Kelsey Developments : Provisional Financial Statements for the quarter ended 30.09.2022

PROVISIONAL FINANCIAL STATEMENTS

Quarter ended

30th September 2022

Kelsey Developments PLC

REVIEW OF OPERATIONS

Kelsey Developments PLC recorded a consolidated loss after tax of Rs.153.45 Mn for period ended 30 September 2022 when compared to the loss after tax of Rs. 102.44 Mn for the previous year. Total revenue grew to Rs.687.48 Mn from Rs.76 Mn a year ago mainly due to the revenue recognition from Urban Gateway and Urban Heights projects. The Company has secured reservations with an expected sales value of Rs. 187.29 Mn during the six month period (2020/21- Rs.1.18Bn).

The recent change in Kelsey Group ownership to Blue Ocean Group will attract new synergies and skills to take a long-term view and the stability to carry out the operations with conviction, through this difficult period.

(Sgd.)

Lalinda Kalubowila

Chief Executive Officer

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

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period			Group
	3 months ended	6 months ended
	July ~ September	April ~ September
	2022	2021	2022	2021
	Unaudited	Unaudited	Unaudited	Unaudited
Revenue	555,247	26,042	687,480	76,042
Cost of sales	(524,475)	(22,261)	(615,868)	(55,463)
Gross profit	30,772	3,781	71,612	20,579
Other income	1,311	1,349	1,933	2,759
Less:
Administrative expenses	(46,414)	(34,092)	(93,146)	(63,293)
Selling and distribution expenses	(2,331)	(12,403)	(7,138)	(18,576)
Profit /(Loss) from operations	(16,662)	(41,365)	(26,739)	(58,531)
Net finance expenses	(75,395)	(22,007)	(126,714)	(43,911)
Profit /(Loss) before taxation	(92,057)	(63,372)	(153,453)	(102,442)
Income tax expense	-	-	-	-
Profit/(Loss) for the period	(92,057)	(63,372)	(153,453)	(102,442)
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	(92,057)	(63,372)	(153,453)	(102,442)
Profit/(Loss) attributable to :
Equity holders of the parent	(92,057)	(63,372)	(153,453)	(102,442)
Non controlling interests	-	-	-	-
	(92,057)	(63,372)	(153,453)	(102,442)
Total comprehensive income attributable to :
Equity holders of the parent	(92,057)	(63,372)	(153,453)	(102,442)
Non controlling interests	-	-	-	-
	(92,057)	(63,372)	(153,453)	(102,442)
Basic earnings/(loss) per share (Rs.)	(5.28)	(3.64)	(8.80)	(5.88)

Figures in brackets indicate deductions.

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

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

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the period		Company
	3 months ended	6 months ended
	July ~ September	April ~ September
	2022	2021	2022	2021
	Unaudited	Unaudited	Unaudited	Unaudited
Revenue	-	-	-	-
Cost of sales	-	-	-	-
Gross profit	-	-	-	-
Less:
Administrative expenses	(607)	(145)	(1,101)	(429)
Loss from operations	(607)	(145)	(1,101)	(429)
Net finance Income	-	59	-	102
Loss before taxation	(607)	(86)	(1,101)	(327)
Income tax expenses	-	-	-
Loss for the period	(607)	(86)	(1,101)	(327)
Other comprehensive income for the period	-	-	-	-
Total comprehensive income for the period	(607)	(86)	(1,101)	(327)
Basic earnings/(loss) per share (Rs.)	(0.03)	(0.00)	(0.06)	(0.02)

Figures in brackets indicate deductions.

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

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

STATEMENT OF FINANCIAL POSITION

		Group	Company
	As at	30 Sep 2022	31 Mar 2022	30 Sep 2022	31 Mar 2022
		Unaudited	Audited	Unaudited	Audited
	ASSETS
	Non-current assets
	Property, plant and equipment	10,891	12,903	-	-
	Intangible assets	2,054	2,032	-	-
	Right of use asset	51,997	56,796	-	-
	Investments in subsidiaries	-	-	261,446	261,446
	Deferred tax assets	91,702	91,702	-	-
		156,644	163,433	261,446
	Current assets
	Inventories	3,241,854	3,531,154	31,536	31,536
	Cotract cost assets	27,669	25,672	-	-
	Other receivables	29,681	17,866	44	19
	Amounts due from related parties	10,687	7,197	11,465	50,773
	Investments	-	406,061	-	509
	Income tax receivables	5,736	5,736	509	-
	Cash and cash equivalents	137,105	41,789	98	98
		3,452,732	4,035,475	43,652	82,935
TOTAL ASSETS	3,609,376	4,198,908	305,098	344,381
EQUITY & LIABILITIES
Capital and reserves
Stated capital	232,390	232,390	232,390	232,390
Retained earnings/(losses)	(967,811)	(812,996)	34,863	37,326
Equity attributable to owners of the company	(735,421)	(580,606)	267,253	269,716
Non controlling interests	300,000	300,000	-	-
	Total Equity	(435,421)	(280,606)	267,253	269,716
	Non Current liabilities
	Long term loans & borrowings	1,000,363	1,015,604	-	-
	Defined benefit obligations	6,825	4,758	6,825	4,758
		1,007,188	1,020,362	6,825	4,758
Current liabilities
Advances received on project in progress	2,064,764	2,405,413	-	-
	Other payables	78,868	162,346	586	1,094
	Unclaimed dividends	517	517	517	517
	Amounts due to related parties	168,021	69,454	29,917	68,296
	Short term loans and borrowings	722,959	699,685	-	-
	Bank overdrafts	2,480	121,737	-	-
		3,037,609	3,459,152	31,020	69,907
TOTAL EQUITY AND LIABILITIES	3,609,376	4,198,908	305,098	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.

Sgd.

Himal Akalanka

Senior Manager - Finance

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

Sgd.	Sgd.
A.D.E.I. Perera	Prakash Schaffter
Chairman	Director
18 November 2022

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