REG - KSK Power Ventur PLC - Audited Results for the year ended 31 March 2015 <Origin Href="QuoteRef">KSK.L</Origin> - Part 3
25/07/2015 09:41
- Part 3: For the preceding part double click ID:nRSU5803Tb
§ Redeemable preference shares are due for repayment in 0-14 years.
§ Debentures are secured on the property, plant and equipment and other assets of subsidiaries that operate power stations,
allied services and by a pledge over the promoter's shareholding in equity capital of some of the subsidiaries.
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 2015, the Group has complied with the relevant significant covenants.
As at 31 March 2015, the Group has available US $ 710,417 of undrawn long term committed borrowing facilities.
The fair value of borrowings at 31 March 2015 was US $ 3,244,549 (2014: US $ 2,888,676). 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
2015 2014 2015 2014
Current liabilities
Amounts falling due within one year 521,953 944,750 114,245 62,028
Non-current liabilities
Amounts falling due after more than one year but not more than five years 1,087,518 982,475 - -
Amounts falling due in more than five years 1,635,078 961,451 - -
Total 3,244,549 2,888,676 114,245 62,028
8. Other financial liabilities
2015 2014
Current
Option premium payable 5,506 5,020
Forward exchange forward contracts 453 53
5,959 5,073
Non-Current
Option premium payable 22,099 27,148
Interest rate swaps 4,763 1,045
26,862 28,193
Total 32,821 33,266
9. 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.
2015 Project development activities Power generating activities Reconciling / Elimination activities Consolidated
Revenue
External customers 105 382,202 - 382,307
Inter-segment 7,010 - (7,010) -
Total revenue 7,115 382,202 (7,010) 382,307
Segment operating results 5,272 40,792 52 46,116
Unallocated operating expenses, net (5,552)
Finance costs (219,810)
Finance income 19,135
Loss before tax (160,111)
Tax income 91,204
Loss after tax (68,907)
Segment assets 9,873 4,005,623 (1,742) 4,013,754
Unallocated assets 275,867
Total assets 4,289,621
Segment liabilities 438 320,007 (1,742) 318,703
Unallocated liabilities 3,417,817
Total liabilities 3,736,520
Other segment information
Depreciation and amortisation 126 58,528 79 58,733
Capital expenditure 21 417,194 204 417,419
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
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 $ 19,135 and US
$ 219,810 respectively (2014: US $ 35,819 and US $ 165,969 respectively).
(c) Segment assets do not include deferred tax US $ 128,104 (2014: US $ 33,269), financial assets and other investments
US $ 103,263 (2014: US $ 128,277), short-term deposits with bank and cash US $ 15,428 (2014: US $ 5,173), and corporate
assets US $ 29,072 (2014: US $ 48,855).
(d) Segment liabilities do not include deferred tax US $ 33,777 (2014: US $ 31,567), current tax payable US $ 1,147
(2014: US $ 1,910), loans and borrowings US $ 3,244,549 (2014: US $ 2,888,676), derivative liabilities US $ 32,821 (2014:
US $ 33,266) and corporate liabilities US $ 105,523 (2014: US $ 110,089).
(e) The Company operates in one business and geographic segment. Consequently no segment disclosures of the Company are
presented.
10. Finance costs
Finance costs comprise:
Consolidated Company
2015 2014 2015 2014
Interest expenses on loans and borrowings 1 158,361 94,974 1,381 761
Other finance costs 19,864 15,287 1,519 2,481
Impairment of financial assets 2 693 2,986 - -
Net loss on financial instrument at fair value through profit or loss 3 4,355 - 560 -
Foreign exchange loss, net 34,281 51,153 258 477
Net loss on held-for-trading financial assets -
on disposal - 1 - -
Unwinding of discounts 2,256 1,568 - -
Total 219,810 165,969 3,718 3,719
1Borrowing cost capitalised during the year amounting to US $ 240,579 (2014: US $ 274,243) to property, plant and equipment
at an effective interest rate of 14.53% (2014: 14.39%).
