INTERIM CONDENSED FINANCIAL STATEMENTS
SIX MONTHS ENDED 30TH SEPTEMBER 2022
NINE MONTHS ENDED 31ST DECEMBER 2021
WINDFORCE PLC, NO 334,T.B JAYAH MAWATHA, COLOMBO 10, SRI LANKA
+94 112 697 151
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT NINE MONTHS ENDED 31ST DECEMBER 2021
MANAGING DIRECTOR'S MESSAGE
Dear stakeholders,
With great pride, I present you with the Interim Report of WindForce PLC for the period ended 30th September 2022. The group recorded a consolidated revenue of LKR 3.02 Bn, a 13% growth in comparison to LKR 2.66 Bn recorded in the period that ended 30th September 2021. The bottom line for the period under review was recorded as LKR 1.57 Bn with a YoY decline of 6% compared to LKR 1.66 Bn recorded for the period that ended 30th September 2021.
Wind Energy Sector
The wind sector saw a revenue increase of 13%. In the previous year, the DLRE and Powergen plants operated below capacity due to the failure of the power transformer at the Norochcholai wind collector substation, which was restored in September 2021. This year, these plants operated at full capacity and showed a growth of 45% and 10%, respectively. In the previous year, lightning damaged turbine blades of both the Joule and Beta plants in May 2021, which limited the capacity for operations. However, this year, the plants functioned at full capacity and showed a growth of 14% and 5%, respectively. Finally, all plants show higher generation due to a stronger wind season than the previous year.
Solar Energy Sector
The solar sector's revenue was increased by 30%, and the main contribution is from the 10MW Tororo plant in Uganda, which contributed a growth of 81% compared to the period ended 30th September 2021. This revenue increase is attributed to the currency translation gain caused by the Sri Lankan rupee depreciation. In addition, the Sky Solar plant also contributed to revenue growth in the solar sector.
Hydro Energy Sector
The revenue of the hydro sector declined by 11% for the period ended 30th September 2022 due to a 13% decline in generations as a result of low rainfall in catchment areas.
Projects in Progress
Construction of Sri Lanka's first Agrovoltaic plant was completed and commissioned on 28th of September. We are proud to announce that it was officially commissioned
PLC | INTERIM CONDENSED FINANCIAL | |
WINDFORCEPLC | INTERIM CONDENSED FINANCIAL STASTATEMENT | |
SIX | SEPTEMBER 2022 |
NINEMONTHS ENDED 30TH1ST DECEMBER 2021
on the 11th of October 2022. This plant will add 10MW of solar energy to the National grid.
The Hiruras wind power plant, which will contribute 15MW to the grid, is still under construction and is scheduled to be commissioned by the end of December 2022. The first wind turbine of the plant was erected successfully during the period under review. This is the first wind-power project entirely handled by WindForce without third-party or outsourced involvement for the erection process.
Rewards and Recognitions
WindForce's 12th Annual General Meeting was held on the 20th of July, 2022 and all tabled resolutions were duly passed.
The period ended 30th September 2022 has been a period of growth and recovery for WindForce. The accomplishments will irrefutably guide Sri Lanka towards a greener, more sustainable future.
