Blue Diamonds Jewellery Worldwide : Interim Financial Statements as at 30-06-2022

INTERIM FINANCIAL STATEMENTS

For The Three Months Ended 30th June 2022

The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

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QUARTER REVIEW

Blue Diamonds Jewellery Worldwide PLC announced today its unaudited financial results for the three month period April 2022 to June 2022.

Loss for the period from April 2022 to June 2022 was Rs. 1.9 Million, with the Company coming close to break-even, indicating a significant improvement over the loss of the Rs. 7.3 Million the previous year's April to June quarter.

Company revenue for the April to June 2022 quarter was Rs. 19 million, up by Rs. 9.7 million over the 1st quarter of the previous year. Gross profit margin also improved compared to the 1st quarter of 2021 of (19 %) to 23% for the 2022 April to June quarter.

Compared to the previous year, sales of the company are increasing slowly, but considering the complex and instable economic environment at home and abroad, the Company is continuing to focus on cost minimization and servicing existing customers, while working with sales agents to increase foreign export orders.

During the months of fuel scarcity, work was carried out on a shift-basis in order to support staff who were unable to travel. Further, the rising inflation and restricted imports have increased day-to-day operational costs as well as the material cost of certain inputs in the Jewellery production process. While the Company continued despite these constraints, it was unable to carry out a smooth operation.

The Company is disappointed to note that the SEC did not approve the extension request regarding removing the emphasis on going concern from the audit, considering the difficult circumstances in which the Company continues to operate. However, the Company endeavors to remove the emphasis on going concern within the 2022/23 financial year, as planned.

……………………………..

CEO / Managing Director 06th September 2022

Blue Diamonds Jewellery Worldwide PLC

STATEMENT OF PROFIT OR LOSS/COMPREHENSIVE INCOME

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FOR THE PERIOD ENDED 30TH JUNE 2022

	For the Three Months Ended		For the Twelve
		Months Ended
	30th June
			31st March
(In Rs .000)	2022			2021		2022
				(Un-audited)
	Rs. '000			Rs. '000		Rs. '000
Revenue	19,018			9,228	27,635
Cost of Sales	(14,672)			(10,953)	(41,669)
Gross Profit
4,346			(1,725)	(14,034)
Other Operating Income	-			5	5,394
Selling and Distribution Expenses	(78)			(90)	(112)
Administrative Expenses	(5,452)			(5,165)	(36,132)
Finance Costs	(743)			(338)	(1,830)
Finance Income	-			1	1
Profit /Loss before Tax
(1,928)			(7,312)	(46,712)
Income Tax (Expense) / Reversal	-			-	-
Profit / Loss for the Period
(1,928)			(7,312)	(46,712)
OTHER COMPREHENSIVE INCOME
Fair Value Change in Investment in Quoted shares	-			-	-
Reclassification during the Year to Profit or Loss on Available for
Sale Financial Assets	-			-	-
Exchange Gain	481			-	-
Revaluation Gain	-			-	32,464
Actuarial Gain on Defined Benefit Plans	-			-	1,938
Tax on Actuarial Gain on Defined Benefit Plans	-			-	-
Other Comprehensive Income for the Period	481			-		34,402
Total Comprehensive Income for the Period
(1,446)			(7,312)	(12,310)
Earnings/(Loss) per share	(0.005)			(0.02)	(0.12)

All values in are Sri Lankan Rupees

Figures in the brackets indicate deductions

The information contained in these statements have been extracted from the unaudited financial statements of the Company unless indicated as audited.

Blue Diamonds Jewellery Worldwide PLC STATEMENT OF FINANCIAL POSITION

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AS AT 30TH JUNE 2022
(In Rs .000)
30th June		31st March
ASSETS	2022 (Unaudited)		2022 (Un-Audited)
Rs. '000		Rs. '000
Non-Current Assets
Property, Plant and Equipment	84,731	85,383
Right of Use Asset		2,280	2,289
Intangible Assets		-	-
Financial Assets- Fair Value Through OCI	-	-
Other Investments	-	-
Loan Receivables	-	-
		87,011		87,671
Current Assets
Inventories	97,167	99,929
Trade and Other Receivables	3,330	2,817
Other Receivables	1,268	1,268
Cash and Cash Equivalents	22,714	18,678
Total Assets	124,480		122,693
211,491		210,364
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	101,261	101,261
Reserves	73,842	73,842
Retained Loss	(50,523)	(49,077)
Total Equity	124,579		126,025
Non-Current Liabilities
Interest Bearing Loans and Borrowings	25,724	34,654
Employee Benefit Liability	5,357	5,012
Deferred Tax Liability	-	-
Current Liabilities	31,082		39,666
Trade and Other Payables	36,861	34,641
Income Tax Payable	1,065	1,065
Interest Bearing Loans and Borrowings	17,904	8,967
Total Equity and Liabilities	55,830		44,673
211,491		210,364

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

……………………………

Finance Officer

The Board of Directors is responsible for these financial statements. Signed for and on behalf of the Board by:

……………………………..	……………………………..
Chairman	CEO / Managing Director
06th September 2022
Katunayake

Blue Diamonds Jewellery Worldwide PLC STATEMENT OF CHANGES IN EQUITY

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FOR THE PERIOD ENDED 30TH JUNE 2022
				Fair
	Stated	Revaluation	General	Value	Retained	Tota
	Through
	Capital	Reserves	Reserve	Losses	Equity
	OCI
				Reserve
	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000	Rs.'000
Balance as at 01 April 2021(Audited)	373,641	41,378	-	-	(276,683)	138,336
Profit / Loss for the period	-	-	-	-	(46,712)	(46,712)
Other Comprehensive Income	-	32,464	-	-	1,938	34,402
Reduction of Stated Capital	(272,380)				272,380	-
	(272,380)	32,464	-	-	227,606	(12,310)
Balance as at 31st March 2022
101,261	73,842	-	-	(49,077)	126,025
As at 01st April 2022 (Un-Audited)
101,261	73,842	-	-	(49,077)	126,025
Profit / Loss for the period	-	-	-	-	(1,928)	(1,928)
Other Comprehensive Income	-	-	-	-	481	481
Balance as at 30th June 2022
101,261	73,842	-	-	(50,523)	124,579