REG - KSK Power Ventur PLC - Audited Results for the year ended 31 March 2015 <Origin Href="QuoteRef">KSK.L</Origin> - Part 1
25/07/2015 09:41
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KSK Power Ventur PLC
21 July 2015
KSK Power Ventur PLC
21 July 2015
KSK Power Ventur plc
("KSK" or the "Group" or the "Company")
Audited Results for the year ended 31 March 2015
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, announces the consolidated audited results for the year ended 31 March 2015.
Financial Highlights
· Gross Revenue increased by 13.8% to $ 382.3 m (2014: $ 335.9 m)
· Gross Profit increased by 13.3% to $ 103.3 m (2014: $ 91.1 m)
· Operating Profit* decreased by 30.1% to $ 40.6 m (2013: $ 58.0 m)
· Loss before tax** moved to a loss of $ 160.1 m (2014: loss of $ 72.1 m)
· Investments in Property Plant and Equipment increased 7.5% to $ 3,457 m (2014: $ 3,215 m)
* Includes the provision of a $ 24.59 million impairment in respect of coal compensation at Sai Wardha based on the
understanding that rather than an immediate cash refund, the coal supplier would prefer to pass on the benefit to the
Company in the form of revised discounted price charge mechanism for coal supplies over the balance of the fuel supply
period.
**This includes an unrealised exchange loss of $ 33.16 million on account of the restatement of the foreign currency
component of certain bank financing facilities and trade payables.
These movements were due to the lower than expected PLF at Sai Wardha as well as single 600 MW unit operations at KSK
Mahanadi owing to the transmission corridor constraints of national grid restricting actual generation, and the resultant
mismatches in meeting overall financing costs. As a result, while the underlying revenue and gross profit growth compared
to the previous year shows an increase, there has been a decrease in operating profit and an increase in the loss before
tax.
Comparison of results
Particulars 31 March 2015 31 March 2014 % change
(USD m) (USD m)
Revenue 382.3 335.9 13.8%
Gross profit 103.3 91.1 13.3%
Operating profit 40.6 58.0 -30.1%
(Loss) / profit before tax (160.1) (72.1) 122.0%
Average exchange rate Rupee/USD Rs 61.1752 / $ Rs 60.4267 / $
Notwithstanding the challenges across the sector and exchange rate volatility expected to continue during the current year
that could create distortions to the Company's performance, the combination of our underlying assets, our risk mitigation
strategies and certain recent positive developments should, in the long term, assist in moving the Company back towards
meeting market expectations. However, in the short term, owing to capacity utilisation rates remaining below the Board's
initial plans, such expectations are likely to be met gradually.
Operating Highlights
· During the year operating assets generated 6,158 GWh as against 5,757 GWh for the previous year, an increase of 7.6%,
with the following individual Plant Load Factors ("PLF"):
31 March 2015 31 March 2014
KSK Mahanadi ( First 600 MW) 3,203 GWh (61%) 1,088 GWh (62%)
Sai Wardha (540 MW) 1,174 GWh (25%) 2,586 GWh (55%)
VS Lignite (135 MW) 851 GWh (72%) 902 GWh (76%)
Sai Regency (58 MW) 423 GWh (83%) 445 GWh (88%)
Sai Lilagar (86 MW) 148 GWh (20%) 341 GWh (45%)
Sitapuram Power (43 MW) 343 GWh (91%) 342 GWh (91%)
Solar Project (10 MW) 16 GWh (18%) 19 GWh (21%)
Wind project 33 GWh (20%)
Although there has been an increase in generation over the previous year, the overall generation across the portfolio is
below expectations given the challenges currently facing all aspects of the energy sector in India.
· The 3.6 GW KSK Mahanadi power project is under construction with further progress being made during the year,
including:
o Commissioning of the two 600 MW units, along with commissioning of the entire balance of plant as well as ancillary common infrastructure facilities including water, rail lines etco Varying construction progress on the final four 600 MW units
· Full operation of the current 1,200 MW at KSK Mahanadi, particularly the second 600 MW unit has been delayed due to
transmission corridor access issues and the Company has sought intervention by the Central Electricity Regulatory
Commission (CERC) for commencement of 500 MW supplies to Tamil Nadu. The Company has approached CERC and subsequent to the
order dated 16th February 2015 a final implementation order has now been issued by CERC on 3rd July 2015 to make the
transmission corridor access available for applicants. It is anticipated that Power Grid (the state owned Transmission
Company) will resolve the transmission access shortly. Early supplies to Uttar Pradesh DISCOMS of 300 MW have been enabled
following the grant of the Medium term Open Access (until October 2016) and KSK Mahanadi is currently awaiting the
scheduling of power upon Power grid's notification.
