REG-CG Power: Annual Financial Report <Origin Href="QuoteRef">CGPO.NS</Origin>
30/05/2017 11:00
PART I
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
(' in crore)
Sr. Particulars Quarter ended Year ended
No.
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Audited Unaudited Audited Audited Audited
1 Income from operations
Revenue from operations 1284.49 1160.12 1205.29 4761.43 4224.84
Other income 35.02 58.50 71.03 200.41 226.33
Total Income 1319.51 1218.62 1276.32 4961.84 4451.17
2 Expenses
(a) Cost of materials consumed 877.34 747.58 762.14 3144.71 2767.09
(b) Purchases of stock-in-trade 107.44 26.91 44.70 225.12 118.29
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (109.65) (0.22) (15.45) (168.12) (63.59)
(d) Employee benefits expense 85.67 88.08 94.43 358.32 362.69
(e) Finance Costs 55.82 47.09 19.10 163.83 39.77
(f) Depreciation and amortisation expense 21.73 23.53 21.37 91.74 98.63
(g) Other expenses 242.33 213.98 241.11 889.41 815.39
Total Expenses 1280.68 1146.95 1167.40 4705.01 4138.27
3 Profit before exceptional items and tax 38.83 71.67 108.92 256.83 312.90
4 Exceptional items (net) (57.88) (35.94) (1426.01) (99.80) (1451.71)
5 Profit / (loss) before tax (19.05) 35.73 (1317.09) 157.03 (1138.81)
6 Tax Expenses (10.09) (10.31) 5.81 (0.70) 45.30
7 Profit / (loss) from continuing operations after tax (8.96) 46.04 (1322.90) 157.73 (1184.11)
8 Profit / (loss) from discontinued operations before tax (3.21) (29.87) (1.22) (33.27) 146.70
9 Tax expense on discontinued operations - - - - 61.31
10 Profit / (loss) from discontinued operations after tax (3.21) (29.87) (1.22) (33.27) 85.39
11 Profit / (loss) for the period / year (12.17) 16.17 (1324.12) 124.46 (1098.72)
12 Other comprehensive income:
(i) Items that will not be reclassified to profit or loss 4.32 (50.98) (35.26) (54.95) (47.88)
(ii) Income tax relating to items that will not be reclassified to profit or loss (0.93) 0.89 2.38 1.73 6.75
13 Total comprehensive income after tax (8.78) (33.92) (1357.00) 71.24 (1139.85)
14 Paid-up equity share capital 125.35 125.35 125.35 125.35 125.35
(Face value of equity share of ` 2 each)
15 Reserves excluding Revaluation Reserve as per balance sheet 4073.94 4002.70
16 Earnings Per Share (for continuing operations) (of ? 2 each)
(a) Basic (0.14) 0.74 (21.11) 2.52 (18.89)
(b) Diluted (0.14) 0.74 (21.11) 2.52 (18.89)
Earnings Per Share (for discontinued operations) (of ` 2 each)
(a) Basic (0.05) (0.48) (0.02) (0.53) 1.36
(b) Diluted (0.05) (0.48) (0.02) (0.53) 1.36
Earnings Per Share (for continuing operations and discontinued operations) (of ` 2 each)
(a) Basic (0.19) 0.26 (21.13) 1.99 (17.53)
(b) Diluted (0.19) 0.26 (21.13) 1.99 (17.53)
STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
(' in crore)
Sr. Particulars Quarter ended Year ended
No.
