VALLIBEL POWER ERATHNA PLC

Transcription

1 VALLIBEL POWER ERATHNA PLC INTERIM FINANCIAL STATEMENTS Third Quarter for the nine months ended 31st December 2017

2 Statement of Financial Position As at Rs. Rs. (Audited) Rs. Rs. (Audited) ASSETS Non-Current Assets Property, Plant & Equipment 2,312,388,152 2,370,671, ,230, ,304,392 Investment in Subsidiary ,619, ,619,980 Intangible Assets 96,024, ,992,089 2,000,000 3,200,000 Deposit on Leasehold Land 4,500,000 4,500, Deferred Tax Asset 11,713,699 10,332, ,424,626,440 2,490,496,398 1,670,850,834 1,696,124,372 Current Assets Trade & Other Receivables 175,020,320 72,274,406 82,226,571 39,264,659 Amounts Due from Related Parties 1,057,815 1,067,593 2,854,280 2,854,049 Short Term Investments 451,883, ,575, ,467,219 72,958,162 Tax Receivables 844, Cash and Bank Balances 26,348,640 19,884,034 15,760,782 13,006, ,154, ,801, ,308, ,083,437 Total Assets 3,079,780,858 2,745,297,770 1,976,159,686 1,824,207,809 EQUITY AND LIABILITIES Company Equity Attributable to Equity Holders of the Parent Stated Capital 1,174,365,278 1,174,365,278 1,174,365,278 1,174,365,278 Accumulated Profit 1,316,538, ,422, ,574, ,444,554 2,490,904,002 2,073,787,437 1,828,939,794 1,699,809,832 Non - Controlling Interest 205,946, ,694, Total Equity 2,696,850,780 2,236,482,237 1,828,939,794 1,699,809,832 Non-Current Liabilities Interest Bearing Loans & Borrowings 11,110, ,403, Retirement Benefit Obligations 19,365,916 18,785,895 13,062,057 13,929,171 Deferred Tax Liability 80,361,109 81,377,602 80,361,109 81,377, ,837, ,566,553 93,423,166 95,306,773 Current Liabilities Trade and Other Payables 39,309,925 38,730,972 23,111,110 26,470,707 Interest Bearing Loans & Borrowings 202,096, ,320, Tax Payables 30,685,616 4,197,626 30,685,616 2,620, ,092, ,248,980 53,796,726 29,091,203 Total Equity and Liabilities 3,079,780,858 2,745,297,770 1,976,159,686 1,824,207,809 Net Asset Per Share These Financial Statements are in compliance with the requirements of the Companies Act, No. 7 of Sgd. Sgd. Sajithra Thanoj Russell De Zilva Accountant Jt.CEO The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by. Sgd. S.H.Amarasekara Deputy Chairman January 26, 2018 / Colombo Sgd. H.Somashantha Director Page 1

3 Statement of Profit or Loss Company Quarter Nine Months Quarter Nine Months For the nine months ended 31st December Change Change Change Change Rs. Rs. % Rs. Rs. % Rs. Rs. % Rs. Rs. % Revenue 314,417, ,256, ,022,177, ,219, ,747,749 92,758, ,327, ,061, Cost of Sales (45,509,950) (34,118,379) 33 (119,389,260) (108,127,099) 10 (21,362,799) (12,347,201) 73 (47,861,825) (37,595,233) 27 Gross Profit 268,907, ,137, ,788, ,092, ,384,950 80,411, ,465, ,466, Other Operating Income 72,500 - >999 72,500 18, ,088,997 (100) Administration Expenses (24,705,845) (23,900,290) 3 (76,144,882) (75,743,182) 1 (11,877,090) (10,814,817) 10 (36,290,737) (35,550,470) 2 Other Operating Expenses (919,457) (1,243,763) (26) (1,620,645) (2,995,684) (46) (511,916) (449,646) 14 (930,128) (1,485,345) (37) Finance Cost (7,832,284) (15,368,963) (49) (29,351,451) (46,574,017) (37) (28,682) (56,068) (49) (124,405) (90,725) 37 Finance Income 10,737,859 10,950,017 (2) 22,918,571 32,672,544 (30) 7,497,796 4,997, ,621,312 15,246,548 2 Profit/(Loss) Before Tax 246,259, ,574, ,662, ,471, ,465,058 74,088, ,741, ,675,422 (7) Income Tax Expenses (17,320,122) (11,907,169) 45 (59,449,843) (67,067,827) (11) (16,829,921) (10,629,749) 58 (58,767,673) (51,736,071) 14 Net Profit/(Loss) For the Period 228,939,731 89,667, ,212, ,403, ,635,137 63,458, ,973, ,939,351 (9) Attributable to: Equity Holders of the Parent 213,512,263 86,028, ,960, ,995, ,635,137 63,458, ,973, ,939,351 (9) Non Controlling Interest 15,427,468 3,639, ,251,978 23,408, ,939,731 89,667, ,212, ,403, ,635,137 63,458, ,973, ,939,351 (9) Basic Earnings Per Share Figures in brackets indicate deductions Page 2

