REG - KSK Power Ventur PLC - Half Yearly Report <Origin Href="QuoteRef">KSK.L</Origin> - Part 2
28/11/2014 07:10
- Part 2: For the preceding part double click ID:nRSb2473Ya
Loss before tax (69,034) (115,247) (2,128) (2,600)
Adjustment
Depreciation and amortization 29,723 18,656 - -
Finance cost 102,248 167,793 1,575 1,975
Finance income (9,037) (28,757) - -
Provision and impairment of trade receivable and other financial assets. 33 4,159 - 326
(Profit) / loss on sale of fixed assets, net 212 (408) - -
others 112 237 58 -
Change in
Trade receivables and unbilled revenue (12,849) (20,886) - -
Inventories (2,429) (13,423) - -
Other assets (2,090) (28,104) (214) 195
Trade payables and other liabilities 4,182 31,069 (65) (68)
Provisions and employee benefit liability (35) (263) - -
Cash generated from /(used in) operating activities 41,036 14,826 (774) (172)
Taxes paid, net (2,330) (1,588) - -
Net cash provided by / (used in) operating activities 38,706 13,238 (774) (172)
Cash inflow / (outflow) from investing activities
Movement in restricted cash, net (16,781) 76,244 - -
Purchase of property, plant and equipment and other noncurrent assets (234,785) (133,593) - -
Proceeds from sale of property, plant and equipment 38,914 772 - -
Purchase of financial assets (32,738) (12,458) (34,758) (5,009)
Proceeds from sale of financial assets 32,266 30,107 - -
Dividend received 93 70 - -
Finance income received 7,881 17,012 - -
Net cash flow used in investing activities (205,150) (21,846) (34,758) (5,009)
Cash inflow / (outflow) from financing activities
Proceeds from borrowings 721,780 659,799 39,882 6,064
Repayment of borrowings (421,630) (504,306) - -
Finance costs paid (202,933) (145,840) (2,447) (1,161)
Payment of derivative liability (2,451) (1,271) - -
Net proceeds from issue of shares and share application money in subsidiary to non-controlling interest 64,976 446 - -
Refund of share application money (3,285) - (1,502) -
Net cash flow provided by financing activities 156,457 8,828 35,933 4,903
Effect of exchange rate changes (6,758) (20,148) 784 -
Net increase/(decrease) in cash and cash equivalent (16,745) (19,928) 1,185 (278)
Cash and cash equivalents at the beginning of the period 55,934 43,834 173 287
Cash and cash equivalents at the end of the period (note 6) 39,189 23,906 1,358 9
(See accompanying notes to the interim condensed Consolidated and Company financial statements)
NOTES TO INTERIM CONDENSED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS
for the six months ended 30 September 2014
1. Corporate information
1.1. General information
KSK Power Ventur plc ('the Company' or 'KPVP' or 'KSK' or 'Parent'), a limited liability corporation, is the Group's parent
Company and is incorporated and domiciled in the Isle of Man. The address of the Company's Registered Office, which is
also principal place of business, is Fort Anne, Douglas, Isle of Man, IM1 5PD. The Company's equity shares are listed on
the Standard List on the official list of the London Stock Exchange.
The financial statements were authorised for issue by the Board of Directors on 27 November 2014.
1.2. Statement of compliance /responsibility statement
a. the condensed set of financial statements contained in this document has been prepared in accordance with
International Accounting Standard 34 ("IAS 34"), "Interim Financial Reporting" as adopted by European Union ('EU');
b. the Interim management report contained in this document includes a fair review of the information required by the
Financial Conduct Authority's Disclosure and Transparency Rules ("DTR") 4.2.7R (being an indication of important events
that have occurred during the first six months of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the remaining six months of the year);
c. this document includes a fair review of the information required by DTR 4.2.8R (disclosure of related party
transactions and changes therein);
d. the interim condensed Consolidated and Company financial statements should be read in conjunction with the annual
financial statements for the year ended 31 March 2014, which have been prepared in accordance with IFRSs.
e. The financial information set out in these financial statements does not constitute statutory accounts. The
financial statement is unaudited but has been reviewed by KPMG Audit LLC and their report is set out at the end of this
document.
1.3. Financial period
The interim condensed Consolidated and Company financial statements are for the six months ended 30 September 2014. The
comparative information required by IAS 1 were determined using IAS 34 and include comparative information as follows:
Statement of financial position : 31 March 2014 being the end of immediately preceding financial year.
Income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows Six months ended 30 September 2013 being the comparable interim period of the immediate preceding financial year.
1.4. Basis of preparation
These interim condensed Consolidated and Company financial statements have been prepared under International Accounting
Standards-34- "Interim Financial Reporting" as adopted by the European Union.