Manjula Perera
Managing Director
11th November 2022
01
CONSOLIDATED INCOME STATEMENT
Three Months ended 30th September |
Six Months ended 30th September
2022 | 2021 | Change % | |
Revenue | 1,564,153,975 | 1,514,563,435 | 3% |
Direct Cost | (531,969,932) | (412,948,038) | 29% |
Gross Profit | 1,032,184,044 | 1,101,615,397 | -6% |
Other Operating Income | 6,363,598 | 34,967,756 | -82% |
Administration Expenses | (181,124,828) | (134,571,864) | 35% |
Profit from Operating Activities | 857,422,813 | 1,002,011,289 | -14% |
Finance Income | 128,392,179 | 90,320,210 | 42% |
Finance Costs | (215,183,051) | (83,463,677) | 158% |
Net Profit/(Loss) from the translation on foreign currency | 5,805,180 | - | 100% |
denominated Borrowings to reporting currency | |||
Profit from Ordinary Activities before Taxation | 776,437,121 | 1,008,867,822 | -23% |
Share of results of equity accounted investee | 99,552,597 | 108,341,974 | -8% |
Profit before Taxation | 875,989,718 | 1,117,209,795 | -22% |
Income Tax Expenses | (19,819,732) | (108,467,245) | -82% |
Profit after Taxation | 856,169,985 | 1,008,742,551 | -15% |
Attributable to: | |||
Non-controlling interests | 164,712,817 | 160,350,295 | 3% |
Equity holders of the parent | 691,457,168 | 848,392,256 | -18% |
856,169,985 | 1,008,742,551 | -15% | |
Other Comprehensive Income For the Period | |||
Currency translation of foreign operations | 243,969,881 | 32,268,029 | |
1,100,139,867 | 1,041,010,580 | 6% | |
Attributable to: | |||
Non-controlling interests | 164,712,817 | 160,350,295 | 3% |
Equity holders of the parent | 935,427,049 | 880,660,285 | 6% |
1,100,139,867 | 1,041,010,580 | 6% | |
LKR | LKR | ||
Earning per share | 0.51 | 0.63 | |
Dividend per share | - | 0.75 | |
Notes :
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
2022
3,020,029,236
(1,022,693,349)
1,997,335,887
7,102,744
(355,335,966)
1,649,102,665
209,450,648
(341,760,157)
(151,568,118)
1,365,225,038
249,427,525
1,614,652,563
(46,957,055)
1,567,695,508
299,923,987
1,267,771,520
1,567,695,508
713,108,606
2,280,804,114
299,923,987
1,980,880,126
2,280,804,114
LKR 0.94
-
2021 Change %
2,661,257,48313%
(803,853,669)27%
1,857,403,8148%
35,723,286-80%
(318,797,086)11%
1,574,330,0145%
148,308,71241%
(169,185,079) 102%
- 100%
1,553,453,647 -12%
240,233,5524%
1,793,687,199 -10%
(133,095,158)-65%
1,660,592,041-6%
266,090,47613%
1,394,501,565-9%
1,660,592,041-6%
32,268,029
1,692,860,07035%
266,090,47613%
1,426,769,59439%
1,692,860,07035%
LKR 1.05 0.75
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL | ||
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT | ||
SIX | SEPTEMBER 2022 | 02 |
NINE MONTHS ENDED 30TH1ST DECEMBER 2021 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30.09.2022 | As at 31.03.2022 | |
Unaudited | Audited | |
ASSETS | ||
Non-Current Assets | ||
Property, Plant and Equipment | 21,324,339,217 | 14,629,776,707 |
Investments in Equity Accounted Investees | 4,396,543,370 | 3,518,006,910 |
Non Current Financial Assets | 476,326,333 | 653,431,973 |
Intangible Assets | 2,646,305,882 | 2,655,604,382 |
Total Non-Current Assets | 28,843,514,802 | 21,456,819,972 |
Current Assets | ||
Inventory | 574,177,498 | 540,084,654 |
Other Non Financial Assets | 14,605,777 | 14,605,777 |
Trade and Other Receivables | 4,975,985,470 | 3,707,868,075 |
Income Tax Receivable | 29,813,299 | 71,191,543 |
Amounts Due from Related Parties | 1,075,824,350 | 91,729,046 |
Short Term Financial Assets | 3,220,492,802 | 3,315,539,382 |
Cash and Cash Equivalents | 623,234,264 | 1,321,298,427 |
Total Current Assets | 10,514,133,460 | 9,062,316,905 |
Total Assets | 39,357,648,262 | 30,519,136,877 |
EQUITY AND LIABILITIES | ||
Capital and Reserves | ||
Stated Capital | 18,226,455,904 | 18,226,455,904 |
Retained Earnings | 4,071,927,428 | 2,494,597,463 |
Foreign Currency Translation Reserve | 872,531,796 | 159,423,190 |
Total Equity | 23,170,915,129 | 20,880,476,557 |
Non Controlling Interest | 2,557,768,839 | 1,940,457,382 |
25,728,683,968 | 22,820,933,939 | |
Non Current Liabilities | ||
Interest Bearing Loans & Borrowings | 7,658,386,519 | 3,815,511,462 |
Employee Benefit Liabilities | 67,763,949 | 64,427,667 |
