REG - KSK Power Ventur PLC - Audited Results for the year ended 31 March 2014 <Origin Href="QuoteRef">KSK.L</Origin> - Part 1
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KSK Power Ventur PLC
15 July 2014
KSK Power Ventur plc
("KSK" or the "Group" or the "Company")
Audited Results for the year ended 31 March 2014
KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple
power plants and businesses across India, is pleased to announce the consolidated audited results for the year ended 31
March 2014.
Financial Highlights
· Group Revenue decreased by 14% to $ 335.9 m (2013: $ 392.8 m)
· Gross Profit decreased by 42% to $ 91.1 m (2013: $ 157.2 m)
· Operating Profit decreased by 52% to $ 58.0 m (2013: $ 120.2 m)
· Profit before tax * decreased to a loss of $ 72.1 m (2013: profit of $ 37.5 m)
· Investments in Property Plant and Equipment ** decreased 2% to $ 3,215.3 m (2013: $ 3,273.5 m)
*An unrealised exchange loss of $ 38.1 million on account of the restatement of the foreign currency component of bank
financing facilities and trade payables being recognized.
** Underlying increased of 8 % on constant currency basis, but headline decrease on account of translation difference from
base currency as INR 59.86 per $ at closing as against INR 54.66 per $ at March 2013
Given the current trading environment, the underlying Revenue and Gross Profit declines for the current year as compared to
the previous year, though marginal at the Rupee level, have been primarily on account of the lower than expected PLFs at
Sai Wardha and Arasmeta projects and the overall price realisation.
Further, the currency depreciation of the Indian Rupee against the US Dollar of c.11%, since March 2013, has led to
reporting of higher Revenue decline of 14% in US Dollar terms; together with associated performance and profitability.
Comparison of results
March 14 translated at March 13 Rupee/ $ exchange rate
Particulars 31 March 2014 31 March 2013 (USD m) % change 31 March 2014 (USD m) 31 March 2013 (USD m) % change
(USD m)
Revenue 335.87 392.82 (14) 372.05 392.82 (5)
Gross profit 91.15 157.22 (42) 100.97 157.22 (36)
Operating profit 58.03 120.15 (52) 64.28 120.15 (47)
(Loss) / profit before tax (72.12) 37.46 (293) (79.89) 37.46 (313)
Average exchange rate Rupee/USD Rs 60.4267 / $ Rs 54.5494 / $ 11 Rs 54.5494 / $ Rs 54.5494 / $ -
Operating Highlights
· During the year operating assets recorded an aggregate generation of 6,514 MWh as against 5,546 MWh for the
previous year, an increase of 17.4%, with the following individual Plant Load Factors ("PLF"):
31 March 2014 31 March 2013
KSK Mahanadi ( First 600 MW)* 1,088 MWh (62%) - -
Sai Wardha (540 MW) 2,586 MWh (55%) 3,403MWh (72%)
VS Lignite (135 MW) 902 MWh (76%) 889 MWh (75%)
Sai Regency (58 MW) 445 MWh (88%) 429 MWh (84%)
Arasmeta (86 MW) 341 MWh (45%) 445 MWh (59%)
Sitapuram Power (43 MW) 342 MWh (91%) 337 MWh (89%)
Wind Project (19 MW) 33 MWh (20%) 41 MWh (25%)
Solar Project (10 MW) 19 MWh (21%) 2 MWh (22%)
* Net of 758 MWh of generation until November 2013, the associated revenue has been taken to the capital works in progress
Although the overall generation across the portfolio is below earlier expectations, this level was actually achieved
despite the challenges currently facing all aspects of the energy sector in India.
· The 3.6 GW KSK Mahanadi power project is under construction with good progress being made that includes:
o Operation of first 600 MW unit already announced, and the second 600 MW unit expected to be synchronized with the Grid shortly;o Commissioning of majority of the ancillary common infrastructure facilities including water, rail linkageo Commencement of fuel supplies is expected to begin shortly with respect to the tapering Linkage Fuel Supply Agreement executed during March 2014.
· Operating constraints at Sai Wardha with respect to coal costs, open access and PPAs continue. Efforts to address
these issues are being pursued, with improvements expected during the year. In the interim, reduced asset utilisation
levels means revenue and profitability will be lower than indicated earlier.
