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EAST WEST PROPERTIES PLC

CONSOLIDATED INCOME STATEMENT

2020 2019 Change 2020 2019 Change

Rs. Rs. % Rs. Rs. %

Revenue 48,046,654 47,057,284 2.10 15,410,743 15,530,586 (0.77)

Direct Cost (2,400,920) (2,647,271) (9.31) (1,020,005) (1,346,119) (24.23)

Gross Profit 45,645,734 44,410,013 2.78 14,390,738 14,184,467 1.45

Other Income 2,088,226 2,022,032 3.27 1,466,733 733,441 99.98

47,733,960 46,432,045 15,857,471 14,917,908

Administration Expenditure (60,056,662) (54,498,223) 10.20 (14,806,804) (20,044,675) (26.13)

Other Expenses ‐ ‐ ‐ ‐

Profit / (Loss) from Operating Activities (12,322,702) (8,066,178) 52.77 1,050,667 (5,126,767) (120.49)

Finance Income 324,757,776 2,897,202,866 (88.79) 129,440,635 258,543,199 (49.93)

Finance Cost (511,244) (467,881) 9.27 (163,355) 1,563,259 (110.45)

Net Finance Income 324,246,532 2,896,734,985 (88.81) 129,277,280 260,106,458 (50.30)

Profit / (Loss) before Income Tax Expenses 311,923,831 2,888,668,806 (89.20) 130,327,948 254,979,690 (48.89)

Income Tax Expenses (31,714,859) (32,064,527) 100.00 (26,228,749) (32,064,527) (18.20)

Profit / (Loss) for the period 280,208,972 2,856,604,279 (90.19) 104,099,199 222,915,163 (53.30)

Other Comprehensive Income

‐ ‐ ‐ ‐ Total Other Comprehensive Income for the period

‐ ‐ ‐ ‐

Total Compehensive Income for the period 280,208,972 2,856,604,279 (90.19) 104,099,199 222,915,163 (53.30)

Profit / (Loss) attributable to:

Equity Holders of the Parent 272,843,353 2,852,313,882 (90.43) 100,828,558 222,088,998 (54.60)

Non‐Controlling Interest 7,365,619 4,290,397 71.68 3,270,640 826,165 295.88

Profit / (Loss) for the period 280,208,972 2,856,604,279 104,099,199 222,915,163

Total Comprehensive Income attributable to:

Equity Holder of the Parent 272,843,353 2,852,313,882 100,828,558 222,088,998

Non‐Controlling Interest 7,365,619 4,290,397 3,270,640 826,165

Total Other Comprehensive Income for the Period 280,208,972 2,856,604,279 104,099,198 222,915,163

Earnings / (Loss) per Share 1.97 20.63 0.73 1.61

Figures in the brackets indicate deductions

9 Months ended 31st December 3 Months ended 31st December

1


COMPANY INCOME STATEMENT

2020 2019 Change 2020 2019 Change

Rs. Rs. % Rs. Rs. %

Revenue 22,091,359 21,398,923 3.24 6,469,125 7,016,468 (7.80)

Other Income 903,970 1,110,574 (18.60) 441,733 614,446 (28.11)

22,995,329 22,509,497 6,910,858 7,630,914

Administration Expenditure (49,373,036) (38,805,349) 27.23 (11,559,664) (14,292,041) (19.12)

Other Expenses ‐ ‐ ‐ ‐

Profit / (Loss) from Operating Activities (26,377,707) (16,295,852) 61.87 (4,648,806) (6,661,127) (30.21)

Finance Income 323,355,201 1,891,209,257 (82.9) 128,086,076 225,176,825 (43.1)

Finance Cost (473,703) (211,431) 124.05 (172,263) 1,563,259 (111.02)

Net Finance Income 322,881,498 1,890,997,826 (82.9) 127,913,813 226,740,084 (43.6)

Profit / (Loss) before Income Tax Expenses 296,503,791 1,874,701,974 (84.2) 123,265,007 220,078,957 (44.0)

Income Tax Expenses (31,326,694) (32,064,527) (2.30) (25,840,584) (32,064,527) (19.41)

Profit / (Loss) for the Period 265,177,097 1,842,637,447 (85.6) 97,424,423 188,014,430 (48.2)

Other Comprehensive Income

‐ ‐ ‐ ‐

Total Other Comprehensive Income for the Period 265,177,097 1,842,637,447 97,424,423 188,014,430

Total Compehensive Income for the Period 530,354,195 3,685,274,894 (85.6) 194,848,847 376,028,860 (48.2)

Earnings / (Loss) per Share 1.92 13.33 0.70 1.36

Figures in the brackets indicate deductions

9 Months ended 31st December 3 Months ended 31st December

2


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Year ended2020 2019 31.03.2020

Rs. Rs. Rs.

