REG - KSK Power Ventur PLC - Audited Results for the year ended 31 March 2014 <Origin Href="QuoteRef">KSK.L</Origin> - Part 3
06/09/2014 16:32
- Part 3: For the preceding part double click ID:nRSO2888Mb
includes interest-bearing inter-corporate deposits of US $ 5,010 (2013: US $ 13,538), deferred loan
origination costs US $ 4,424 (2013: US $ 9,783), security deposit US $ 53,882 (2013: US $ 20,721), advance for investments
US $ 2,610 (2013: US $ 3,469) and other financial assets US $ 45,743 (2013: US $ 43,182).
Loans to and receivables from JV partners
This primarily includes the share application money in the joint venture entities, interest bearing inter corporate deposit
to joint venture partners and redeemable preference share capital held in the joint venture entities redeemable between 5
to 20 years.
Loans to and receivable from subsidiary
Loans to and receivable from subsidiary represents inter-corporate deposits given by the Company to its wholly owned
subsidiaries.
Investment in subsidiaries
Investment primarily includes unquoted investments in subsidiaries in the Company financial statements. The Company has
invested in 139,244,601 equity shares (2013: 139,244,601) in KEL, 12,000 equity shares (2013: 12,000) in KASL, 100,000,000
equity shares (2013: 100,000,000) in KGPP, 84,146,843 equity shares (2013: Nil) in KGEPL and 1 equity share (2013: 1) in
KSVP totalling to US $ 227,234 (2013: US $ 143,414).
Investment and other financial assets amounting of US $ 177,207 (2013: US $ 153,621) for the Group is subject to security
restrictions.
Impairment of financial assets
During the year ended 31 March 2014, the Group's available-for-sale financial asset of US $ 2,986 (31 March 2013: US $
4,363) and loans and receivable of US $ 1,657 (31 March 2013: US $ 2,466) were collectively impaired.
During the year ended 31 March 2014, the Company's loans and receivable of US $ 335 (31 March 2013: US $ Nil) were
collectively impaired and written off.
7. Cash and short-term deposits
Cash and short-term deposits comprise of the following:
Consolidated Company
2014 2013 2014 2013
Cash at banks and on hand 55,810 39,875 173 287
Short-term deposits 138,244 265,389 - -
Total 194,054 305,264 173 287
Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group.
The Group has pledged a part of its short-term deposits amounting US $ 136,233 (2013: US $ 252,053) in order to fulfil
collateral requirements (see note 9).
For the purpose of cash flow statement, cash and cash equivalent comprise:
Consolidated Company
2014 2013 2014 2013
Cash at banks and on hand 55,810 39,875 173 287
Short-term deposits 138,244 265,389 - -
Total 194,054 305,264 173 287
Less: Restricted cash1 (138,120) (261,430) - -
Cash and cash equivalent 55,934 43,834 173 287
1Include deposits pledged for availing credit facilities from banks and deposits with maturity term of three months to
twelve months.
8. Issued share capital
Share capital
The Company presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders meeting,
every holder of ordinary shares, as reflected in the records of the Company on the date of the shareholders' meeting, has
one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment of capital
in the event of liquidation of the Company.
The Company has an authorised share capital of 500,000,000 equity shares (31 March 2013: 500,000,000) at par value of US $
0.002 (£ 0.001) per share amounting to US $ 998.
During the year, the Company has raised US $ 33,327 (net of share issue expenses of US $ 755) by way of a placing of
15,930,000 equity shares of US $ 0.002 (£0.001) each with the parent company and institutional investors at a premium of US
$ 2.14 (£ 1.299) per share. The placing shares rank pari-passu in all respects with the other ordinary shares including
the right to receive all dividends and other distributions.
Share application money represents amount received from investors / parent pending allotment of ordinary shares
Reserves
Share premium represents the amount received by the Group over and above the par value of shares issued. Any transaction
costs associated with the issuing of shares are deducted from share premium, net of any related income tax consequences.
Revaluation reservecomprises gains and losses due to the revaluation of previously held interest of the assets acquired and
liabilities assumed in a business combination.