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Audited Unaudited Audited Audited Audited
1. Segment Revenue:
(a) Power Systems 704.16 636.30 708.80 2684.05 2424.68
(b) Industrial Systems 580.66 523.85 496.75 2078.00 1800.54
Total 1284.82 1160.15 1205.55 4762.05 4225.22
Less: Inter-Segment Revenue 0.33 0.03 0.26 0.62 0.38
Total income from operations 1284.49 1160.12 1205.29 4761.43 4224.84
2. Segment Results:
[Profit / (loss) before tax and finance
costs from each segment]
(a) Power Systems 54.38 64.11 49.49 208.00 116.98
(b) Industrial Systems 36.89 54.26 55.73 190.04 174.28
Total 91.27 118.37 105.22 398.04 291.26
Less:
(i) Finance costs 55.82 47.09 19.10 163.83 39.77
(ii) Other un-allocable expenditure
net of un-allocable income (3.38) (0.39) (22.80) (22.62) (61.41)
Add:
(i) Exceptional items (net) (57.88) (35.94) (1426.01) (99.80) (1451.71)
Profit / (loss) from ordinary activities (19.05) 35.73 (1317.09) 157.03 (1138.81)
before tax
3. Segment Assets:
(a) Power Systems 2265.25 2148.13 2192.02 2265.25 2192.02
(b) Industrial Systems 965.13 886.28 823.02 965.13 823.02
(c) Unallocable 4000.12 4340.76 3289.85 4000.12 3289.85
(d) Discontinued Operations 160.63 248.97 320.32 160.63 320.32
Total segment assets 7391.13 7624.14 6625.21 7391.13 6625.21
4. Segment Liabilities:
(a) Power Systems 949.08 926.54 1047.91 949.08 1047.91
(b) Industrial Systems 405.64 395.71 328.83 405.64 328.83
(c) Unallocable 287.70 401.33 213.41 287.70 213.41
(d) Discontinued Operations 0.98 12.20 80.59 0.98 80.59
Total segment liabilities 1643.40 1735.78 1670.74 1643.40 1670.74
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(' in crore)
Particulars As at 31.03.2017 As at 31.03.2016
Audited Audited
A ASSETS
1 Non-current Assets:
(a) Property, plant and equipment 1232.78 1296.04
(b) Capital work-in-progress 8.23 2.00
(c) Investment property - -
(d) Other intangible assets 46.23 50.53
(e) Intangible assets under development 28.01 37.95
(f) Financials assets
(i) Investments 440.65 481.69
(ii) Loans 6.64 9.44
(iii) Others 46.89 44.57
(g) Other non-current assets 3.18 0.64
Sub-total Non-current Assets 1812.61 1922.86
2 Current Assets:
(a) Inventories 750.76 407.17
(b) Financials assets
(i) Investments 5.22 0.95
(ii) Trade receivables 1480.37 1642.99
(iii) Cash and cash equivalents 554.48 510.41
(iv) Bank balances other than (iii) above 1.27 1.62
(v) Loans 1466.97 1051.05
(vi) Others 204.27 287.42
(c) Current tax assets (net) 51.86 26.46
(d) Other current assets 902.69 522.68
Sub-total Current Assets 5417.89 4450.75
3 Assets classified as held for sale and 160.63 251.60
discontinued operations
TOTAL - ASSETS 7391.13 6625.21
B EQUITY AND LIABILITIES
Equity
(a) Equity Share capital 125.35 125.35
(b) Other equity 4073.94 4002.70
Sub-total Equity 4199.29 4128.05
Liabilities
1 Non-current Liabilities:
(a) Financials liabilities
(i) Borrowings 503.60 4.15
(ii) Other financial liabilities 1.10 1.21
(b) Provisions 59.77 52.70
(c) Deferred tax liabilities (net) 214.75 240.25
Sub-total Non-current Liabilities 779.22 298.31
2 Current Liabilities:
(a) Financials liabilities
(i) Borrowings 710.23 578.18
(ii) Trade payables 1091.33 1047.40
(iii) Other financial liabilities 255.36 148.40
(b) Other current liabilities 285.97 319.15
(c) Provisions 68.75 75.62
Sub-total Current Liabilities 2411.64 2168.75
3 Liabilities associated with group of assets classified as held for sale and discontinued operations 0.98 30.10
TOTAL EQUITY AND LIABILITIES 7391.13 6625.21
Notes on standalone financial results:
1. The above audited standalone financial results have been reviewed
by the Audit Committee and approved by the Board of Directors at the meeting
held on 26th May, 2017.
2. Exceptional items include the following:
(' crore)
Particulars Quarter ended Year ended
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Amount paid towards Sales tax Amnesty scheme (5.73) (3.39) - (9.12) -
Amount paid towards final settlement of Litigation claims (20.00) - - (20.00) -
Unrealised exchange gain / (loss) on loans and advances (32.15) (32.55) (11.07) (70.68) 57.02
Profit on sale of portion of land at Kanjurmarg, Mumbai - - - - 246.30
Liquidation of investment in subsidiary company - Crompton Greaves Holdings Mauritius Limited - - - - 31.63
Profit on sale of investment in joint venture - CG Lucy Switchgear Limited - - - - 39.51
Provision made against loan given to subsidiaries net of exchange gain - - (862.90) - (1272.90)
Provision made against investment in subsidiaries - - (545.86) - (545.86)
Compensation to employees pursuant to voluntary retirement scheme - - - - (1.23)
One-time payment to former CEO & Managing Director - - (6.18) - (6.18)
Total (57.88) (35.94) (1426.01) (99.80) (1451.71)
3. Other comprehensive income is in respect of fair valuation of other
investment and employee benefits.
