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ROYAL PALMS BEACH HOTELS PLC BALANCE SHEET As At ASSETS Non-Current Assets Property, Plant & Equipment Current

Assets Inventories Trade and Other Receivables Amounts Due from Related Parties Cash and Cash Equivalents Total Assets EQUITY AND LIABILITIES Equity Attributable to Equity Holders Stated Capital Revaluation Reserve Retained Earnings Total Equity Non-Current Liabilities Interest Bearing Loans & Borrowings Deferred Tax Liabilities Defined Benefit Liability Current Liabilities Trade and Other Payables Amounts Due to Related Parties Current Portion ofb Interest Bearing Loans and Borrowings Total Equity and Liabilities Net Assets per Share (Rs.) Market price during the quarter - Highest (Rs.) - Lowest (Rs.) - Last Traded (Rs.) The above figures are provisional and subject to Audit. The Notes 1 to 3 form an integral part of these Financial Statements It is certified that the Financial Statements have been prepared in compliance with the requirements . of the Companies Act No. 7 of 2007 13,125 67,852 9,267 90,244 54,844 1,842 19,923 76,609 1,096,770 18.10 31.12.2008 36.00 27.00 29.75 15,000 67,852 9,455 92,307 49,488 1,667 10,425 61,580 1,102,764 18.28 31.12.2007 41.75 28.00 38.25 972,608 972,608 8,879 76,967 6,780 31,536 124,162 1,096,770 965,954 965,954 31.12.2008 Rs.'000' 31.03.2008 Rs.'000'

ROYAL PALMS BEACH HOTELS PLC INCOME STATEMENT 9months ended 31st December 2008 Rs.'000' Revenue 8,341 62,384 6,801 59,284 136,810 1,102,764 Cost of Sales Gross Profit Other Income and Gains/(Loss) Marketing Costs 511,583 306,576 111,758 929,917 521,583 306,576 120,718 948,877 Administrative Expenses Other Operating Expenses 201,334 (86,762) 114,572 (2,179) (6,146) (110,926) (587) 9 months ended 31st December Variance 2007 Rs.'000' 174,081 (70,481) 103,600 3,116 (7,128) (105,409) (358) Rs.'000' 27,253 (16,281) 10,972 (5,295) 982 (5,517) (229) 3 months 3 months ended 31st ended 31st December 2008 Rs.'000' 87,249 (34,511) 52,738 (793) (1,510) (38,681) (172) December Variance 2007 Rs.'000' 66,139 (26,548) 39,591 25 (2,500) (38,387) (124) Rs.'000' 21,110 (7,963) 13,147 (818) 990 (294) (48)

Finance Cost Profit / (Loss) Before Taxation Income Tax Expence Net Profit / (Loss) for the Period Earnings Per Share - Basic

(1,271) (6,537) (6,537) (0.18)

(644) (6,823) (6,823) (0.20)

(627) 286 286

(621) 10,961 10,961 0.21

(237) (1,632) (1,632) (0.05)

(384) 12,593 12,593

The above figures are provisional and subject to Audit. It is certified that the Financial Statements have been prepared in compliance with the requirements of the Companies Act No. 7 of 2007.

Revenue & Net Profit/(Loss) - 9 months ended 31st December

250
201

200
158

174

150

Rs. Mn.

121

Revenue Net Profit/(Loss)