· Operating constraints at Sai Wardha with respect to coal costs, open access and PPAs continued during the year.
Favourable decisions from the Competition Commission of India and the Appellate Tribunal for Electricity have been obtained
both with respect to coal as well as a 25 year PPA with MSEDCL (a local state utility company) and efforts are underway to
obtain implementation at the earliest. In the interim, short term power sale arrangements are being undertaken and reduced
asset utilisation levels mean revenues and profitability will continue to experience marginal improvements in the short
term before full improvements are realised.
Commenting on the results, T. L. Sankar, Chairman of KSK said:
"The year 2015 witnessed the Company's power plants' aggregate gross generation reach 6.16 TWhs. With the various
challenges at 540 MW Sai Wardha and the 1,200 MW of the KSK Mahanadi operational issues now being addressed, it is
anticipated that, subject to the commencement of the second unit of operations at KSK Mahanadi for at least part of the
current year, gross generation could achieve 9 TWhs during 2015-16.
Significant asymmetry that has occurred over the last three years with respect to fuel and transmission issues has resulted
in low PLF requiring corrective action for the sector as a whole. These results, are to be read in the context of not just
distinct circumstances across the Indian power sector, but together with the overriding challenging times and accompanying
economic environment in India.
Whilst the issues at Sai Wardha have seen an improvement during the first quarter of the current year, with partial
resolution through Fuel Supply Agreement amendments, the final execution of the definitive agreement has been delayed due
to a number of localised factors. When this is successfully resolved, profitability is expected to revert to the previously
achieved levels and Sai Wardha should be in a position to pursue potential refinancing opportunities.
The phased construction of the KSK Mahanadi project is making steady progress, with the first two 600 MW units already
commissioned. Once the transmission corridor issues are resolved by the authorities, the plant is expected to achieve power
generation operations for a substantial part of the current financial year. Further, interim coal imports from overseas
through appropriate collaborative arrangements that have been put in place, and facilitated by working capital lenders,
will provide sufficient fuel for the planned generation from KSK Mahanadi.
In line with the Indian sector, the Company has suffered fuel supply setbacks during the year, wherein both the FSA's with
Goa Industries Development Corporation ("GIDC") and Gujarat Mineral Development Corporation ("GMDC") have become inoperable
on account of the cancellation of their respective coal blocks by Hon. Supreme Court of India. In a recent development, the
tapering linkage contract has been discontinued by the Ministry of Coal and an alternate Memorandum of Understanding based
supplies has been proposed as an interim arrangement until 31st March 2016. It is expected that the Ministry of Power and
Ministry of Coal are currently planning a comprehensive new plan and structure wherein the coal supply plans would be
formulated to address needs of those power plants that have physically progressed on the ground and with PPA commitments to
DSICOMS already made. KSK Mahanadi together with multiple DSICOMS supply PPAs is pre-eminently qualified for favourable
consideration and accordingly necessary coal requirements of KSK Mahanadi could be suitably addressed.
The Company is currently in discussions with both Government and project stakeholders regarding the terms of existing drawn
and undrawn financial facilities in order to match these to the current development and additional financing plans for KSK
Mahanadi. Discussions with all stakeholders regarding such arrangements have been positive to date and the Company's
lenders are supportive of the proposed arrangements.
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 by the Consortium of Project Lenders and regulatory
dispensation is currently being sought. Nonetheless the Company monitors the situation on an on-going basis and plans
alternative arrangements where necessary. The outcome of all of the above may impact on the timing of the strategic
development of the remaining four units.
The consequent refinancing at the operational phase of 1,200 MW at KSK Mahanadi and other decisions by the Project Lenders
is expected to provide an enabling framework for completion and operation of the balance of units by 2017.
The year continued to be a difficult time for the entire power sector in India and management have maintained their efforts
to address the various challenges in the operating projects. KSK's bold growth initiative, from start-up to becoming a
leading independent power producer targeting c.3% of total Indian power generation by 2017 (upon completion of all units of
KSK Mahanadi), demonstrates KSK's long term strategy and, upon successful resolution of the various issues, demonstrates
the potential for profitability in this key area of the Indian economy.
