Kelsey Developments : PROVISIONAL FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30TH JUNE 2022

PROVISIONAL FINANCIAL STATEMENTS

Quarter ended 30th June 2022

Kelsey Developments PLC

REVIEW OF OPERATIONS

Kelsey Developments PLC recorded a consolidated loss after tax of Rs.62.76 Mn for quarter ended 30 June 2022 when compared to the loss after tax of Rs. 39.07 Mn for the previous year. Total revenue for the period was Rs 132.23 Mn (Previous Year 2021/22-Rs. 50 Mn).

The Company has secured reservations with an expected sales value of Rs.38.67 Mn during the three-month period (Previous Year 2021/22- Rs.132.6 Mn). Sales reservations for the period were driven by Green Grove land sales project in Maharagama. As of 30 June 2022, the Company has secured total reservations with an expected sales value of Rs. 4.32 Bn.

We have completed the Urban Gateway - Kottawa project and currently at the handing over process. In 2021, the lockdowns due to Covid and the shortage of foreign currency due to the economic crisis has caused raw materials and supplies crunch for the Central Park Project in Ja-ela. Even though we anticipate a delay in completing this project, we are working with contractors to minimize its impact while mitigating potential risks.

Real estate has always been a stable asset class, especially in volatile times and we believe that investors can expect robust returns going forward too. The strength and strong governance of the Janashakthi Group gives Kelsey the ability to take a long- term view and the stability to carry on with the construction through these difficult periods.

The sale value of existing inventories as of 30 June 2022 is Rs.2.76 Bn. The group is currently focusing its efforts on the sales of its existing projects while actively looking at Land for new projects.

(Sgd.)

Lalinda Kalubowila

Chief Executive Officer

Provisional Financial Statements	KELSEY DEVELOPMENTS PLC
Quarter ended 30th June 2022	1

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period	Group	Company
	3 months ended	3 months ended
	April ~ June	April ~ June
	2022	2021	2022	2021
	Unaudited	Unaudited	Unaudited	Unaudited
Revenue	132,233	50,000	-	-
Cost of sales	(91,394)	(31,266)	-	-
Gross profit	40,839	18,734	-	-
Other income	622	1,411	-	-
Less:
Administrative expenses	(46,731)	(29,201)	(494)	(284)
Selling and distribution expenses	(4,808)	(6,173)	-	-
Other operating expenses	-	(1,936)	-	-
Profit /(Loss) from operations	(10,078)	(17,165)	(494)	(284)
Net finance expenses	(51,319)	(21,904)	-	43
Profit /(Loss) before taxation	(61,397)	(39,069)	(494)	(241)
Income tax expense	(1,362)	-	(1,362)	-
Profit/(Loss) for the period	(62,759)	(39,069)	(1,856)	(241)
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	(62,759)	(39,069)	(1,856)	(241)
Profit/(Loss) attributable to :
Equity holders of the parent	(62,759)	(39,069)	(1,856)	(241)
Non controlling interests	-	-	-	-
	(62,759)	(39,069)	(1,856)	(241)
Total comprehensive income attributable to :
Equity holders of the parent	(62,759)	(39,069)	(1,856)	(241)
Non controlling interests	-	-	-	-
	(62,759)	(39,069)	(1,856)	(241)
Basic profit/(loss) per share (Rs.)	(3.60)	(2.24)	(0.11)	(0.01)

Figures in brackets indicate deductions.

Note: All values are in Rupees '000s unless otherwise stated.

Provisional Financial Statements	KELSEY DEVELOPMENTS PLC
Quarter ended 30th June 2022	2