4 Statement of Comprehensive Income For the nine months ended 31st December Change Change Change Change Rs. Rs. % Rs. Rs. % Rs. Rs. % Rs. Rs. % Company Quarter Nine Months Quarter Nine Months Net Profit/(Loss) for the Period 228,939,731 89,667, ,212, ,403, ,635,137 63,458, ,973, ,939,351 (9) Other Comprehensive Income / (Loss) Total Comprehensive Income/(Loss) for the period, net of Tax 228,939,731 89,667, ,212, ,403, ,635,137 63,458, ,973, ,939,351 (9) Attributable to: Equity Holders of the Parent 213,512,263 86,028, ,960, ,995, ,635,137 63,458, ,973, ,939,351 (9) Non Controlling Interest 15,427,468 3,639, ,251,978 23,408, ,939,731 89,667, ,212, ,403, ,635,137 63,458, ,973, ,939,351 (9) Figures in brackets indicate deductions Page 3

5 Statement of Cash Flows For the nine months ended 31st December Rs. Rs. Rs. Rs. Cash Flows from/(used in) Operating Activities Net Profit Before Income Tax Expense 818,662, ,896, ,741, ,587,383 Adjustments for Amortization of Intangible Assets 8,967,500 5,978,333 1,200, ,000 Depreciation 58,795,669 40,128,530 24,223,263 16,357,300 Provision for Retirement Benefit Obligations 2,998,305 1,188,000 1,485, ,000 (Profit)/Loss on disposal of Property, Plant & Equipment (61,126) (3,819) - (18,500) Dividend Income (105,070,497) Interest Income (22,918,571) (21,722,527) (15,621,312) (10,249,247) Finance Cost 29,351,451 31,205, ,405 34,657 Operating Profit Before Working Capital Changes 895,795, ,669, ,152, ,041,095 Company ( Increase )/ Decrease in Trade and Other Receivables (99,409,981) (139,450,646) (40,375,339) (110,740,036) ( Increase )/ Decrease in Amounts Due from Related Parties 28,410 (547,595) (231) (450,050) Increase / (Decrease ) in Trade and Other Payables 1,789,592 (7,889,028) (2,109,439) (1,561,074) Cash Generated from /(used in) Operating Activities 798,203, ,782, ,667, ,289,936 Finance Cost Paid (29,311,916) (31,189,543) (124,405) (34,657) Interest Received 19,582,619 21,369,708 13,034,739 10,456,051 Retirement Benefit Obligations Paid (2,436,915) (173,550) (2,352,114) - Taxes Paid (36,203,917) (57,335,321) (31,719,047) (42,227,613) Net Cash from / (used in) Operating Activities 749,833, ,453, ,507, ,483,717 Cash Flows From / (Used in) Investing Activities Acquisitions of Property, Plant & Equipments (533,212) (2,462,091) (149,725) (987,960) Proceeds from disposal of property, plant & equipment 82, , ,947 Dividend Received ,070,497 Proceeds /(Investments) of Fixed Deposits (net) (200,281,394) 109,466,948 (120,509,056) 44,223,764 Net Cash Flow from / (Used In) Investing Activities (200,732,117) 107,542,804 (120,658,781) 148,844,248 Cash Flows from /(Used in) Financing Activities Repayments of Interest Bearing Loans & Borrowings (151,982,276) (103,173,371) - - Dividends Paid (300,094,051) (390,877,760) (300,094,051) (373,747,760) Net Cash Flows From / (Used In) Financing Activities (452,076,327) (494,051,131) (300,094,051) (373,747,760) Net Increase / (Decrease) In Cash & Cash Equivalents 97,024,955 (51,054,532) 13,754,215 (20,419,795) Cash and Cash Equivalents at the Beginning of the Period (Note A) 66,238, ,147,368 19,006,567 39,168,001 Cash and Cash Equivalents at the End of the Period (Note B) 163,263,020 84,092,836 32,760,782 18,748,206 Note A Note B Cash and Cash Equivalents at the Beginning of the Period Cash in Hand & at Bank / (Bank Overdraft) 19,350,384 28,394,389 13,006,567 8,068,001 Savings Accounts & REPO 46,887, ,752,979 6,000,000 31,100,000 Cash and Cash Equivalents at the End of the Period 66,238, ,147,368 19,006,567 39,168,001 Cash in Hand & at Bank / (Bank Overdraft) 26,348,640 11,192,836 15,760,782 10,548,206 Savings Accounts & REPO 136,914,380 72,900,000 17,000,000 8,200, ,263,020 84,092,836 32,760,782 18,748,206 Figures in brackets indicate deductions Page 4