Foreign currency translation reserve is used to record the exchange difference arising from the translation of the
financial statements of the Group entities.
Capital redemption reserve represents statutory reserve required to be maintained under local law of India on account of
redemption of capital. The reserve is credited equivalent to amount of capital redeemed by debiting retained earnings.
Other reserve represents the difference between the consideration paid and the adjustment to net assets on change of
controlling interest, without change in control and the excess of the fair value of share issued in business combination
over the par value of such shares. Any transaction costs associated with the issuing of shares by the subsidiaries are
deducted from other reserves, net of any related income tax consequences. Further, it also includes the loss / gain on fair
valuation of available-for-sale financial instruments.
Retained earnings mainly represent all current and prior year results as disclosed in the income statement and other
comprehensive income less dividend distribution.
9. Interest-bearing loans and borrowings
The interest-bearing loans and borrowings comprise of the following:
Interest rate(range %) Final Maturity Consolidated Company
2014 2013 2014 2013
Long-term "project finance" loans 3.71 to 16.75 March-26 2,153,328 1,908,435 - -
Short-term loans 0.00 to 14.50 December-15 230,856 245,113 12,177 4,514
Buyers' credit facility 0.47 to 4.83 June-16 372,892 562,951 49,851 49,605
Cash credit and other working capital facilities 11.71 to 16.50 March-15 99,823 113,295 - -
Redeemable preference shares 0.01 to 15.00 February-28 17,591 25,854 - -
Convertible debt 0.01 to 15.00 March-25 14,186 - - -
Total 2,888,676 2,855,648 62,028 54,119
Total debt of US $ 2,888,676 (2013: US $ 2,855,648) comprised:
§ Long-term "project finance" loans of the Group amounting US $ 2,153,328 (2013: US $ 1,908,435) is fully secured on the
property, plant and equipment and other assets of joint venture and subsidiaries that operate power stations, allied
services and by a pledge over the promoter's shareholding in equity and preference capital of some of the joint ventures
and subsidiaries.
§ The short term loan taken by the Group is secured by the corporate guarantee provided by the Company, fixed deposits of
the Group and by pledge of shares held in the respective entities.
§ Buyer's credit facility is secured against property, plant and equipment and other assets on pari-passu basis, pledge of
fixed deposits and corporate guarantee of KEVL. These loans bear interest at LIBOR plus 25 to 450 basis points.
§ A number of the facilities that are due to expire at 31 March 2015 are in the process of being extended and have rollover
clause in a number of cases.
§ Cash credit and other working capital facilities are fully secured against property, plant and equipment and other assets
on pari-passu basis with other lenders of the respective entities availing the loan facilities.
§ Redeemable preference shares are due for repayment in 1-14 year.
§ Convertible debts are repayable by March 2025 as per the terms of the agreement.
Long-term "project finance" loan contains certain restrictive covenants for the benefit of the facility providers and
primarily requires the Group to maintain specified levels of certain financial ratios and operating results. The terms of
the other borrowings arrangements also contain certain restrictive covenants primarily requiring the Group to maintain
certain financial ratios. As of 31 March 2014, the Group has complied with the relevant significant covenants.
As at 31 March 2014, the Group has available US $ 1,135,523 of undrawn long term committed borrowing facilities.
The fair value of borrowings at 31 March 2014 was US $ 2,888,676 (2013: US $ 2,853,565). The fair values have been
calculated by discounting cash flows at prevailing interest rates.
The interest-bearing loans and borrowings mature as follows:
Consolidated Company
2014 2013 2014 2013
Current liabilities
Amounts falling due within one year 944,750 1,021,122 62,028 54,119
Non-current liabilities
Amounts falling due after more than one year but not more than five years 982,475 1,184,566 - -
Amounts falling due in more than five years 961,451 649,960 - -
Total 2,888,676 2,855,648 62,028 54,119
10. Other financial liabilities
Consolidated
2014 2013
Current
Option premium payable 5,020 -
Provision for mark to market loss on derivative instruments 53 -
5,073 -
Non-Current
Option premium payable 27,148
Provision for mark to market loss on derivative instruments 1,045 -
28,193 -
Total 33,266 -
11. Segment information
The Group has adopted the "management approach" in identifying the operating segments as outlined in IFRS 8. Management has
analysed the information that the chief operating decision maker reviews and concluded on the segment disclosure.