KSK's performance during the year would not have been possible without the valuable and appreciated support of its
shareholders 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 Director +91 40 2355 9922
Arden Partners plcJames Felix +44 (0)20 7614 5900
Key Business Updates
· 3,600 MW 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 operation with 3,203 GWh of generation during the year;
o the second 600 MW unit commissioned;
o phased construction of the remaining four 600 MW units are planned to be built in two phases of 1,200 MW each;
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 plants has been 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.
Upon stabilised generation from the current 1,200 MW, the Company's management would focus its efforts on expediting the
construction of the next 1,200 MW before the last 1,200 MW units are then completed. Effective project execution on the
ground has been de-risked as each of the three 1,200 MW projects and their associated expenditure and implementation are
being monitored individually.
ANCILLARY INFRASTRUCTURE INITIATIVE AT KSK MAHANADI
The Company's construction of the infrastructure to support the KSK Mahanadi power project continued with the commissioning
of the entire water pipeline infrastructure and rail connectivity to the power plant for transportation.
· KSK Water Infrastructure:
Infrastructure works, including the construction of the 60km pipelines and the pump stations for the supply of water for
the Mahanadi projectwere 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 shortly for integration with the power
plant.
· 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 the period, 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, owing to the issues regarding the coal blocks, this is currently not being pursued until
further clarity emerges
· KSK Mineral:
As regards the KSK Mineral Resources initiative, the Company has brought a claim against Goa Industrial Development
Corporation (GIDC) for reimbursement of the entire mine development expenditure support provided with respect to Gare Pelma
III coal mine. GIDC has confirmed that necessary claims for the same have been lodged by them with the relevant authority
concerned as provided for under the Rules of the new coal mines statute, and a further update is currently awaited.
540 MW SAI WARDHA POWER LIMITED (SWPL):
The total gross power generated during the review period was 1,174 GWh with an average Plant Load Factor (PLF) of 25%.
This reflected the challenging local operating environment, the fuel and the open access grid constraints experienced by
Sai Wardha Power.
Post the favourable ruling by the Competition Commission of India ("CCI") in favour of Sai Wardha during October 2014,
while the aspects of quality are being addressed through Western Coalfields Limited's agreement to third party sampling
post amendment to the Fuel Supply Agreement, the vital amendment on the pricing aspect which could enable a reduction in
the cost of power generation has not yet been achieved.
As regards long term power sale arrangements to commence supplies for half of the capacity of the Sai Wardha project, the
Appellate Tribunal for Electricity ruled in favour of Sai Wardha in February 2015 and PPA execution is expected. However,
to ensure enhanced asset utilisation, power supplies are being temporarily supplied to the same utility on short term
contracts, resulting in enhanced PLFs during the first quarter.
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.
· 135 MW VS LIGNITE POWER PRIVATE LIMITED (VSLP):
The total gross power generated during the year was 851 GWh, with an average PLF of 72%. The Company has been mandated by
the local state for power supplies under a long term PPA with a local grid company and the Company is currently operating
under a short term PPA until March 2016. The Company is continuing its efforts to secure necessary long term PPAs from the
local grid as mandated by the Government and is confident of achieving this during the current year.
· 86 MW SAI LILAGAR POWER LIMITED (SLPL):
The total gross power generated during the year was 148 GWh, with an average PLF of 20%, primarily reflecting the
transition from Captive Power Plant to Independent Power Producer.
With the new PPA arrangements in place, asset utilisation is expected to significantly improve and reach low to mid 80% PLF
levels over the next few quarters. As a result, the Company anticipates increased generation, revenue and profitability
from the SLPL 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 423 GWh, with an average
PLF of 83%. With the continuous supply of gas and an 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 during the year was 343 GWh, with an average PLF of 91%. Although the fuel cost for the
period under review have 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 local utilities.
· 10 MW SAI MAITHILI SOLAR POWER PROJECT:
The total gross power generated during the year was 16 GWh, with an average PLF of 18%. 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 wherein the first 50 MW is expected to be commissioned over the next
few months and an additional 50 MW planned to be commissioned before end of the current financial year.
A number of early initiatives for the procurement of the necessary panels and associated balance of plant equipment has
been finalised with selected vendors, with active support of the banks who are ready to provide the requisite long term
financing as may be required.
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
and suitable collaboration opportunities. The first step was the induction of North East Electric Power Corporation
Limited, the Government owned hydro power company, as an equity partner in the 120 MW Dibbin Hydro projects which is
expected to experience further progress.