STATEMENT OF FINANCIAL POSITION

				Group	Company
			As at	30 June 2022	31 Mar 2022	30 June 2022	31 Mar 2022
				Unaudited	Audited	Unaudited	Audited
			ASSETS
			Non-current assets
			Property, plant and equipment	12,060	12,903	-	-
			Intangible assets	1,963	2,032	-	-
			Right of use asset	54,396	56,796	-	-
			Investments in subsidiaries	-	-	261,446	261,446
			Deferred tax assets	91,702	91,702	-	-
				160,121	163,433	261,446	261,446
			Current assets
			Inventories	3,677,694	3,531,154	31,536	31,536
			Cotract cost assets	25,971	25,672	-	-
			Other receivables	24,899	17,866	70	19
			Amounts due from related parties	8,543	7,197	46,024	50,773
			Investments	-	406,061	-	509
			Income tax receivables	5,736	5,736	509	-
			Cash and cash equivalents	23,885	41,789	98	98
				3,766,728	4,035,475	78,237	82,935
			TOTAL ASSETS	3,926,849	4,198,908	339,683	344,381
		EQUITY & LIABILITIES
		Capital and reserves
		Stated capital	232,390	232,390	232,390	232,390
			Retained earnings/(losses)	(875,755)	(812,996)	35,470	37,326
			Equity attributable to owners of the company	(643,365)	(580,606)	267,860	269,716
			Non controlling interests	300,000	300,000	-	-
			Total Equity	(343,365)	(280,606)	267,860	269,716
			Non Current liabilities
			Long term loans & borrowings	963,734	1,015,604	-	-
			Defined benefit obligations	5,824	4,758	5,824	4,758
				969,558	1,020,362	5,824	4,758
		Current liabilities
		Advances received on project in progress	2,325,651	2,405,413	-	-
		Other payables	111,653	162,346	1,051	1,094
	Unclaimed dividends	517	517	517	517
	Amounts due to related parties	131,887	69,454	64,431	68,296
	Short term loans and borrowings	701,160	699,685	-	-
	Bank overdrafts	29,788	121,737	-	-
				3,300,656	3,459,152	65,999	69,907
TOTAL EQUITY AND LIABILITIES	3,926,849	4,198,908	339,683	344,381

Note: All values are in rupees '000 unless otherwise stated.

These financial statements are in compliance with the requirements of the Companies Act No. 07 of 2007.

Amila Waddeniya

Senior Manager - Finance

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

A.D.E.I. Perera	Prakash Schaffter
Chairman	Director
15 August 2022

Provisional Financial Statements	KELSEY DEVELOPMENTS PLC
Quarter ended 30th June 2022	3

STATEMENT OF CHANGES IN EQUITY

Group

		Attributable to equity holders of parent
	Stated	Capital	Other	Retained	Total	Non -	Total
	capital	reserve	reserves	losses		controlling	equity
						interests
Balance as at 1 April 2020 (Audited)	232,390	15,000	7,500	(591,824)	(336,934)	300,000	(36,934)
Total comprehensive income for the period
Loss for the period	-	-	-	(39,069)	(39,069)	-	(39,069)
Other comprehensive income, net of tax	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	(39,069)	(39,069)	-	(39,069)
Balance as at 30 June 2021 (Unaudited)	232,390	15,000	7,500	(630,893)	(376,003)	300,000	(76,003)
Balance as at 1 April 2022 (Audited)	232,390	-	-	(812,996)	(580,606)	300,000	(280,606)
Total comprehensive income for the period
Loss for the period	-	-	-	(62,759)	(62,759)	-	(62,759)
Other comprehensive income, net of tax	-	-	-	-	-	-	-
Total comprehensive income	-	-	-	(62,759)	(62,759)	-	(62,759)
Balance as at 30 June 2022 (Unaudited)	232,390	-	-	(875,755)	(643,365)	300,000	(343,365)
Company
				Stated	Other	Retained	Total
				capital	reserves	earnings
Balance as at 1 April 2020 (Audited)				232,390	7,500	10,875	250,765
Total comprehensive income for the period
Loss for the period				-	-	(241)	(241)
Other comprehensive income, net of tax				-	-	-	-
Total comprehensive income				-	-	(241)	(241)
Balance as at 30 June 2021 (Unaudited)				232,390	7,500	10,634	250,524
Balance as at 1 April 2022 (Audited)				232,390	-	37,326	269,716
Total comprehensive income for the period
Loss for the period				-	-	(1,856)	(1,856)
Other comprehensive income, net of tax				-	-	-	-
Total comprehensive income				-	-	(1,856)	(1,856)
Balance as at 30 June 2022 (Unaudited)				232,390	-	35,470	267,860

The figures in brackets indicate deductions.

Note: All values are in rupees '000s unless otherwise stated.

Provisional Financial Statements	KELSEY DEVELOPMENTS PLC
Quarter ended 30th June 2022	4