4. Discontinued businesses:
a. In respect of discontinued Distribution Franchise business
(Jalgaon), the Company and Maharashtra State Electricity Distribution Company
Limited (MSEDCL) have raised demand on each other and the matter is under
dispute. The Company and MSEDCL are in the process of constituting a Permanent
Dispute Resolution Body (PDRB) to arrive at a solution in near future. The
Company does not expect any adverse impact with respect to above.
b. The Company has concluded the sale transaction of its B2B
Automation business, which was transferred under slump sale transaction
agreement to ZIV automation India Limited (a wholly owned subsidiary) to
Alfanar on 6th March, 2017. Consequently, the company has recorded the loss of
` 7.15 crore which is disclosed under the Discontinued Operation.
c. Details of the discontinued businesses as on 31st March, 2017
included therein are given below in terms of the requirement of Indian
Accounting Standard (Ind AS) 105:
` crore
Particulars Quarter Year ended
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Gross Sales / Income from Operations - 17.12 34.61 51.01 2071.13
Profit / (Loss) before Tax (3.21) (29.87) (1.22) (33.27) 146.70
Net Profit / (Loss) after Tax (3.21) (29.87) (1.22) (33.27) 85.39
5. The Company has changed its name from Crompton Greaves Limited to
CG Power and Industrial Solutions Limited with effect from 27th February,
2017.
6. Figures of the previous quarters / year have been regrouped,
wherever necessary to correspond with the current quarter / year. Hence, the
corresponding component figures are comparable with all respective quarters /
year financial results.
For CG Power and Industrial Solutions Limited
Place: New Delhi K.N. Neelkant
Date: 26th May, 2017 CEO & Managing Director DIN: 05122610
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
(' in crore)
Sr. Particulars Quarter ended Year ended
No.
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Audited Unaudited Audited Audited Audited
1 Income from operations
Revenue from operations 1710.06 1428.05 1850.67 6119.75 5594.95
Other income 23.24 6.16 33.52 68.70 111.49
Total income 1733.30 1434.21 1884.19 6188.45 5706.44
2 Expenses
(a) Cost of materials consumed 1091.44 911.69 1177.46 3945.88 3476.67
(b) Purchases of stock-in-trade 118.72 26.90 40.66 236.41 118.16
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade (61.43) (28.06) 54.50 168.17) 16.78
(d) Employee benefits expense 125.78 131.65 147.86 537.10 559.01
(e) Finance costs 62.48 51.08 28.96 188.03 79.97
(f) Depreciation and amortisation expense 43.77 34.10 45.13 149.99 171.65
(g) Other expenses 317.41 262.70 275.34 1098.32 994.13
Total expenses 1698.17 1390.06 1769.91 5987.56 5416.37
3 Profit before share of profit / (loss) in associates and joint venture, exceptional items and tax 35.13 44.15 114.28 200.89 290.07
4 Share of profit / (loss) in associates and joint venture (0.63) (0.34) (0.40) (1.57) 1.20
5 Exceptional items (net) (69.34) (3.39) 39.74 (72.73) (111.26)
6 Profit/ (loss) before tax (34.84) 40.42 153.62 126.59 180.01
7 Tax expense (3.09) (8.01) 8.26 16.60 66.73
8 Net profit / (loss) from continuing operations after tax (31.75) 48.43 145.36 109.99 113.28
9 Loss from discontinued operations before tax (417.31) (74.23) (195.48) (611.47) (491.50)
10 Tax expense/ (credits) on discontinued operations (5.06) (0.69) 42.78 (10.85) 82.40
11 Loss from discontinued operations after tax (412.25) (73.54) (238.26) (600.62) (573.90)
12 Net loss for the period / year (444.00) (25.11) (92.90) (490.63) (460.62)
13 Other comprehensive income:
(a) (i) Items that will not be reclassified to profit or loss 1.50 (50.98) (33.21) (57.77) (45.83)
(ii) Income tax relating to items that will not be reclassified to profit or loss (0.22) 0.89 2.38 2.44 6.75
(b) (i) Items that will be reclassified to profit or loss (26.48) (53.37) 21.87 58.86 136.56
14 Total comprehensive income after tax (469.20) (128.57) (101.86) (487.10) (363.14)
15 Total comprehensive income attributable to:
(a) Equity holders of the parent (469.21) (128.62) (102.43) (487.33) (361.81)
(b) Non-controlling interests (0.01) (0.05) (0.57) (0.23) 1.33
16 Paid-up equity share capital 125.35 125.35 125.35 125.35 125.35
(Face value of equity share of ` 2 each)
17 Reserves excluding Revaluation Reserve as per the balance sheet 3985.74 4471.81
18 Earnings Per Equity Share (for continuing operation) (of ` 2 each)
(a) Basic (0.50) 0.77 2.31 1.75 1.83
(b) Diluted (0.50) 0.77 2.31 1.75 1.83
Earnings Per Equity Share (for discontinued operations) (of ` 2 each)
(a) Basic (6.58) (1.17) (3.80) (9.58) (9.16)
(b) Diluted (6.58) (1.17) (3.80) (9.58) (9.16)
Earnings Per Equity Share (for continuing and discontinued operations) (of ` 2 each)
(a) Basic (7.08) (0.40) (1.49) (7.83) (7.33)
(b) Diluted (7.08) (0.40) (1.49) (7.83) (7.33)
CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
(' in crore)
Sr. Particulars Quarter ended Year ended
No.