For management purposes, the Group is organised into business units based on their services and has two reportable
operating segments as follows:
· Power generating activities and
· Project development activities
Management monitors the operating results of its business units separately for the purpose of making decisions about
resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in
certain respects, as explained in the table below, is measured differently from operating profit or loss in the
Consolidated financial statements. Group financing (including finance costs and finance income) and income taxes are
managed on a Group basis and are not allocated to operating segments. There is only one geographical segment as all the
operations and business is carried out in India.
Year ended 31 March 2014 Project development activities Power generating activities Reconciling / Elimination activities Consolidated
Revenue
External customers 842 335,024 - 335,866
Inter-segment 7,097 - (7,097) -
Total revenue 7,939 335,024 (7,097) 335,866
Segment operating results 5,885 55,748 157 61,790
Unallocated operating expenses, net (3,763)
Finance costs (165,969)
Finance income 35,819
Loss before tax (72,123)
Tax income 13,106
Loss after tax (59,017)
Segment assets 12,901 3,790,232 (2,286) 3,800,847
Unallocated assets 215,574
Total assets 4,016,421
Segment liabilities 5,372 365,554 (2,286) 368,640
Unallocated liabilities 3,065,508
Total liabilities 3,434,148
Other segment information
Depreciation and amortisation 220 43,606 100 43,926
Capital expenditure 34 281,181 95 281,310
Year ended 31 March 2013 (Restated) Project development activities Power generating activities Reconciling / Elimination activities Consolidated
Revenue
External customers 1,229 391,592 - 392,821
Inter-segment 7,782 - (7,782) -
Total revenue 9,011 391,592 (7,782) 392,821
Segment operating results 5,744 115,849 468 122,061
Unallocated operating expenses, net (1,909)
Finance costs (120,984)
Finance income 38,296
Profit before tax 37,464
Tax income 1,405
Profit after tax 38,869
Segment assets 12,965 3,876,008 (350) 3,888,623
Unallocated assets 166,262
Total assets 4,054,885
Segment liabilities 3,151 489,139 (350) 491,940
Unallocated liabilities 2,921,759
Total liabilities 3,413,699
Other segment information
Depreciation and amortisation 364 39,025 103 39,492
Capital expenditure 159 758,782 148 759,089
Notes to segment reporting:
(a) Inter-segment revenues are eliminated on consolidation.
(b) Profit / (loss) for each operating segment does not include finance income and finance costs of US $ 35,819 and US $
165,969 respectively (2013: US $ 38,296 and US $ 120,984 respectively).
(c) Segment assets do not include deferred tax US $ 33,269 (2013: US $ 15,649), financial assets and other investments
US $ 128,277 (2013: US $ 99,088), short-term deposits with bank and cash US $ 5,173 (2013: US $ 10,253), and corporate
assets US $ 48,855 (2013: US $ 41,250).
(d) Segment liabilities do not include deferred tax US $ 31,567 (2013: US $ 35,985), current tax payable US $ 1,910
(2013: US $ 1,429), interest-bearing current and non-current borrowings US $ 2,888,676 (2013: US $ 2,855,648), derivative
liabilities US $ 33,266 (2013: US $ Nil) and corporate liabilities US $ 110,089 (2013: US $ 28,697).
(e) The Company operates in one business and geographic segment. Consequently no segment disclosures of the Company are
presented.
12. Finance costs
Finance costs comprise:
Consolidated Company
2014 2013 2014 2013
Interest expenses on loans and borrowings 1 94,974 109,830 761 1,423
Other finance costs 15,287 5,209 2,481 919
Impairment of financial assets 2 2,986 4,363 - -
Foreign exchange loss, net 51,153 - 477 -
Net loss on held-for-trading financial assets
on disposal 1 - - -
Unwinding of discounts 1,568 1,582 - -
Total 165,969 120,984 3,719 2,342
1Borrowing cost capitalised during the year amounting to US $ 274,243 (2013: US $ 217,834) to property, plant and equipment
at an effective interest rate of 14.39% (2013: 14.25%).
