Hikkaduwa Beach AR 2012-13

www.citrusleisure.
com
Annual Report 2012/13
Content
The Board of Directors 1
Annual Report of the Board of
Directors on the Afairs of the Company 3
Statement of Directors Responsibility 6
Corporate Governance 7
Audit Committee Report 9
Remuneration Committee Report 10
Independent Auditors Report 11
Statement of Comprehensive Income 12
Statement of Financial Position 13
Statement of Changes in Equity 14
Statement of Cash Flows 15
Notes to the Financial Statements 16
Share Information 42
Notice of Annual General Meeting 44
Notes 45
Form of Proxy 47
Corporate Information Inner Back Cover
Corporate Information
Name of Company
Hikkaduwa Beach Resort Limited

Legal Form
Public Quoted Company with limited liability Incorporated
in Sri Lanka.

Registered Ofce
No: 02, Police Park Avenue, Colombo 05.
Telephone : 0115755055
Fax : 0112593455
E-mail : direct@citrusleisure.com
Website: www.citrusleisure.com
Board of Directors
Mr. E.P.A. Cooray (Chairman)
Mr. D. S. Jayaweera
Mr. Hemantha Ratnayake
Mr. Vasula Premawardene
Mr. Gihan De Soyza
Mr. R. Seneviratne

Company Secretaries
P W Corporate Secretarial (Pvt) Ltd.
No.3/17, Kynsey Road,
Colombo 08.
Auditors
Ernst & Young
Chartered Accountants
201, de Saram Place,
Colombo 10.

Bankers
Sampath Bank PLC
Nations Trust Bank PLC
Pan Asia Bank Corporation PLC
Commercial Bank of Ceylon PLC