Deferred Tax Liabilities | 1,355,525,251 | 1,367,499,914 |
Total Non-Current Liabilities | 9,081,675,719 | 5,247,439,043 |
Current Liabilities | ||
Interest Bearing Loans & Borrowings | 2,270,801,301 | 1,150,953,877 |
Trade and Other Payables | 850,237,939 | 388,041,309 |
Amounts Due to Related Parties | 16,618,526 | 14,171,741 |
Bank Overdraft | 1,409,630,809 | 897,596,968 |
Total Current Liabilities | 4,547,288,575 | 2,450,763,894 |
Total Equity and Liabilities | 39,357,648,262 | 30,519,136,877 |
Net assets per share | 17.15 | 15.46 |
Note:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007
Chief Financial Officer
Rusiri Cooray
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board by:
Director | Director | |
Asgi Akbarally | Manjula Perera | |
Date of approval by the Board : 11th of November, 2022 | ||
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL | ||
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT | ||
SIX | SEPTEMBER 2022 | 03 |
NINE MONTHS ENDED 30TH1ST DECEMBER 2021 |
CONSOLIDATED STATEMENT OF CASH FLOW
As at 30.09.2022 | |
Cash Flow from/(used) in Operating Activities | |
Net Profit before Taxation | 1,614,652,563 |
Adjustments for | |
Profit accruing to the Group net of Dividend | - |
Provision For Gratiuty | 3,480,000 |
Depreciation & Amortization | 575,512,660 |
Loss/ (Gain) on Fixed Asset Disposal | - |
Foreign Exchange (Gain)/Loss | 347,293,974 |
Interest Cost | 341,760,157 |
Profit on other project | (6,363,598) |
Dividend Income | (15,676,439) |
Interest Income | (193,774,209) |
Operating Profit before Working Capital Charges | 2,666,885,109 |
(Increase)/Decrease in Trade & Other Receivables | (1,268,117,395) |
(Increase)/Decrease in Inventories | (34,092,844) |
(Increase)/Decrease in Amounts due from Related Parties | (984,095,304) |
Increase/(Decrease) in Amounts due to Related Parties | 2,446,785 |
Increase/(Decrease) in Trade & Other Payables | (462,196,630) |
Cash Generated from/(used in) Operations | (79,170,278) |
Interest Paid | (341,760,157) |
Income Tax Paid | (9,899,849) |
Gratuity Paid | (143,718) |
(351,803,724) | |
Net Cash from/(used in) Operating Activities | (430,974,002) |
Cash Flows from/(used in) Investing Activities | |
Interest Income | 193,774,209 |
Dividend Income | 15,676,439 |
Dividend Paid | - |
Acquisition of Property, Plant & Equipment | (7,243,306,935) |
Investment in Local Entities - Local | - |
Short Term Investments - Fixed Deposit | 654,818,205 |
Net Cash Flow from/(Used in) Investing Activities | (6,379,038,082) |
Cash Flows from/(used in) Financing Activities | |
Cash on other project | 6,363,598 |
Proceeds from Sale of Fixed Assets | - |
Net Foreign Exchange Difference | (347,293,974) |
Net Proceeds/Repayments from Interest Bearing Borrowings | 5,940,844,453 |
Net Cash Flow from/ (Used in) Financing Activities | 5,599,914,076 |
Net Increase/(Decrease) in Cash and Cash Equivalents | (1,210,098,008) |
Cash and Cash Equivalents at the Beginning of the Period | 423,701,460 |
Cash and Cash Equivalents at the End of the Period | (786,396,548) |
Analysis of Cash and Cash Equivalents | |
Cash at Bank - Favorable | 623,234,264 |
Bank Overdrafts | (1,409,630,809) |
(786,396,548) | |
Note: | |
The above figures are in LKR, unless otherwise stated. | |
The figures in brackets indicate deductions. | |
The above figures are not audited. |
As at 30.09.2021
1,793,687,199
(240,233,552)
531,473,567
(10,000,000)
-
157,990,071
(25,723,286)
(22,523,375)
(125,785,337)
2,058,885,287
(1,079,099,985)
(124,253,145)
42,291,454
(11,423,647)
(2,796,034,894)
(1,909,634,929)
(157,990,071)
(156,192,248)
(108,000)
(314,290,319)
(2,223,925,248)
125,785,337
22,523,375
(1,156,659,274)
(11,790,775)
(360,345,830)
(1,596,284,066)
(2,976,771,233)
25,723,286
10,000,000
-
(774,514,074)
(738,790,788)
(5,939,487,269)
8,006,730,641
2,067,243,372
2,067,243,372
-
2,067,243,372
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL | ||
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | ||
SIX | 30TH SEPTEMBER | 04 |
NINE MONTHS ENDED 31ST DECEMBER 2020221 |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Windforce Ltd. published this content on 11 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2022 10:21:02 UTC.