2 Impairment of financial assets relates to available-for-sale financial asset of US $ 693 (2014: US $ 2,986).
3Net loss on financial instrument 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.
11. Finance income
The finance income comprises:
Consolidated Company
2015 2014 2015 2014
Interest income
bank deposits 14,155 17,405 - -
loans and receivables 2,531 4,031 - -
Dividend income 297 120 - -
Net gain on held-for-trading financial assets
on disposal 3 - - -
on re-measurement 32 13 - -
Unwinding of discount on security deposits 2, 073 1,395 - -
Net gain on financial instrument at fair value through profit or loss 1 - 12,855 - 560
Gain on available-for- sale financial assets disposed 44 - - -
Total 19,135 35,819 - 560
1Net gain on financial instrument 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.
12. Tax income / (expense)
The major components of income tax for the period ended 31 March 2015 and 31 March 2014 are:
2015 2014
Current tax (1,490) (2,731)
Deferred tax 92,694 15,837
Tax income reported in the income statement 91,204 13,106
13. Related party transactions
Name of the Company Nature of relationship
K&S Consulting Group Private Limited Group ultimate parent (GUP)
Sayi Power Energy Limited Step-up holding
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
Guy D Lafferty * Director
Abhay M Nalawade Director
Keith N Henry Director
K. V. Krishnamurthy Director of parent
*Resigned with effect from 03 November 2014.
Particulars Consolidated Company
2015 2014 2015 2014
Joint operations Parent / GUP KMP Joint operations Parent / GUP KMP Subsidiaries Parent / GUP KMP Subsidiaries Parent / GUP KMP
Transactions1,2
Corporate support services fees 105 - - 106 - - - - - - - -
Interest income 1,341 - - 2,650 - - - - - - - -
Interest expense - - - 10 - - - - - - - -
Sale of material - - - 1,313 - - - - - - - -
Capacity charges paid 6,736 - - 2,368 - - - - - - - -
Inter-corporate deposits and loans given 9,638 56 - 31,157 - - 45,993 24 - 44,340 - -
Inter-corporate deposits and loans refunded 514 65 - 23,335 - - - - - - - -
Loan taken 1,036 - - 1,526 - - 62,635 - - 77 - -
Repayment of loan taken - - - 19 - - - - - - - -
Receipt of share application money - - - - 18,000 - - - - - 18,000 -
Refund of share application money - 1,502 - - - - - 1,502 - - - -
Issue of shares - - - - 20,300 - - - - - 20,300 -
Investment in subsidiaries - - - - - - - - - 84,147 - -
Equity-settled share based payment - - 112 - - 10 - - 112 - - 10
Managerial remuneration 3 - - 710 - - 541 - - 355 - - 211
2015 2014 2015 2014
Balances 1,2
Interest receivable 3,859 - - 3,586 - - - - - - - -
Interest payable - - - 9 - - - - - - - -
Loans and inter corporate deposits receivable 15,844 976 - 32,004 1,034 - 171,676 22 - 133,873 - -
Loans payable - - - - - - 62,955 - - 80 - -
Other receivable 18 - - 769 - - - - - - - -
Other payable 2,464 - - 1,521 - - - - - - - -
Guarantees given 143 - - 150 - - 432,097 - - 483,110 - -
Managerial remuneration payable3 - - 83 - - 131 - - 74 - - 86
1 The 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 2015,
the Group has not recorded any impairment of receivables relating to amounts owed by related parties (2014: 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, impact of business combination 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.
14. Commitments and contingencies
Capital commitments
As at 31 March 2015, the Group is committed to purchase property, plant and equipment for US $ 1,300,892 (2014: US $
1,589,164). In respect of its interest in joint operations the Group is committed to incur capital expenditure of US $ 51
(2014: US $ 1,153).