ASSETS

NON ‐ CURRENT ASSETS

Property, Plant & Equipment 144,182,661 101,933,963 145,585,326

Lease Hold Property 26,175,582 26,596,074 26,490,951

Investment Properties 59,029,822 60,432,599 61,591,762

Intangible Assets 22,452,583 22,452,583 22,452,583

Interest Bearing Loan 75,000,000 ‐ 100,000,000

326,840,648 211,415,219 356,120,622

CURRENT ASSETS

Inventories 2,204,713 1,508,422 1,508,422

Trade & Other Receivables 133,212,430 181,835,197 71,207,969

Amounts Due From Related Parties 61,014,813 100,536,024 55,156,933

Other Financial Assets 511,657,050 62,091,599 296,838,086

Short Term Investments 1,493,441,766 1,738,735,030 1,429,824,883

Cash & Cash Equivalents 2,118,679 18,026,797 43,869,050

TOTAL ASSETS 2,530,490,099 2,314,148,288 2,254,525,966

EQUITY AND LIABILITIES

Stated Capital ‐ 138,240,000 Ordinary Shares 1,212,000,000 1,212,000,000 1,212,000,000

Capital Reserve 77,184,832 30,324,832 77,184,832

Revenue Reserve 1,056,408,855 921,971,410 783,565,502

Equity Attributable to Equity

Holders of the Parent 2,345,593,687 2,164,296,242 2,072,750,334

9 Months ended 31st December

Non Controlling Interest 35,766,345 28,900,177 28,400,726

TOTAL EQUITY 2,381,360,032 2,193,196,419 2,101,151,060

NON ‐ CURRENT LIABILITIES

Employee Benefits 7,010,702 4,348,848 7,010,702

Deferred Tax Liabilities 11,005,555 8,216,225 11,005,555

Rent Received in Advance 9,093,271 10,550,050 10,185,856

27,109,528 23,115,124 28,202,112

CURRENT LIABILITIES

Trade & Other Payables 52,580,067 60,045,024 63,119,990

Amount Due to Related Parties 2,203,828 383,032 2,220,790


Income Tax Liabilities 61,746,228 32,077,879 30,531,369

Bank Overdraft 4,033,637 3,874,031 27,843,865

TOTAL EQUITY & LIABILITIES 2,530,490,099 2,314,148,288 2,254,525,966

Net Assets Value Per share 16.97 15.66 14.99

I certify that these financial statements are in compliance with the requirements of the companies Act No.7 of 2007.

Vijayanthi JayasingheFinance Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.Signed for and on behalf of the Board.

Nahil Wijesuriya Nishantha Sooriyaarachchi

Director DirectorDirector Director

11th February 2021

Colombo

3


STATEMENT OF FINANCIAL POSITION ‐ COMPANY

Year Ended

2020 2019 31.03.2020

Rs. Rs. Rs.

ASSETS

NON ‐ CURRENT ASSETS

Property, Plant & Equipment 132,126,948 85,498,421 129,863,849

Lease Hold Property 26,175,582 26,596,074 26,490,951

Investment Property 59,029,822 60,432,599 61,591,762

Investments in Subsidiaries 19,722,836 19,722,836 19,722,836

Interest Bearing Loan 75,000,000 ‐ 100,000,000

312,055,188 192,249,930 337,669,398

CURRENT ASSETS

Trade & Other Receivables 112,240,674 155,233,488 46,514,949

Amounts Due From Related Parties 51,463,473 84,032,160 45,616,107

Directors Current Account ‐ 7,142,041 ‐

Other Financial Assets 511,657,050 62,091,599 296,838,086

Short Term Investments 1,459,553,766 1,738,255,858 1,429,334,641

Cash & Cash Equivalents 1,064,781 5,016,424 26,039,939

TOTAL ASSETS 2,448,034,933 2,244,021,499 2,182,013,120

EQUITY AND LIABILITIES

Equity

Stated Capital ‐ 138,240,000 Ordinary Shares 1,212,000,000 1,212,000,000 1,212,000,000