Commenting on the results, T. L. Sankar, Chairman of KSK said:
"The year 2014 witnessed the Company's power plants' aggregate gross generation reaching 6,514 MWhs. With the various
challenges at Sai Wardha being addressed, and the additional 600 MW soon entering operations at KSK Mahanadi with operating
capacity of Mahanadi aggregating to 1200 MW, we anticipate achieving 9,000 MWh of gross generation in the current year.
These results are in the context of the circumstances across the Indian power sector and the overall challenging times and
economic environment in India. The year proved to be a difficult time for the entire power sector in India and the
Company's management has continued its efforts to address the various challenges in the operating projects.
As regards resolving the issue of high price coal and seeking reimbursement for the inferior quality of coal at Sai Wardha,
a prima facie order for admitting the company's submission and directing an investigation has already been passed during
January 2014. A detailed investigation is currently underway by the office of the Director General of Competition
Commission of India, and we are hopeful of being granted the necessary relief in the next few months. In addition efforts
on seeking local regulatory intervention on power supplies, enhanced utilisation through appropriate open access
arrangements are simultaneously being pursued. When this is successfully addressed, profitability is expected to revert to
the previously achieved levels.
The phased construction of the KSK Mahanadi project is making steady progress, with the first 600 MW unit commissioned
during the year. The commencement of fuel supplies under the tapering linkage Fuel Supply Agreement ("FSA") from South
Eastern Collieries Limited ("SECL") is expected to have a high and positive impact, leading to enhanced operational
profitability. With the second 600 MW unit due to enter operations for a substantial part of the current financial year,
internal accruals are anticipated that will provide a robust support for the entire power generation portfolio of the
Company. Further, interim coal imports from overseas through appropriate collaborative arrangements will provide sufficient
fuel for the planned power generation from KSK Mahanadi.
While coal supplies from the Goa Industries Development Corporation ("GIDC") from the Gare Pelma coal block are anticipated
to start during the year, initial progress by Gujarat Mineral Development Corporation ("GMDC") of the Morga-II Coal Block
has already commenced post the Forest Clearance accorded during May 2013, the Prospecting License accorded in December 2013
and the in depth prospecting activities commenced in May 2014.
The currency impact due to the significant depreciation of the Rupee against the US Dollar has resulted in considerably
greater costs on imported capital goods. The additional debt funding for the KSK Mahanadi power project, to cover the
significant USD/INR currency fluctuation on project imports and the extended timelines, has been agreed in principle by the
Consortium of Lenders. In this regard, the commitments of the entire consortium are expected to be firmed up on the same
lines as the Current Facility Agreements, and are anticipated to be entered into by September/October 2014.
In line with the guidance given by the Indian Central Bank, where the progress of infrastructure projects has been affected
by factors beyond the control of the project developers, an additional two years would be provided for project completion
as well as commencement. The lenders consortium has agreed in principle to recognize the revision of debt repayment and
the same is now expected to commence in June 2016 on quarterly basis. This deferment provides additional internal accruals
over the next two years and the necessary latitude for additional units to commence operations.
The Company's management is focused on moving the various supply chain solutions forward with respect to operational
assets, and addressing the on-ground situations to co-ordinate planned generation with fuel supplies for the assets under
construction. With the underlying assets, associated performance and opportunities, KSK is well positioned to be one of the
more stable, valuable and sustainable players in the Indian power generation landscape and views the future with
confidence.
KSK's bold growth initiative, from start-up to becoming a leading independent power producer targeted to account for c.3%
of total Indian power generation by 2016 (upon completion of all six units of KSK Mahanadi), demonstrates KSK's growth and
profitability potential in this key area of the Indian economy.
KSK's performance during the year was only possible with the valuable and appreciated support of the various investors in
the Company who have enabled us to pursue appropriate business opportunities in these challenging times."