EQUITY AND FINANCING ARRANGEMENTS
During May 2014, c. £40 million of equity was raised by KSK Energy Ventures Limited ("KSKEV"), the Company's listed Indian
subsidiary, through a Qualified Institutional Placement. Shareholder approval was also obtained for Company to subscribe
for up to 150 million warrants convertible into equivalent equity shares at KSKEV, enabling Company to revert back to the
earlier held 74.94% interest in KSKEV. As at this date 10.95 million warrants have been exercised resulting in Company's
shareholding in KSKEV increasing to 68.37 %.
During 2011 and thereafter, the Company secured debt financing on, at the time, reasonably high pricing within its Indian
holding companies that enabled the earlier tender offer resulting in the company owning a substantial interest in KSKEV,
the subsidiary which owns the interest in KSK Mahanadi Power Company Limited, as well as the buyout of the entire minority
of the KSK Mahanadi project. Consequently, to provide the necessary liquidity to retire part of the existing higher rate
debt, the Company is pursuing further refinancing opportunities on more favourable terms at the operating project level.
The Company's main power plant initiative of KSK Mahanadi, based on an extended implementation timeline, as well as the
need to reconcile the entire impact of INR/US$ exchange rate depreciation as against INR 48/$ originally envisaged, is now
estimated to be completed with a total capital expenditure of US$ 4.1 billion requiring $820 million of equity and US$ 3.28
billion of project debt
US$ in millions First 1200 MW + entire Balance of Plant Second 1200 MW Third 1200 MW Total
Project debt 1,450 964 867 3,281
Project equity 288 0.29 259 822
The project expenditure incurred and balance to be incurred with estimated distribution amongst the three 1,200 MW phases
each is shown as follows:
US$ in millions First 1200 MW + entire Balance of Plant Second 1200 MW Third 1200 MW Total
Project Cost (Estimated) 1,726 1,252 1,126 4,103
Already incurred 1,726 433 354 2,513
Yet to be incurred 819 771 1,590
Interest during construction ( yet to be incurred) 117 157
Of the remaining balance US$ 1,590 million required for the capital expenditure program (comprising of c.US$ 819 million
for the next 1,200 MW and c.US$ 771 million for the last 1,200 MW) until FY 2018, it is planned that initially undrawn debt
already committed, together with associated equity, would be used to support project development.
Of the outstanding balance of US$ 1,400 million for the remaining two phases of 1,200 MW each, US$ 1,120 million of project
debt has, in principle, been agreed to be provided by the Non-Bank Institutions of the existing lenders consortium such as
Power Finance Corporation and others. This is subject to certain regulatory approvals that are currently being pursued by
project lenders. As regards the US$ 280 million of additional equity, it has been agreed with the lenders that monthly
internal accruals from the first 1,200 MW operating phase (after meeting fuel, operating and financing cost) would be made
available towards sponsor equity.
It is expected that, with the existing PPA arrangements at competitive tariff levels along with continued availability of
coal from Coal India under linkage, the current 1,200 MW phase operating at 80% PLF could contribute to 8 TWh of gross
generation, and is expected to provide substantial internal cash flows after meeting the entire financing cost of the
current plant and facilities. In addition, the Company expenditure on the balance of 2,400 MW project would be incurred
gradually over the next 24 to 30 months thereby providing sufficient head room for internal accruals to be the source of
required equity.
Finally, the Company continues to evaluate proposals for further strategic funding through potential participation by the
EPC Contractor, directly or indirectly, as well as strategic equity collaboration by other potential participants.
Therefore, in the light of these various alternatives, the group does not have any plans for further fund raises either at
the KSK or KSKEV in the foreseeable future
FINANCIAL PERFORMANCE
With a total operable capacity of 2,072 MW, the consolidated operating revenue achieved was $ 382.3 m, with gross profit of
$ 103.2 m, operating profits at $ 40.6 m, a loss before tax of $ 160.1 m, and a loss after tax of $ 69 m.
The net revenue increase, as a result of power generation from the first 600 MW unit operations at KSK Mahanadi, is
partially reduced by the output reduction at Sai Wardha.
While gross profit has increased to $ 103.2 m, operating profits reduced to $ 40.6 m due to higher general and
administration expenses, predominantly due to an impairment of $ 24.59 million of coal recompense at Sai Wardha as well as
other receivables.
The significant increase of finance costs from $ 166 m to $ 220 m resulted from increased borrowing levels with respect to
operational power plants, especially when taking into account $ 33.55 m finance cost relating to Mahanadi full year
operation compared to the previous year. Also, the decrease in income is on account of reduction in gain on currency option
contract with respect to Sai Wardha borrowings. As a result, the Company has experienced a decrease in earnings before
taxes.