2Provision for impairment of financial assets relates to available-for-sale financial asset of US $ 2,986 (2013: US $
4,363).
13. Finance income
The finance income comprises:
Consolidated Company
2014 2013 2014 2013
Interest income
bank deposits 17,405 27,443 - -
loans and receivables 4,031 6,635 - -
Dividend income 120 520 - -
Net gain on held-for-trading financial assets
on disposal - 67 - -
on re-measurement 13 12 - -
Unwinding of discount on security deposits 1,395 1,404 - -
Net gain on financial liability at fair value through profit or loss , net1 12,855 1,529 560 -
Foreign exchange gain, net - 672 - 1,490
Reclassification adjustment in respect of available-for- sale financial assets disposed - 14 - -
Total 35,819 38,296 560 1,490
1Net gain on financial liability at fair value through profit or loss above relates to foreign exchange forward contracts,
currency options and interest rate swap that did not qualify for hedge accounting.
14. Tax income / (expense)
The major components of income tax for the period ended 31 March 2014 and 2013 are:
2014 2013(Restated)
Current tax (2,731) (364)
Deferred tax 15,837 1,769
Tax income reported in the income statement 13,106 1,405
15. Related party transactions
Name of the Company Nature of relationship
K&S Consulting Group Private Limited Group ultimate parent (GUP)
Sayi Energy Ventur Limited Parent
Key management personnel and their relatives (KMP):
Name of the party Nature of relationship
T L Sankar Chairman
S Kishore Executive Director
K A Sastry Executive Director
S R Iyer Director
Vladimir Dlouhy Director
Abhay M Nalawade Director
Guy D Lafferty Director
Keith N Henry Director
K. V. Krishnamurthy Director of parent
Related party transactions during the year
The following table provides the total amount of transactions that have been entered into with related parties and the
outstanding balances at the end of the relevant financial year:
Particulars Consolidated Company
2014 2013 2014 2013
Joint Venture Parent / GUP KMP Joint Venture Parent / GUP KMP Subsidiaries Parent / GUP KMP Subsidiaries KMP
Transactions1,2
Project development fees and corporate support services fees 106 - - 1,229 - - - - - - -
Interest income 2,650 - - 4,674 - - - - - - -
Interest expense 10 - - - - - - - - - -
Sale of material 1,313 - - 507 - - - - - - -
Capacity charges paid 2,368 - - - - - - - - - -
Inter-corporate deposits and loans given 31,157 - - 10,564 38 - 44,340 - 35 -
Inter-corporate deposits and loans refunded 23,335 - - 7,991 - - - - - 1,174 -
Loan taken 1,526 - - - - - 77 - - - -
Repayment of loan taken 19 - - - - - - - - - -
Receipt of share application money - 18,000 - - - - - 18,000 - - -
Issue of shares - 20,300 - - - - - 20,300 - - -
Investment in subsidiaries - - - - - - 84,147 - - - -
Equity-settled share based payment - - 10 - - - - - 10 - -
Managerial remuneration 3 - - 541 - - 692 - - 211 - 250
2014 2013 2014 2013
Balances 1,2
Interest receivable 3,586 - - 4,084 - - - - - - -
Interest payable 9 - - - - - - - - - -
Loans and inter corporate deposits receivable 32,004 1,034 - 27,455 1,133 - 133,873 - - 151,886 -
Loans payable - - - - - - 80 - - - -
Other receivable 769 - - 506 - - - - - - -
Other payable 1,521 - - - - - - - - - -
Guarantees given 150 - - 2,966 483,110 - - 257,159 -
Managerial remuneration payable3 - - 131 - - 83 - - 86 - 52
1The transactions with related parties are made at terms equivalent to those that prevail in arm's length transactions.
Outstanding balances at the period end are unsecured, interest-bearing in case of loans and inter-corporate deposits and
non-interest bearing in case of other loans and advances and settlement occurs in cash. For the year ended 31 March 2014,
the Group has not recorded any impairment of receivables relating to amounts owed by related parties (2013: US $ Nil). This
assessment is undertaken each financial period through examining the financial position of the related party and the market
in which the related party operates.