1
The Board of Directors
The Board of Directors guides and supervises the business and operations of the
Company. The Board consists of the Chairman and fve Directors.
Mr. E.P.A Cooray
Chairman
Mr. E.P.A. Cooray, the immediate past Chairman of Aitken Spence PLC counts well
over 30 years experience in travel and tourism. He led the Hotel Sector of Aitken
Spence for several years making a signifcant contribution in making Aitken Spence a
leading player in the development of resorts both in Sri Lanka and Maldives.
He is acknowledged for the pivotal role played in the development of sustainable
tourism and especially for his leadership in developing the renowned Kandalama
Hotel which has won many global accolades for its contribution to environmental
management, food & beverage excellence and service standards of a truly
exceptional nature.
These achievements signalled the entry of Sri Lankas tourism to the world map of
the hospitality industry. He also led the pioneering efort of large scale expansion
to the Republic of Maldives in early 90s and this regional development contributed
exceptionally to the overall profle and growth of Aitken Spence. Mr. Cooray was
selected by USAID to lead the Tourism Cluster from 2001 to 2008 which introduced
the concept of Going Beyond Beaches. The diversity in the profle of Sri Lankas
tourism today is mainly attributed to the eforts made by this Cluster.
He is a past President of the Tourist Hotels Association of Sri Lanka (1998-2000) and
was the Chairman of the Sri Lanka Convention Bureau (2007-2009). Presently he
chairs a rainforest initiative partnered by the private sector which benchmarks the
best practices for Eco Tourism development in Sri Lanka.
He serves as a Member of the Tourism Cluster of the National Council for Economic
Development (NCED) and also serves as a Member of the Grants Board of ICTA. He
is also a Board Member of Waters Edge and Lighthouse Hotel PLC. He served as
the Secretary-General/CEO of the Ceylon Chamber of Commerce (2003-2008) and
presently heads the Project Management Arm of the Chamber CCC Solutions (Pvt)
Ltd. Mr. Cooray has a MBA from the University of Sri Jayawardenepura, is a Certifed
Management Accountant and he is also a Member of the Institute of Hospitality, UK.
Mr. D.S. Jayaweera
Executive Director
Mr. D.S. Jayaweera is the co-founder of a dynamic conglomerate of 22 companies
with diverse interests in communications, mass media, leisure, fnance, property
development and manufacturing. An entrepreneur committed to building strong
and sustainable Sri Lankan businesses, Mr. D.S. Jayaweera has built a reputation for
challenging convention with his can-do spirit. An Attorney-at-Law, he holds a LLB
from the University of Colombo and an MBA from the University of Wales.
Mr. H. Rathnayake
Executive Director
An industry veteran, Mr. H. Rathnayake has been a hotelier for over 34 years with
exposure to the tourism industries of Europe and Asia where he has spearheaded
hotel project management and hotel openings. He is synonymous with his
pioneering work in Eco Tourism and Environmental Management, and has previously
worked as the resident manager of the Kandalama Hotel. Mr. H. Rathnayake is well
respected in the industry for his organizational and training skills and is a leading
trainer in the hotels sector.
Mr. H. Rathnayake is a Graduate of the Ceylon Hotel School and has obtained a Post
Graduate qualifcation in Pedagogics from the Institute of Economics, Kiel, Germany.
2 Hikkaduwa Beach Resort Limited . Annual Report 2012/13
Mr. R. Seneviratne
Independent Non Executive Director
Mr. Seneviratnes family established Reefcomber Hotel in Hikkaduwa in the 1980s.
The family has diversifed into trading in tea, packaging and warehousing through
Corona T Stores Ltd. Mr. Seneviratne is the Managing Director of Corona T Stores Ltd.
Mr. V. Premawardene
Mr. Premawardene is an accomplished professional with over 15 years of
comprehensive management experience comprising local and international hands-
on experience in the felds of Capital Markets and Risk Management. He holds an
MA in Financial Economics from the University of Colombo and a BSc in Computer
Science from the University of Southern California- USA.
Mr. Premawardhana is the Managing Director of First Derivatives (Pvt) Ltd and was
appointed to the Board of George Steuart Finance Limited as an Independent Non-
Executive Director with efect from 23rd December 2011. He is a former director of
the Securities and Exchange Commission of Sri Lanka.
Mr. G.R.W De Soysa
Mr. G R W De Soysa brings to the Board vast experience in managing high-paced
medium to large organizations in a multitude of industries. Mr. De Soysa serves as
the Chairman of Monarch International and Threadworks (Pvt) Ltd, and currently sits
on the Boards of Lanka Weaving Mills, where he has previously served as General
Manager, and Furniture Factory (Pvt) Ltd, of which he is the Joint Managing Director.
He also has the distinction of serving as Chief Consultant to ESL (Pvt) Ltd in Ghana
on an eight year sustainable apparel manufacturing project aimed at generating
10,000 jobs, and has been a consultant to a waste-to-power project launched by the
Colombo Municipal Council in collaboration with the Waste Management Authority.
He holds an MBA from the University of Western Sydney and has read for a BSc in
Business from the Manchester Metropolitan University.
The Board of Directors
3
Annual Report of the Board of Directors on the Afairs
of the Company
The Directors of Hikkaduwa Beach Resort Limited have pleasure in presenting their
Annual Report together with the Audited Financial Statements of the Company for
the year ended 31st March 2013.
General
The Company was incorporated under the Companies Act, No.7 of 2007 as a Limited
Liability Company on 23rd February 2011. It obtained a listing for its shares on the
Diri Savi Board of the Colombo Stock Exchange on 17th December 2012.
Principal Activity
The principal activity of the Company is to carry on the business of Tourist Hotel
Management.
Financial Statements
The complete Financial Statements of the Company duly signed by two Directors on
behalf of the Board and the Auditors are given on pages 11 to 41.
Auditors Report
The Report of the Auditors on the Financial Statements of the Company is given on
page 11.
Accounting Policies
Financial Statements of the company have been prepared in accordance with the
revised Sri Lanka Financial Reporting Standards (SLFRS/ LKS) and policies adopted
thereof are given on pages 16 to 25. Figurers pertaining to the previous period have
been restated where necessary to confrm the current years presentation.
Directors
The names of the Directors who held ofce as at the end of the accounting period are
given below.
Executive Directors
Mr. D S Jayaweera
Mr. H Ratnayake
Independent Non-Executive Directors
Mr E P A Cooray - Chairman
Mr P V S Premawardene
Mr R Seneviratne
Mr G R W De Soysa
Messrs Sharvajana Anandaraj Ameresekere, Janesh Manoj Bandara
Pilimatalawwe, Suresh Dayanath De Mel, Arumadura Samantha Rayynor
Silva and Ms Varuni Sonali Amunugama Fernando resigned as Directors of the
Company with efect from 22nd March 2012.
Messrs Hemantha Ratnayake, Vasula Premawardhana and Gehan De Soysa
were appointed to the Board with efect from 22nd March 2012.
In terms of Article 95 of the Articles of Association, both Messrs Vasula
Premawardhana and Gehan De Soysa will hold ofce until the forthcoming Annual
General Meeting and being eligible, ofer themselves for re-election at the said
Annual General Meeting.
Interests Register
The Company maintains an Interest Register in terms of the Companies Act No. 7 of
2007, which is deemed to form part and parcel of this Annual Report and is available
for inspection upon request.
All related party transactions which encompass the transactions of Directors who
were directly or indirectly interested in a contract or a related party transaction with
the Company during the accounting period are recorded in the Interest Register in
due compliance with the applicable rules and regulations of the relevant Regulatory
Authorities.
The relevant interests of Directors in the shares of the Company as at 31st March
2013 as recorded in the Interests Register are given in this Report under
Directors shareholding.
Directors Remuneration
The Directors were not paid any remuneration during the year under review.
Directors interests in contracts
Related party disclosures as required by the Sri Lanka Accounting Standards No. 24
are detailed in note 23 to the fnancial statements.
Directors responsibility for Financial Reporting
The Directors are responsible for the preparation of Financial Statements of the
Company to refect a true and fair view of the state of its afairs. A further statement
in this regard is included on page 6.
Auditors
Messrs Ernst & Young, Chartered Accountants served as the Auditors during the year
under review.
A total amount of Rs. 345,000./- is payable by the Company to the Auditors for the
year under review as audit fee.
The Auditors have expressed their willingness to continue in ofce. A resolution
to re-appoint the Auditors and to authorise the Directors to determine their
remuneration will be proposed at the Annual General Meeting.
Stated Capital
The Stated Capital of the Company as at 31 March 2013 was Rs. 778,568,197/-
representing 57,573,897 ordinary shares (Rs. 669,568,197/- representing 51,816,507
ordinary shares as at 31st March 2012).
Issue of shares through Initial Public Ofering
The Company had an Initial Public Ofer (IPO) in November 2012 of 5,757,390
Ordinary Shares at an issue price of Rs.20/- each. Resulting from the said IPO, the
Stated Capital increased by Rs115,147,800/-.
The proceeds of the said issue were utilized for the proposed activities
in the prospectus
Directors Shareholding
Directors interest in the shares of the Company as at 31st March 2013 and 31st
March 2012 were as follows:
As at
31.3.2013
As at
31.3.2012
Mr. Emilianus Prema Alphonse Cooray 1 1
Mr. Dilith Susantha Jayaweera Nil Nil
Mr. Rajinda Seneviratne Nil Nil
Mr. Pathiranage Vasula Sanjeewa
Premawardhana
Nil Nil
Mr Hemantha Ratnayake Nil Nil
Mr Gehan De Soysa Nil Nil
Major Shareholders, Distribution Schedule and other information
Information on the distribution of shareholding, analysis of shareholders,
market values per share, earnings per share, net assets per share, twenty largest
shareholders of the Company, percentage of shares held by the public as per the
Listing Rules of the Colombo Stock Exchange are given on pages 42 to 43 under
Shareholders Information.
Employment Policy
The Companys employment policy is totally non-discriminatory which respects
individuals and provides career opportunities irrespective of the gender, race
or religion.
As at 31st March 2013, 135 person were in employment (121 persons as at 31st
March 2012).
Annual Report of the Board of Directors on the Afairs of the Company
5
Statutory Payments
The Directors confrm that to the best of their knowledge, all payments in respect
of statutory liabilities including EPF,ETF and PAYE tax have been made within the
stipulated periods during the fnancial year.
Reserves
The reserves of the Company with the movements during the year are given in the
fnancial statements on page 12.
Land Holdings
The Companys land holding referred to comprise freehold land in an extent of 1,147
perches .Note No. 12 at Financial Statements.
Property, Plant & Equipment
Details and movements of property, plant and equipment are given under Note
No. 12 to the Financial Statements on pages 29 to 31.
Material Foreseeable Risk Factors
As part of the governance process, the Board on a continuous basis reviews and
takes any measures and evaluates the internal controls and risks of the Company and
takes any measures required to mitigate the risks.
Donations
The Company made donations amounting to Rs. 27,465/- in total, during the year
under review.
Dividends
Directors do not recommend a dividend for the year under review.
Corporate Governance
The Board of Directors confrms that the Company is compliant with section 7.10 of
the Listing Rules of the Colombo Stock Exchange.
The report on Corporate Governance is given on pages 5 to 6 of the Annual Report.
Post Balance Sheet Events
There were no post Balance Sheet events which would require adjustment to or
disclosure in the Financial Statements.
Status Change of the Company
A resolution will be placed before the shareholders at the Annual General Meeting,
for the status change of the Company from Limitedto PLCin terms of Sections
8(1) and 11(3) read together with Section 92(1)(g) of the Companies Act, No.7 of
2007, consequent to the Shares of the Company being listed on the Colombo
Stock Exchange.
Annual General Meeting
The Annual General Meeting of Hikkaduwa Beach Resort Ltd will be held at Citrus
Leisure PLC, No. 2, Police Park Avenue, Colombo 5 on Friday, 27th September 2013 at
9.15 am. The Notice of the Annual General Meeting is on page 42 of this Report.
This Annual Report is signed for and on behalf of the Board of Directors by
E. P. A. Cooray Hemantha Ratnayake
Chairman Director
P W Corporate Secretarial (Pvt) Ltd
Secretaries
17 August 2013
Statement of Directors Responsibility
The Companies Act, No 07 of 2007 stipulates that Directors are responsible for the
preparation of fnancial statements for each fnancial year and to place before a
general meeting fnancial statements, comprising a Comprehensive Statement of
Income and Statement of Financial Position which presents a true and fair view of
the state of afairs of the Company as at the end of the fnancial year and which
comply with the requirements of the above Act.
The fnancial statements have been prepared and presented in accordance with Sri
Lanka Accounting Standards. In preparing the fnancial statements, appropriate
accounting policies have been selected and applied consistently, whilst reasonable
and prudent judgments and estimates have been made.
As per Section 148 of the Act, the Directors are required to maintain sufcient
accounting records to disclose with reasonable accuracy the fnancial position of the
Company and to ensure that the fnancial statements presented comply with the
requirements of the Companies Act.
The Directors are also responsible for devising proper internal controls for
safeguarding the assets of the Company against unauthorised use or disposition,
prevention and detection of fraud and for reliability of fnancial information used
within the business or for publication.
The Directors continue to adopt the going concern basis in preparing accounts and
after making inquiries and following a review of the Companys budget for the
fnancial year 2013/2014, including cash fows and borrowing facilities, consider
that the Company has adequate resources to continue in operation.
The Board of Directors is of the opinion that it has discharged its responsibilities as
set out above.
By order of the Board of
Secretaries
Colombo
17 August 2013
7
Board of Directors
The Board of Directors is responsible for the governance of the Company whilst
the shareholders role in governance is to appoint the Directors and the Auditors to
satisfy themselves that an appropriate governance structure is in place.
The Board of Directors of the Company currently comprises of six members. There is a
balance of Executive and Non Executive Directors to ensure that the decisions taken
by the Board are collective decisions. One third of the Directors retires by rotation at
each Annual General Meeting but are eligible for re-election.
Each Non-Executive Director has submitted a Declaration of his independence
or non-independence as required under the Listing Rules of the Colombo
Stock Exchange.
The Board has determined that Messrs Prema Cooray, Vasula Premawardene, Rajinda
Seneviratne and Gehan De Zoysa are independent Non-executive as per the criteria
set out in the Listing Rules of the Colombo Stock Exchange.
In its said determination, the Board has considered that Messrs Prema Cooray, Vasula
Premawardene and Rajinda Seneviratne who serve on the directorate of Citrus
Leisure PLC (which is the holding company of Hikkaduwa Beach Resort Limited) and
certain other companies in the group do not qualify as Independentagainst the
criteria set out in Rule 7.10.4(g) of the Listing Rules of the CSE. Nevertheless, the
Board, having considered that the said Directors serve as Independent Directors on
the Board of the holding company has resolved that in its opinion the directorships
held by said Directors do not compromise their independence and objectivity in
discharging the functions as IndependentDirectors in Hikkaduwa Beach Resort
Limited and accordingly in terms of Rule 7.10.3(b) of the Listing Rules of the CSE,
the Board has determined that Messrs Prema Cooray, Vasula Premawardene and R
Seneviratne, are nevertheless Independentas per the said Listing Rules.
Board Sub Committees
Audit Committee
The primary function of the Committee is to assist the Board in fulflling its
responsibilities by reviewing the fnancial information provided to Shareholders.
The Audit Committee also oversees the relationship between the Company and the
Auditor and reviews the Companys fnancial reporting system.
The Board has appointed an Audit Committee consisting three non-executive
Directors, all of whom are independent.
Mr. E.P. A Cooray serves as Chairman of the Audit Committee. Mr Cooray is a Certifed
Management Accountant.
The names of the members of the Audit Committee are as follows.
Mr Prema Cooray - Chairman
Mr. V. Premawardhana,
Mr. R. Seneviratne
The Report of the Audit Committee appears on Page 9.
Remuneration Committee
The Remuneration Committee consists of three non-executive Directors all of whom
are Independent. The Committee reviews the remuneration of Senior Management
and Executive Directors.
The names of the members of the Remuneration Committee are as follows.
Mr. E.P.A Cooray - Chairman.
Mr. V. Premawardhana,
Mr. G.R.W De Soysa
Report of the Remuneration Committee appears on Page 10.
Board Meetings
The Board meets regularly to discharge their duties efectively. The Boards functions
include the assessment of the adequacy and efectiveness of internal controls,
compliance with applicable laws and regulations, review of management and
operational information, adoption of annual and interim accounts before they are
published, review of exposure to key business risks, strategic direction of operational
and management units, approval of annual budgets, monitoring progress towards
achieving the budgets, approvals relating to key appointments, sanctioning major
capital expenditure etc.
The Board met 12 times during the period under review and the attendance is
given below.
Name Directorship status Attended
Mr.E.P.A Cooray * NED /IND 11/12
Mr. D.S Jayaweera ED 11 /12
Mr. R. Seneviratne NED/IND 8/12
Mr P V S Premawardhane NED/IND 8/8
Mr H Ratnayake ED 8/8
Mr G R W De Soysa NED/IND 2/8
* Chairman, NED = Non-Executive Director, ED= Executive Director,
IND = Independent Director
Financial Reporting
The Board aims to provide and present a balanced assessment of the Companys
position and prospects in compliance with the Sri Lanka Accounting Standards and
the relevant Statutes, and has established a formal and transparent process for
conducting fnancial reporting and internal control principles.
The Statement of Directors Responsibilities for the Financial Statements is given on
page 6 of this Report.
Internal Controls
The Board is responsible for the Companys internal controls. In this respect controls
are established for safeguarding the Companys assets, making available accurate
and timely information and imposing greater discipline on decision making.
Corporate Disclosure and Shareholder Relationship
The Company is committed to providing timely and accurate disclosure of all
price sensitive information, fnancial results and signifcant developments
to all shareholders, the Colombo Stock Exchange and where necessary, to the
general public.
Shareholders are provided with the Annual Report and, the Company disseminates
to the market, Quarterly Financial Statements in accordance with the Listing Rules of
the Colombo Stock Exchange.
The Annual General Meeting provides a platform for shareholders to discuss and
seek clarifcations on the activities of the Company.
By Order of the Board of
Secretaries
Colombo
17 August 2013
9
The responsibilities of the Audit Committee are governed by the Audit Committee
Charter, approved and adopted by the Board. The Audit Committee focuses
principally on assisting the Board in fulflling its duties by providing an independent
and objective review of the fnancial reporting process, internal controls and the
audit function. These include the quality of interim and annual reported earnings
and the adequacy and fairness of disclosure; monitoring managements strategy
for ensuring that the Company has implemented appropriate internal controls to
address business risks and that these controls are functioning efectively; reviewing
procedures relating to statutory, regulatory and related compliance; and the
adequacy of the Companys internal and external audit function.
Committee composition, meetings held and attendance
The Audit Committee consists of three members. The Chairman of the Audit
Committee is a Fellow of the Institute of Certifed Management Accountants of Sri
Lanka. All Non-Executive Directors satisfy the criteria for independence as specifed
in the Standards on Corporate Governance for listed Companies issued by the
Securities & Exchange Commission of Sri Lanka. The Audit Committee reports directly
to the Board. The individual and collective fnancial and hotel industry specifc
knowledge, business experience and the independence of members are brought
to bear on all matters, which fall within the committees purview. The Finance
Manager, Chief Executive Ofcer, Director Operations and Director Marketing attend
Audit Committee meetings by invitation. Outsourced Internal Auditors, BDO Partners
and Independent External Auditors, Ernst & Young, are required to attend meetings.
Activities performed
The committee reviewed the activities and fnancial afairs of the Company and
its subsidiaries and underlying hotel entities, and the fnancial reporting system
adopted in the preparation of quarterly and annual fnancial statements to ensure
reliability of the process, appropriateness and consistency of accounting policies and
methods adopted and that they facilitate compliance with the requirements of the
new Sri Lanka Accounting Standards (SLFRS/LKAS), the Companies Act, No. 7 of 2007
and other relevant statutory and regulatory requirements.
Audit Committee Report
The Business Risk Management processes and procedures adopted by the
Companies, to manage and mitigate the efects of such risks and observed that risk
analysis exercises had been conducted across the diferent Companies, key risks that
could impact operations had been identifed and to the extent possible measures
taken to minimize the impact of such risks. It was noted that with the integration
of sustainability within the Leisure Group, further measures to mitigate the core
sustainability risks had been identifed and risk mitigation measures designed and
implemented.
It was reviewed the Companys compliance framework to determine that it provides
reasonable assurance that all relevant laws, rules and regulations have been
complied with.
The Audit Committee has recommended to the Board of Directors that Messrs Ernst
& Young be re-appointed as Auditors for the Financial Year ending 31st March 2014,
subject to the approval of the shareholders at the next Annual General Meeting.
E. P. A. Cooray
Chairman
Audit Committee
17 August 2013
Remuneration Committee Report
The Directors following comprising the Committee are independent of management
and are totally free from any business, personal or other relationships that may
interfere with the exercise of their independent judgments.
1. Mr. E. P. A. Cooray
2. Mr. P. V. S. Premawardene
3. Mr. G. R. W. De Soysa
Function of the Committee
The Company remuneration policy remained unchanged during the year under
review and the Committee formally met once.
The Company policy on remuneration packages is to attract the best caliber of
professional, skilled and managerial talent to the Group, to retain such employees
within the Group, and to motivate and encourage them to perform at the
optimum level.
The Company has a structured and professional methodology to evaluate the
performance of employees. The policy ensures that internal equity and fairness
among employees are maintained and that a suitable work environment and
working conditions are provided. Further, there is no discrimination on account of
gender, age, ethnicity or religion.
The Remuneration Committee having considered the performance of the Company
and the Strategic Business Units and the contribution of the employees to the
Strategic Business Unit to which they are attached, approved promotions and the
revision of individual remuneration packages. These packages were based on the
cost of living, infation and comparative industry norms. No Director was involved in
deciding his/ her own remuneration.
The Remuneration Committees decisions were based on these policies and practices,
which ensured that sound and measured judgment, were adopted at all times.
E.P.A. Cooray
Chairman
Remuneration Committee
Colombo
17 August 2013
11
Independent Auditors Report
TO THE SHAREHOLDERS OF HIKKADUWA BEACH RESORT LIMITED
Report on the Financial Statements
We have audited the accompanying Financial Statements of Hikkaduwa Beach
Resort Limited (the Company), which comprise the Statement of Financial
Position as at 31 March 2013, and Statement of Comprehensive Income, Statement
of Changes in Equity and Statement of Cash Flow for the year then ended, and a
summary of signifcant accounting policies and other explanatory notes.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these
fnancial statements in accordance with Sri Lanka Accounting Standards (LKAS/
SLFRS). This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of fnancial
statements that are free from material misstatement, whether due to fraud or error;
selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Scope of Audit and Basis of Opinion
Our responsibility is to express an opinion on these Financial Statements based on
our audit. We conducted our audit in accordance with Sri Lanka Auditing Standards.
Those standards require that we plan and perform the audit to obtain reasonable
assurance whether the Financial Statements are free from material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the Financial Statements. An audit also includes assessing the
accounting policies used and signifcant estimates made by management, as well as
evaluating the overall Financial Statement presentation.
We have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit. We therefore
believe that our audit provides a reasonable basis for our opinion.
Opinion
In our opinion, so far as appears from our examination, the Company maintained
proper accounting records for the year ended 31 March 2013 and the Financial
Statements give a true and fair view of the Companys state of afairs as at 31
March 2013 and its fnancial performance and cash fows for the year then ended in
accordance with Sri Lanka Accounting Standards.
Report on Other Legal and Regulatory Requirements
These Financial Statements also comply with the requirements of Section 151(2) of
the Companies Act No. 7 of 2007.
17 August 2013
Colombo
Hikkaduwa Beach Resort Limited . Annual Report 2012/13 12
Year ended 31 March Note 2013 2012
Rs. Rs.
Revenue 6 223,160,957 73,507,132
Cost of Sales (73,884,726) (13,370,482)
Gross Proft 149,276,231 60,136,650
Other Income 7 5,926,193 981,557
Administrative Expenses (93,745,153) (25,220,263)
Selling and Distribution Expenses (7,375,686) (5,975,912)
Finance Income 8.1 - 199,818
Finance Cost 8.2 (1,755,899) (132,073)
Proft Before Tax 9 52,325,686 29,989,777
Income Tax (Expense) / Reversal 10 5,414,903 (3,605,593)
Proft for the year 57,740,589 26,384,184
Other Comprehensive Income - -
Total Comprehensive Income for the year, net of tax 57,740,589 26,384,184
Earnings Per Share - Basic (Rs.) 11 1.08 1.13
The accounting policies and notes on pages 16 through 41 form an integral part of the fnancial statements.