Capital Reserve 77,184,832 30,324,832 77,184,832

Retained Earnings 1,281,630,011 2,731,799,337 751,275,816


TOTAL EQUITY 2,570,814,843 3,974,124,169 2,040,460,648

NON ‐ CURRENT LIABILITIES

Employee Benefits 5,959,902 3,609,615 5,959,902

Diferred Tax Liabilities 9,377,508 6,101,235 9,377,508


CURRENT LIABILITIES

Trade & Other Payables 49,530,651 55,979,344 53,976,402

Amount Due to Related Parties 2,203,828 383,032 2,220,790

Deposits & Advances Received 1,456,780 1,456,780 1,456,779

Income Tax Liabilities 61,358,063 32,077,879 30,531,369

Bank Overdrafts 3,417,186 2,376,843 27,843,865

TOTAL EQUITY & LIABILITIES 2,713,212,030 4,086,658,946 2,182,013,120

Net Assets Value Per share 18.60 28.75 14.76

I certify that these financial statements are in compliance with the requirements of the companies Act No.7 of 2007

Vijayanthi Jayasinghe

Finance Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements

Signed for and on behalf of the Board.

Nahil Wijesuriya Nishantha Sooriyaarachchi

Director Director

11th February 2021

Colombo

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STATEMENT OF CHANGES IN EQUITY

GROUP ‐ Attributable to Equity Shareholders of the Parent

Stated Revaluation Revenue Total Non‐Controlling Total

Capital Reserve Reserve Interest Equity

Rs. Rs. Rs. Rs. Rs. Rs.

Balance As At 31st March 2018 1,212,000,000 26,571,004 (42,823,565) 1,195,747,439 259,475,712 1,455,223,151

Prior Period Adjustments ‐ ‐ (9,495,229) (9,495,229) (1,276,878) (10,772,107)

Balance As At 31st March 2018 1,212,000,000 26,571,004 (52,318,794) 1,186,252,210 258,198,834 1,444,451,044

Loss for the year (699,239,384) (699,239,384) (285,462,247) (984,701,631)

Other Comprehensive Income 3,753,829 (3,744,296) 9,533 79,695 89,228

Changes in Non‐Controlling Interest ‐ ‐ ‐ ‐ 321,880 321,880

Restated Balance As At 31st March 2019 1,212,000,000 30,324,832 (755,302,473) 487,022,359 (26,861,838) 460,160,521

Profit for the year ‐ ‐ 2,715,191,446 2,715,191,446 3,859,423 2,719,050,869

Other Comprehensive Income / (Expenses) ‐ 46,860,000 (1,212,199.04) 45,647,801 ‐ 45,647,801

Dividend Payment ‐ (1,175,040,000) (1,175,040,000) ‐ (1,175,040,000)

Changes in Non‐Controlling Interest ‐ ‐ (71,271) (71,271) 51,403,140.90 51,331,870

Balance As At 31st March 2020 1,212,000,000 77,184,832 783,565,502 2,072,750,334 28,400,726 2,101,151,060

Profit for the Period ‐ ‐ 272,843,353 272,843,353 7,365,619 280,208,972

Balance As At 31st December 2020 1,212,000,000 77,184,832 1,056,408,855 2,345,593,687 35,766,345 2,381,360,032

Stated Revaluation Revenue Total Non‐Controlling Total

Capital Reserve Reserve Interest Equity

Rs. Rs. Rs. Rs. Rs. Rs.

Balance as at 31st March 2019 1,212,000,000 30,324,832 (755,302,472) 487,022,360 (26,861,838) 460,160,522

Profit for the Period 2,852,313,882 2,852,313,882 4,290,397 2,856,604,279

Dividend Paymnet (1,175,040,000) (1,175,040,000) ‐ (1,175,040,000)

Changes in Non‐Controlling Interest ‐ ‐ 51,471,617 51,471,617

Balance as at 31st December 2019 1,212,000,000 30,324,832 921,971,410 2,164,296,242 28,900,177 2,193,196,419

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STATEMENT OF CHANGES IN EQUITY

COMPANY

Stated Capital

Rs.