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Audited Unaudited Audited Audited Audited
1. Segment Revenue:
(a) Power Systems 1057.84 846.19 1270.27 3739.40 3474.22
(b) Industrial Systems 646.21 578.73 578.99 2360.61 2118.80
(c) Others 6.34 3.16 1.84 20.36 13.60
Total 1710.39 1428.08 1851.10 6120.37 5606.62
Less: Inter-Segment Revenue 0.33 0.03 0.43 0.62 11.67
Total income from operations 1710.06 1428.05 1850.67 6119.75 5594.95
2. Segment Results:
[Profit / (loss) before tax and finance
costs from each segment]
(a) Power Systems 90.78 109.68 121.38 384.36 328.63
(b) Industrial Systems 28.84 43.04 43.31 156.49 138.87
(c) Others (0.30) 0.48 2.33 0.08 (1.00)
Total 119.32 153.20 167.02 540.93 466.50
Less:
(i) Finance costs 62.48 51.08 28.96 188.03 79.97
(ii) Other un-allocable expenditure
net of un-allocable income 21.71 57.97 23.78 152.01 96.46
Add:
(i) Share of profit / (loss) in associates and joint venture (0.63) (0.34) (0.40) (1.57) 1.20
(ii) Exceptional items (net) (69.34) (3.39) 39.74 (72.73) (111.26)
Profit/ (loss) from ordinary activities before tax (34.84) 40.42 153.62 126.59 180.01
3. Segment Assets:
(a) Power Systems 3321.21 3232.47 3218.17 3321.21 3218.17
(b) Industrial Systems 1437.71 1390.86 1385.33 1437.71 1385.33
(c) Others 34.11 32.50 33.03 34.11 33.03
(d) Unallocable 2244.61 2598.11 1928.38 2244.61 1928.38
(e) Discontinued Operations 3017.08 4057.58 4276.85 3017.08 4276.85
Total segment assets 10054.72 11311.52 10841.76 10054.72 10841.76
4. Segment Liabilities:
(a) Power Systems 1514.64 1447.62 1475.01 1514.64 1475.01
(b) Industrial Systems 482.27 480.54 408.78 482.27 408.78
(c) Others 6.84 8.23 6.01 6.84 6.01
(d) Unallocable 209.72 255.66 119.78 209.72 119.78
(e) Discontinued Operations 1151.53 1444.84 1725.72 1151.53 1725.72
Total segment liabilities 3365.00 3636.89 3735.30 3365.00 3735.30
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(' in crore)
Particulars As at 31.03.2017 As at 31.03.2016
Audited Audited
A ASSETS
1 Non-current Assets:
(a) Property, plant and equipment 1376.29 1500.74
(b) Capital work-in-progress 28.18 14.23
(c) Investment property - -
(d) Goodwill 143.54 468.41
(e) Other intangible assets 184.79 618.51
(f) Intangible assets under development 33.30 75.47
(g) Financial assets
(i) Investments 203.92 230.32
(ii) Loans 6.65 9.44
(h) Deferred tax assets 26.62 89.87
(i) Other non-current assets 3.21 0.97
Sub-total Non-current assets 2006.50 3007.96
2 Current Assets:
(a) Inventories 882.10 585.01
(b) Financial assets
(i) Investments 5.22 0.95
(ii) Trade receivables 1877.15 2077.01
(iii) Cash and cash equivalents 724.49 792.41
(iv) Bank balances other than (iii) above 36.22 4.48
(v) Loans 76.25 31.95
(vi) Others 173.28 238.37
(c) Current tax assets (net) 70.57 38.31
(d) Other current assets 1212.48 571.09
Sub-total Current assets 5057.76 4339.58
3 Assets classified as held for sale and discontinued operations 3123.84 3690.88
TOTAL - ASSETS 10188.10 11038.42
B EQUITY AND LIABILITIES
Equity
(a) Equity Share capital 125.35 125.35
(b) Other equity 3985.74 4471.81
Sub-total Equity 4111.09 4597.16
1 Non-current Liabilities:
(a) Financial liabilities
(i) Borrowings 503.80 599.02
(ii) Other financial liabilities 1.14 1.25
(b) Provisions 71.21 52.77
(c) Deferred tax liabilities 262.30 342.71
(d) Other non-current liabilities 0.94 6.34
Sub-total Non-current liabilities 839.39 1002.09
2 Current Liabilities:
(a) Financial liabilities
(i) Borrowings 710.67 692.21
(ii) Trade payables 1383.14 1302.65
(iii) Other financial liabilities 404.28 365.93
(b) Other current liabilities 556.24 420.14
(c) Provisions 84.08 80.43
Sub-total Current liabilities 3138.41 2861.36
3 Liabilities associated with group of assets classified as held for sale and discontinued operations 2099.21 2577.81
TOTAL EQUITY AND LIABILITIES 10188.10 11038.42
Notes on consolidated financial results:
1. The above audited consolidated financial results have been reviewed
by the Audit Committee and approved by the Board of Directors at the meeting
held on 26th May, 2017.