2 The difference in the movement between the opening outstanding balances, transactions during the year and closing
outstanding balances is on account of exchange adjustments and conversion into equity.
3 Remuneration is net of accrual towards Gratuity, a defined benefit plan, which is managed for the Group as a whole.
However, the annual accrual of this liability towards key management personnel is not expected to be significant. There are
no other long term benefits and termination benefits which are payable to the key management personnel.
16. Commitments and contingencies
Capital commitments
As at 31 March 2014, the Group is committed to purchase property, plant and equipment for US $ 1,589,164 (2013: US $
1,429,536). In respect of its interest in joint ventures the Group is committed to incur capital expenditure of US $ 1,153
(2013: US $ 1,114).
Guarantees
· The Company has guaranteed the loans and non-fund based facilities availed by subsidiaries to unrelated parties for
US $ 339,442 (2013: US $ 207,945) and
· The Group guaranteed the performance of the joint ventures under the power delivery agreements to unrelated parties.
No liability is expected to arise.
17. Financial Instruments
Carrying amounts versus fair values
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Consolidated
statement of financial position, are as follows:
Carrying amount Fair value Carrying amount Fair value
2014 2014 2013(Restated) 2013(Restated)
Non- current financial assets
Trade and other receivables 3,422 3,422 6,272 6,272
Equity securities - available-for-sale 22,865 22,865 26,354 26,354
Loans and receivables 70,563 70,563 40,483 40,483
Derivative assets 50,196 50,196 - -
Non-current bank deposits 10,953 10,953 31,208 31,208
Total non-current 157,999 157,999 104,317 104,317
Current financial assets
Trade and other receivables 158,139 158,139 116,252 116,252
Equity securities - held for trading 97 97 144 144
Debt securities-held for trading 33 33 3,149 3,149
Loans and receivables 73,110 73,110 78,171 78,171
Cash and short-term deposits 194,054 194,054 305,264 305,264
Total current 425,433 425,433 502,980 502,980
Total 583,432 583,432 607,297 607,297
Non- current financial liabilities
Trade and other payables 51,110 51,110 59,782 59,782
Interest bearing loans and borrowings 1,943,926 1,943,926 1,834,526 1,834,526
Interest rate swaps 1,045 1,045 - -
Option premium payable 27,148 27,148 - -
Total non-current 2,023,229 2,023,229 1,894,308 1,894,308
Current financial liabilities
Trade and other payables 391,124 391,124 438,664 438,664
Interest bearing loans and borrowings 944,750 944,750 1,021,122 1,019,039
Derivatives not designated as hedge 53 53 - -
Option premium payable 5,020 5,020 - -
Total current 1,340,947 1,340,947 1,459,786 1,457,703
Total 3,364,176 3,364,176 3,354,094 3,352,011
The fair values of financial assets and financial liabilities, together with the carrying amounts in the company statement
of financial position, are as follows:
Non-current financial assets
Loans and receivables to subsidiaries 133,873 133,873 151,877 151,877
Loans and receivables 5,660 5,660 - -
Total non-current 139,533 139,533 151,877 151,877
Current financial assets
Loans and receivables 4 4 9,557 9,557
Cash and short-term deposits 173 173 287 287
Total current 177 177 9,844 9,844
Total 139,710 139,710 161,721 161,721
Current financial liabilities
Trade and other payables 1,486 1,486 1,276 1,276
Interest bearing loans and borrowings 62,028 62,028 54,119 54,119
Total current 63,514 63,514 55,395 55,395
54,119
Total current
63,514
63,514
55,395
55,395
Fair value hierarchy
The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value
measurements are categorised in to different levels in the fair value hierarchy based on the inputs to valuation techniques
used. The different levels are defined as follows.
• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly.
• Level 3: valuation techniques that include inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
2014 Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Equity securities - available-for-sale 1,425 - 21,439 22,864
Equity securities - held for trading 97 - - 97
Debt securities-held for trading 33 - - 33
Derivative assets - 50,196 - 50,196
Total 1,555 50,196 21,439 73,190
Financial liabilities measured at fair value
Interest rate swaps - 1,045 - 1,045
Option premium payable - 32,168 - 32,168
Currency forward contract - 53 - 53
Total - 33,266 - 33,266
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting year during which
the transfer has occurred. During the year ended 31 March 2014, there were no transfers between Level 1 and Level 2 fair
value measurements. However an amount of US $ 21,145 has been transferred from Level 2 to Level 3.