6 Statement of Changes in Equity Stated Accumulated Non Controlling Total Equity Capital Profit Interest Rs. Rs. Rs. Rs. Balance as at 01 st April ,174,365,278 1,001,587, ,859,338 2,341,812,090 Net Profit for the Period - 504,995,029 23,408, ,403,202 Dividend - (373,554,866) (17,130,000) (390,684,866) Balance as at 31st December ,174,365,278 1,133,027, ,137,511 2,479,530,427 Balance as at 01 st April ,174,365, ,422, ,694,800 2,236,482,237 Net Profit for the Period - 715,960,457 43,251, ,212,435 Dividend - (298,843,892) - (298,843,892) Balance as at 31st December ,174,365,278 1,316,538, ,946,778 2,696,850,780 Company Stated Accumulated Total Equity Capital Profit Rs. Rs. Rs. Balance as at 01 st April ,174,365, ,096,745 1,771,462,023 Net Profit for the Period - 468,939, ,939,350 Dividend - (373,554,866) (373,554,866) Balance as at 31st December ,174,365, ,481,230 1,866,846,507 Balance as at 01 st April ,174,365, ,444,554 1,699,809,832 Net Profit for the Period - 427,973, ,973,854 Dividend - (298,843,892) (298,843,892) Balance as at 31st December ,174,365, ,574,516 1,828,939,794 Figures in brackets indicate deductions Page 5

7 Notes to the Interim Financial Statements 1. The above figures are provisional & subject to audit unless otherwise stated. 2. The interim financial statements of the and the Company for the nine months ended 31st December 2017 were authorised for issue by the Board of Directors on 26 th January The financial statements for the period ended 31st December 2017, includes the Company referring to Vallibel Power Erathna PLC as the Holding Company and the Subsidiary referring to Country Energy (Private) Limited whose accounts have been consolidated therein. 4. The Interim Financial Statements have been prepared in accordance with the accounting policies set out in the Annual report for the year ended 31 st March 2017 and comply with the Sri Lanka Accounting Standards (SLFRS/LKAS). These Interim Financial Statements should be read in conjunction with the annual financial statements for the year ended 31 st March They also provide the information required by the Colombo Stock Exchange and LKAS The number of shares representing the stated capital is 747,109, The Company paid Fifty cents (Rs. 0.40) per share as an Interim Dividend for the financial year 2017/18 on November 21, The had no significant contingent liabilities outstanding as at the reporting date. 8. No other circumstances have arisen since the reporting date, which would require adjustments to or disclosure in the Financial Statements. 9. Operating Segment Information For the nine months ended 31st December 2017 Erathna MHPP Denawaka Ganga MHPP Kiriwaneliya MHPP Power Generation kwh 41,187,576 19,092,797 15,447,049 75,727,422 Revenue Rs. 556,327, ,740, ,109,500 1,022,177,445 Gross Profit Rs. 508,465, ,897, ,092, ,788,185 Profit After Tax Rs. 427,973, ,547, ,358, ,212,435 Total Assets Rs. 1,976,159, ,114, ,247,528 3,079,780,858 Total Liabilities Rs. 147,219, ,833,484 81,697, ,930,078 For the nine months ended 31st December 2016 Erathna Denawaka Kiriwaneliya MHPP Ganga MHPP MHPP Power Generation kwh 33,343,635 12,799,607 9,734,026 55,877,268 Revenue Rs. 475,061, ,678, ,479, ,219,967 Gross Profit Rs. 437,466, ,468, ,825, ,092,868 Profit After Tax Rs. 468,939,351 95,535,549 87,340, ,403,202 Total Assets Rs. 1,999,635, ,450, ,432,679 3,046,094,224 Total Liabilities Rs. 132,788, ,078, ,288, ,563,797 Page 6