These interim condensed Consolidated and Company financial statements have been prepared on the historical cost convention
and on an accrual basis, except for the following:
· derivative financial instruments that are measured at fair value;
· financial instruments that are designated as being at fair value through profit or loss account upon initial
recognition are measured at fair value;
· available-for-sale financial assets that are measured at fair value; and
· Net employee defined benefit (asset) / liability that are measured at fair value.
The financial statements of the Group and the Company have been presented in United States Dollars ('US $'), which is the
presentation currency of the Company. All amounts have been presented in thousands, unless specified otherwise.
Balances represent consolidated amounts for the Group, unless otherwise stated. The Company's financial statement
represents separate financial statement of KPVP.
The financial statements have been prepared on going concern basis which assumes the Group and the Company will have
sufficient funds to continue its operational existence for the foreseeable future covering twelve months. The Group
requires funds both for short-term operational needs as well as for long-term capital investment programmes primarily at
KMPCL and ancillary infrastructure projects for its power plants. The Group currently has net current liabilities of US $
358,647. A number of the facilities that are due to expire by 30 September 2015 are typically extended and have rollover
clause in a number of cases that would ultimately translate to non-current liabilities or sustained by nature of working
capital facilities.
The Group continue to generate cash flows from the current operations which together with the available cash and short term
deposits provides liquidity both in short-term as well as in long-term. Anticipated future cash flows and undrawn long term
committed facilities of US $ 521,441 together with cash and short term deposits of US $ 194,091 as at 30 September 2014 on
a consolidated basis are expected to be utilised to meet the liquidity requirement of the Group in the near future.
The Group's forecast and projections, taking into account reasonable possible changes in trading performance, show that the
Group has sufficient financial resources, together with assets that are expected to generate free cash flow to the Group.
As a consequence, the Directors have a reasonable expectation that the Company and the Group are well placed to manage
their business risks and continue in operational existence for the foreseeable future. Accordingly, the Directors continue
to adopt the going concern basis of accounting when preparing these financial statements.
2. Changes in accounting policy and disclosure
The accounting policies adopted are consistent with those of the previous financial year.
3. Significant accounting judgements, estimates and assumptions
There have been no significant changes in the significant accounting judgments, estimates and assumptions applied for the
purposes of the preparation of these interim condensed Consolidated and Company financial statements.
2.
4. Dilution of ownership interest in a subsidiary
a. Qualified Institutional Placement (QIP) by KSK Energy Ventures Limited ('KEVL')
During the period ended 30 September 2014, KEVL issued additional 40,404,040 equity shares of face value of Rs. 10 (US $
0.17) each at a premium of Rs. 89 (US $ 1.48) per share in the Indian domestic market by way of Qualified Institutional
Placement (QIP). The issue was fully subscribed and KEVL raised Rs. 3,911,991,680 (US $ 64,976) net of share issue expenses
of Rs 88,008,280 (US $ 1,462).
Pursuant to the issuance of the additional equity shares 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.
The partial disposal of the investment in a subsidiary without loss of control is accounted as an equity transaction, and
no gain or loss is recognised in the consolidated income statement. The difference of US $ 6,867, between the fair value of
the net consideration received (US $ 64,976) and the amount by which the minority interest are adjusted (US $ 58,109), is
credited to 'other reserve' within consolidated statement of changes in equity and attributed to the owners of the
Company.
b. During the period ended 30 September 2014, the Group has issued additional 370,000,000 shares in KSK Mahanadi Power
Company Limited ("KMPCL") to KSK Energy Ventures Limited ("KEVL") and Sai Regency Power Corporation Private Limited
("SRPCPL") at a face value of Rs 10 (US $ 0.17) at par. The above transaction has resulted in dilution of 0.31 % of
interest in subsidiary to non-controlling interest.
The dilution of interest in subsidiary to non-controlling interest is accounted as an equity transaction, and accordingly
no gain or loss is recognised in the consolidated income statement. The difference of US $ (5) between the fair value of
the net consideration paid (US $ Nil) and the amount by which the non-controlling interest US $ 5 is adjusted are debited
to 'other reserve' within consolidated statement of changes in equity and attributed to the owners of the Company.
5. Investments and other financial assets
Consolidated Company
30 September 2014 31 March 30 September 2014 31 March
2014 2014
Current
Financial assets at fair value through profit or loss
- held-for-trading 2,549 130 - -
- Derivative assets 422 - - -
Loans and receivables 78,402 72,333 29 4
Loans to and receivables from JV partners 1,851 777 - -
83,224 73,240 29 4
Non-current
Financial assets at fair value through profit or loss
- Derivative assets 49,604 50,196 - -
Available-for-sale investments 22,860 22,865 - -
Deposit with banks 10,346 10,953 - -
Loans and receivables 35,127 39,336 5,525 5,660
Loans to and receivables from JV partners 31,068 31,227 - -
Loans to and receivable from subsidiaries - - 166,068 133,873
Investment in subsidiaries - - 227,167 227,234
149,005 154,577 398,760 366,767
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