PROVISIONAL FINANCIAL STATEMENTS

Transcription

1 PROVISIONAL FINANCIAL STATEMENTS QUARTER ENDED 31 ST DECEMBER 2016

2 REVIEW OF OPERATIONS Kelsey Developments PLC recorded a consolidated loss before tax of Rs Mn during the third quarter of 2016/17 compared to a loss of Rs. 5.4 Mn in the corresponding period of the previous year. During the third quarter, the company recognised revenue amounting to Rs Mn which was realised from the sale of houses relating to Templer s Square in Mount Lavinia. The sale of these houses generated a gross profit of Rs Mn in the third quarter. As of 31st December 2016, the company has handed over 72 out of 93 houses with a further 20 houses targeted for handover by the end of fourth quarter. This project is expected to be completed by the end of the first quarter of the next financial year. The company has continued to invest in strengthening the operational management in order to support its planned expansion. This is reflected in the increase in operating expenses by Rs Mn compared to the corresponding quarter of the previous year. Further, the newly acquired company, Pre-fab Engineering Projects (Private) Limited is carrying out some of the construction work relating to the ongoing projects of Kelsey Developments PLC. Development work at Verdant Villas in Negombo was completed and the project was launched in December Development work with regard to the residential project in Mt. Lavinia is at the preliminary concept stage and the Biyagama land sales development project is at the related approval stage. Our development pipeline and plans for investment and sales gives us reasons for optimism in maintaining and improving our performance in the months ahead. (Sgd.) Samidda Kannangara Chief Executive Officer 01

3 STATEMENT OF COMPREHENSIVE INCOME Group For the period October ~ December April ~ December Unaudited Unaudited Unaudited Unaudited Revenue 143, , , ,251 Cost of sales (120,311) (137,511) (591,616) (139,947) Gross profit 22,887 29, ,563 28,304 Other income 4, ,906 1,886 Less: Administrative expenses (41,940) (23,458) (109,365) (65,099) Selling and distribution expenses (22,773) (7,051) (27,100) (19,264) Other expenses (4,923) (7,382) (31,004) (10,412) Profit / (Loss) from operations (42,368) (8,064) (22,000) (64,585) Net finance income / (expense) 187 2,619 2,146 5,862 Profit / (Loss) before taxation (42,181) (5,445) (19,854) (58,723) Income tax expenses (4,028) - (9,062) - Profit / (Loss) for the period (46,209) (5,445) (28,915) (58,723) Other comprehensive income/(expense) for the period Total comprehensive income/(expense) for the period (46,209) (5,445) (28,915) (58,723) Profit attributable to Group (45,701) (5,445) (28,196) (58,723) Profit Attributable to Non Controlling Interest (508) - (720) - Basic earnings / (Loss) per share (Rs.) (2.62) (0.31) (1.62) (3.37) Figures in brackets indicate deductions. Note: All values are in Rupees 000s unless otherwise stated. 02

4 STATEMENT OF COMPREHENSIVE INCOME Company For the period October ~ December April ~ December Unaudited Unaudited Unaudited Unaudited Revenue Cost of sales Gross profit Other Income - - 4,098 - Less: Administrative expenses (158) (154) (476) (464) Selling and distribution expenses Other expenses - - (1,770) - Profit / (Loss) from operations (158) (154) 1,852 (464) Net finance income / (expense) (3,037) - (3,037) - Profit / (Loss) before taxation (3,195) (154) (1,185) (464) Income tax expenses Profit / (Loss) for the period (2,843) (154) (1,185) (464) Other comprehensive income/(expense) for the period Total comprehensive income/ (expense) for the period (2,843) (154) (1,185) (464) Earnings / (Loss) per share (Rs.) (0.16) (0.01) (0.07) (0.03) Figures in brackets indicate deductions. Note: All values are in Rupees 000s unless otherwise stated. 03