The loss after tax has increased from $ 59 m to $ 69 m reflecting a significant deferred tax asset at KSK Mahanadi on
account of investment allowance.
Business Strategy
The Company's business strategy has been fine tuned to focus on consolidation of the operations of the installed capacity
of 2,072 MW during FY 2015-16, wherein a portfolio PLF of 60% for the period would enable the company to achieve gross
generation of 9 Twh.
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 and with appropriate refinancing at KSK Mahanadi, cash flows are sought to be conserved and cash
accruals, post debt servicing of the 1,200 MW phase, are to be made available to support further progress of remaining four
units.
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 significant long term PPAs signed at higher
tariff rates, the Company expects to secure the necessary further debt 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 to grow through the coming decade, the high
quality of the Company's expanding 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.
On the successful phased completion of the remaining units of the 3.6 GW KSK Mahanadi power projects being added to the
Company's existing portfolio, the Board believes KSK will be one of India's leading suppliers of power. However, in the
short term the Board expects revenues and underlying profit to remain below the Board's initial expectations; in the long
term such expectations are likely to be met gradually.
An extract of the Audited Consolidated and Company Financial Statements for the year ended 31 March 2015 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;
· Delays in providing necessary regulatory support and / or dispensation as may be required for timely
implementation of the financing plans
· 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
· Liquidity risk and project financing
Extract of Consolidated and Company financial statements for the year ended 31 March 2015
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
as at 31 March
(All amounts in thousands of US $, unless otherwise stated)
ASSETS
Non-current
Property, plant and equipment 3,456,914 3,215,282 - -
Intangible assets and goodwill 12,188 20,245 - -
Investments and other financial assets 4 130,491 154,577 403,902 366,767
Other non-current assets 102,646 98,461 - -
Trade and other receivables 2,845 3,422 - -
Deferred tax asset 128,104 33,269 - -
3,833,188 3,525,256 403,902 366,767
Current
Investments and other financial assets 4 31,313 73,240 27 4
Other current assets 40,459 22,688 320 391
Trade and other receivables 154,212 158,139 - -
Inventories 32,453 24,588 - -
Cash and short-term deposits 5 197,996 194,054 1,065 173
456,433 472,709 1,412 568
Assets held for sale - 18,456 - -
Total assets 4,289,621 4,016,421 405,314 367,335
EQUITY AND LIABILITIES
Issued capital 6 289 289 289 289
Share premium 6 287,191 287,191 287,191 287,191
Share application money 6 16,498 18,000 16,498 18,000
Foreign currency translation reserve 6 (129,431) (113,933) 4,524 12,580
Revaluation reserve 6 1,418 2,614 - -
Capital redemption reserve 6 10,855 5,461 - -
Other reserves 6 147,317 143,615 122 10
Retained earnings / (Accumulated deficit) 6 15,590 69,254 (18,927) (14,249)
Equity attributable to owners of the Company 349,727 412,491 289,697 303,821
Non-controlling interests 6 203,374 169,782 - -
Total equity 553,101 582,273 289,697 303,821
Non-current liabilities
Loans and borrowings 7 2,722,596 1,943,926 - -
Other non-current financial liabilities 8 26,862 28,193 - -
Trade and other payables 47,581 51,110 - -
Provisions 3,210 2,494 - -
Deferred revenue 2,824 4,974 - -
Employee benefit liability 711 495 - -
Deferred tax liabilities 33,777 31,567 - -
2,837,561 2,062,759 - -
2,062,759
-
-
CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
as at 31 March
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company Company
Notes 2015 2014 2015 2014
Current liabilities
Loans and borrowings 7 521,953 944,750 114,245 62,028
Other current financial liabilities 8 5,959 5,073 - -
Trade and other payables 369,590 400,460 1,372 1,486
Deferred revenue 310 740 - -
Taxes payable 1,147 1,910 - -
898,959 1,352,933 115,617 63,514
Liabilities associated with assets held for sale - 18,456 - -
Total liabilities 3,736,520 3,434,148 115,617 63,514
Total equity and liabilities 4,289,621 4,016,421 405,314 367,335
(See accompanying notes to the Consolidated and Company financial statements)
CONSOLIDATED AND COMPANY INCOME STATEMENT
for the year ended 31 March