For further information, please contact:
KSK Power Ventur plcMr. S. Kishore, Executive DirectorMr. K. A. Sastry, Executive Director +91 40 2355 9922
Arden Partners plcRichard Day +44 (0)20 7614 5900
Key Business Updates
POWER PLANTS UNDER OPERATION/CONSTRUCTION
· 540 MW SAI WARDHA POWER LIMITED (SWPL):
The total gross power generated in the plant during the review period was 2,586 MWh with an average Plant Load Factor (PLF)
of 55%. This reflected the challenging local operating environment, the fuel and the open access grid constraints
experienced by Sai Wardha Power.
The various developments early in the period, including unjustified higher coal prices, have adversely affected Sai Wardha
Power's profitability and appropriate recompense from Western Coalfields Limited is being pursued to address this matter.
During the year the Company has sought the intervention of the Competition Commission of India ("CCI") both for the
shortfall in the calorific value of the coal vis-à-vis the guarantees under the FSA, as well pursuing recompense for
charging for coal supplied at much higher prices than those prescribed under the cost plus linkage arrangements, together
with other onerous terms being insisted upon for supplying the balance of coal quantities. A prima facie opinion was
expressed by the CCI on 22 January 2014 admitting the Company's submission, and by directing the Office of Director General
to carry out a detailed investigation. Further developments and reliefs from the CCI are awaited.
While the Company is negotiating power sale arrangements to commence supplies for part of the capacity that was earlier
being supplied to R-infra, the additional capacity that was earmarked to be supplied to captive industrial consumers also
experienced limitations on open access from the local grid, in spite of long term PPA commitments from various industries.
Subsequent to the year end, during April 2014, the Company sought the necessary judicial and regulatory intervention, and
has now successfully re-secured open access for supplies to these captive consumers.
The Company continues to use every effort to pursue the coal price reduction and the granting of the necessary open access
permissions, which will ultimately lead to the enhanced utilisation and profitability of the Sai Wardha plant.
· CONSTRUCTION OF 3.6 GW KSK MAHANADI POWER PROJECT:
The construction activity at KSK Mahanadi, a large, single location, greenfield private power plant continues, with
significant achievements during the year under review, and the period up to this date:
o the first 600 MW unit under operations with 1,846 MWh of generation supplied under PPA's commenced;o the second 600 MW unit expected to achieve synchronization shortly;o phased construction of the remaining four 600 MW units anticipated for commissioning through 2015 and 2016;o completion of the construction of the major part of the civil works and common operation infrastructure at site;o water pipeline infrastructure to meet the water requirements of the entire power plant commissioned;o switch
yard and transformer yard commissioned, with back charging of 400kV switchyard and transmission system enabling 'live in live out' connectivity for evacuation of power generated into the national grid;o rail connectivity to the power plant for coal transportation achieved.
With stabilised generation from the first 600 MW unit, and the progress being made with the second 600 MW unit, the
Company's management continues to focus its efforts on expediting the construction of the remaining four units.
· 135 MW VS LIGNITE POWER PRIVATE LIMITED (VSLP):
The total gross power generated in the plant during the year was 902 MWh, with an average PLF of 76%. The Company is
continuing its efforts to secure necessary long term PPAs from the local grid as well as appropriate legal reliefs with
respect to tariffs from industrial customers. The Company anticipates that industrial customers, who have previously
experienced extremely high tariffs, will find Company's power supplies and tariff proposition more attractive.
· 86 MW ARASMETA CAPTIVE POWER COMPANY PRIVATE LIMITED (ACPCPL):
The total gross power generated in the plant during the year was 341 MWh, with an average PLF of 45%, primarily due to the
limited off-take by Lafarge India. The year under review witnessed decreased utilisation by Lafarge India for its cement
plants, having a direct impact on the profitability of the Arasmeta plant. Lafarge is currently not taking any power from
the plant. While continuing to press for its claim against Lafarge India to fulfil their obligations, the Company has now
executed a long term PPA with the local utility, which was approved by the Regulatory Commission during May 2014.
With the new PPA arrangements in place, asset utilisation is expected to significantly improve and reach the earlier 80%+
PLF levels over the next few quarters. As a result, the Company anticipates increased generation, revenue and profitability
from the Arasmeta plant.