Statement of Comprehensive Income
13
Statement of Financial Position
As at 31 March Note 2013 2012
Rs. Rs.
ASSETS
Non-Current Assets
Property, Plant and Equipment 12 883,575,786 887,843,086
Deferred Tax Asset 10.2 1,865,258 -
885,441,044 887,843,086
Current Assets
Inventories 14 3,975,184 4,516,070
Trade and Other Receivables 15 87,694,477 92,146,502
Advances and prepayments 1,265,407 2,308,004
Income Tax Receivable 360,479 -
Cash and Cash Equivalents 16.1 14,424,472 2,249,206
107,720,019 101,219,781
Total Assets 993,161,063 989,062,867
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 17 778,568,197 669,031,426
Retained Earnings 84,124,773 26,384,184
Total Equity 862,692,970 695,415,610
Non-Current Liabilities
Interest Bearing Loans and Borrowings 13 4,738,989 1,872,697
Retirement Beneft obligation 18 4,965,037 4,475,656
Defered Tax Liability 10.2 - 3,549,643
9,704,026 9,897,996
Current Liabilities
Trade and Other Payables 19 101,613,191 260,567,660
Interest Bearing Loans and Borrowings 13 19,150,876 23,181,601
120,764,067 283,749,261
Total Equity and Liabilities 993,161,063 989,062,867
These Financial Statements are in compliance with the requirements of the Companies Act No: 07 of 2007.
Ravindra Dissanayaka
Finance Manager
The board of directors is responsible for the preparation and presentation of these fnancial statements. Signed for and on behalf of the Board by.
E. P. A. Cooray Hemantha Ratnayake
Chairman Director