2. Exceptional items include the following:
(' crore)
Particulars Quarter ended Year ended
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Amount paid towards Sales tax Amnesty scheme (5.73) (3.39) - (9.12) -
Amount paid towards final settlement of Litigation claims (20.00) - - (20.00) -
Profit on sale of portion of land at Kanjurmarg, Mumbai - - - - 246.30
Profit on sale of investment in joint venture - CG Lucy Switchgear Limited - - - - 13.93
Provision made against loan given to subsidiaries net of exchange gain - - 86.23 - (323.77)
Compensation to employees pursuant to voluntary retirement scheme - - - - (1.23)
One-time payment to former CEO & Managing Director - - (6.18) - (6.18)
Impairment of Goodwill (43.61) - (40.31) (43.61) (40.31)
Total (69.34) (3.39) 39.74 (72.73) (111.26)
3. Other comprehensive income is in respect of fair valuation of
exposure in foreign subsidiaries, other investment and employee benefits.
4. Discontinuing businesses:
a. In respect of discontinued Distribution Franchise business
(Jalgaon), the Company and Maharashtra State Electricity Distribution Company
Limited (MSEDCL) have raised demand on each other and the matter is under
dispute. The Company and MSEDCL are in the process of constituting a Permanent
Dispute Resolution Body (PDRB) to arrive at a solution in near future. The
Company does not expect any adverse impact with respect to above.
b. The Company has concluded the sale transaction of its B2B
Automation business, comprising of ZIV Aplicaciones y Technologia, S. L,
(Spain), its subsidiaries alongwith the related Automation business in United
Kingdom, Ireland, France and India to Alfanar on 6th March, 2017.
Consequently, the company has recorded the loss of ` 239.78 crore which is
disclosed under the Discontinued Operation.
c. The Company in its Board meeting held on 10th February, 2017
I. Has decided to divest its two Indian subsidiaries namely Crompton
Greaves Consumer Products Limited (CGCPL) and CG Power Solutions Limited
(CGPSOL) and it’s in the process of identifying prospective buyer.
Accordingly, these have been classified as discontinuing business.
II. Has decided to classify PT. CG Power systems Indonesia as
continuing operation considering the potential growth opportunities of the
business.
However, overseas power T&D business of the Company at Hungary, Ireland,
France, US and Belgium will continue to be reflected as discontinuing
operations.
d. Details of the discontinued businesses as on 31st March, 2017
included therein are given below in terms of the requirement of Indian
Accounting Standard (Ind AS) 105:
' crore
Particulars Quarter Year ended
31.03.2017 31.12.2016 31.03.2016 31.03.2017 31.03.2016
Gross Sales / Income from Operations 704.00 827.65 1083.15 3298.43 6130.77
Loss before Tax (417.31) (74.23) (195.48) (611.47) (491.50)
Net Loss after Tax (412.25) (73.54) (238.26) (600.62) (573.90)
5. The Company has changed its name from Crompton Greaves Limited to
CG Power and Industrial Solutions Limited with effect from 27th February,
2017.
6. Figures of the previous quarters / year have been regrouped,
wherever necessary to correspond with the current quarter / year. Hence, the
corresponding component figures are comparable with all respective quarters /
year financial results.
For CG Power and Industrial Solutions Limited
Place: New Delhi K.N. Neelkant
Date: 26th May, 2017 CEO & Managing Director DIN: 05122610
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