· 58 MW SAI REGENCY POWER CORPORATION PRIVATE LIMITED (SRPCPL):
The total gross power generated in the combined cycle gas fired power plant during the year was 445 MWh, with an average
PLF of 88%. With the continuous supply of gas and the efficient operation, the plant has produced an exceptional
operational and financial performance, which the Company expects to continue in the future.
· 43 MW SITAPURAM POWER LIMITED (SPL):
The total gross power generated in the plant during the year was 342 MWh, with an average PLF of 91%. Although the fuel
cost for the period under review has increased due to an increase in coal prices from the Singareni Collieries Company
Limited, as well as from open market purchases, the energy generated in the period has been supplied to the captive
consumers in accordance with the provisions of the PPA, and the balance of power sold to other customers under open
access.
· 10 MW SAI MAITHILI SOLAR POWER PROJECT:
The total gross power generated in the plant during the year was 19 MWh, with an average PLF of 21%. The 10 MW PV solar
power generation plant is located in the state of Rajasthan, operating under the Jawaharlal Nehru National Solar Mission.
· CONSTRUCTION OF ADDITIONAL SOLAR POWER GENERATION PLANTS:
In response to the continuing initiative of the Indian Government, the Company is seeking to develop an additional 250 MW
of solar power generation projects in the medium term.
The initiative in the state of Tamil Nadu has not progressed at the anticipated pace as a result of the Government's
detailed review of the policy of Solar Power Obligations ("SPO"). However, with recent developments, the first PPA with
Tamil Nadu is expected and thereafter progress on debt financing, land acquisition, EPC and site preparation works will be
accelerated.
· ANCILLARY INFRASTRUCTURE INITIATIVE AT KSK MAHANADI
The Company's construction of the infrastructure to support the KSK Mahanadi power project witnessed tremendous progress
with the commissioning of the entire water pipeline infrastructure and rail connectivity to the power plant for
transportation.
• KSK Mineral Resources:
Mine development support and associated works on behalf of Goa Industrial Development Corporation (GIDC), the owner of the
Gare Pelma block, will enable timely access to coal for the Mahanadi project. Commencement of production during the current
year, and the gradual increase, is expected to be in line with the approved Mine Plan. This would enable the fuel
requirement for operations to be met, and the commencement of power supplies to the Goa state.
• KSK Water Infrastructure:
Infrastructure works, including the construction of the 60km pipelines and the pump stations for the supply of water for
the Mahanadi project, were completed and are operational. The additional intermediate reservoir works, sufficient to
support the continuous operation of all six 600 MW units, are expected to be completed during the latter part of 2014.
• Raigarh Champa Rail Infrastructure:
The Company's 15.7 km inward railway line connecting the Mahanadi plant with the Indian Railways main line was completed
during second half of 2013, enabling the movement of coal into the power plant. As regards the 65.5 km line connecting the
Gare Pelma coal block to the main line, an integrated plan is being discussed with the new Government, and further progress
is awaited to enable subsequent development activities.
WIND POWER GENERATION AND HYDRO POWER GENERATION INITIATIVE
The Company continues to pursue specific wind power generation initiatives as well as work on the hydro project portfolio
for appropriate collaboration opportunities.
EQUITY AND FINANCING ARRANGEMENTS
The Company raised £20.7 million of equity during the last quarter of the period through a placement of new shares in KSK
Power Ventur plc ("KSK"). Additionally, post the reporting year end, c. £40 million of equity was raised by KSK Energy
Ventures Limited ("KSKEV"), KSK's listed Indian subsidiary, through a Qualified Institutional Placement. Shareholder
approval was also obtained for KSK to subscribe for up to 150 million warrants convertible into equivalent equity shares at
KSKEV, enabling KSK to revert back to the earlier held 74.94% interest in KSKEV. It is anticipated that during the year an
appropriate level of warrant subscription and conversion would be undertaken for the Company to retain its substantial
interest in KSKEV.
Earlier in the year the Company secured debt financing within its Indian holding companies that enabled the earlier tender
offer as well as the buyout of the entire minority of the KSK Mahanadi project, resulting in KSK owning a 74.94% interest
in KSKEV, the subsidiary which owns the 100% interest in KSK Mahanadi Power Company Limited. Also, the Company is pursuing
further refinancing opportunities on more favourable terms at the operating project level to provide the necessary
liquidity to retire part of the existing higher rate debt.