Legal and other claim
· Sitapuram Power Limited (SPL) had certain claims and receivables from its captive consumer namely Zuari Cement
Limited (ZCL) which were disputed. During the year, both the parties have mutually settled the claim and the Group has
written off the net amount of US $ 782 pursuant to the settlement and have received the entire balance amount outstanding
from the captive customer.
· Sai Lilagar Power Limited (SLPL) had certain claims and receivables from its captive consumer namely Lafarge India
Private Limited (LIPL) which were disputed. LIPL had made certain claims and the Group has given reply challenging the
claims and made various counter claims. During the year, both the parties have mutually settled the claim and the Group has
recognised a net gain of US $ 603 pursuant to the settlement. Further LIPL has transferred its entire shareholding in the
company to the Group and therefore SLPL has become a 100% subsidiary of the Group during the year.
· Sai Wardha Power Limited (SWPL) had certain claims and receivables amounting to US $ 14,730 from its customer namely
Reliance Infrastructure Limited (RIL) relating to capacity charges and change in law which were disputed. During the year,
both the parties have mutually settled the claim and the Group has received an amount of US $ 15,157 pursuant to the
settlement against all the outstanding claims.
· The Group has received claims for US $ 9,917 (2014: US $ 10,624) from Joint Director General of Foreign Trade (DGFT)
towards the recovery of the duty drawbacks, earlier refunded. The Group had earlier made claims for the refund of the
duties paid on the machinery and other items purchased for the construction of the power projects under the scheme of
deemed export benefit, which were accepted and refunds were granted. The communications from the DGFT regarding the
recovery of the duties paid are based on the interpretations by the Policy Interpretation Committee held on 15 March 2011.
The Group contends that the above change in interpretation requires an amendment to the foreign trade policy to be legally
enforceable in law. Since, no such amendment can be made with retrospective effect, the Group believes that outcome of the
above dispute would be in favour of the Group and there would be no material impact on the financial statements.
· SWPL filed a claim against Maharashtra State Electricity Distribution Company Limited (MSEDCL) towards recovery of
the amount withheld against supply of energy under Power Purchase Agreement (including penalty on such amount) amounting to
US $ 11,636 (2014: US $ 11,434). The facility required for generation of an agreed quantum of power was not ready as per an
agreed schedule on account of unexpected factors beyond the control of the Group, the Group proposed to MSEDCL an
arrangement to secure the energy from alternate supplies for the short quantity required to meet the obligation under the
power purchase agreement. MSEDCL accepted the proposal and also confirmed that the energy supplied from alternate sources
will also be subject to the tariff agreed under the power purchase agreement. However, after initial payments for the
period April to June 2010, starting July 2010 to October 2010, MSEDCL did not settle the entire dues billed and the certain
amounts were withheld without any explanation. The Group contended before Maharashtra Electricity Regulatory Commission
(MERC) that since the energy supplied and billed was as per the terms agreed and the similar bills of earlier months were
paid by MSEDCL, there is no cause to withhold the payments. However, MERC has dismissed the petition. The group has filed
an appeal before Appellate Tribunal for Electricity (APTEL) against the order of MERC and APTEL also rejected the appeal.
The Group has filed an appeal before Honourable Supreme Court of India. Pending adjudication, the Group believes that the
final outcome of the above dispute would be in favour of the Group and there would be no material impact on the financial
statements.