Revaluation

Reserve

Rs.

Revenue

Reserve

Rs. Total

Balance As At 31st March 2018‐LKAS 1,212,000,000 26,571,004 231,093,822 1,469,664,825

Impact on adopting SLFRS 9

‐ Adjustment on intial application ‐ ‐ (6,612,735) (6,612,735)

Balance As At 31st March 2019 1,212,000,000 26,571,004 224,481,087 1,463,052,090

Profit for the year ‐ ‐ 1,022,392 1,022,392

Other Comprehensive Income / Expenses ‐ 3,753,829 (3,939,037) (185,209)

Total Comprehensive Income / Expenses 3,753,829 (2,916,645) 837,184


Profit for the year ‐ ‐ 1,705,963,574 1,705,963,574

Dividend Payment ‐ ‐ (1,175,040,000) (1,175,040,000)

Other Comprehensive Income ‐ 46,860,000 (1,212,199) 45,647,801


Profit for the year 530,354,195 530,354,195

Balance As At 31st December 2020 1,212,000,000 77,184,832 1,281,630,011 2,570,814,843

Stated Capital

Rs.

Revaluation

Reserve

Rs.

Revenue

Reserve

Rs. Total


Profit for the Year 3,685,274,894 3,685,274,894

Dividend Payment (1,175,040,000) (1,175,040,000)

Balance As A t 31st December 2019 1,212,000,000 30,324,832 2,731,799,337 3,974,124,169

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STATEMENT OF CASH FLOW ‐ GROUP

2020 2019

Rs. Rs.

CASH FLOW FROM OPERATING ACTIVITIES

Total Comprehensive Income after Tax 280,208,972 2,856,604,279

Adjustments For ;

Income Tax 31,714,859 32,064,527

Interest Cost 353,034 465,877

Interest Income (131,914,195) (115,298,857)

Dividend Income (4,423,079) (209,122)

Depreciation of Properety, Plant & Equipment 7,627,723 7,739,872

Depreciation of Investment Property 2,640,597 2,640,597

Amortisation of Leasehold Proerty 315,368 315,368

Fair Value Changes on Financial Assets (142,359,844) 1,338,294

(Profit) / Loss from Disposal of Financial Assets (43,882,339) (3,323,259)

Profir / (Loss) from Disposal of Subsidiary Shares ‐ (2,778,936,734)

Profit / (Loss) Before Working Capital Changes 281,095 3,400,843

(Increase) / Decrease In Inventories (696,291) ‐

(Increase) / Decrease In Trade & Other Receivables (62,004,461) (131,560,180)

(Increase) / Decrease In Amounts Due From Related Party (5,874,842) 304,723,953

Increase / (Decrease) In Trade & Other Payables (10,539,922) 38,912,928

Increase / (Decrease) in Financial Lease Obligation ‐ ‐

Increase / (Decrease) In Dividend ‐ 4,383,134

Increase / (Decrease) In Rent Received in Advances (1,092,585) (1,092,585)

Cash Generated From / (Used In) Operating Activities (79,927,006) 218,768,094

Interest Paid (353,034) (465,877)

Tax paid (500,000) ‐

Gratuity Paid ‐ ‐

Net Cash Flows From / (Used In) Operating Activities (80,780,040) 218,302,217

Cash Flows From / (Used In) Investing Activities

Acquisition of Property Plant & Equipment (6,303,713) (276,594)

Acquisition of Financial Assets (237,608,734) (125,965,409)

Proceeds from Disposal of Financial Assets 209,031,954 76,789,610

Proceeds from Disposal of Property, Plant & Equipment ‐ ‐

Acquisition of Short Term Investments ‐ (1,738,735,030)

Disposal of Short Term Investments (63,616,883) ‐

Dividend Income 4,423,079 209,122

Interest Received 131,914,195 115,298,857

Net Cash Flows From / (Used In) Investing Activities 37,839,898 (1,672,679,444)