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company
Notes 2015 2014 2015 2014
Revenue 9 382,307 335,866 - -
Cost of revenue (279,034) (244,720) - -
Gross profit 103,273 91,146 - -
Other operating income 9,396 7,064 - -
Distribution costs (10,501) (11,014) - -
General and administrative expenses (61,604) (29,169) (960) (1,041)
Operating profit / (loss) 40,564 58,027 (960) (1,041)
Finance costs 10 (219,810) (165,969) (3,718) (3,719)
Finance income 11 19,135 35,819 - 560
Loss before tax (160,111) (72,123) (4,678) (4,200)
Tax income 12 91,204 13,106 - -
Loss for the year (68,907) (59,017) (4,678) (4,200)
Attributable to:
Owners of the Company (56,504) (49,039) (4,678) (4,200)
Non-controlling interests (12,403) (9,978) - -
(68,907) (59,017) (4,678) (4,200)
(Loss) / earnings per share
Weighted average number of ordinary shares for basic and diluted earnings per share 175,308,600 160,565,712
Basic and diluted earnings per share (US $) (0.32) (0.31)
(See accompanying notes to the Consolidated and Company financial statements)
CONSOLIDATED AND COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
for the year ended 31 March
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company
2015 2014 2015 2014
Loss for the year (68,907) (59,017) (4,678) (4,200)
Items that will never be reclassified to income statement
Re-measurement of defined benefit liability 94 859 - -
Income tax relating to re-measurement of defined benefit liability 59 (254) - -
153 605 - -
Items that are or may be reclassified subsequently to income statement
Foreign currency translation differences (24,135) (52,881) (8,056) 6,160
Available-for-sale financial assets
- current period losses (2,612) (1,755) - -
- reclassification to income statement 693 2,986 - -
Reclassification of reserve on deemed disposal of interest in joint operation (491) - - -
Income tax relating to available for sale financial asset 505 (188) - -
(26,040) (51,838) (8,056) 6,160
Other comprehensive (loss) / income, net of tax (25,887) (51,233) (8,056) 6,160
Total comprehensive (loss) / income for the year (94,794) (110,250) (12,734) 1,960
Attributable to:
Owners of the Company (73,310) (83,106) (12,734) 1,960
Non-controlling interests (21,484) (27,144) - -
(94,794) (110,250) (12,734) 1,960
(See accompanying notes to the Consolidated and Company financial statements)
As at 1 April 2013 263 253,890 - (78,535) 2,752 - 142,262 120,939 441,571 199,615 641,186
Issue of shares 26 33,301 - - - - - - 33,327 - 33,327
Receipt of share - - 18,000 - - - - - 18,000 - 18,000
application money
Change in non - - - - - - 12 - 12 (12) -
-controlling interests
without change in
control
Transfer of economic - - - - - - - 2,677 2,677 (2,677) -
interest to non
-controlling interests1
Equity-settled share - - - - - - 10 - 10 - 10
based payment
Transfer of profit to - - - - - 5,461 - (5,461) - - -
capital redemption
reserve
Net depreciation - - - - (138) - - 138 - - -
transfer for property,
plant and equipment
Transaction with owners 26 33,301 18,000 - (138) 5,461 22 (2,646) 54,026 (2,689) 51,337
Loss for the year - - - - - - - (49,039) (49,039) (9,978) (59,017)
Other comprehensive
income
Items that will never
be reclassified to
income statement
Re-measurement of - - - - - - 803 - 803 56 859
defined benefit
liability
Income tax relating to - - - - - - (254) - (254) - (254)
re-measurement of
defined benefit
liability
Items that are or may
be reclassified
subsequently to income
statement
Foreign currency - - - (35,398) - - - - (35,398) (17,483) (52,881)
translation differences
Available-for-sale
financial assets
- current period - - - - - - (2,063) - (2,063) 308 (1,755)
(losses) / gains
-reclassification to - - - - - - 2,986 - 2,986 - 2,986
profit or loss
Income tax relating to - - - - - - (141) - (141) (47) (188)
available-for-sale
financial asset
Total comprehensive - - - (35,398) - - 1,331 (49,039) (83,106) (27,144) (110,250)
(loss) / income for the
year
Balance as at 31 March 289 287,191 18,000 (113,933) 2,614 5,461 143,615 69,254 412,491 169,782 582,273
2014
(See accompanying notes
to the Consolidated and
Company financial
statements)
1 The group entities
have arrangements of
sharing of profits with
its non-controlling
shareholders, through
which the non
controlling
shareholders are
entitled to a dividend
of 0.01% of the face
value of the equity
share capital held and
the same is also
reflected in the
Consolidated income
statement. However, the
non controlling
interest disclosed in
the Statement of
changes in equity is
calculated in the
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