|
|
Condensed Statement of Financial Position as at 30 September 2009
|
CURRENT ASSETS |
Notes |
30 Sep
2009
(reviewed) |
31 Dec
2008
(audited) |
Cash and bank balances |
|
880,217 |
1,011,210 |
Short-term bank deposits |
|
7,348,316 |
6,330,595 |
Trade receivables |
|
573,180 |
924,915 |
Inventory |
|
48,393 |
54,649 |
Prepayments and other receivables |
|
275,449 |
194,167 |
TOTAL CURRENT ASSETS |
|
9,125,555 |
8,515,536 |
NON-CURRENT ASSETS |
|
|
|
Available-for-sale investments |
|
3,376,175 |
3,992,719 |
Investment in associate company |
|
3,126,639 |
2,666,311 |
Investment property |
|
1,252,078 |
1,287,665 |
Property and equipment |
|
11,718,149 |
12,058,570 |
| Total non-current assets |
|
19,473,041 |
20,005,265 |
TOTAL ASSETS |
|
28,598,596 |
28,520,801 |
CURRENT LIABILITIES |
|
|
|
Trade payables |
|
313,845 |
515,903 |
Accrued expenses and other payables |
|
909,192 |
1,101,039 |
| Dividends payable |
|
258,749 |
246,757 |
| |
|
|
|
TOTAL CURRENT LIABILITIES |
|
1,481,786 |
1,863,699 |
NON-CURRENT LIABILITIES |
|
|
|
Provision for employees’ leaving indemnity |
|
249,028 |
220,665 |
| TOTAL LIABILITIES |
|
1,730,814 |
2,084,364 |
TOTAL NET ASSETS |
|
26,867,782 |
26,436,437 |
EQUITY |
|
|
|
Share capital |
|
7,200,000 |
7,200,000 |
| Treasury shares |
|
(956,594) |
(844,008) |
| Statutory reserve |
|
3,600,000 |
3,241,705 |
| Capital and development reserves |
|
5,371,637 |
5,729,932 |
| Investments fair value reserve |
|
2,101,531 |
2,374,822 |
Retained earnings |
|
9,551,208 |
8,733,986 |
TOTAL EQUITY |
|
26,867,782 |
26,436,437 |
|
|
|
|
|
HOTEL OPERATIONS |
Three
months
ended 30 Sep
2009
(Reviewed) |
Three months
ended 30 Sep
2008
(Reviewed) |
Nine months
ended 30 Sep
2009
(Reviewed) |
Nine months
ended 30 Sep
2008
Reviewed) |
Sales
|
1,293,397 |
1,727,463 |
5,769,688 |
6,816,654 |
Operating Costs
|
(989,822) |
(1,191,814) |
(3,409,040) |
(3,841,388) |
PROFIT BEFORE DEPRECIATION
|
303,575 |
535,649 |
2,360,648 |
2,975,266 |
Depreciation of Hotel and Conference Center
|
(287,885) |
(286,594) |
(867,514) |
(851,132) |
Net profit from hotel operations
|
15,690 |
249,055 |
1,493,134 |
2,124,134 |
| INVESTMENT INCOME / ( EXPENSES) |
Dividend Income
|
88,291 |
88,148 |
251,893 |
236,503 |
Gain on sale of investments
|
- |
- |
- |
18,280 |
| Provision for impairment on investments |
(1,074) |
- |
(124,066) |
- |
| Share of profit of associate |
250,773 |
255,332 |
539,328 |
774,330 |
| Interest on short-term deposits |
37,208 |
33,751 |
130,555 |
88,197 |
| Property income |
88,355 |
67,663 |
240,642 |
190,962 |
| Property expenses |
(3,674) |
(5,763) |
(12,928) |
(22,545) |
| Depreciation of investment property |
(12,603) |
(12,471) |
(37,737) |
(37,199) |
| Foreign exchange translation adjustments |
(4,306) |
(29,688) |
11,000 |
(31,479) |
| Other income |
7,951 |
24,077 |
20,099 |
62,093 |
NET INVESTMENT INCOME
|
450,921 |
421,049 |
1,018,786 |
1,279,142 |
| General and Administration expenses |
(67,738) |
(75,254) |
(294,379) |
(279,800) |
| PROFIT FOR THE PERIOD |
398,873 |
594,850 |
2,217,541 |
3,123,476 |
| |
|
|
|
|
| Other comprehensive income |
|
|
|
|
| Fair value reserve (Available for sale investments): |
|
|
|
| Net change in fair value |
24,492 |
(240,294) |
(618,358) |
207,557 |
| Transfer to income statement |
1,074 |
- |
124,066 |
(10,260) |
| Transfer to income statement from fair value reserve of associate |
38,969 |
- |
221,001 |
- |
| Other comprehensive income / (loss) for the period |
64,535 |