Cash Flows From / (Used In) Financing Activities

Advance on Long Term Loan 25,000,000 ‐

Proceeds from Disposal of Subsidiary Shares ‐ 2,547,166,574

Dividend Payment ‐ (1,175,040,000)

Net Cash Flows From / (Used In) Financing Activities 25,000,000 1,372,126,574

Net Increase / (Decrease) In Cash & Cash Equivalents (17,940,143) (82,250,654)

Cash & Cash Equivalents at the beginning of the year 16,025,185 96,403,419

Cash & Cash Equivalents At the end of the year (1,914,958) 14,152,766

Analysis of Cash and Cash Equivalents

Favourable balances

Saving Accounts

Cash in Hand & at Bank 2,118,679 18,026,797

Un‐favourable balances

Bank Overdrafts (4,033,637) (3,874,031)

(1,914,958) 14,152,766


7


STATEMENT OF CASH FLOW ‐ COMPANY

2020 2019

Rs. Rs.

CASH FLOW FROM OPERATING ACTIVITIES

Total Comprehensive Income after Tax 530,354,195 1,842,637,447

Adjustments For ;

Income Tax 31,326,694 32,064,527

Interest Cost 352,212 209,427

Interest Income (130,527,891) (114,516,168)

Dividend Income (4,423,079) (209,122)

Depreciation of Property, Plant & Equipment 3,769,549 3,637,995

Depreciation of Investment Property 2,640,597 2,640,597

Amortisation of Leasehold Proerty 315,368 315,368

Profit on Disposal of Subsidiary Shares ‐ (1,767,634,624)

Profit on Disposal of Financial Assets (43,882,339) (3,323,259)

Fair Value Changes on Financial Assets (142,359,844) 1,338,294

Profit / (Loss) Before Working Capital Changes 247,565,462 (2,839,518)

(Increase) / Decrease In Trade & Other Receivables (65,725,726) (135,202,692)

(Increase) / Decrease In Amounts Due From Related Party (5,864,329) 312,361,435

(Increase) / Decrease In Directors Current Accounts ‐ ‐

Increase / (Decrease) In Trade & Other Payable (4,445,751) 46,090,503

Increase / (Decrease) Advance Received‐ Transfers (1,092,585) (1,092,585)

Cash Generated From / (Used In) Operating Activities 170,437,071 219,317,143

Interest Paid (352,212) (209,427)

Income Tax Paid (500,000)

Net Cash Flows From / (Used In) Operating Activities 169,584,859 219,107,716

Cash Flows From / (Used In) Investing Activities

Purchase of Property Plant & Equipment (6,111,304) (160,810)

Acquisition of Financial Assets (237,608,734) (125,965,409)

Purchase of Short Term Investments ‐ (1,738,255,858)

Proceeds from Disposal of Financial Assets 209,031,954 76,789,610

(Purchase) / Disposal of Short Term Investments (30,219,126) ‐

Dividend Income 4,423,079 209,122

Interest Received 130,527,891 114,516,168

Net Cash Flows From / (Used In) Investing Activities 70,043,760 (1,672,867,177)

Cash Flows From / (Used In) Financing Activities

Advance on Long Term Loan 25,000,000 ‐

Proceeds from Disposal of Subsidiary Shares ‐ 2,641,690,257

Dividend Payment ‐ (1,175,040,000)

Net Cash Flows From / (Used In) Financing Activities 25,000,000 1,466,650,257

.

Net Increase / (Decrease) In Cash & Cash Equivalents 264,628,619 12,890,796

Cash & Cash Equivalents at the beginning of the year (1,803,926) (10,251,215)

Cash & Cash Equivalents As At beginning of the year 262,824,693 2,639,581

Note A : Cash & Cash Equivalents at the end of the year

Cash in Hand & At Bank 1,064,781 5,016,424

Bank Overdrafts (3,417,186) (2,376,843)