· SWPL has lodged a claim under the Coal Supply Agreement relating to quality and price on Western Coalfields Limited
(WCL), the coal supplier, which was rejected by the latter. Aggrieved by the same, the Group has filed petition with
Competition Commission of India (CCI), relating to abuse of dominant position by WCL and Coal India Limited (CIL). The
abuse relates to Pricing of Coal under the Fuel Supply Agreement and supply of lower quality coal. Having found prima facie
case of abuse by WCL and CIL, the Commission, on 22 January 2014, ordered an investigation of the case by the Director
General. Subsequently, the Director General conducted a detailed investigation based on facts submitted by both parties and
submitted a report on 28 July 2014. Based on findings of the Director General, Honourable Commission has passed an order on
27 October 2014 in favour of the Group as far as price claim is concerned whereas for the quality claim, the Commission has
referred to its earlier order dated 13 January 2014, of similar case which is presently pending at Competition Appellate
Tribunal (COMPAT). WCL has preferred an appeal against the order of the CCI before the COMPAT wherein hearing is presently
underway. The Group has filed a total claim of US $ 144,866 with COMPAT under provision 53N of The Competition Act, 2002
The Group is also in advance state of discussion with WCL for working out an arrangement including the past claim. Also,
current discussions with the Fuel Supplier indicate the pass back of the coal recompense over the coal supplies during the
balance period of the agreement. Pending settlement/ adjudication, though the Group believes that the final outcome of the
above matter would be in favour of the Group, on prudent basis the Group has impaired the earlier claim recognised of US $
24,003 in the books of account. Further adjustment if any, in the financial statement will be carried out depending upon
the final outcome of the above matter.
· VS Lignite Power Private Limited (VSLPPL) has receivables of US $ 8,750 (2014: US $ 3,936) from its consumers
representing taxes including royalty, cess on clean energy, taxes on input fuel as well as double adjustments for the
security deposit, transmission and SLDC charges and take or pay obligation which are disputed by the consumers. The Group
has an amount of US $ 4,000 access from such customers as redeemable capital available for necessary setoffs. Further, the
Group contends that not only it has fulfilled the contractually guaranteed supplies but also the amounts claimed are as per
the terms of the power purchase agreements. Aggrieved by the order of Arbitrator and civil court, the Group has preferred
an appeal in Honourable High Court of Jodhpur. Pending outcome of the same, the Group believes that the final determination
of the above dispute would be in favour of the Group and there would be no material impact on the financial statements.
· Other non-current assets include an amount of US $ 20,850 (2014: US $ 18,609) relating to Central Excise, VAT and
Service Tax receivable from the respective departments by SWPL. The SWPL is registered as SEZ unit. A unit in SEZ is
allowed to import goods (purchase from local market is also treated as import) without payment of Duty for the purpose of
its authorised operations. The exemption from the payment of duties and taxes are provided under Section 26 of the SEZ Act,
2005. In respect of Service Tax, the Group has already received a refund for the period from January 2013 to June 2013 and
a favourable order from Central Excise & Service Tax Appellate Tribunal (CESTAT) for the period March 2009 to June 2009 and
claims for remaining period is pending before CESTAT. Thus the Group is confident of receiving refund for the remaining
period as well. In respect of VAT claims the Group has already received a refund for the financial year 2007-08 to 2010-11
and the Group is confident to receive the refund for the remaining years as well. However, the excise duty refund claims
were rejected by the department stating that there are no provision of refund under the SEZ Act to the Group and the
refund, if any, can be permissible to WCL, the supplier of coal. However the Group has obtained a legal opinion from a
reputed tax consultant stating that the refund can be processed to the Group since the Group has born the duty burden and
accordingly the Group is very confident that the entire amount is receivable.
· The captive customers of the SWPL has deducted from the sales invoices and paid an amount of US $ 9,575 and
US $ 8,537 towards Cross Subsidy Surcharge (CSS) levied by MSEDCL for the financial year 2012-13 and 2013-14 respectively
before ascertaining the captive status of the plant at the end of financial year which was against the express provisions
of the Electricity Act, 2003 read with the Electricity Rules, 2005. This arbitrary act of MSEDCL was challenged before the
MERC. MERC in its order clarified that the CSS can be imposed only at the end of financial year after ascertaining the
captive status of the plant. For the financial year 2013-14, despite MERC order, MSEDCL has not refunded the amount
collected as CSS. The Group has approached Honourable Bombay High Court, Nagpur Bench through writ of mandamus directing
MSEDCL to refund the CSS collected. Honourable High Court vide order dated 27 March 2015 directed MSEDCL to refund the
amount and subsequently, MSEDCL has refunded the amount in the month of May 2015. In respect of financial year 2012-13,
MERC asked SWPL to pay CSS on ground of non-fulfilment of criteria of 51% supply to captive users as per Rule 3 of the
Electricity Rules, 2005. Aggrieved by the said order of the MERC, the Group has filed an appeal before the APTEL on the
ground that the non-fulfilment of captive criteria by the Group was attributed to the delay caused by MSEDCL in granting
open access to captive customers. Pending adjudication of the same, the Group believes that there is a good chance of
succeeding before the APTEL and hence no adjustment has been made in the financial statements.