17 August 2013
Colombo
Statement of Changes in Equity
Year ended 31 March Stated Retained
Capital Earnings Total
Rs. Rs. Rs.
Balance as at 01 April 2011 - - -
Issue of Shares 669,031,426 - 669,031,426
Proft for the period - 26,384,184 26,384,184
Balance as at 31 March 2012 669,031,426 26,384,184 695,415,610
Issue of Shares 109,536,771 - 109,536,771
Proft for the year - 57,740,589 57,740,589
Balance as at 31 March 2013 778,568,197 84,124,773 862,692,970
15
Statement of Cash Flow
Year ended 31 March Note 2013 2012
Rs. Rs.
Cash Flows From / (Used in) Operating Activities
Proft before Income Tax Expense 52,325,686 29,989,777
Adjustments for
Depreciation 38,238,038 4,377,310
Provision for Retirement Benefts Obligation 18 1,114,347 1,393,077
Finance Income - (199,818)
Finance Costs 8.2 1,755,899 132,073
Operating Proft before Working Capital Changes 93,433,970 35,692,419
(Increase) Decrease in Inventories 540,886 (4,516,070)
(Increase) / Decrease in Trade and Other Receivables 4,452,025 (94,454,505)
Increase in Advances and prepayments 1,042,597 -
Increase / (Decrease) in Trade and Other Payables (158,954,469) 170,670,815
Cash Generated from / (used in ) Operations (59,484,991) 107,392,659
Finance Cost Paid (1,755,899) (132,073)
Income Tax Paid (360,479) -
Retirement Beneft Obligation Paid 18 (624,966) (144,608)
Net Cash from / (used in ) Operating activities (62,226,335) 107,115,978
Cash Flows from/(Used in) Investing Activities
Acquisition of Property, Plant and Equipment 12.4 (33,970,738) (437,320,271)
Finance Income Received - 199,818
Net Cash Flows From / (used in ) Investing Activities (33,970,738) (437,120,453)
Cash Flows from/(Used in) Financing Activities
Cash Received on New Share Issue 17.1 109,536,771 309,543,133
Proceeds From Interest Bearing Loans and Borrowings 13.1 8,000,000 -
Repayment of Interest Bearing Loans and Borrowings 13.1 (2,007,000) -
Principal Payment under Finance Lease Liabilities 13.2 (397,883) (102,811)
Net Cash Flow from Financing Activities 115,131,888 309,440,322
Net Increase/(Decrease) in Cash and Cash Equivalents 18,934,815 (20,564,152)
Cash and Cash Equivalents at the beginning of the period (20,564,152) -
Cash and Cash Equivalents at the end of the period 16 (1,629,337) (20,564,152)
1. CORPORATE INFORMATION
1.1 General
Hikkaduwa Beach Resort Limited (Company) is a Public Limited Liability
Company incorporated and domiciled in Sri Lanka. The registered ofce of the
Company is located at No 02, Police Park Avenue, Colombo 05 and the principal
place of business is situated at Hikkaduwa.
1.2 Principal Activities and Nature of Operations
During the period, the principal activities of the Company is provision of food and
beverage, lodging, and other hospitality industry related activities.
1.3 Parent Entity and Ultimate Parent Entity
The Companys parent entity is Citrus Leisure PLC. In the opinion of the Directors
the Companys ultimate parent undertaking and controlling party is also Citrus
Leisure PLC, which is incorporated in Sri Lanka.
1.4 Date of Authorisation for Issue
The fnancial statements of Hikkaduwa Beach Resort Limited for the year ended
31 March 2013 were authorized for issue in accordance with a resolution of the
Board of Directors on 17 August 2013.
2. BASIS OF PREPARATION
2.1 Statement of Compliance
The Financial Statements have been prepared in accordance with the
Sri Lanka Accounting and Auditing Standards Act No. 15 of 1995, which
requires compliance with Sri Lanka Accounting Standards (SLFRSs and LKASs)
promulgated by the Institute of Chartered Accountants of Sri Lanka (ICASL), and
with the requirements of the Companies Act No. 7 of 2007.
For all periods up to and including the year ended 31 March 2012, the Company
prepared its Financial Statements in accordance with Sri Lanka Accounting
Standards (SLAS). These Financial Statements for the year ended 31 March 2013
are the frst the Company has prepared in accordance with Sri Lanka Accounting
Standards (SLFRS and LKAS) efective for the periods beginning on or after 01
April 2012.
Note 05 discloses the impact of the transition to SLFRS on the Companys
reported fnancial position and cash fows, including the nature and efect of
Notes to the Financial Statements
signifcant changes in accounting policies from those used in the Companys
fnancial statements for the year ended 31 March 2012 prepared under SLASs.
2.2 Basis of measurement
The Financial Statements have been prepared on a historical cost basis except
certain items of fnancial instruments, which are stated at fair value.
Where appropriate, the specifc policies are explained in the succeeding Notes.
No adjustments have been made for infationary factors in the Financial
Statements.
2.3 Going Concern
The Directors have made an assessment of the Companys ability to continue as a
going concern and they do not intend either to liquidate or to cease trading and
operations.
2.4 Materiality and Aggregation
Each material class of similar items is presented separately in the Financial
Statements. Items of a dissimilar nature or function are presented separately
unless they are immaterial.
3 SIGNIFICANT ACCOUNTING POLICIES
The following are the signifcant accounting policies applied by the Company in
preparing its fnancial statements.
3.1 Foreign Currency Translations
The Companys Financial Statements are presented in Sri Lanka Rupees, which is
the functional and presentation currency of the Company. Transactions in foreign
currencies are initially recorded at the functional currency rate ruling at the date
of the transaction.
Monetary assets and liabilities denominated in foreign currencies are
retranslated at the functional currency spot rate of exchange ruling at the
reporting date.
All diferences are taken to the Statement of Comprehensive Income.
Year ended 31 March 2013
17
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates as at the dates of the initial
transactions. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value is
determined. The gain or loss arising on translation of non-monetary items
is recognized in line with the gain or loss of the item that gave rise to the
translation diference (translation diferences on items whose gain or loss is
recognized in other comprehensive income or statement of income is also
recognized in other comprehensive income or proft or loss respectively).
3.2 Statement of Comprehensive Income
For the purpose of presentation of the Income Statement, the function of
expenses method is adopted, as it represents fairly the elements of Company
performance.
3.2.1 Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefts
will fow to the Company and the revenue can be reliably measured, regardless
of when the payment is being made. Revenue is measured at the fair value of the
consideration received or receivable, taking into account contractually defned
terms of payment and excluding taxes or duty. The Company assesses its revenue
arrangements against specifc criteria to determine if it is acting as principal
or agent. The Company has concluded that it is acting as a principal in all of its
revenue arrangements. The specifc recognition criteria described below must
also be met before revenue is recognised.
Room Revenue
Room revenue is recognised on the rooms occupied on a daily basis and food and
beverage and other hotel related sales are accounted for at the point of sales.
Interest income
For all fnancial instruments measured at amortised cost and interest bearing
fnancial assets classifed as available for sale, interest income or expense is
recorded using the efective interest rate (EIR), which is the rate that exactly
discounts the estimated future cash payments or receipts through the expected
life of the fnancial instrument or a shorter period, where appropriate, to the net
carrying amount of the fnancial asset or liability. Interest income is included in
fnance income in the statement of income.
Dividend Income
Dividend income is recognised in proft and loss on the date the entitys right
to receive payment is established, which in the case of quoted securities is the
ex-dividend date.
Gains and losses on Disposal of Assets
Gains and losses on disposal of Assets are determined by comparing the net sales
proceeds with the carrying amounts of the Assets and are recognised net within
other operating incomein the Statement of Income. When revalued assets are
sold, the amounts included in the revaluation surplus reserve are transferred to
retained earnings.
3.2.2 Expenses
All expenditure incurred in the running of the business has been charged to
income in arriving at the proft for the year.
Repairs and renewals are charged to the Statement of Income in the year in
which the expenditure is incurred.
3.2.3 Borrowing costs
Borrowing costs are recognized as an expense in the period in which they
are incurred, except to the extent that they are directly attributable to the
acquisition, construction or production of a qualifying asset, in which case they
are capitalized as part of the cost of that asset.
3.2.4 Finance income and fnance costs
Finance income comprises interest income on funds invested (including
available-for-sale fnancial assets), gains on the disposal of available-for-
sale fnancial assets, changes in the fair value of fnancial assets at fair value
through proft or loss. Interest income is recognised as it accrues in Statement of
Comprehensive Income.
Finance costs comprise interest expense on borrowings, unwinding of the
discount on provisions, changes in the fair value of fnancial assets at fair value
through proft or loss. Borrowing costs that are not directly attributable to the
acquisition, construction or production of a qualifying asset are recognised in
statement of income using the efective interest method.
The interest expense component of fnance lease payments is allocated to each
period during the lease term so as to produce a constant periodic rate of interest
on the remaining balance of the liability. Foreign currency gains and losses are
reported on a net basis.
3.2.5 Tax Expense
The proft relating to the hotel trade is exempt from income tax for 6 years
reckoned from the commencement of the year of assessment in which such
undertaking commences to make profts from transactions entered in to in
that year of assessment or from the commencement of the year of assessment
immediately succeeding the year of assessment in which such undertaking
completes a period of two years reckoned from the date on which such
undertaking commences to carry on commercial operations, whichever occurs
earlier. Accordingly tax exemption will commence from the year of assessment
2011/12 to 2016/17.
Interest income is taxed at the rate of 28%.
Deferred Tax
Deferred tax is provided using the liability method on temporary diferences
between the tax bases of assets and liabilities and their carrying amounts for
fnancial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary diferences, the
carry forward of unused tax credits and any unused tax losses. Deferred tax
assets are recognised to the extent that it is probable that taxable proft will
be available against which the deductible temporary diferences, and the carry
forward of unused tax credits and unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date
and reduced to the extent that it is no longer probable that sufcient taxable
proft will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are reassessed at each reporting date and are
recognised to the extent that it has become probable that future taxable profts
will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected
to apply in the year when the asset is realised or the liability is settled, based on
tax rates that have been enacted or substantively enacted at the reporting date.
Deferred tax relating to items recognised outside proft or loss is recognised
outside proft or loss. Deferred tax items are recognised in correlation to the
underlying transaction either in other comprehensive income or directly in
equity.
Sales Tax
Revenues, expenses and assets are recognised net of the amount of sales tax,
except:
When the sales tax incurred on a purchase of assets or services is not
recoverable from the taxation authority, in which case, the sales tax is
recognised as part of the cost of acquisition of the asset or as part of the
expense item, as applicable
Receivables and payables that are stated with the amount of sales tax included
The net amount of sales tax recoverable from, or payable to, the taxation
authority is included as part of receivables or payables in the statement of
fnancial position.
3.3 Assets and bases of their valuation
3.3.1 Property, Plant and Equipment
3.3.1.1 Recognition and measurement
Items of Property, Plant and Equipment are measured at cost less accumulated
depreciation and accumulated impairment losses, if any, whilst land is measured
at fair value.
3.3.1.2 Owned assets
The cost of Property, Plant and Equipment includes expenditure that are
directly attributable to the acquisition of the asset. The cost of self-constructed
assets includes the cost of materials and direct labour, any other costs directly
attributable to bringing the asset to a working condition for its intended use,
and the costs of dismantling and removing the items and restoring the site on
19
which they are located, and borrowing costs on qualifying assets for which the
commencement date for capitalisation is on or after 1 April 2011.
When parts of an item of Property, Plant and Equipment have diferent useful
lives, they are accounted for as separate items (major components) of Property,
Plant and Equipment.
The assets residual values, useful lives and methods of depreciation are reviewed
at each fnancial year end and adjusted prospectively, if appropriate.
3.3.1.3 Lease assets
The determination of whether an arrangement is, or contains, a lease is based
on the substance of the arrangement at inception date, whether fulflment of
the arrangement is dependent on the use of a specifc asset or assets or the
arrangement conveys a right to use the asset, even if that right is not explicitly
specifed in an arrangement.
3.3.1.4 Company as a lessee
Finance leases that transfer to the Company substantially all the risks and
benefts incidental to ownership of the leased item, are capitalised at the
commencement of the lease at the fair value of the leased property or, if lower,
at the present value of the minimum lease payments. Lease payments are
apportioned between fnance charges and reduction of the lease liability so as
to achieve a constant rate of interest on the remaining balance of the liability.
Finance charges are recognised in fnance costs in the statement of income.
A leased asset is depreciated over the useful life of the asset. However, if there is
no reasonable certainty that the Company will obtain ownership by the end of
the lease term, the asset is depreciated over the shorter of the estimated useful
life of the asset and the lease term.
3.3.1.5 Subsequent Costs
The cost of replacing a component of an item of Property, Plant and Equipment
is recognised in the carrying amount of the item if it is probable that the future
economic benefts embodied within the part will fow to the Company and
its cost can be measured reliably. The carrying amount of the replaced part is
derecognised in accordance with the derecognition policy given below.
The costs of the day-to-day servicing of Property, Plant and Equipment are
recognised in proft and loss as incurred.
3.3.1.6 Derecognition
The carrying amount of an item of Property, Plant and Equipment is
derecognised on disposal; or when no future economic benefts are expected
from its use. Gains and losses on derecognition are recognised in statement of
income and gains are not classifed as revenue.
3.3.1.7 Depreciation
Depreciation is recognised in the Statement of Comprehensive Income on a
straight-line basis over the estimated useful lives of each part of an item of
Property, Plant and Equipment, since this most closely refects the expected
pattern of consumption of the future economic benefts embodied in the asset.
Assets held under fnance leases are depreciated over the shorter of the lease
term and the useful lives of equivalent owned assets unless it is reasonably
certain that the Company will have ownership by the end of the lease term.
Freehold land is not depreciated.
The estimated useful lives for the current and comparative periods are as follows:
Buildings 40 Years
Furniture and Fittings 6 Years
Entertainment Equipments 4 Years
Ofce Equipments 6 Years
Sundry Equipments 5 Years
Linen and Furnishing 3 years
Kitchen Utensils and Other Equipments 10 years
Air Condition 13 years
Electrical Fittings 10 years
Crockery and Cutlery 3 Years
Motor Vehicles 4 Years
Depreciation of an asset begins when it is available for use and ceases at
the earlier of the dates on which the asset is classifed as held for sale or is
derecognised.
3.3.2 Current Assets
Assets classifed as current assets on the Balance Sheet are cash and bank
balances and those which are expected to be realised in cash during the normal
operating cycle or within one year from the reporting date, whichever is shorter.
3.3.2.1 Inventories
Inventories are valued at the lower of cost and estimated net realisable value,
after making due allowances for obsolete and slow moving items. Net realisable
value is the price at which inventories can be sold in the ordinary course of
business less the estimated cost of completion and the estimated cost necessary
to make the sale.
The cost incurred in bringing inventories to its present location and condition is
accounted using the following cost formulae.
House keeping and Maintenance
Food
Beverage
Printing & Stationary
Ayurveda
3.3.2.2 Cash and cash equivalents
Cash and cash equivalents comprise cash balances and call deposits. Bank
overdrafts that are repayable on demand and form an integral part of the
Companys cash management are included as a component of cash and cash
equivalents for the purpose of the Statement of Cash Flows.
3.3.3 Impairment of non-fnancial assets
The carrying amounts of the Companys non-fnancial assets are reviewed at
each reporting date to determine whether there is any indication of impairment.
If any such indication exists, then the assets recoverable amount is estimated.
For goodwill and intangible assets that have indefnite lives or that are not yet
available for use, the recoverable amount is estimated at each reporting date or
more frequently, if events or changes in circumstances indicate that they might
be impaired.
3.3.3.1 Calculation of recoverable amount
The recoverable amount of an asset or cash-generating unit is the greater of
its value in use and its fair value less costs to sell. In assessing value in use,
estimated future cash fows are discounted to their present value using a
pre-tax discount rate that refects current market assessments of the time
value of money and the risks specifc to the asset. A cash-generating unit is the
smallest identifable asset Company that generates cash fows that largely are
independent from other assets.
3.3.3.2 Impairment / Reversal of impairment
An impairment loss is recognised if the carrying amount of an asset or its
cash-generating unit exceeds its recoverable amount. Impairment losses are
recognised in statement of income. Impairment losses recognised in respect of
cash-generating units are allocated frst to reduce the carrying amount of any
goodwill allocated to the units and then to reduce the carrying amount of the
other assets in the unit on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting
date for any indications that the loss has decreased or no longer exists. An
impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount. An impairment loss is reversed only to the
extent that the assets carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
3.4 Financial Instruments Initial recognition and subsequent
measurement
3.4.1 Financial assets
3.4.1.1 Initial recognition and measurement
Financial assets within the scope of LKAS 39 are classifed as fnancial assets
at fair value through proft or loss, loans and receivables, held-to-maturity
investments, available-for-sale fnancial assets, or as derivatives designated
as hedging instruments in an efective hedge, as appropriate. The Company
determines the classifcation of its fnancial assets at initial recognition.
All fnancial assets are recognised initially at fair value plus transaction costs,
except in the case of fnancial assets recorded at fair value through proft or loss.
- At actual cost on weighted average basis
21
Purchases or sales of fnancial assets that require delivery of assets within a
time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Company
commits to purchase or sell the asset.
The Companys fnancial assets include cash and short-term deposits, fnancial
assets at fair value through proft or loss and other receivables.
3.4.1.2 Subsequent measurement
The subsequent measurement of fnancial assets depends on their classifcation
as described below:
Financial assets at fair value through proft or loss
Financial assets at fair value through proft or loss include fnancial assets held
for trading and fnancial assets designated upon initial recognition at fair value
through proft or loss. Financial assets are classifed as held for trading if they are
acquired for the purpose of selling or repurchasing in the near term. Derivatives,
including separated embedded derivatives are also classifed as held for trading
unless they are designated as efective hedging instruments as defned by L
KAS 39.
Financial assets at fair value through proft and loss are carried in the statement
of fnancial position at fair value with net changes in fair value recognised in
fnance income or fnance costs in the income statement.
Financial assets designated upon initial recognition at fair value through proft
and loss are designated at their initial recognition date and only if the criteria
under LKAS 39 are satisfed. The Company has not designated any fnancial
assets at fair value through proft or loss.
The Company evaluates its fnancial assets held for trading, other than
derivatives, to determine whether the intention to sell them in the near term
is still appropriate. When in rare circumstances the Company is unable to trade
these fnancial assets due to inactive markets and managements intention to
sell them in the foreseeable future signifcantly changes, the Company may elect
to reclassify these fnancial assets. The reclassifcation to loans and receivables,
available-for-sale or held to maturity depends on the nature of the asset. This
evaluation does not afect any fnancial assets designated at fair value through
proft or loss using the fair value option at designation, these instruments cannot
be reclassifed after initial recognition.
Loans and receivables
Loans and receivables are non-derivative fnancial assets with fxed or
determinable payments that are not quoted in an active market. After initial
measurement, such fnancial assets are subsequently measured at amortised
cost using the efective interest rate method (EIR) , less impairment. Amortised
cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is
included in fnance income in the income statement. The losses arising from
impairment are recognised in the income statement in fnance costs for loans
and in other operating expenses for receivables.
Derecognition
A fnancial asset (or, where applicable, a part of a fnancial asset or part of a
Company of similar fnancial assets) is derecognised when:
The rights to receive cash fows from the asset have expired
The Company has transferred its rights to receive cash fows from the asset
or has assumed an obligation to pay the received cash fows in full without
material delay to a third party under a pass-through arrangement; and either
(a) the Company has transferred substantially all the risks and rewards of the
asset, or (b) the Company has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash fows from an asset
or has entered into a pass-through arrangement, it evaluates if and to what
extent it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the asset is recognised to the extent of the
Companys continuing involvement in the asset. In that case, the Company
also recognises an associated liability. The transferred asset and the associated
liability are measured on a basis that refects the rights and obligations that the
Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred
asset is measured at the lower of the original carrying amount of the asset and
the maximum amount of consideration that the Company could be required to
repay.
3.4.1.3 Impairment of fnancial assets
The Company assesses, at each reporting date, whether there is any objective
evidence that a fnancial asset or a Company of fnancial assets is impaired. A
fnancial asset or a Company of fnancial assets is deemed to be impaired if,
and only if, there is objective evidence of impairment as a result of one or more
events that has occurred after the initial recognition of the asset (an incurred
loss event) and that loss event has an impact on the estimated future cash
fows of the fnancial asset or the Company of fnancial assets that can be reliably
estimated. Evidence of impairment may include indications that the debtors or
a Company of debtors is experiencing signifcant fnancial difculty, default or
delinquency in interest or principal payments, the probability that they will enter
bankruptcy or other fnancial reorganisation and when observable data indicate
that there is a measurable decrease in the estimated future cash fows, such as
changes in arrears or economic conditions that correlate with defaults.
Financial assets carried at amortised cost
For fnancial assets carried at amortised cost, the Company frst assesses whether
objective evidence of impairment exists individually for fnancial assets that
are individually signifcant, or collectively for fnancial assets that are not
individually signifcant. If the Company determines that no objective evidence
of impairment exists for an individually assessed fnancial asset, whether
signifcant or not, it includes the asset in a Company of fnancial assets with
similar credit risk characteristics and collectively assesses them for impairment.
Assets that are individually assessed for impairment and for which an
impairment loss is, or continues to be, recognised are not included in a collective
assessment of impairment.
If there is objective evidence that an impairment loss has been incurred, the
amount of the loss is measured as the diference between the assets carrying
amount and the present value of estimated future cash fows (excluding future
expected credit losses that have not yet been incurred). The present value of
the estimated future cash fows is discounted at the fnancial assets original
efective interest rate. If a loan has a variable interest rate, the discount rate for
measuring any impairment loss is the current EIR.
The carrying amount of the asset is reduced through the use of an allowance
account and the amount of the loss is recognised in the statement of income.
Interest income continues to be accrued on the reduced carrying amount and
is accrued using the rate of interest used to discount the future cash fows for
the purpose of measuring the impairment loss. The interest income is recorded
as part of fnance income in the income statement. Loans together with the
associated allowance are written of when there is no realistic prospect of future
recovery and all collateral has been realised or has been transferred to the
Company. If, in a subsequent year, the amount of the estimated impairment loss
increases or decreases because of an event occurring after the impairment was
recognised, the previously recognised impairment loss is increased or reduced
by adjusting the allowance account. If a future write-of is later recovered, the
recovery is credited to fnance costs in the statement of comprehensive income.
3.4.2 Financial Liabilities
3.4.2.1 Initial recognition and measurement
Financial liabilities within the scope of LKAS 39 are classifed as fnancial
liabilities at fair value through proft or loss, loans and borrowings, or as
derivatives designated as hedging instruments in an efective hedge, as
appropriate. The Company determines the classifcation of its fnancial liabilities
at initial recognition.
All fnancial liabilities are recognised initially at fair value plus, in the case of
loans and borrowings, directly attributable transaction costs.
The Companys fnancial liabilities include trade and other payables, bank
overdrafts, loans and borrowings, fnancial guarantee contracts.
Subsequent measurement
The measurement of fnancial liabilities depends on their classifcation as
described below:
Loans and borrowings
After initial recognition, interest bearing loans and borrowings are subsequently
measured at amortised cost using the EIR method. Gains and losses are
recognised in the statement of comprehensive income when the liabilities are
derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included in fnance costs in the statement of comprehensive
income.
23
Derecognition
A fnancial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires.