(2,352,404) 2,639,581


8

OPERATING SEGMENT INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2020

Property Media Group Total

External Revenue 21,987,479 26,059,174 48,046,654

Inter Segment Revenue 103,880 ‐ ‐

Segment Revenue 22,091,359 26,059,174 48,046,654

Gross Profit 22,091,359 23,658,254 45,645,734

Net Finace Income 322,881,498 1,365,034 324,246,532

Segment Profit/(Loss) before Tax 296,503,791 15,420,039 311,923,831

Profit/ (Loss) After Tax 265,177,097 15,031,874 280,208,972

Other Comprehensive Income ‐ ‐ ‐

Total Comprehensive Income 265,177,097 15,031,874 280,208,972

Segment Total Assets 2,448,034,933 73,824,253 2,530,490,099

9

EAST WEST PROPETIES PLC Notes to the Interim Financial Statements as at 31.12.2020

1. Corporate Information

East West Properties PLC is a Public Limited Liability Company incorporated in Sri Lanka and listed on the Colombo Stock Exchange.

2. Consolidated Interim Financial Statements

The consolidated Interim financial statements, “the Company” refers to East West Properties PLC as the Parent Company and “the Group” refers to the companies whose accounts have been consolidated therein.

3. Date of Authorization for issue

The Consolidated Interim Financial Statements of the Group for the year ended 31st December 2020 were authorized for issue, in accordance with a resolution of the Board of Directors on 11th February 2021.

4. Basis of Preparation

The Consolidated Interim financial statements of the Company and the Group have been prepared in compliance with Sri Lanka Accounting Standards (SLAS) LKAS 34 – Interim Financial Reporting. Further, provision of the Companies Act No.7 of 2007 has been considered in preparing the interim financial statements of the Company and the Group. These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31stMarch 2020.

The interim financial statements are presented in Sri Lankan Rupees (LKR) and all values are rounded to the nearest thousand.

5. Consolidation Policy – Principal of Consolidation

Subsidiaries

The Consolidated Interim Financial Statements of the Group represents the Financial Statements of the Company and its Subsidiary as at 31st December 2020. All intra‐group balances, income and expenses, unrealized profit and losses resulting from intra‐group transaction are eliminated in full. Subsidiary is fully consolidated from the date the Parent obtained control until such time as control ceases. Non‐controlling interest represents the portion of profit or loss and net assets not held by the Group are shown as a component of profit or loss for the period in the statement of comprehensive income and as a component of equity in the consolidated statement of financial position, separately from Parent’s shareholders’ equity.

Intangible Assets Rs. Goodwill on Acquisition ‐ 22,452,583/‐ Goodwill on Acquisition This represents the excess of the cost of acquisition of the net Assets of Peoples Media Network (Pvt) Ltd.

10

6. Property Plant & Equipment

Details of Group’s Buildings are indicated below.

(a) East West Properties PLC

Location Extent Fair Value / Cost (Rs.)

31.12.2020

Condominium Apartment 2479.68 sqft 128,700,000/‐ Unit No.BA/F24/U3 Management Corporation Condominium Plan No.3206 Crescat Residencies, 75‐23/2, Kollupitiya Road, Colombo 03

Condominium Apartments – Unit No. BA/F24/U3 was revalued on the open market values as at 31stMarch 2020 by an independent qualified valuer, Mr.Haleem Ghouse, 8, Chitra Lane, Kirula Road, Thimbirigasyaya, Colombo 05. The surplus arising on such revaluation amounting to Rs.46,860,000/‐ from Apartment Unit No.BA/F24/U3 has been credited to revaluation reserve in equity as at 31.03.2020. The above mentioned Apartment Unit BA/F24/U3 is used by the Executive Director (Mr.M.W.A.D.J.Nahil Wijesuriya) of the Company free of any rent.

(b) Peoples Media Network (Pvt) Ltd

Site Building Elkaduwa 640 sqft 2,957,228/‐ Hunnasgiriya Gammaduwa

Karagahatenna 640 sqft 8,382,929/‐

Leasehold Property ‐ Company

Leasehold Land includes leasehold rights to land owned by Urban Development Authority situated at 3rdLane, New Nuge Road, Peliyagoda which is on a 99 year lease. Leasehold Land amortized over their remaining period of lease. The Company recognized Leasehold Property at cost and according to the last valuation done by Messers. Haleem Ghouse SCV, LIV.B.Com, ATM, PHF, MPVP Corporate & Registered Valuer as at 31.03.2020, the fair value of the property is Rs.990,211,486/‐

11

Investment Property

(a) East West Properties PLC

Investment Properties of the Company consists of Warehouse No.I, Warehouse No.II and Warehouse No III. The Company has adopted the cost model to value the Investment Properties as required by “LKAS 40 –Investment Property”. The above investment properties details are as follows.