Reconciliation of Level 3 fair value measurements of financial assets:
2014 Available-for-sale Total
Unquoted Equities
Opening balance 322 322
Total gains or losses: - -
- in income statement - -
- in other comprehensive income (28) (28)
Settlements - -
Transfers into level 3 21,145 21,145
Closing balance 21,439 21,439
Valuation techniques
Level 2 fair values for simple over-the-counter derivative financial instruments are based on broker quotes. Those quotes
are tested for reasonableness by discounting expected future cash flows using market interest rate for a similar instrument
at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of
the credit risk of the Group entity and counterparty when appropriate.
Level 3 fair values for equity securities-available for sale has been determined by using Comparable Company Analyses. This
is a relative valuation technique which involves comparing that company's valuation multiples to those of its peers. The
multiples consider for the valuation is P/B for book value which is then adjusted for differences that are directly related
to the characteristics of equity instruments being valued such as discounting factor for size and liquidity etc.
The fair value of the unquoted ordinary shares has been determined using a discounted cash flow model. The valuation
requires management to make certain assumptions about unobservable inputs to the model, of which the significant
unobservable inputs are disclosed in the table below.
Average growth rate for cash flows in subsequent years 3.00%
Discount rate
11.01%
Apart from the above, forecast cash flows for first five years is a significant unobservable input. The management
regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines
their impact on the total fair value. An increase in the forecast cash flows and the growth rate for cash flows in the
subsequent periods would both lead to an increase in the fair value of the equity instruments. An increase in the discount
rate used to discount the forecast cash flows would lead to a decrease in the fair value of the equity instruments. The
significant unobservable inputs are not interrelated. The fair value of the equity instruments is not significantly
sensitive to a reasonable change in the forecast cash flows or the discount rate, however it is to a reasonable change in
the growth rate.
18. Note on change in accounting policy
Consequent to amendments in new accounting standards as enumerated in note 2, the Group has restated the statement of
financial performance and position of the Group for the year ended 31 March 2013 so as to show the impact of applicable
accounting standards for the Group. The impact of adoption of these new accounting standards is as follows:
A. Income statement, Statement of comprehensive income and statement of financial position for the year ended 31 March
2014
Income Statement
Cost of revenue 1,488 - 1,488
General and administrative expenses - (336) (336)
Tax income / (expense) (546) 256 (290)
(Loss) / profit for the year 942 (80) 862
Attributable to:
Owners of the Company 857 (52) 805
Non-controlling interests 85 (28) 57
942 (80) 862
Statement of Comprehensive Income
(Loss) / profit for the period 942 (80) 862
Items that will never be reclassified to income statement
Re-measurement of defined benefit liability - 859 859
Income tax relating to re-measurement of defined benefit liability - (254) (254)
Total - 605 605
Items that are or may be reclassified subsequently to income statement
Foreign currency translation differences 1,769 402 2,171
Total 1,769 402 2,171
Other comprehensive (expense) / income, net of tax 1,769 1,007 2,776
Total comprehensive (expense) / income for the year 2,711 927 3,638
Attributable to:
Owners of the Company 2,625 956 3,581
Non-controlling interests 86 (29) 57
2,711 927 3,638
2,711
927
3,638
B Statement of financial position as at 31 March 2014
IFRIC 20 IAS 19 R Total
Property, plant and equipment - 880 880
Other non-current assets - 54 54
Foreign currency translation reserve 1,769 403 2,172
Other reserves - 549 549