5 STATEMENT OF FINANCIAL POSITION Group Company As at 31 Dec Dec Mar Dec Dec Mar 2016 Unaudited Unaudited (Audited) Unaudited Unaudited (Audited) ASSETS Non-current assets Goodwill on Acquisition 26, Property, plant & equipment 105,884 7,409 6, Investments in subsidiaries , , ,682 Deferred Tax Asset 3,223-10, ,577 7,409 17, , , ,682 Current assets Inventories 1,835,519 1,968,404 1,488,036 31, Trade and other receivables 34,741 34,858 71, Investments - held for trading - 67, Amounts due from related parties , , ,927 Income tax recoverable 13, Cash and cash equivalents 2,396 17, , ,885,870 2,089,123 1,678, , , ,464 TOTAL ASSETS 2,021,448 2,096,532 1,695, , , ,146 EQUITY & LIABILITIES Capital and reserves Stated capital 232, , , , , ,390 Capital reserve 15,000 15,000 15, Other reserve 7,500 7,500 7,500 7,500 7,500 7,500 Retained earnings (69,862) (155,699) (41,212) (21,627) (19,594) (20,442) Equity attributable to the equity holders of the parent 185,028 99, , , , ,448 Non Controlling Interest 20, Total equity 205,374 99, , , , ,448 Non-current liabilities Interest bearing loans & borrowings 391, Defined benefit obligations 7,350 5,871 5,505 5,994 5,236 4, ,957 5,871 5,505 5,994 5,236 4,939 Current liabilities Trade and other payables 696,609 1,709,479 1,246,834 15, Unclaimed Dividend Amounts due to related parties 567, , , , Income tax payable 10, , Interest bearing loans and borrowings 142,675 88, ,417,116 1,991,470 1,476, , TOTAL EQUITY AND LIABILITIES 2,021,448 2,096,532 1,695, , , ,146 Note : The above figures are subject to audit All values are in rupees 000s unless otherwise stated. These Financial Statements are in compliance with the requirements of the Companies Act. No.07 of (Sgd.) P. Thuraichelvan Chief Financial Officer The Board of Directors is responsible for the preparation and presentation of these Financial Statements. (Sgd.) Manjula Mathews (Ms.) Chairperson (Sgd.) Dinesh Schaffter Managing Director 14, February,

6 STATEMENT OF CHANGES IN EQUITY Group For the period ended 31 December 2016 Attributable to equity holders of parent Stated Capital Other Retained Total Non- Total Capital Reserve Reserves Earnings Controlling Equity Reserves Interest Balance as at 1 April 2015 (Audited) 232,390 15,000 7,500 (96,976) 157, ,914 Total comprehensive income for the period (58,723) (58,723) - (58,723) Balance as at 31 December ,390 15,000 7,500 (155,699) 99,191-99,191 Balance as at 1 April 2016 (Audited) 232,390 15,000 7,500 (41,212) 213, ,679 Withholding tax relating to intercompany dividend (455) (455) - (455) Total comprehensive income for the period (28,196) (28,196) (721) (28,916) Acquisition of subsidiary with Non Controlling Interest ,067 21,067 Balance as at 31 December ,390 15,000 7,500 (69,862) 185,028 20, ,374 Company For the period ended 31 December 2016 Stated Other Retained Total capital reserves earnings Balance as at 1 April 2015 (Audited) 232,390 7,500 (19,130) 220,760 Total comprehensive income for the period - - (464) (464) Balance as at 31 December ,390 7,500 (19,594) 220,296 Balance as at 1 April 2016 (Audited) 232,390 7,500 (20,442) 219,448 Total comprehensive income for the period - - (1,185) (1,185) Balance as at 31 December ,390 7,500 (21,627) 218,263 The figures in brackets indicate deductions. Note: All values are in Rupees 000s unless otherwise stated. 05