Location Extent Cost (Rs.) Revalued (Rs.)

Warehouse No.I 27,342 sq.ft. 20,551,453/‐ 36,009,384/‐ ‐81/11, 3rd Lane, New Nuge Road, Peliyagoda Warehouse No.II 12,967 sq.ft. 21,841,098/‐ 15,180,516/‐ ‐81/12, 3rdLane, New Nuge Road Peliyagoda

Warehouse No.III 34,863 sq.ft. 63,231,316/‐ 55,780,800/‐ ‐81/12, 3rd Lane, New Nuge Road Peliyagoda Warehouse No.IV 1,650 sq.ft. 2,039,362/‐ ‐81/12, 3rd Lane New Nuge Road Peliyagoda

The carrying amount of above Investment Properties as at 31st December 2020 amounting to Rs.59,029,822/‐ The Investment Properties had been revalued by same independent valuer as at 31.03.2020. The Company has classified above properties as Investment Properties and revaluation surplus which is related to investment properties has not been incorporated to the books of accounts.

7. Financial Assets

Initial Recognition & Measurement

Receivables and debt securities issued are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the instrument. A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at fair value through profit or loss (FVTPL), transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

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8. Share Information

9.1 Directors Share holding

Directors As at 31.12.2020 As at 30.12.2019 Mr.M.W.A.D.J.Nahil Wijesuriya 51,136,410 22,525,824 Mr.M.W.A.D.J.Vajira Wijesuriya 26,066,637 26,066,637 Mr.Nishantha P.Sooriyaarachchi 1,746 1,746 Mr.D.Sunil AbeyRatne Nil Nil Mrs.H.B.G.Vijayanthi Jayasinghe Nil Nil Mr.D.R.Jayasinghe 10,000 Nil

9.2 The Twenty Largest Shareholders

Name As at 31.12.2020 As at 31.12.2019 Share Share

holding % holding % 1. Mr.Muthukuda Nahil Wijesuriya 51,131,610 36.99 22,521,024 16.29 2. Miss.M.W.A.D.Anika A.V.Wijesuriya 29,793,601 21.55 29,793,601 21.55 3. Mr.M.W.A.D.J.Vajira Wijesuriya 26,066,637 18.86 26,066,637 18.86 4. DFCC BAnk / L.C.A.Lankeshwara 1,500,000 1.16 1,576,077 1.14 5. Mr.A.M.Weerasinghe 1,001,781 0.72 6. Mr.D.S.D.De.Lanerolle 500,000 0.36 7. Invenco Capital (Privtae) Limited 480,000 0.35 8. Mr.Mr.D.F.G.Dalpethado 478,590 0.35 9. Citizens Development Business Finance PLC A.N.K.De Silva 475,000 0.34 10. Dialog Finance PLC – K.E.H.De Alwis 469,493 0.34 11. Miss.Chantal Neomi Sirisena 467,202 0.34 4,628,000 3.35 12. Dr.N.D.S Krishantha Chandrasena 410,000 0.30 273,269 0.20 13. Mr.Ananda Deepthi Edussuriya 400,000 0.29 400,000 0.29 14. Seylan Bank PLC / S.R.Fernando 396,388 0.29 15. Mr.Abdul Azeez Mohamed Akram 381,157 0.28 16 Citizens Development Business Finance PLC T.K.Fernando 355,000 0.26 17. Wijesuriya Holdings (Pvt) Ltd 308,800 0.22 308,800 0.22 18. Mrs.Yamini Mahendra Ambani 300,000 0.22 300,000 0.22 19. Mr.A.C.Senaka 250,000 0.18 20. Mr.S.R.S.De Saram 243,960 0.18 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ ‐‐‐‐‐‐‐ 115,409,219 83.48 85,867,408 62.12

9.3 The public shareholding percentage as at 31st December 2020 was 22.588% (31st December 2019 ‐25.376%) Number of public shareholders as at 31st December 2020– 3,087 (31st December 2019 – 3,066) Float adjusted Market Capitalization as at 31st December 2020 ‐ Rs.393,443,205/‐ (As at 31st December 2019 – Rs.294,670,172/‐). The Entity shall meet the minimum public holding requirement as per Option 5.