· KMPCL has levied capacity charges and transmission charges to AP Discoms for the period from 16 June 2013 to 13
August 2013 amounting to US $ 13,935 (2014: US $ 14,590), on account of delayed fulfilment of obligation under the PPA. AP
Discoms have rejected those claims and made the counter claim of US $ 3,765 (2014: US $ 3,942) for failure to furnish
advance final written notice of commencement of supply of power as per article 4.1.2 of PPA. The Group has preferred an
appeal before APERC & TSERC for refund of amount collected by Discoms by encashment of bank guarantee. The Group's
contention is that since the Discoms have failed to fulfil the obligation as per PPA, there is default on part of Discoms
and the counter claim by Discoms is merely to negate the effect of KMPCL claim of capacity charges. Pending adjudication of
the case, the Group believes that there is a good chance of succeeding before the regulatory commissions and hence no
adjustment has been made in the financial statements.
· The Group had entered into coal supply agreement with Goa Industrial Development Corporation (GIDC) for sourcing
coal from the identified coal block i.e., Garepelma-III coal block. However, pursuant to the Honourable Supreme Court
Orders during August and September 2014, Garepelma-III was de-allocated from GIDC. GIDC has kept the group notified that is
still pursuing with the Government for allocation of this mine under the new coal statute and also has filed a legal case
before Honourable High Court of Delhi wherein interim relief is granted in favor of GIDC. At the same time the initial
development of the Garepelma-III block was entrusted to Group by GIDC, wherein the Group has incurred all the cost relating
to the development of mine. Government of India has promulgated the Coal Mines (Special Provisions) Ordinance, 2014 which
provides for reimbursement of cost incurred towards land and mine infrastructure by new allottee. Accordingly GIDC has made
the claim for US $ 42,073 for settlement before Nominated Authority appointed under the Ordinance by Ministry of Coal.
Pending final adjudication of the case by Honourable High Court of Delhi or pending final settlement of the claim by the
Nominated Authority, the management believes that the entire amount incurred by the Group is recoverable and hence no
adjustment has been made in the financial statements.
· KMPCL has levied claim for change in law on Andhra Pradesh and Telangana Discoms amounting to US $ 94,109 (2014: US
$ 41,672) as per Article 10 of the PPA which was rejected by the later. Aggrieved by the same the Group has preferred an
appeal before Andhra Pradesh Electricity Regulatory Commission ("APERC") and Telangana State Electricity Regulatory
Commission (TSERC) respectively contending that subsequent to execution of the PPA, the Government of India by Presidential
Directive amended the coal policy. As per the coal policy existing prior to 17 July 2013, there was no restriction or
provision with regard to the nature of the PPA's to be entered into by persons to whom tapering linkages were granted.
However, the Presidential Directive restricted the supply of coal to tapering linkages only when there is a long term PPA.
Further, the presidential directive, directs Coal India Limited to enter Fuel Supply Agreement (FSA) for domestic coal of
65% of Annual Contracted Quantity only for the power plants having normal coal linkages and meet the balance FSA obligation
by imported coal on a cost plus basis. Accordingly the Group has recognised only US $ 32,938 (2014: US $ 14,585) out of the
total claim of US $ 94,109 (2014: US $ 41,672) in books of accounts on a conservative basis. However, pending outcome of
the case, the Group is confident the entire amount claimed is fully recoverable.