When an existing fnancial liability is replaced by another from the same
lender on substantially diferent terms, or the terms of an existing liability
are substantially modifed, such an exchange or modifcation is treated as the
derecognition of the original liability and the recognition of a new liability. The
diference in the respective carrying amounts is recognised in the statement of
comprehensive income.
3.4.3 Ofsetting of Financial Instruments
Financial assets and fnancial liabilities are ofset and the net amount reported in
the consolidated statement of fnancial position if, and only if:
There is a currently enforceable legal right to ofset the recognised amounts
And
There is an intention to settle on a net basis, or to realise the assets and settle
the liabilities simultaneously
3.4.4 Fair value of fnancial instruments
The fair value of fnancial instruments that are traded in active markets at each
reporting date is determined by reference to quoted market prices or dealer price
quotations (bid price for long positions and ask price for short positions), without
any deduction for transaction costs.
For fnancial instruments not traded in an active market, the fair value is
determined using appropriate valuation techniques. Such techniques may
include:
Using recent arms length market transactions
Reference to the current fair value of another instrument that is substantially
the same
A discounted cash fow analysis or other valuation models.
An analysis of fair values of fnancial instruments and further details as to how
they are measured are provided in Note 15.
3.5 Provisions
Provisions are recognised when the Company has a present obligation (legal
or constructive) as a result of a past event, it is probable that an outfow of
resources embodying economic benefts will be required to settle the obligation
and a reliable estimate can be made of the amount of the obligation. When the
Company expects some or all of a provision to be reimbursed, the reimbursement
is recognised as a separate asset, but only when the reimbursement is virtually
certain. The expense relating to any provision is presented in the statement of
comprehensive income net of any reimbursement.
3.5.1 Employee Benefts
3.5.1.1 Defned Contribution Plans
A defned contribution plan is a post-employment beneft plan under which an
entity pays fxed contributions into a separate entity and will have no legal or
constructive obligation to pay further amounts. Obligations for contributions to
Provident and Trust Funds covering all employees are recognised as an employee
beneft expense in statement of comprehensive income in the periods during
which services are rendered by employees.
The Company contributes 12% and 3% of gross emoluments to employees as
Provident Fund and Trust Fund contribution respectively.
3.5.1.2 Defned Beneft Plans
A defned beneft plan is a post-employment beneft plan. The defned beneft
is calculated by independent actuaries using Projected Unit Credit (PUC) method
as recommended by LKAS 19 on Employee Benefts. The present value of the
defned beneft obligation is determined by discounting the estimated future
cash outfows using interest rates that are denominated in the currency in which
the benefts will be paid, and that have terms to maturity approximating to the
terms of the related liability.
The present value of the retirement beneft obligation depends on a number of
factors that are determined on a actuarial basis using a number of assumptions.
Key assumptions used in determining the retirement beneft obligations are
given in Note 18. Any changes in these assumptions will impact the carrying
amount of defned beneft obligations.
Provision has been made for retirement gratuities from the frst year of service
for all employees, in conformity with LKAS 19 on Employee Benefts. However,
under the payment of gratuity act No.12 of 1983, the liability to an employee
arises only on completion of 5 years of continued service.
The liability is not externally funded.
3.5.1.3 Short term benefts
Short-term employee beneft obligations are measured on an undiscounted
basis and are expensed as the related service is provided.
3.5.2 Stated Capital
3.5.2.1 Ordinary Shares
Ordinary shares are classifed as equity. Incremental costs directly attributable
to the issue of ordinary shares and share options are recognised as a deduction
from equity, net of any tax efects.
3.6 General
3.6.1 Events occurring after the Balance Sheet date
All material post Balance Sheet events have been considered and where
appropriate adjustments or disclosures have been made in the respective notes
to the Financial Statements.
3.6.2 Earnings/ (Loss) Per Share
The Company presents basic earnings per share (EPS) for its ordinary shares.
Basic EPS is calculated by dividing the proft or loss attributable to ordinary
shareholders of the Company by the weighted average number of ordinary
shares outstanding during the period.
3.7 Statements of Cash Flow
The Statements Cash Flow has been prepared using the indirect method.
Interest paid is classifed as an operating cash fow. Grants received, which are
related to purchase and construction of Property, Plant and Equipment are
classifed as investing cash fows. Dividend and interest income are classifed as
cash fows from investing activities.
Dividends paid are classifed as fnancing cash fows and Dividends received are
classifed as investing cash fows.
3.8 Use of Estimates and Judgments
In the process of applying the Companys accounting policies, management has
exercise judgment and estimates in determining the amounts recognized in the
Financial Statements. Use of available information, estimates and assumptions
and application of judgment is inherent in the preparation of the Financial
Statements as they afect the application of accounting policies and the recorded
amounts in the Financial Statements.
The Company believes its estimates including the valuation of assets and
liabilities are appropriate. Estimates and Underline assumptions are reviewed on
a continuous basis. However, the actual results may difer from those estimates.
The most signifcant uses of judgment and estimates are as follows.
Taxation
The Company is subject to income tax. Signifcant judgment was required to
determine the total provision for current and deferred taxes pending the issue
of tax guidelines on the treatment of the adoption of SLFRS in the Financial
Statements and the taxable proft for the purpose of imposition of taxes.
Uncertainties exist, with respect to the interpretation of the applicability of tax
laws, at the time of the preparation of these Financial Statements.
The Company recognised assets and liabilities for current and deferred taxes
based on estimates of whether additional taxes will be due. Where the fnal
tax outcome of these matters is diferent from the amounts that were initially
recorded, such diferences will impact the income and deferred tax amount in
the period in which the determination is made.
Retirement Beneft Obligation Gratuity
The cost of the retirement beneft plan gratuity, is determine using an
actuarial valuation. Actuarial valuation involve making assumptions about
inter alia discount rates, future salary increases, remaining working life of
employees and mortality rates. Due to the long term nature of these obligations
such estimates are subject to signifcant uncertainty. Description of retirement
employee benefts is given in Note 18.
Impairment of non-fnancial assets
Impairment exists when the carrying value of an asset or cash generating unit
exceeds its recoverable amount, which is the higher of its fair value less costs to
sell and its value in use. The fair value less costs to sell calculation is based on
available data from binding sales transactions in arms length transactions of
25
similar assets or observable market prices less incremental costs for disposing
of the asset. The value in use calculation is based on a discounted cash fow
model. The cash fows are derived from the budget for the next fve years and
do not include restructuring activities that the Company is not yet committed to
or signifcant future investments that will enhance the assets performance of
the CGU being tested. The recoverable amount is most sensitive to the discount
rate used for the discounted cash fow model as well as the expected future
cash-infows and the growth rate used for extrapolation purposes. The key
assumptions used to determine the recoverable amount for the diferent CGUs,
including a sensitivity analysis, are further explained in Note 13.
4 STANDARDS ISSUED BUT NOT YET EFFECTIVE
Standards issued but not yet efective up to the date of issuance of the
Companys fnancial statements are listed below. This listing of standards and
interpretations issued are those that the Company reasonably expects to have
an impact on disclosures, fnancial position or performance when applied at a
future date. The Company intends to adopt these standards when they become
efective.
SLFRS 9 Financial Instruments: Classifcation and Measurement
SLFRS 9 replaces LKAS 39 and applies to classifcation and measurement of
fnancial assets and fnancial liabilities as defned in LKAS 39. The standard is
efective for annual periods beginning on or after 1 January 2015. The adoption
of the frst phase of SLFRS 9 will have an efect on the classifcation and
measurement of the Companys fnancial assets, but will potentially have no
impact on classifcation and measurements of fnancial liabilities. The Company
will quantify the efect in conjunction with the other phases, when issued, to
present a comprehensive picture.
SLFRS 13-Fair Value Measurement
SLFRS 13 establishes a single source of guidance under SLFRS for all fair value
measurements. SLFRS 13 does not state when an entity is required to use fair
value, but rather provides guidance on how to measure fair value under SLFRS
when fair value is required or permitted. The Company is currently assessing the
impact that this standard will have on the fnancial position and performance.
This standard becomes efective for annual periods beginning on or after 1
January 2014.
4.1 Explanations to the transition of SLFRS
To comply with the SLFRS 1, the Company provides explanations to the
transition to SLFRS/LKAS from SLAS. The explanations includes a background
and quantifcation of the change, this also includes reconciliation of Companys
equity as at and end of reporting period 31 March 2012. Reconciliation for total
comprehensive income includes only for the latest fnancial year ended 31 March
2012. The fnancial statements of Hikkaduwa Beach Resort Ltd, for the year
ended 31 March 2013 are the frst fnancial statements prepared to comply with
SLFRS since the Companys frst fnancial year is 2011/12.
5 FIRST TIME ADOPTION OF SLFRS
These fnancial statements, for the Year ended 31 March 2013, are the frst the Company has prepared in accordance with SLFRSs. For periods up to and including the year ended
31 March 2012, the Company prepared its fnancial statements in accordance with Sri Lanka Accounting Standards (SLAS).
Accordingly, the Company has prepared fnancial statements which comply with SLFRSs applicable for periods beginning on or after 01 April 2012. The Company was incorporate
in 2012, hence this applies only for the year ended 31 March 2012. This note explains the principal adjustments made by the Company in restating its Sri Lanka Accounting
Standards (SLAS) statement of fnancial position as at and for the year ended 31 March 2012.
5.1 Reconciliation of equity as at 31 March 2012
SLAS SLFRS/LKAS
Year ended 31 March 2013 As at 31 March As at 31 March
2012 Remeasurement 2012
Rs. Rs. Rs.
ASSETS
Non-Current Assets
Property, Plant and Equipment (A) 880,150,409 7,692,677 887,843,086
880,150,409 7,692,677 887,843,086
Current Assets
Inventories 4,516,070 - 4,516,070
Trade and Other Receivables (C) 94,454,505 (2,308,004) 92,146,502
Advances and prepayments (C) - 2,308,004 2,308,004
Cash and Bank Balances 2,249,206 - 2,249,206
101,219,781 - 101,219,781
Total Assets 981,370,190 7,692,677 989,062,867
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 669,031,426 - 669,031,426
Retained Earnings (B) 26,841,661 (457,477) 26,384,184
Total Equity 695,873,087 (457,477) 695,415,610
Non-Current Liabilities
Interest Bearing Loans and Borrowings 1,872,697 - 1,872,697
Retirement Beneft obligation (B) 4,018,179 457,477 4,475,656
Defered Tax Liability 3,549,643 - 3,549,643
9,440,519 457,477 9,897,996
Current Liabilities
Trade and Other Payables (A) 252,874,983 7,692,677 260,567,660
Interest Bearing Loans and Borrowings 23,181,601 - 23,181,601
276,056,584 7,692,677 283,749,261
Total Equity and Liabilities 981,370,189 7,692,677 989,062,867
27
5.2 Reconciliation of comprehensive income for the period ended 31 March 2012
SLAS SLFRS/LKAS
Period Ended Period Ended
31 March 2012 Remeasurement 31 March 2012
Rs. Rs. Rs.
Revenue 73,507,132 - 73,507,132
Cost of Sales (13,370,482) - (13,370,482)
Gross Proft 60,136,650 - 60,136,650
Other Income 981,557 - 981,557
Administrative Expenses (B) (24,762,786) (457,477) (25,220,263)
Selling and Distribution Expenses (5,975,912) - (5,975,912)
Finance Income 199,818 - 199,818
Finance Costs (132,073) - (132,073)
Proft Before Tax 30,447,254 (457,477) 29,989,777
Income Tax Expense (3,605,593) - (3,605,593)
Net Proft for the Period 26,841,661 (457,477) 26,384,184
5.3 Notes to the reconciliation of equity as at 31 March 2012 and comprehensive income for the period ended 31 March 2012
(A) Property,plant and equipment/Intercompany
The Company had purchased the property from its parent and the parent had reassessed the transfer price of the asset based on the fair value and the necessary adjustment has
been made accordingly.
(B) Retirement Beneft obligation
The Company remeasured their gratuity liability based on the Actuarial valuation done by Messers. Actuarial and Management Consultants (Private) Limited, actuaries and the
adjustments has been made accordingly.
(C) Advance and Prepayments
Under SLAS, the Company has classifed Receivables, Advances and Prepayments as "Other Receivables". Under SLFRS, Advances and Prepayments do not fall within the
defnition of Financial Assets as defned in LKAS 39. Advances and prepayments has therefore been disclosed separately in the Statement of Financial Position as such
presentation would facilitate a better understanding of the entity's fnancial position.
6 REVENUE
2013 2012
Rs. Rs.
6.1 Summary
Sales 252,517,626 84,407,693
Less - Sales Taxes
Value added Tax (27,055,460) (10,119,339)
Tourism Development Levy (2,301,209) (781,222)
223,160,957 73,507,132
7 OTHER INCOME 2013 2012
Rs. Rs.
Guest Telephone 23,925 14,264
Guest Laundry 325,022 103,605
Swimming Pool 142,153 36,601
Foreign Currency Encashment 276,319 181,718
Exchange gain 2,762,776 472,391
Ayurvedic Centre 1,286,020 172,978
Sundry income 1,109,978 -
5,926,193 981,557
8 FINANCE COSTS AND INCOME
8.1 Finance Income
2013 2012
Rs. Rs.
Interest Income - 199,818
- 199,818
8.2 Finance Cost 2013 2012
Rs. Rs.
Interest Expense on Overdrafts 523,099 19,260
Interest Expense on Finance Leases 307,437 112,813
Interest Expenses on Bank Loans 925,363 -
1,755,899 132,073
29
9 PROFIT BEFORE TAX
Stated after Charging 2013 2012
Rs. Rs.
Included in Administrative Expenses
Employees Benefts including the following
- Salaries and Wages 10,407,323 3,761,218
- Defned Beneft Plan Cost - Gratuity 1,114,347 1,040,644
- Defned Contribution Plan Cost - EPF and ETF 980,796 248,268
Depreciation 38,238,038 4,377,310
Auditors' Remuneration 345,000 325,000
10 INCOME TAX EXPENSE 2013 2012
Rs. Rs.
Current Income Tax
Income Tax Expense (10.1) - 55,949
Deferred Income Tax
Deferred Taxation Charge/ (Reversal) (10.2) (5,414,903) 3,549,644
(5,414,903) 3,605,593
10.1 Reconciliation between Current Tax Expense/ (Income) and the product of Accounting Proft.
2013 2012
Rs. Rs.
Accounting Proft (Proft before Tax ) 52,325,686 29,989,777
Aggregate Disallowable Items 40,607,751 4,101,200
Aggregate Allowable Items (89,616,119) (79,150,165)
Taxable Proft/(Loss) 3,317,318 (45,059,188)
Proft and Income Exempt from Tax (3,317,318) -
Net Taxable Proft/(Loss) - (45,059,188)
Interest Income - 199,818
Current Income Tax Expense @ 28% - 55,949
10 INCOME TAX EXPENSE (Contd.)
10.2 Deferred Tax Liabilities and Income Tax relates to the followings
Balance Sheet Income Statement
2013 2012 2013 2012
Rs. Rs. Rs. Rs.
Deferred Tax Liability
Capital allowances for tax purposes - 9,122,538 (9,122,538) 9,122,538
- 9,122,538 -
Deferred Tax Assets
Capital allowances for tax purposes 1,269,454 - (1,269,454 ) -
Defned Beneft Plans 595,804 448,201 (147,603) (448,201)
Business Loss - 5,124,693 5,124,693 (5,124,693)
1,865,258 5,572,894
Deferred income tax Income / (Expense ) (5,414,903) 3,549,643
Net Deferred Tax Asset/(Liability) 1,865,258 (3,549,643)
11 EARNINGS PER SHARE
Basic Earnings Per Share is calculated by dividing the net proft for the period attributable to ordinary shareholders by the weighted average number of ordinary shares
outstanding during the period. The weighted average number of ordinary shares outstanding during the period are adjusted for events that have changed the number of
ordinary shares outstanding, without a corresponding change in the resources such as Bonus Issue.
The following refects the income and share data used in the basic Earnings Per Share computation.
2013 2012
Amounts Used as the Numerator: Rs. Rs.
Proft for the period 57,740,589 26,384,184
2013 2012
Numbers of Ordinary Shares Used as Denominator: Number Number
Weighted Average number of Ordinary Shares in issue 53,255,844 23,317,424
31
12 PROPERTY, PLANT AND EQUIPMENT
Balance Additions Disposals / Balance Additions Disposals / Balance
As at /Acquisitions Transfers As at /Acquisitions Transfers As at
12.1 Gross Carrying Amounts 01.04.2011 31.03.2012 31.03.2013
Rs. Rs. Rs. Rs. Rs. Rs. Rs.
At Cost
Freehold Land - 259,667,036 - 259,667,036 - - 259,667,036
Buildings - 121,357,054 349,038,579 470,395,633 - 9,292,874 479,688,508
Furniture and Fittings - 28,340,550 7,709,791 36,050,340 1,193,780 - 37,244,120
Equipments :
Entertainment Equipment - 4,865,840 - 4,865,840 532,970 - 5,398,810
Ofce Equipment - 4,129,254 2,386,546 6,515,800 241,185 - 6,756,985
Sundry Equipment - 5,863,367 11,285,383 17,148,750 1,095,036 - 18,243,786
Linen and Furnishing - 5,452,809 2,253,193 7,706,002 340,300 - 8,046,302
Kitchen Utensils and Other Equipments - 10,089,223 687,595 10,776,818 563,683 - 11,340,501
Air Condition - 6,442,953 45,684,587 52,127,541 6,999,632 - 59,127,173
Gardening & Other Equipment - 296,739 - 296,739 - - 296,739
Electrical Fittings - 3,996,266 16,056,770 20,053,035 2,849,747 - 22,902,782
Crockery and Cutlery - 2,671,735 - 2,671,735 834,942 - 3,506,677
Generator - - - 10,497,393 - 10,497,393
- 453,172,825 435,102,445 888,275,270 25,148,668 9,292,874 922,716,812
Assets on Finance Lease
Motor Vehicles - 3,494,322 3,494,322 (20,000) - 3,474,322
- 3,494,322 - 3,494,322 (20,000) - 3,474,322
Total Value of Depreciable Assets - 456,667,147 435,102,445 891,769,592 25,128,668 - 926,191,134
In the Course of Construction Balance Incurred Disposals / Balance Incurred Disposals / Balance
As at During Transfers As At During Transfers As At
01.04.2011 the Period 31.03.2012 the Period 31.03.2013
Capital Work in Progress - 435,553,249 (435,102,445) 450,804 8,842,070 (9,292,874) -
- 435,553,249 (435,102,445) 450,804 8,842,070 (9,292,874) -
Total Gross Carrying Amount - 892,220,396 - 892,220,396 43,263,612 (9,292,874) 926,191,134
12 PROPERTY, PLANT AND EQUIPMENT (Contd.)
Balance Charge for Disposals/ Balance Charge for Disposals/ Balance
12.2 Depreciation As at the period / Transfers As at the period / Transfers As at
01.04.2011 Transfers 31.03.2012 Transfers 31.03.2013
At Cost Rs. Rs. Rs. Rs. Rs. Rs.
Buildings - 1,853,162 - 1,853,162 11,759,891 - 13,613,053
Furniture & Fittings - 557,000 - 557,000 6,046,572 - 6,603,572
Equipments :
Entertainment Equipment - 294,897 - 294,897 1,252,119 - 1,547,016
Ofce Equipment - 164,734 - 164,734 1,102,080 - 1,266,814
Sundry Equipment - 308,127 - 308,127 5,804,717 - 6,112,844
Linen and Furnishing - 263,939 - 263,939 2,648,822 - 2,912,761
Kitchen Utensils and Other Equipments - 252,046 - 252,046 1,106,662 - 1,358,708
Air Condition - 158,815 - 158,815 4,024,743 - 4,183,558
Gardening & Other Equipment - 18,946 - 18,946 59,348 - 78,294
Electrical Fitting - 72,060 - 72,060 1,607,258 - 1,679,318
Crockery & Cutlery - 282,416 - 282,416 958,002 - 1,240,418
Generator 994,243 - 994,243
- 4,226,143 - 4,226,143 37,364,457 - 41,590,600
Assets on Finance lease
Motor Vehicles - 151,167 - 151,167 873,581 1,024,748
Total Depreciation - 4,377,310 - 4,377,310 38,238,038 - 42,615,348
12.3 Net Book Values 2013 2012
Rs. Rs.
At Cost
Freehold Land 259,667,036 259,667,036
Buildings 466,075,454 468,542,471
Furniture and Fittings 30,640,548 35,493,340
Equipments :
Entertainment Equipment 3,851,794 4,570,943
Ofce Equipment 5,490,171 6,351,066
Sundry Equipment 12,130,942 16,840,623
Linen and Furnishing 5,133,541 7,442,063
Kitchen Utensils and Other Equipments 9,981,793 10,524,772
Air Condition 54,943,615 51,968,726
Gardening & Other Equipment 218,445 277,793
Electrical Fittings 21,223,464 19,980,975
Crockery and Cutlery 2,266,259 2,389,319
Generator 9,503,150
881,126,212 884,049,127
Assets on Finance Lease
Motor Vehicles 2,449,574 3,343,155
2,449,574 3,343,155
Working Capital
Capital Work in Progress - 450,804
- 450,804
883,575,786 887,843,086
33
12.4 During the period, the company acquired Property, Plant and Equipment to the aggregate value of Rs. 33,970,738/- (2012 - Rs. 892,220,396/-) , the consideration for which
was settled by cash amounting Rs. 33,970,738/- (2012 - Rs. 437,320,271/-)
13 OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES
2013 2012
Interest Bearing Loans and Borrowings Rs. Rs.
Current Interest Bearing Loans and Borrowings
Bank Loan (13.1) 2,676,000 -
Bank Overdrafts 16,053,809 22,813,358
Obligation Under the Finance Lease 421,067 368,243
Total Current Interest Bearing Loans and Borrowings 19,150,876 23,181,601
Non Current Interest Bearing Loans and Borrowings
Bank Loan (13.1) 3,317,000 -
Obligation Under the Finance Lease 1,421,989 1,872,697
Total Non Current Interest Bearing Loans and Borrowings 4,738,989 1,872,697
13.1 Bank Loans Rate of Term of Balance Loans Repayments Balance As at
Interest Repayment As at Obtained 31.03.2013
% 01.04.2012 Rs. Rs. Rs.
Sampath Bank PLC - Rs. 8 Mn Loan AWPLR +
25% with
a foor of
15% Pa
35 equal
monthly
Installments
- 8,000,000 (2,007,000) 5,993,000
2013 2012
Rs. Rs.
Current 2,676,000 -
Non Current 3,317,000 -
5,993,000 -
Securities
1. Mortgage over FG Wilson sound proof Generator for Rs. 8 Mn.
2. Corporate Guarantee of Citrus Leisure PLC for Rs. 8 Mn.
13 OTHER FINANCIAL ASSETS AND FINANCIAL LIABILITIES (Contd.)
13.2 Finance Lease
Balance New Leases
Obtained
Repayments Balance New Leases Repayments Balance
As at As at Obtained As at
01.04.2011 31.03.2012 31.03.2013
National Development Bank PLC - 3,234,360 (215,624) 3,018,736 - (705,320) 2,313,416
Finance Charges Allocated to future periods - (890,610) 112,813 (777,797) - 307,437 (470,360)
Net Liability - 2,343,750 (102,811) 2,240,939 - (397,883) 1,843,056
2013 2012
Rs. Rs.
Current 421,067 368,243
Non Current 1,421,989 1,872,697
1,843,056 2,240,940
13.3 Fair Values Carrying
Amount
Fair Values
2013 2012 2013 2012
Financial Assets
Trade and Other Receivables 87,694,477 92,146,502 87,694,477 92,146,502
Cash and cash equivalents other than bank over draft 14,424,472 2,249,206 14,424,472 2,249,206
Total 102,118,949 94,395,708 102,118,949 94,395,708
Financial Liabilities
Interest Bearing Loans and Borrowings
Financial Lease 1,843,056 - 1,843,056 -
Fixed rate Borrowings 5,993,000 - 5,993,000 -
Trade and other payables 101,613,191 260,567,660 101,613,191 260,567,660
Bank Overdraft 16,053,809 22,813,358 16,053,809 22,813,358
Total 125,503,056 283,381,018 125,503,056 283,381,018
The fair values of the fnancial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties,
other than in a forced or liquidation sale.
The following methods and assumptions were used to estimate the fair values:
Cash and short-term deposits, trade receivables, trade payables and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these
instruments.
Long-term fxed-rate and variable-rate receivables / borrowings are evaluated by the Company based on parameters such as interest rates, specifc country risk factors, and
individual creditworthiness of the customer and the risk characteristics of the fnanced project. Based on this evaluation, allowances are taken to account for the expected losses
of these receivables. As at 31 March 2013, the carrying amounts of such receivables, net of allowances, are not materially diferent from their calculated fair values.
35
14 INVENTORIES
2013 2012
Rs. Rs.
House keeping and Maintenance 1,057,965 1,156,564
Food 749,590 1,281,704
Beverage 1,723,979 1,587,141
Printing and Stationery 443,650 477,156
Ayurveda - 13,505
3,975,184 4,516,070
15 TRADE AND OTHER RECEIVABLES
2013 2012
Rs. Rs.
Trade Debtors 45,724,007 58,699,909
Other Debtors - Others 8,335,304 27,407,373
- Related Parties (15.1) 33,635,166 6,039,220
87,694,477 92,146,502
As at 31 March, the age analysis of trade receivables are as follows: Neither past due or
not impaired
Past due but not impaired
Total < 30 31 - 60 61 - 90 91 - 120 > 120
days days days days days
Rs. Rs. Rs. Rs. Rs. Rs.
2013 45,724,007 18,776,626 6,837,007 6,428,343 3,761,751 9,920,280
2012 58,699,909 17,421,196 26,807,745 14,470,968 - -
15.1 Trade Dues Receivables from Related Parties
Relationship 2013 2012
Rs. Rs.
Kalpitiya Beach Resort PLC Afliate
Company
- 19,720
Citrus Aqua Limited Afliate
Company
1,208,128 250,000
Citrus Vacations Limited Afliate
Company
16,645,050 5,494,500
Passikudah Beach Resort Limited Afliate
Company
1,731,976 275,000
Waskaduwa Beach Resort PLC Afliate
Company
14,050,012 -
33,635,166 6,039,220
16 CASH AND CASH EQUIVALENTS 2013 2012
Components of cash and cash equivalents Rs. Rs.
16.1 Cash and Cash Equivalents Balance
Cash and Bank Balances 14,424,472 2,249,206
16.2 Unfavourable Cash and Cash Equivalent Balances
Bank Overdraft (16,053,809) (22,813,358)
Total Cash and Cash Equivalents for the Purpose of Cash Flow Statement (1,629,337) (20,564,152)
17 STATED CAPITAL 2013 2013 2012 2012
Number Rs. Number Rs.
As at 01 April 51,816,507 669,031,426 - -
Issue of Shares 5,757,390 109,536,771 51,816,507 669,031,426
As at 31 March 57,573,897 778,568,197 51,816,507 669,031,426
18 RETIREMENT BENEFIT OBLIGATION 2013 2012
Rs. Rs.
Balance as at 01 April 4,475,656 -
Transferred of Gratuity Liability - 3,227,187
Provision for the period 1,114,347 1,393,077
Payments made during the period (624,966) (144,608)
Balance as at 31 March 4,965,037 4,475,656
The defned beneft obligation of the Company is based on the Messers. Actuarial and Management Consultants (Private) Limited, actuaries. Appropriate and compatible
assumptions were used in determining the cost of defned benefts.
The principle assumptions used were as follows,
2013 2012
Discount Rate 11% 11%
Future Salary Increment Rate 10% 10%
Retirement Age 60 60
37
19 TRADE AND OTHER PAYABLES 2013 2012
Rs. Rs.
Trade Creditors 4,783,724 7,724,784
Sundry Creditors Including Accrued Expenses 39,764,204 97,576,367
Amount due to Related parties (Note 19.1) 57,065,263 155,266,509
101,613,191 260,567,660
19.1 Amounts due to Related Parties Relationship 2013 2012
Rs. Rs.
Citrus Leisure PLC Parent Company 32,696,583 95,989,574
Waskaduwa Beach Resort PLC Afliate Company - 59,276,935
Kalpitiya Beach Resort PLC Afliate Company 24,368,680 -
57,065,263 155,266,509
20 COMMITMENTS AND CONTINGENCIES
The Company does not have signifcant capital commitments and contingencies as at the end of reporting period.
21 ASSETS PLEDGED
Description Carrying Value Included
2013 Under
FG Wilson Generator - Mortgaged over Sampath Bank loan 9,503,150 Property, Plant and Equipment
Sampath Bank PLC Ac. No. 5029 0900 0225 for Euro. 13,129.91
Sampath Bank PLC Ac. No. 5029 0900 0209 for USD 25,520.01
4,800,000 Cash and Cash Equivalents
22 EVENTS OCCURRING AFTER THE REPORTING DATE
There have been no material events occurring after the reporting period that require adjustments to or disclosure in the fnancial statements.
23 RELATED PARTY DISCLOSURES
Details of signifcant related party disclosures are as follows:
Transaction with the parent and related entities
Nature of Transaction Parent Company Afliate Companies* Total
2013 2012 2013 2012 2013 2012
Rs. Rs. Rs. Rs. Rs. Rs.
Investments made in the Company - 659,829,280 - - - 659,829,280
Transfer of Freehold Land and Buildings and other assets - (398,526,493) - - - (398,526,493)
Transfer of Gratuity Liability - 3,472,520 - - - 3,472,520
Fund Transfers 65,297,560 (58,435,508) 155,476,010 (53,237,715) 220,773,570 (111,673,223)
Collection made by the Company on behalf of others (275,717) - - (275,717) -
Expenses Allocation (1,388,876) - - (1,388,876) -
Funds received from (3,000,000) - (94,755,075) - (97,755,075) -
Management Fee 6,914,171 - - 6,914,171 -
Payable for Services (4,254,147) - (48,579) - (4,302,726) -
Service received - - 1,831,845 - 1,831,845 -
Total (32,696,583) 206,339,799 9,266,486 (53,237,715) (23,430,097) 153,102,084