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Over 10% Holding Name Shareholding Percentage (%) Muthukuda Nahil Wijesuriya 51,131,610 36.98 Miss.M.W.A.D.Anika A.V.Wijesuriya 29,793,601 21.55 Mr.M.W.A.D.J.Vajira Wijesuriya 26,066,637 18.86

9.4 Market value per share

31.12.2020 31.12.2019

Highest price per share 13.40 9.50

Lowest price per share 10.00 8.00

Closing price per share 12.60 8.40

10. Contingent Liabilities

There are no material contingent liabilities outstanding as at the date of the Statement of Financial Position other than those disclosed below.

Company East West Properties PLC has issued Corporate Guarantees of Rs.30.0 Mn for Hatton National Bank PLC on behalf of East West Engineering Services (Pvt) Ltd.

11. Finance Income Increase in fair value of Investment in quoted shares for the period of 6 months, Rs.142,359,844/‐ includes in Finance Income.

12. Events after the reporting period

Subsequent to the Reporting date no circumstances have arisen which would require adjustments to, or disclosure in the Financial Statements.

13. The figures of the interim financial statement of the Company and the Group are provisional &

subject to Audit.

14. Disclosure regarding the impact of COVID‐19 Subsequent to the outbreak of the COVID – 19, the Government of Sri Lanka have been taken a

series actions to control and to be continuously implemented those actions. The Group will

continue to pay close attention to the Government policies and plans related to the COVID – 19

outbreak and impact on the Groups business and financials. There is no material impact effect on

the financial statements for the period ended 31st December 2020 as a result of the COVID – 19

outbreaks. Currently all the warehouses are fully occupied. However due to import restrictions our

core warehousing business will have a negative impact in the future. The subsidiary Company

Peoples Media Network (Pvt) Ltd is providing Broadcasting facilities and Equipments, generating

similar income compared to previous year.

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Corporate Information

Name of the Company East West Properties PLC Company Reg. Number PQ 221

Legal Form A Quoted Public Company with limited liability incorporated in Sri Lanka on 18th March 1981 and registered under the Companies Act No.07 of 2007. The ordinary shares of the Company are listed on the Colombo Stock Exchange.

Board of Directors Mr.Nishantha P Sooriyaarachchi ‐ Chairman Mr.M.W.A.D.J.Nahil Wijesuriya Mr.M.W.A.D.J.Vajira Wijesuriya (Independent Non Executive Director) Mr.D.Sunil AbeyRatna‐ (Independent Non ExecutiveDirector) Mrs.H.B.G.Vijayanthi Jayasinghe

Mr.D.Rohan Jayasinghe‐ (Independent Non Executive Director) Audit Committee Mr.D.Sunil AbeyRatne – Chairman (Audit Committee)

Mr.M.W.A.D.J.Vajira Wijesuriya Mr.D.Rohan Jayasinghe

Remuneration Committee Mr.D.Sunil AbeyRatna‐ Chairman (Remuneration

Committee) Mr.M.W.A.D.J.Vajira Wijesuriya Mr.D.Rohan Jayasinghe

Related Party Transactions Review Committee Mr.D.Sunil AbeyRatne – Chairman (Related Party Transaction Review Committee)

Mr.M.W.A.D.J.Vajira Wijesuriya Mr.D.Rohan Jayasinghe

Company Secretaries SSP Corporate Services (Pvt) Ltd 101, Inner Flower Road, Colombo 03.

Auditors V.S. & Associates Chartered Accountants 20/62, Fairfield Gardens Colombo 08

Bankers Hatton National Bank PLC Bank of Ceylon National Development Bank PLC Sampath Bank PLC Peoples Bank

Registered Office #14‐02, East Tower, World Trade Center Colombo 01. Telephone : + 94 11 2 43 77 55 Fax : + 94 11 2 43 20 40

Web : www.eastwest.lk

Warehouse Office 81/11, 3rd Lane, New Nuge Road, Peliyagoda

Telephone : +94 11 2 912 274

Fax : + 94 11 2 912 068

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