In addition, the Group is also subject to various other legal proceedings and claims which have arisen in the ordinary
course of business including claims before various tax authorities. The Management does not reasonably expect that these
legal proceedings, when ultimately concluded and determined, will have a material and adverse effect on the Group's results
of operations or financial conditions. The Group has accrued appropriate provision wherever required.
Guarantees
· The Company has guaranteed to unrelated parties for the loans and non-fund based facilities availed by subsidiaries
for US $ 275,977 (2014: US $ 339,442) and
· The Group guaranteed the performance of the joint ventures under the power delivery agreements to unrelated parties.
No liability is expected to arise.
15. 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:
Non- current financial assets
Trade and other receivables 2,845 2,845 3,422 3,422
Equity securities - available-for-sale 19,155 19,155 22,865 22,865
Loans and receivables 53,532 53,532 70,563 70,563
Derivative assets 49,702 49,702 50,196 50,196
Non-current bank deposits 8,102 8,102 10,953 10,953
Total non-current 133,336 133,336 157,999 157,999
Current financial assets
Trade and other receivables 154,212 154,212 158,139 158,139
Equity securities - held for trading 152 152 97 97
Debt securities-held for trading 2,437 2,437 33 33
Loans and receivables 28,724 28,724 73,110 73,110
Cash and short-term deposits 197,996 197,996 194,054 194,054
Total current 383,521 383,521 425,433 425,433
Total 516,857 516,857 583,432 583,432
Non- current financial liabilities
Trade and other payables 47,581 47,581 51,110 51,110
Loans and borrowings 2,722,596 2,722,596 1,943,926 1,943,926
Interest rate swaps 4,763 4,763 1,045 1,045
Option premium payable 22,099 22,099 27,148 27,148
Total non-current 2,797,039 2,797,039 2,023,229 2,023,229
Current financial liabilities
Trade and other payables 369,590 369,590 400,460 400,460
Loans and borrowings 521,953 521,953 944,750 944,750
Foreign exchange forward contract 453 453 53 53
Option premium payable 5,506 5,506 5,020 5,020
Total current 897,502 897,502 1,350,283 1,350,283
Total 3,694,541 3,694,541 3,373,512 3,373,512
897,502
897,502
1,350,283
1,350,283
Total
3,694,541
3,694,541
3,373,512
3,373,512
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 171,676 171,676 133,873 133,873
Loans and receivables 5,100 5,100 5,660 5,660
Total non-current 176,776 176,776 139,533 139,533
Current financial assets
Loans and receivables 27 27 4 4
Cash and short-term deposits 1,065 1,065 173 173
Total current 1,092 1,092 177 177
Total 177,868 177,868 139,710 139,710
Current financial liabilities
Trade and other payables 1,372 1,372 1,486 1,486
Loans and borrowings 114,245 114,245 62,028 62,028
Total current 115,617 115,617 63,514 63,514
114,245
114,245
62,028
62,028
Total current
115,617
115,617
63,514
63,514
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 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).
2015 Level 1 Level 2 Level 3 Total
Financial assets measured at fair value
Equity securities - available-for-sale 511 - 18,644 19,155
Equity securities - held for trading 152 - - 152
Debt securities-held for trading 2,437 - - 2,437
Derivative assets - 49,702 - 49,702
Total 3,100 49,702 18,644 71,446
Financial liabilities measured at fair value
Interest rate swaps - 4,763 - 4,763
Option premium payable - 27,605 - 27,605
Foreign exchange forward contract - 453 - 453
Total - 32,821 - 32,821
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 2015, there were no transfers between Level 1 and Level 2 fair
value measurements.
Reconciliation of Level 3 fair value measurements of financial assets:
2015 Available-for-sale Total
Unquoted Equities
Opening balance 21,439 21,439
Total gains or losses:
- in income statement - -
- in other comprehensive income
change in fair value of available for sale financial asset (1,877) (1,877)
foreign currency translation difference (918) (918)
Settlements - -
Transfers into level 3 - -
Closing balance 18,644 18,644
This information is provided by RNS
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