*Transactions with Waskaduwa Beach Resort PLC, Kalpitiya Beach Resort PLC, Citrus Vacation Limited,Citrus Aqua Limited are given above under details of related party
transactions with afliates.
** Included in Stated Capital ,Amounts due from and due to Related Parties which are disclosed under Notes 17,15 and 19 respectively.
23.1 Compensation to Key Management Personnel
The Key Management Personnel of the Company are the members of its Board of Directors and that of its parent.
No material transactions have taken place during the year with the Key Management Personnel of the Company and that of its Parent, which disclosure in these Financial
Statements other than those disclosed above.
23.2 Other Related Parties Disclosures
Transactions with the parties/entities in which Key Management Personnel or their Close Family Members have control, joint control or signifcant infuence, which disclosure in
these Financial Statements.
No material transactions have taken place during the year with the parties/entities in which Key Management Personnel or their Close Family Members have control, joint
control or signifcant infuence, which disclosure in these Financial Statements other than those disclosed above.
39
24. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
24.1 Risk management framework
The Board of Directors has overall responsibility for the establishment and oversight of the Companys risk management framework. The Board has established the Risk
Management Committee, which is responsible for developing and monitoring the Companys risk management policies. The committee reports regularly to the Board of Directors
on its activities.
The Companys risk management policies are established to identify and analyses the risks faced by the Company, to set appropriate risk limits and controls, and to monitor
risks and adherence to limits. Risk management policies and systems are reviewed regularly to refect changes in market conditions and the Companys activities. The Company,
through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their
roles and obligations.
The Company Audit Committee oversees how management monitors compliance with the Companys risk management policies and procedures, and reviews the adequacy of
the risk management framework in relation to the risks faced by the Company. The Company Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit
undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.
Financial Instruments held by Company, principally comprise of cash, trade and other receivables, trade and other payables, loans and borrowings and fnance leases. The main
purpose of these fnancial liabilities is to manage the Companys operating, investing and fnancing activities.
Financial Risk management of the Company is carried out based on the guidelines established by the parent companys management team which comes under the purview of
the Board of Directors of the parent company.
Credit Risk
Credit risk is the risk of fnancial loss to the Company if a customer or counterparty to a fnancial instrument fails to meet its contractual obligations, and arises principally from
the Companys receivables from customers and investment securities.
The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its fnancing activities, including deposits with banks, foreign exchange
transactions and other fnancial instruments. The Company trades only with recognized, creditworthy third parties. The Companys exposure to credit risk is infuenced mainly
by the individual characteristics of each customer. However, management also considers the demographics of the Companys customer base, including the default risk of the
industry and country in which customers operate, as these factors may have an infuence on credit risk.
It is the Companys policy that all clients who wish to trade on credit terms are subject to credit verifcation procedures. In addition, receivable balances are monitored on an
ongoing basis with the result that the Companys exposure to bad debts is not signifcant.
The Risk Management Committee has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Companys standard
payment and delivery terms and conditions are ofered.
Liquidity Risk
Liquidity risk is the risk that the Company will encounter difculty in meeting the obligations associated with its fnancial liabilities that are settled by delivering cash or another
fnancial asset. The Companys approach to managing liquidity is to ensure, as far as possible, that it will always have sufcient liquidity to meet its liabilities when due, under
both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Companys reputation.
24. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Contd.)
24.1 Risk management framework (Contd.)
Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will afect the Companys income or the value of its holdings of
fnancial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Operational risk
Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the Companys processes, personnel, technology and infrastructure, and
from external factors other than credit, market and liquidity risks such as those arising from legal and regulatory requirements and generally accepted standards of corporate
behaviour. Operational risks arise from all of the Companys operations.
The Companys objective is to manage operational risk so as to balance the avoidance of fnancial losses and damage to the Companys reputation with overall cost efectiveness
and to avoid control procedures that restrict initiative and creativity.
The primary responsibility for the development and implementation of controls to address operational risk is assigned to senior management within each business unit. This
responsibility is supported by the development of overall Company standards for the management of operational risk in the following areas:
- Requirements for appropriate segregation of duties, including the independent authorization of transactions
- Requirements for the reconciliation and monitoring of transactions
- Compliance with regulatory and other legal requirements
- Documentation of controls and procedures
- Requirements for the periodic assessment of operational risks faced, and the adequacy of controls and procedures to address the risks identifed
- Requirements for the reporting of operational losses and proposed remedial action
- Development of contingency plans
- Training and professional development
- Ethical and business standards
- Risk mitigation.
Compliance with Company standards is supported by a programme of periodic reviews undertaken by Internal Audit. The results of Internal Audit reviews are discussed with the
management of the business unit to which they relate, with summaries submitted to the Audit Committee and senior management of the Company.
Capital management
The Boards policy is to maintain a strong capital base so as to maintain investor, creditor and market confdence and to sustain future development of the business. The Board of
Directors monitors the return on capital, which the Company defnes as result from operating activities divided by total shareholders equity, excluding noncontrolling interests.
The Board of Directors also monitors the level of dividends to ordinary shareholders.
41
The Board seeks to maintain a balance between the higher returns that might be possible with higher levels of borrowings and the advantages and security aforded by a sound
capital position.
The Companys debt to adjusted capital ratio at the end of the reporting period was as follows:
2013 2012
Total Liabilities 130,468,093 293,647,257
Less: Cash and Cash Equivalent 14,424,472 2,249,206
Net Debt 144,892,565 295,896,462
Total Equity 862,629,970 695,415,610
( + / - ) Adjustments - -
Adjusted Capital 862,692,970 695,415,610
Debt to Adjusted Capital 17% 43%
There were no changes in the Companys approach to capital management during the year. The Company is not subject to externally imposed capital requirements.