Retained earnings / (Accumulated deficit) 791 (21) 770
Equity attributable to owners of the Company 2,560 931 3,491
Non-controlling interests 152 (4) 148
Deferred tax liability 1,397 - 1,397
Employee benefit liability - 7 7
Trade and other payables (4,109) - (4,109)
C. Income statement, Statement of comprehensive income for the year ended 31 March 2013
Income Statement
Revenue 392,821 - - 392,821
Cost of revenue (236,741) 1,139 - (235,602)
Gross profit 156,080 1,139 - 157,219
Other operating income 1,648 - - 1,648
Distribution costs (7,037) - - (7,037)
General and administrative expenses (31,541) - (137) (31,678)
Operating profit / (loss) 119,150 1,139 (137) 120,152
Finance costs (120,984) - - (120,984)
Finance income 38,296 - - 38,296
(Loss) / profit before tax 36,462 1,139 (137) 37,464
Tax income / (expense) 1,788 (545) 162 1,405
(Loss) / profit for the year 38,250 594 25 38,869
Attributable to:
Owners of the Company 23,843 545 18 24,406
Non-controlling interests 14,407 49 7 14,463
38,250 594 25 38,869
Statement of Comprehensive Income
(Loss) / profit for the year 38,250 594 25 38,869
Items that will never be reclassified to income statement
Re-measurement of defined benefit liability - - 523 523
Income tax relating to re-measurement of defined benefit liability - - (159) (159)
Total - - 364 364
Items that are or may be reclassified subsequently to income statement
Foreign currency translation differences (28,501) (67) (2) (28,570)
Available-for-sale financial assets
- current period losses (3,051) - (3,051)
- reclassification to income statement 4,258 - 4,258
Income tax relating to available for sale financial asset 35 - 35
Other comprehensive (expense) / income, net of tax (27,259) (67) (2) (27,328)
Total comprehensive (expense) / income for the year 10,991 527 387 11,905
Attributable to:
Owners of the Company 5,451 490 380 6,321
Non-controlling interests 5,540 37 7 5,584
10,991 527 387 11,905
10,991
527
387
11,905
D Statement of financial position as at 31 March 2013.
As reported at IFRIC 20 IAS 19 R As restated at
31 March 2013 31 March 2013
Property, plant and equipment 3,273,033 - 417 3,273,450
Other non-current assets 67,406 21 67,427
Foreign currency translation reserve (78,380) (139) (16) (78,535)
Other reserves 141,674 - 588 142,262
Retained earnings / (Accumulated deficit) 119,337 1,741 (139) 120,939
Equity attributable to owners of the Company 439,536 1,602 433 441,571
Non-controlling interests 199,290 326 (1) 199,615
Deferred tax liability 35,063 926 (4) 35,985
Employee benefit liability 1,050 - 11 1,061
Trade and other payables 441,518 (2,854) - 438,664
E Statement of financial position as at 1 April 2012.
As reported at IFRIC 20 IAS 19 R As restated at
1 April 2012 1 April 2012
Property, plant and equipment 2,685,771 - 37 2,685,808
Other non-current assets 58,722 - 11 58,733
Foreign currency translation reserve (58,783) (102) 4 (58,881)
Other reserves 140,189 - 226 140,415
Retained earnings / (Accumulated deficit) 98,407 1,252 (184) 99,475
Equity attributable to owners of the Company 436,825 1,150 46 438,021
Non-controlling interests 188,192 252 (2) 188,442
Deferred tax liability 37,699 401 (2) 38,098
Employee benefit liability 947 - 6 953
Trade and other payables 287,701 (1,803) - 285,898
19. Subsequent Event:
Qualified Institutional Placement (QIP) by KSK Energy Ventures Limited ('KEVL')
During the month of June 2014, KEVL issued an additional 40,404,040 equity shares of face value of Rs. 10 (U.S. $ 0.17)
each at a premium of Rs. 89 (U.S. $ 1.49) per share in the Indian domestic market by way of Qualified Institutional
Placement (QIP). The issue was fully subscribed and KEVL raised Rs. 3,895,379,320 (U.S. $ 65,072) net of share issue
expenses of Rs 104,620,640 (US $ 1,748).
Pursuant to the issuance of the additional equity share's the ownership interest of the Group in KEVL decreased from 74.94
percent to 67.61 percent resulting in a 7.33 percent deemed partial disposal of the Group's controlling interest in a
subsidiary without loss of control.
This information is provided by RNS
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