Additionally, the Company has received and evaluating proposals for collaboration on the KSK Mahanadi project.
FINANCIAL PERFORMANCE
The underlying financial performance at the Indian Rupee level has witnessed marginal decline. However, with significant
currency depreciation of the Rupee against the US dollar during the period, the results when reported in US Dollars reflect
a substantial decrease as compared to the previous year.
With a total operating capacity of 1,491 MW, the consolidated operating revenue achieved was $ 336 m, with operating
profits at $ 58 m, and a loss before tax of $ 72 m.
However, reported financials have been affected due to the significant Rupee Dollar fluctuation and associated non cash
book adjustments for foreign exchange on the offshore supplies with respect to the Mahanadi project.
The significant increase of finance costs from $ 121 m to $ 166 m (primarily with $51 m solely on account of currency
exchange effects during the current year) resulted in a decrease in earnings before taxes.
The movement in profit before taxation from $ 37 m to a loss before taxation of $ 72 m in the current year was due in part
to $ 51 m exchange loss that arose in 2014, and is accounted for in finance costs.
Business Strategy
The high capital intensity and associated project debt required to develop and grow the Company's power generation
business, coupled with high currency volatility and the current difficult Indian policy environment, will impact the
Company's overall funding requirements and financial performance in the near term. Work continues on a number of major
initiatives in this regard.
The challenge continues within the Indian power sector as a whole to obtain fuel at the right price, and to achieve open
access for the supply of power to customers at sensible PPAs. However, with tapering linkage of coal supplies now secured
to cover any potential delays for the Mahanadi plant, and with significant long term PPAs signed at higher tariff rates,
the Company expects to secure the necessary further funding required for its major capital projects, resulting in an
improved financial performance over time.
OUTLOOK
With unfulfilled demand for power generation in India expected to continue and grow through the coming decade, coupled with
the high quality of the Company's growing asset base, a proven execution capability, an increasingly efficient business
structure, and with secured fuel supplies to the power plants, KSK is well positioned to address the Indian power
generation opportunities.
Further the improvement in the overall policy environment with a new federal Government in place supported by an integrated
approach to issues of power generation, coal mining and renewable energy initiatives coming together under a combined
Ministry.
On the successful phased completion of the balance units of the 3.6 GW KSK Mahanadi power project being added to the
Company's existing portfolio, the Board believes KSK will be one of India's leading suppliers of power.
An extract of the Audited Consolidated and Company Financial Statements for the year ended 31 March 2014 is shown below.
A full set of accounts will be available from the Company websites: www.kskplc.co.uk
PRINCIPAL RISKS AND UNCERTAINITIES
The business of the Group is subject to a variety of risks and uncertainties which, if they occur may have a materially
adverse effect on the Group's business or financial condition, results or future operations. The risks & uncertainties set
out in this document are not exhaustive and there may be risks of which the Board is not aware or believes to be
immaterial, which may, in the future, adversely affect the Group's business. The risks and uncertainties faced by the Group
and the industry as a whole have been previously provided in detail in the Annual Reports of the Company and the Interim
Statements. The majority of the risks previously identified have not significantly changed. While the Company attempts to
address the same, the key risks and uncertainties continued to be faced by the Group are as follows:
· Delays in government decisions or implementation of earlier government decisions along with continual inconsistencies in government policies across departments and retrospective amendments to the existing policies or introduction of new policies;· Deviation from approved government policies and abuse of market dominance position by certain contractual counter parties;· Shortage of fuel and dependence on market based or imported fuel which are subject to market vagaries and other
uncertainties;· Economic slowdown and negative sectoral outlook with resultant impact on banking sector delays in agreed project disbursements and timely availability of credit;· Delays in enforcement of contractual rights or legal remedies with government counter parties undertaking fuel supplies, power off take, transmission and open access amongst others;· PPA Counter parties going contrary to pre agreed understanding and seeking benefits from the power generators that are often in conflict
with shareholder obligations to further the business;· Unusual currency depreciation that adversely effects the cost of project imports, project implementation, and repayment obligations;· Logistics bottlenecks and other infrastructure constraints of various agencies;· Challenges in the development of support infrastructure for the power projects including physical hindrances and delay in the issue of permits and clearances associated with land acquisitions; and· Political and economic
instability, global financial turmoil and the resultant fiscal and monetary policies as well as currency depreciation resulting in increasing cost structures.