Share Information
ORDINARY SHAREHOLDERS
There were 493 registered shareholders as at 31st March 2013, distributed as follows.
Shareholders Categorized Summary Report As At 31St March 2013
From To No of Holders No of Shares %
1 1,000 365 122,061 0.21
1,001 10,000 106 311,015 0.54
10,001 100,000 17 370,651 0.64
100,001 1,000,000 2 394,597 0.69
Over 1,000,000 3 56,375,573 97.92
Total 493 57,573,897 100.00
Categories of Share Holders
Category No of Holders No of Shares %
Shareholders
Local Individuals 466 6,023,361 10.46
Local Institutions 26 51,530,536 89.51
Foreign Individuals - - 0.00
Foreign Institutions 1 20,000 0.03
Total 493 57,573,897 100.00
The percentage of issued shares held by the public as at 31st March 2013 was 11.20%
Share Prices 31.03.2013
Price
Highest Rs.29.80
(17.12.2012)
Lowest Rs.16.80
(12.03.2013)
Close Rs.18.00
43
Directors Shareholding as at 31.3.2013

No of Shares
1 Mr. Rajinda Seneviratne -
2 Mr. Dilith Susantha Jayaweera -
3 Mr Emilianus Prema Alphonse Cooray 1
4 Mr Pathiranage Vasula Sanjeewa Premawardhana -
5 Mr Gehan Ramesh Walter De Soysa -
6 Mr Hemantha Ratnayake -
20 MAJOR SHAREHOLDERS OF THE COMPANY
NAME NO OF (%)
SHARES AS AT
31.3.2013