-12 -3 -7 -6

100 50 0 -50 2005 2006 2007 2008

Year

ROYAL PALMS BEACH HOTELS PLC CASH FLOW STATEMENT Nine Months Ended 31st December 2008 Cash Flows From Operating Activities Net Profit before Income Tax Expense Adjustments for : Depreciation Interest Income Finance Costs (Surplus) /Deficit on foreign currency conversion Provision for Retirement Benefit Obligations Operating Profit before Working Capital Changes (lncrease)/ Decrease in Inventories (lncrease)/ Decrease in Trade and Other Receivables (lncrease)/ Decrease in Amounts Due from Related Parties Increase /(Decrease) in Trade and Other Payables Increase /(Decrease) in Amounts Due to Related Parties Cash Generated from Operations Finance Costs Paid Income Tax paid Retirement Benefit Costs Paid Net Cash From Operating Activities Cash Flows from / (Used in ) Investing Activities Acquisition of Property, Plant & Equipment Interest Received Disposal of Property, Plant & Equipment Net Cash Flows from / (Used in) Investing Activities Cash Flows from / (Used in ) Financing Activities Repayment of Interest Bearing Loans and Borrowings Redemption of Preference Shares Dividends Paid - On Preference Shares Net Cash Flows from / (Used in ) Financing Activities Net lncrease/(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at the beginning of the period Cash and Cash Equivalents at the end of the period ( Note A ) Note A CASH AND CASH EQUIVALENTS Components of Cash and Cash Equivalents Cash & Bank Balances Investments in Repurchase Agreement Investments in Fixed Deposits Investments in Call Deposits Bank Overdrafts 16 16 (2,708) (10,000) (2,422) (15,130) (38,079) 52,400 14,321 (833) (2,144) (2,977) 24,805 11,643 36,448 9 (22,116) 2,208 (19,908) (6,441) 574 24 (5,843) 15,462 (2,209) 1,271 4,387 467 12,841 (539) (18,970) 22 5,357 174 (1,115) (1,271) (655) (3,041) 14,951 (574) 644 (2,542) 2,340 7,996 (1,166) 24,366 1,817 3,161 (386) 35,788 (644) (747) (772) 33,625 (6,537) (6,823)

ROYAL PALMS BEACH HOTELS PLC STATEMENT OF CHANGES IN EQUITY Nine Months Ended 31st December 2008 Preference Shares Rs.'000' Ordinary Shares Rs.'000' Share Discount Rs.'000' Stated Capital Rs.'000' Capital Revaluation Redemption Reserve Rs.'000' Rs.'000' Retained Rs.'000' Total Equity Rs.'000'

31.12.2008 Rs.'000'

31.12.2007 Rs.'000'

Reserve Fund Earnings

Balance as at 1st April 2007 Net Profit / (Loss) for the Period Preference Dividends - 2006/2007 Transferred to Stated Capital CRRF Transferred to Retained Earnings Balance as at 31st December 2008 Balance as at 1st April 2008 Net Profit / (Loss) for the Period Redemption of Preference Shares Preference Dividends - 2007/2008 Preference Dividends - 2008/2009 Balance as at 31st December 2008

40,000

500,000

(13,417)

305,184 -

10,000

90,248 (6,823) (2,144)

932,015 (6,823) (2,144) -

(40,000)

(500,000)

13,417

526,583 (10,000) 10,000 91,281 120,717 (6,537) (536) (1,886) 111,758

923,048 948,876 (6,537) (10,000) (536) (1,886) 929,917

526,583 521,583 (10,000) 511,583

305,184 306,576 306,576

NOTES TO THE FINANCIAL STATEMENTS 1. The interim financial statements have been prepared on the same accounting policies and methods of computation applied for the year ended 31.03.2008 and in accordance with the Sri Lanka Accounting Standard 35. 2. There are no material events subsequent to the quarter ended 31.12.2008 that need disclosure. 3. There were no material changes in the composition in the assets and liabilities of the company during the quarter under review. 31.12.2008 Number Rs. 31.12.2007 Number Rs. 50,000,000 4,000,000 54,000,000 486,583,448 40,000,000 526,583,448

12,431 19,105 (17,215) 14,321

35,041 3,500 6,359 (8,452) 36,448

Ordinary Share Capital Preference Share Capital

50,000,000 2,500,000 52,500,000

486,583,448 25,000,000 511,583,448

The holders of Preference Shares are entitled to a fixed dividend of 10.75% per annum.