(240,294) |
(273,291) |
197,297 |
|
|
|
|
|
Total comprehensive income for the period
|
463,408 |
354,556 |
1,944,250 |
3,320,773 |
| Earnings per share of 100 fils for the period |
6.1 Fils |
9.0 Fils |
33.6 Fils |
47.0 Fils |
|
| |
| 2009 (reviewed) |
Share capital |
Treasury shares |
Statutory reserve |
Capital and development reserves |
Investments fair value reserve |
Retained earnings |
Total |
At January
|
7,200,000 |
(844,008) |
3,241,705 |
5,729,932 |
2,374,822 |
8,733,986 |
26,436,437 |
Total Comprehensive income for the period
|
- |
- |
- |
- |
(273,291) |
2,217,541 |
1,944,250 |
Purchase of treasury shares
|
- |
(112,586) |
- |
- |
- |
- |
(112,586) |
Dividend declared (2008)
|
- |
- |
- |
- |
- |
(1,321,319) |
(1,321,319) |
Charity donations approved (2008)
|
- |
- |
- |
- |
- |
(15,000) |
(15,000) |
Directors' remuneration declared (2008)
|
- |
- |
- |
- |
- |
(64,000) |
(64,000) |
Transfer to statutory reserve
|
- |
- |
358,295 |
(358,295) |
- |
- |
- |
At 30 September
|
7,200,000 |
(956,594) |
3,600,000 |
5,371,637 |
2,101,531 |
9,551,208 |
26,867,782 |
| 2008 (reviewed) |
Share capital |
Treasury shares |
Statutory reserve |
Capital and development reserves |
Investments fair value reserve |
Retained earnings |
Total |
At January
|
7,200,000 |
(704,756) |
2,818,357 |
5,729,932 |
2,878,483 |
6,332,159 |
24,254,175 |
Total Comprehensive income for the period
|
|
|
|
|
197,297 |
3,123,476 |
3,320,773 |
Purchase of treasury shares
|
- |
(13,286) |
- |
- |
- |
- |
(13,286) |
Dividend declared (2007)
|
- |
- |
- |
- |
- |
(1,329,300) |
(1,329,300) |
Charity donations approved (2007)
|
- |
- |
- |
- |
- |
(15,000) |
(15,000) |
Directors' remuneration declared (2007)
|
- |
- |
- |
- |
- |
(64,000) |
(64,000) |
At 30 September
|
7,200,000 |
(718,042) |
2,818,357 |
5,729,932 |
3,075,780 |
8,047,335 |
26,153,362 |
|
| |
| Statement of Cash Flows |
30 September 2009 (reviewed) |
30 September 2008 (reviewed) |
HOTEL, CONFERENCE AND TRAVEL OPERATIONS
|
|
|
Cash received from customers
|
6,155,615 |
6,890,611 |
Cash paid to suppliers
|
(1,266,178) |
(1,440,074) |
| Cash paid to employees |
(1,037,134) |
(1,146,049) |
| Payments for overhead expenses |
(1,693,566) |
(1,390,430) |
| Cash flows from hotel operations |
2,158,737 |
2,914,058 |
| INVESTING ACTIVITIES |
|
|
| Rent received |
223,859 |
196,895 |
| Interest received |
130,555 |
88,197 |
| Dividends received |
251,893 |
236,503 |
| Dividend received from associate |
300,000 |
465,000 |
| Capital expenditure on hotel and conference centre |
(677,502) |
(954,802) |
| Purchase of available-for-sale investments |
- |
(259,372) |
| Sale of available-for-sale investments |
- |
123,323 |
| Other receipts |
20,099 |
62,092 |
| Cash flows from investing activities |
248,904 |
(42,164) |
| FINANCING ACTIVITIES |
|
|
| Dividends paid |
(1,309,327) |
(1,293,194) |
| Directors’ remuneration paid |
(64,000) |
(64,000) |
| Purchase of treasury shares |
(112,586) |
(13,286) |
| Charity paid |
(35,000) |
(10,500) |
| Cash flows from financing activities |
(1,520,913) |
(1,380,980) |
| Net increase in cash and cash equivalents |
886,728 |
1,490,914 |
| CASH AND CASH EQUIVALENTS AT 1 JANUARY |
7,341,805 |
4,912,183 |
| CASH AND CASH EQUIVALENTS AT 30 SEPTEMBER |
8,228,533 |
6,403,097 |
| CASH AND CASH EQUIVALENTS per statement of financial position |
|
|
Cash and bank balances
|
880,217 |
884,310 |
| Short-term bank deposits |
7,348,316 |
5,518,787 |
| |
8,228,533 |
6,403,097 |
|
| |
|
|
|