7 STATEMENT OF CASH FLOWS Group Company For the period ended 31 Dec Dec Dec Dec 2015 Unaudited Unaudited Unaudited Unaudited Cash flows from operating activities Net profit / (loss) before income tax expenses (19,854) (58,723) (1,185) (464) Adjustments for: Depreciation 5,007 1, Provision for retirement benefit obligations 1, Other income Net interest income 2,146 5,862 3,037 - Operating profit before working capital changes (10,243) (50,680) 1,852 (464) ( Increase) / decrease in inventories (347,389) (431,476) (31,413) - (Increase) / decrease in trade and other receivables 51,234 (19,079) (19) - (Increase) / decrease in amounts due from related parties - - (36,146) (119) Increase / (decrease) in amounts due to related parties 349,462 7, , Increase / (decrease) in trade and other payables (542,230) 796,114 15,946 (129) Cash generated from /(Used in ) operations (499,166) 302,261 92,884 (133) Gratuity Paid (375) Income tax paid (16,908) (178) - - Net cash from / (used in) operating activities (516,449) 302,083 92,884 (133) Cash flows from / (used in) investing activities Acquisition of property, plant and equipment (29,644) (1,361) - - Acquisition of subsidiary net of cash acquired (102,039) - (90,006) - Other investments - (67,712) - - Net interest received (2,146) (5,862) (3,037) - Net cash from / (used in) investing activities (133,829) (74,935) (93,043) - Cash flows from / (used in) financing activities Proceeds from interest bearing loans and borrowings 533, Repayment of interest bearing loans and borrowings - (231,954) - - Dividend paid (29) - (29) - Net cash flows from / (used in) financing activities 533,485 (231,954) (29) - Net increase / (decrease) in cash and cash equivalents (116,793) (4,806) (188) (133) Cash and cash equivalents at the beginning of the Period 119,188 22, Cash and cash equivalents at the end of the Period 2,396 17, The figures in brackets indicate deductions Note : All values are in rupees 000s unless otherwise stated. 06

8 NOTES TO THE FINANCIAL STATEMENTS 1. Net assets per share Group Company As at 31 December Rs. Rs. Rs. Rs Market price per share As at 31 December Highest market price recorded Lowest market price recorded Closing market price recorded The above figures are provisional and subject to audit. The same accounting policies as in the annual report for the year ended 31 March 2016, have been followed in the preparation of the above Financial Statements. 4. The presentation and classification of figures for the corresponding period of the previous year have been reclassified to be comparable with those of the current year where necessary. 5. These provisional financial statements are prepared in accordance with Sri Lanka Accounting Standards (LKAS/SLFRS) laid down by the Institute of Chartered Accountants of Sri Lanka. 6. There have been no significant changes in the nature of the Contingent Liabilities which were disclosed in the Audited Financial Statements for the year ended 31 March The number of shares represented by stated capital as at 31 December 2016 are 17,429,274 shares (31 December ,429,274). 8. On 07th September 2016, Kelsey Developments PLC acquired 75.1% (904,826 shares) of Pre-fab Engineering Projects (Private) Limited, a construction company with a net worth of Rs. 85 Mn for a total consideration of Rs. 90 Mn. 9. There have been no material events occurring after the reporting date that require adjustments to or disclosure in the Financial Statements. 07

9 INVESTOR INFORMATION List of twenty major shareholders as at 31 December 2016 Names of shareholders No of Shares Holding % 01. Dunamis Capital PLC 13,925, Janashakthi PLC Account No. 1 1,075, Mr. Dinesh Schaffter 395, Mr. Teruaki Ono 285, Mrs. M. Mathews 222, Dr. Ramani Maryette Shanez Fernando 218, Mr. Murugesu Mahibalan 165, Mr. Kangasu Chelvadurai Vignarajah 66, Mr. Abeysiri Hemapala Munasinghe 58, Mr. Athula Ranaweera Ranaweera Kaluarachchige 50, Mr. Rex Joseph Srilal Jayamaha 50, Mrs. Manikku Badathuruge Hashani Hansasni Karunawardana 40, Pan Asia Banking Corporation PLC. /Mr. Ravindra Erle Rambukwelle 35, Mr. Kazuo Kondo 33, Dr. Srinath Daminda Rajamantri 25, Mrs. Sarathathevy Vignarajah 18, Mrs. Nanayakkara Hettige Mary Loretta Perera 16, Mr. Dinal Jayawantha Galhindarachchi 16, Mr. Warnakulasuriya Mahamandadige Luke Francis Sunil Fernando 16, Mr.Ginige Cyril Walter De Silva (deceased) 15, ,732, The percentage of shares held by the public, as defined under Colombo Stock Exchange regulations, was 16.55% and the number of shareholders is 1,055 as at 31 December Shareholdings of the Board of Directors/Chief Executive Officer (CEO) Name Designation No of Shares Holdings % As at 31 December 2016 Ms. M. Mathews Chairperson 222, Mr. D. Schaffter Managing Director 395, Mr. A.D.E.I. Perera Director - - Mr. C. L. De Silva Director - - Mr. S. Kannangara Chief Executive Officer