8 10. Related Party Transactions with the Company For the Period Ended Rs. Rs Key Management Personal (KMP) Directors Remuneration (2,766,667) (3,250,000) Key Management Compensation (4,312,422) (3,920,127) Close Family Members of KMP Nil Nil 10.2 Country Energy (Pvt) Ltd - Subsidiary Net operating expenses incurred on behalf of the Subsidiary (17,991,939) (19,172,671) Reimbursement of operating expenses by the Subsidiary 17,981,928 19,273, Other Related companies Alternate Power Systems (Pvt) Ltd (APSL) Net operating expenses incurred on behalf of APSL (10,350,516) (10,740,125) Reimbursement of operating expenses by APSL 10,343,926 10,774, Vallibel Finance PLC Investments in Fixed Deposit (267,077,622) (315,604,559) Withdrawal of Fixed Deposits 146,446, ,220,832 FD Interest Received 2,699,081 8,604, LB Finance PLC Investments in Fixed Deposit (116,040,104) (10,000,000) Withdrawal of Fixed Deposits 116,040,104 Nil FD Interest Received 2,543,978 Nil Greener Water Limited (GWL) Net operating expenses incurred on behalf of GWL (6,697,200) (3,766,194) Reimbursement of operating expenses by GWL 6,713,566 3,315, The Kingsbury PLC Payment made for services obtained (338,580) (338,580) Page 7

9 11. Standards Issued but not yet effective Certain new accounting standards and amendments / improvements to existing standards have been published, that are not mandatory for 31 March 2017 reporting periods. None of those have been early adopted by the Company and Subsidiary. SLFRS 9 Financial Instruments: Classification and Measurement SLFRS 9, as issued reflects the first phase of work on measurement of LKAS 39 and applies to classification and measurement of financial assets and liabilities. This standard is effective for the annual periods beginning on or after 01 January SLFRS 15 Revenue from Contracts with Customers SLFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including LKAS 18 Revenue, LKAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. This standard is effective for the annual periods beginning on or after 01 January SLFRS 16 -Leases SLFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on balance sheet model similar to the accounting for finance leases, under LKAS 17 except for few exemptions for leases for low value assets and short term leases with a lease term of 12 months or less. This standard is effective for the annual periods beginning on or after 01 January Share Information The public share holding percentage as at 31st December 2017 was %, comprising of 4,266 shareholders Market price per share For the quarter ended Rs. Rs. Market Price Highest Market Price Lowest Market Price Last Traded Directors share holding as at 31st December 2017 Director No. of Shares Mr. K D.D Perera 144,812,225 Mr. S H Amarasekera 30 Mr. P K Sumanasekera 150,000 Mr. H Somashantha 15,000 Mr. S Shanmuganathan Nil Mr. C V Cabraal Nil Page 8

10 12.4. Major Shareholders as at 31st December 2017 Shareholder No. of Shares Percentage (%) 1. Vallibel Power Limited 299,425, Mr. K.D.D.Perera 144,812, Seylan Bank PLC / Dr. T. Senthilverl 85,636, Sampath Bank PLC/Dr. T. Senthilverl 53,203, Mr. K.D.A.Perera 18,750, Mr. K.D.H.Perera 18,750, Commercial Bank of Ceylon PLC / Metrocrop 9,636, (Pvt) Ltd. 8. Ms. K.D.C. Samanthi 9,375, Employees Trust Fund Board 5,197, Mr. P P Subasinghe 4,313, Ayenka Holdings (Pvt) Ltd 3,596, Mr. B.C. Tay 3,000, Seylan Bank PLC/Lasantha Chandika 2,803, Ranaweera Pathirana 14. DFCC Bank PLC A/C No.1 2,400, Mr. P Subasinghe 2,217, Mr. D. D. Gunaratne 2,100, Dr. Senthilverl 2,033, Deutsche Bank AG as Trustee to Candor 2,000, Opportunities Fund 19. Perera and Sons (Bakers) Ltd 1,900, Mr. M F Hashim 1,711, Page 9

11 Corporate Information Name of Company Vallibel Power Erathna PLC Legal Form A Public quoted company with limited liability incorporated under the Provisions of the Companies Act, No. 07 of Date of Incorporation 07 th November 2001 Company Registration Number P.Q. 103 Nature of the Business Generate and Supply Electric Power to the National Grid. Board of Directors Mr. K D D Perera Chairman Mr. S H Amarasekera - Deputy Chairman Mr. P K Sumanasekera Mr. H Somashantha Mr. S Shanmuganathan Mr. C V Cabraal Head Office and Registered Office 27-2, East Tower, World Trade Center Echelon Square, Colombo 01. Telephone: Fax: energy@vallibel.com Web Site: Subsidiary Company Country Energy (Pvt) Ltd. (unquoted) Company Secretaries P W Corporate Secretarial (Pvt) Limited No.3/17, Kynsey Road, Colombo 08. Telephone: Fax : pwcs@pwcs.lk Auditors Ernst & Young Chartered Accountants No.201, De Saram Place Colombo 10. Bankers Commercial Bank of Ceylon PLC DFCC Bank PLC Hatton National Bank PLC Pan Asia Banking Corporation PLC Page 10