1 CITRUS LEISURE PLC 51,127,239 88.80
2 MR C N SAMARATHUNGA 5,248,334 9.12
3 VENTURA CRYSTAL INVESTMENT (PVT) LTD 232,000 0.40
4 MR T G THORADENIYA 162,597 0.28
5 OPULANT FUND (PRIVATE) LIMITED 40,000 0.07
6 WALDOCK MACKENZIE LIMITED / MR M UDAYASUNDER & MRS M U VANITHA KUMARI 39,975 0.07
7 MR B T SAMARAWEERA 39,180 0.07
8 MERCHANT BANK OF SRI LANKA PLC / UNION INVESTMENTS LTD 33,742 0.06
9 MR W S E FERNANDO AND MRS S K FERNANDO 26,000 0.04
10 MR N L WICKRAMAGE 25,140 0.04
11 PRIDEASIA INVESTMENTS (PVT) LIMITED 25,000 0.04
12 MR S H AMARASEKERA 20,600 0.04
13 TRANZ DOMINION L L C 20,000 0.03
14 MR W G T DISALA AND MRS D N D SAMARAWEERA 18,166 0.03
15 MR M M FUAD 13,820 0.02
16 SIME MAXIS (PRIVATE) LIMITED 12,721 0.02
17 MR G RAJENDREN 12,640 0.02
18 MRS F N RAMEEZ 12,000 0.02
19 MRS D S ABEYWARDENA 10,972 0.08
20 MRS S GAMAGE 10,680 0.08
57,130,806 99.23
Others 443,091 0.77
Total 57,573,897 100.00
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Second Annual General Meeting of Hikkaduwa Beach Resort Ltd. will be held at Citrus Leisure PLC, No. 2, Police Park Avenue, Colombo 5 on Friday,
27th September 2013 at 9.15 a.m. for the following purposes.
1. Ordinary Business
1.1. To receive and consider the Annual Report of the Board of Directors on the afairs of the Company and the Statement of Accounts for the year ended 31st March 2013, together with
the Report of the Auditors thereon.
1.2. To re-elect Mr. P V S Premawardhana, in terms of Article 95 of the Articles of Association as a Director of the Company.
1.3. To re-elect Mr. Gehan Ramesh Walter De Soysa, in terms of Article 95 of the Articles of Association as a Director of the Company.
1.4. To re-appoint M/s Ernst & Young Chartered Accountants as Auditors of the Company for the ensuring year and to authorize the Directors to determine their remuneration.
1.5. To authorize the Directors to determine and make payments for charitable and other purposes for the year 2013/2014 as set out in The Companies Donation Act (CAP147).

2. Special Business
To consider and if thought ft to pass the following as a Special Resolution:
IT IS HEREBY RESOLVED THAT to approve the change of status of the Company from Limited to PLC in terms of Sections 8(1) and 11(3) read together with Section 92(1)(g) of the
Companies Act, No.7 of 2007, consequent to the Shares of the Company being listed on the Colombo Stock Exchange.
By order of the Board of
Secretaries
Colombo
17 August 2013
Note:
i) A Shareholder is entitled to appoint a Proxy to attend and vote at the meeting on his/her behalf.
ii) A Proxy need not be a shareholder of the Company.
iii) The completed Form of Proxy should be deposited at the Registered Ofce of the Company at No 2, Police Park Avenue, Colombo 5 not later than 36 hours prior to the time
appointed for the holding of the meeting.
45
Notes
Notes
47
*I/We ...................................................................................................................................................... of ...............................................................................................................................
....................... being a Shareholder / Shareholders* of Hikkaduwa Beach Resort Limited, do here by appoint ........................................................................................................................
.............................. of .................................................................................................................................................................................................................................................................
or failing *him /her
Mr. Emilianus Prema Alphonse Cooray of Colombo or failing him*
Mr. Dilith Susantha Jayaweera of Colombo or failing him*
Mr. Rajinda Seneviratne of Colombo or failing him*
Mr. Hemantha Ratnayake of Colombo or failing him*
Mr. Pathiranage Vasula Sanjeewa Premawardhana of Colombo or failing him*
Mr. Gehan Ramesh Walter De Soysa of Colombo

as *my/our proxy to represent *me/us, to speak and to vote for *me/us on *my/our behalf at the Annual General Meeting of the Company to be held on 27 September 2013 at 9.15 a.m.
and any adjournment thereof and at every poll which may be taken in consequence thereof.
1. Ordinary Business FOR AGAINST
1.1. To receive and consider the Annual Report of the Board of Directors on the afairs of the Company and the Statement of Accounts for the year
ended 31st March 2013, with the Report of the Auditor
1.2. To re-elect Mr. P V S Premawardhana, in terms of Article 95 of the Articles of Association as a Director of the Company.
1.3. To re-elect Mr. G R W De Soysa, in terms of Article 95 of the Articles of Association as a Director of the Company
1.4. To re-appoint M/s Ernst & Young, as Auditors of the Company for the ensuring year and to authorize the Directors to determine their remuneration.
1.5. To authorize the Directors, to determine and make payments for charitable and other purposes for the year 2013/2014 as set out in the Companies
Donation act. (CAP 147)
2. Special Business
To pass the Special Resolution set out under item 2 of the Notice of Meeting for the change of status of the Company.
Signed this day of . 2013

...................................................
Signature of Shareholder/s
Notes 1. *Please delete the inappropriate words.
2. Instructions as to completion are noted on the reverse hereof.
Form of Proxy
INSTRUCTIONS AS TO COMPLETION
1. Kindly perfect the Form of Proxy by flling in legibly your full name, address and signing in the space provided and flling in the date of signature.
2. Please indicate with an Xin the boxes provided how your Proxy is to vote on each resolution. If no indication is given, the Proxy in his discretion
will vote as he thinks ft.
3. If you wish to appoint a person other than the Chairman or a Director of the Company as your Proxy, please insert the relevant details in the space
provided (above the names of the Board of Directors) on the Proxy Form.
4. If the Form of Proxy is signed by an Attorney, the relative Power of Attorney should accompany the Form of Proxy for registration if such Power of
Attorney has not already been registered with the Company.
5. If the appointer is a Company / Incorporated body this Form must be executed in accordance with the Articles of Association / Statute.
6. The completed Form of Proxy should be deposited at the Registered Ofce of the Company at No 2, Police Park Avenue, Colombo 5 not later than
thirty six (36) hours before the time appointed for the meeting.
Form of Proxy
Content
The Board of Directors 1
Annual Report of the Board of
Directors on the Afairs of the Company 3
Statement of Directors Responsibility 6
Corporate Governance 7
Audit Committee Report 9
Remuneration Committee Report 10
Independent Auditors Report 11
Statement of Comprehensive Income 12
Statement of Financial Position 13
Statement of Changes in Equity 14
Statement of Cash Flows 15
Notes to the Financial Statements 16
Share Information 42
Notice of Annual General Meeting 44
Notes 45
Form of Proxy 47
Corporate Information Inner Back Cover
Corporate Information
Name of Company

Legal Form
Public Quoted Company with limited liability Incorporated
in Sri Lanka.

Registered Ofce
No: 02, Police Park Avenue, Colombo 05.
Telephone : 0115755055
Fax : 0112593455
E-mail : direct@citrusleisure.com
Website: www.citrusleisure.com
Board of Directors
Mr. E.P.A. Cooray (Chairman)
Mr. D. S. Jayaweera
Mr. Hemantha Ratnayake
Mr. Vasula Premawardene
Mr. Gihan De Soyza
Mr. R. Seneviratne

Company Secretaries
P W Corporate Secretarial (Pvt) Ltd.
No.3/17, Kynsey Road,
Colombo 08.
Auditors
Ernst & Young
Chartered Accountants
201, de Saram Place,
Colombo 10.

Bankers
Sampath Bank PLC
Nations Trust Bank PLC
Pan Asia Bank Corporation PLC
Commercial Bank of Ceylon PLC

www.citrusleisure.com
Annual Report 2012/13

Hikkaduwa Beach AR 2012-13

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