Extract of Consolidated and Company financial statements for the year ended 31 March 2014
ASSETS
Non-current
Property, plant and equipment 3,215,282 3,273,450 2,685,808 - 1
Intangible assets and goodwill 20,245 22,326 23,589 - -
Investments and other financial assets 6 154,577 98,045 109,356 366,767 295,191
Other non-current assets 98,461 67,427 58,733 - -
Trade and other receivables 3,422 6,272 5,995 - -
Deferred tax asset 33,269 15,649 14,273 - -
3,525,256 3,483,169 2,897,754 366,767 295,192
Current
Investments and other financial assets 6 73,240 81,464 85,461 4 9,557
Other current assets 22,688 42,490 39,648 391 883
Trade and other receivables 158,139 116,252 97,805 - -
Inventories 24,588 26,246 21,960 - -
Cash and short-term deposits 7 194,054 305,264 417,585 173 287
472,709 571,716 662,459 568 10,727
Assets held for sale 5 18,456 - - - -
Total assets 4,016,421 4,054,885 3,560,213 367,335 305,919
EQUITY AND LIABILITIES
Issued capital 8 289 263 263 289 263
Share premium 8 287,191 253,890 253,890 287,191 253,890
Share application money 8 18,000 - - 18,000 -
Foreign currency translation reserve 8 (113,933) (78,535) (58,881) 12,580 6,420
Revaluation reserve 8 2,614 2,752 2,859 - -
Capital redemption reserve 8 5,461 - - - -
Other reserves 8 143,615 142,262 140,415 10 -
Retained earnings / (Accumulated deficit) 8 69,254 120,939 99,475 (14,249) (10,049)
Equity attributable to owners of the Company 412,491 441,571 438,021 303,821 250,524
Non-controlling interests 8 169,782 199,615 188,442 - -
Total equity 582,273 641,186 626,463 303,821 250,524
Non-current liabilities
Interest-bearing loans and borrowings 9 1,943,926 1,834,526 1,409,050 - -
Other non-current financial liabilities 10 28,193 - - - -
Trade and other payables 51,110 59,782 48,981 - -
Provisions 2,494 2,541 2,480 - -
Deferred revenue 4,974 8,403 9,150 - -
Employee benefit liability 495 1,061 953 - -
Deferred tax liabilities 31,567 35,985 38,098 - -
2,062,759 1,942,298 1,508,712 - -
Current liabilities
Interest-bearing loans and borrowings 9 944,750 1,021,122 1,128,911 62,028 54,119
Other current financial liabilities 10 5,073 - - - -
Trade and other payables 391,124 438,664 285,898 1,486 1,276
Deferred revenue 740 928 984 - -
Other current liabilities 9,336 9,258 6,417 - -
Taxes payable 1,910 1,429 2,828 - -
1,352,933 1,471,401 1,425,038 63,514 55,395
Liabilities associated with assets held for sale 5 18,456 - - - -
Total liabilities 3,434,148 3,413,699 2,933,750 63,514 55,395
Total equity and liabilities 4,016,421 4,054,885 3,560,213 367,335 305,919
(See accompanying notes to the Consolidated and Company financial statements)
* The comparative information has been restated so as to reflect the adoption of new accounting standards, details of which have been set out in note 18.
3,413,699
2,933,750
63,514
55,395
Total equity and liabilities
4,016,421
4,054,885
3,560,213
367,335
305,919
(See accompanying notes to the Consolidated and Company financial statements)
* The comparative information has been restated so as to reflect the adoption of new accounting standards, details of which
have been set out in note 18.
