounts due to Related Parties 148 24 87,643 84,314 82,417 58,377 56,692 64,275Current Taxation 65,254 69,398 79,155 - - -Dividends Payable - 442,775 - - 442,775 -Interest Bearing Borrowings 150 30 1,437 1,437 1,437 - - -Other Current Liabilities 152 34 122,803 88,347 53,848 17,527 10,624 2,762Bank Overdrafts 162,683 108,990 84,528 123,105 73,084 81,263Total Current Liabilities 1,083,282 1,640,220 1,220,880 664,537 1,198,028 867,229Total Liabilities 1,608,108 2,107,561 1,648,970 760,608 1,307,579 953,378Total Equity and Liabilities 26,731,267 20,049,670 18,151,276 20,490,300 14,673,640 13,197,108The accounting policies and notes as set out in pages 131 to 166 form an integral part of these Financial Statements.I certify that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.Sunil PeirisSector Financial ControllerThe Board of Directors is responsible for the preparation and presentation of these Financial StatementsSigned for and on behalf of the Board by ,A.D. GunewardeneDirectorJ.R.F. PeirisDirectorColombo.23rd May, 2013
PASSION129 ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /13GroupCompanyFor the year ended 31st March Note 2013 2012 2013 2012Rs. ‘000 Rs. ‘000 Rs. ‘000 Rs. ‘000CASH FLOWS FROM OPERATING ACTIVITIESOperating Profit before Working Capital Changes a 3,046,875 4,607,993 1,995,200 3,775,930(Increase) / Decrease Inventories (19,334) 6,894 (28,583) 5,889(Increase) / Decrease in Receivables and Prepayments 82,553 (87,406) 94,316 (87,406)Decrease in Creditors and Accruals (163,712) (38,083) (140,737) (38,083)Cash Generated from Operations 2,946,382 4,489,398 1,920,196 3,612,363Interest Received 312,020 87,755 247,187 72,918Finance Expenses paid (455) (12,738) (359) (12,715)Dividends Received - - 234,422 117,211Income Tax paid (217,449) (154,371) (67,323) (20,858)Gratuity paid/ Transfer (44,062) (11,966) (32,924) (4,236)Net Cash Flow from Operating Activities 2,996,436 4,398,078 2,301,199 3,764,683CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIESPurchase / Transfers and Construction of Property, Plant and Equipment (489,098) (579,310) (283,257) (213,890)Addition to Work-in-Progress (3,897) (576,720) (3,897) (576,720)Addition/ Transfers to Investment Property - (92,749) - (92,749)Addition to Intangible Assets (1,586) (1,218) (274) (721)Proceeds from Sale of Property, Plant & Equipment 15,294 21,408 7,104 9,615Proceeds from/ (Repayment of) Other Assets (Net) 22,561 10,413 (2,033) 10,607Net Cash Flow used in Investing Activities (456,726) (1,218,176) (282,357) (863,858)CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIESDividend Paid to Equity Holders of Parent (2,213,876) (442,775) (2,213,876) (442,775)Dividend Paid to Minority Shareholders (339,540) (169,770) - -Repayment of Long Term Borrowings (1,436) (1,436) - -Net Cash Flow used in Financing Activities (2,554,852) (613,981) (2,213,876) (442,775)NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (15,142) 2,565,921 (195,034) 2,458,050CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 2,975,664 409,743 2,535,420 77,370CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 2,960,522 2,975,664 2,340,386 2,535,420Analysis of Cash and Cash EquivalentsFavourable BalancesCash and Bank 407,409 305,164 307,568 181,014Short Term Investments 2,715,796 2,779,490 2,155,923 2,427,490Unfavourable BalancesBank Overdrafts (162,683) (108,990) (123,105) (73,084)Total Cash and Cash Equivalents 2,960,522 2,975,664 2,340,386 2,535,420A. Operating Profit Before Working Capital ChangesProfit before Tax 3,336,251 2,654,511 2,359,460 2,028,739Adjustment for:Interest Income (312,020) (87,755) (247,187) (72,918)Dividend Income - - (234,422) (117,211)Finance Expenses 455 12,738 359 12,715Change in Fair Value of Investment Property (517,210) (306,819) (228,500) (206,971)Depreciation of Property, Plant and Equipment 412,314 376,121 244,784 224,384Amortisation of Leasehold Properties 12,404 12,404 - -Amortisation of Intangible Assets 5,259 5,711 585 1,167(Profit) / Loss on Disposal of Property, Plant & Equipment (191) (943) 4,864 6,070De-recognition of Assets on Refurbishments (include under Other expenses) - 18,151 - -Impairment losses on Trade and other receivables 7,935 6,454 7,524 6,185Impairment losses on Insurance Claim Receivable 3,926 6,074 - -Gratuity Charge and Related Costs 29,463 45,214 19,444 27,638Project Costs 68,289 1,866,132 68,289 1,866,1323,046,875 4,607,993 1,995,200 3,775,930The accounting policies and notes as set out in pages 131 to 166 form an integral part of these Financial Statements.CASH FLOW STATEMENT
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ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

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