CONSOLIDATED AND COMPANY INCOME STATEMENT
for the year ended 31 March
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company
Notes 2014 2013 (Restated*) 2014 2013
Revenue 11 335,866 392,821 - -
Cost of revenue (244,720) (235,602) - -
Gross profit 91,146 157,219 - -
Other operating income 7,064 1,648 - 42
Distribution costs (11,014) (7,037) - -
General and administrative expenses (29,169) (31,678) (1,041) (784)
Operating profit / (loss) 58,027 120,152 (1,041) (742)
Finance costs 12 (165,969) (120,984) (3,719) (2,342)
Finance income 13 35,819 38,296 560 1,490
(Loss) / profit before tax (72,123) 37,464 (4,200) (1,594)
Tax income / (expense) 14 13,106 1,405 - -
(Loss) / profit for the year (59,017) 38,869 (4,200) (1,594)
Attributable to:
Owners of the Company (49,039) 24,406 (4,200) (1,594)
Non-controlling interests (9,978) 14,463 - -
(59,017) 38,869 (4,200) (1,594)
(Loss) / earnings per share
Weighted average number of ordinary shares for basic and diluted earnings per share 160,565,712 159,378,600
Basic and diluted (loss) / earnings per share (US $) (0.31) 0.15
(See accompanying notes to the Consolidated and Company financial statements)
* The comparative information has been restated so as to reflect the adoption of new accounting standards, details of which have been set out in note 18.
CONSOLIDATED AND COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
for the year ended 31 March
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company
2014 2013 (Restated*) 2014 2013
(Loss) / profit for the year (59,017) 38,869 (4,200) (1,594)
Items that will never be reclassified to income statement
Re-measurement of defined benefit liability 859 523 - -
Income tax relating to re-measurement of defined benefit liability (254) (159) - -
605 364 - -
Items that are or may be reclassified subsequently to income statement
Foreign currency translation differences (52,881) (28,570) 6,160 (5,797)
Available-for-sale financial assets
- current period losses (1,755) (3,051) - -
- reclassification to income statement 2,986 4,258 - -
Income tax relating to available for sale financial asset (188) 35 - -
(51,838) (27,328) 6,160 (5,797)
Other comprehensive (expense) / income, net of tax (51,233) (26,964) 6,160 (5,797)
Total comprehensive (expense) / income for the year (110,250) 11,905 1,960 (7,391)
Attributable to:
Owners of the Company (83,106) 6,321 1,960 (7,391)
Non-controlling interests (27,144) 5,584 - -
(110,250) 11,905 1,960 (7,391)
(See accompanying notes to the Consolidated and Company financial statements)
* The comparative information has been restated so as to reflect the adoption of new accounting standards, details of which have been set out in note 18.
Approved by the Board of Directors on 11 July 2014 and signed on behalf by:
S. Kishore K. A. Sastry
Executive Director Executive Director
CONSOLIDATED STATEMENT
OF CHANGES IN EQUITY
for the year ended 31
March 2013
(All amount in
thousands of US $,
unless otherwise
stated)
Attributable to owners of the Company Non-controlling interests Total equity
Issued capital Share premium Foreign currency translation reserve Revaluation reserve Other reserves Retained earnings Total
As at 1 April 2012 263 253,890 (58,881) 2,859 140,415 99,475 438,021 188,442 626,463
(Restated*)
Non-controlling - - - - - - - 2 2
interests arising on
acquisition of
subsidiary
Issuance of equity - - - - 27 - 27 2,813 2,840
shares by subsidiaries
Acquisition of non - - - - 251 - 251 (275) (24)
-controlling interests
without change in
control
Transfer of economic - - - - - (3,049) (3,049) 3,049 -
interest to non
-controlling interests1
Net depreciation - - - (107) - 107 - - -
transfer for property,
plant and equipment
Transaction with owners - - - (107) 278 (2,942) (2,771) 5,589 2,818
Profit for the year - - - - - 24,406 24,406 14,463 38,869
Other comprehensive
income
Items that will never
be reclassified to
income statement
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AnnouncementREG - Stock Exch Notice KSK Power Ventur PLC - Cancellation - KSK Power Ventur Plc
AnnouncementREG - KSK Power Ventur PLC - Update and suspension of shares from trading
AnnouncementREG - KSK Power Ventur PLC - Business Update
AnnouncementREG - KSK Power Ventur PLC - Business Update
Announcement