REG - KSK Power Ventur PLC - Half Yearly Report <Origin Href="QuoteRef">KSK.L</Origin> - Part 2
26/11/2015 09:30
- Part 2: For the preceding part double click ID:nRSZ0478Ha
income statement
Foreign currency - - - (19,336) - - - - (19,336) (10,210) (29,546)
translation
differences
Available-for-sale
financial assets
- current period - - - - - - (9) - (9) 11 2
(loss) / gain
- reclassification to - - - - - - 26 - 26 - 26
profit or loss
Income tax relating - - - - - - (314) - (314) (151) (465)
to available-for-sale
financial asset
Total comprehensive - - - (19,336) - - (328) (69,758) (89,422) (38,273) (127,695)
expenses for the
period
Balance as at 30 289 287,191 13,739 (148,767) 1,401 10,855 145,352 (51,202) 258,858 166,382 425,240
September 2015
(See accompanying
notes to the interim
condensed
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
interim condensed
Consolidated income
statement. However,
the non controlling
interest disclosed in
the interim condensed
Statement of changes
in equity is
calculated in the
proportion of the
actual shareholding
as at the reporting
date.
INTERIM COMPANY STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2015
(All amount in thousands of US $, unless otherwise stated)
Issued capital Share premium Share application money Foreign currency translation reserve Other reserve Accumulated deficit Totalequity
As at 1 April 2014 289 287,191 18,000 12,580 10 (14,249) 303,821
Refund of share application money - - (1,502) - - - (1,502)
Equity-settled share based payment - - - - 58 58
Transaction with owners - - (1,502) - 58 - (1,444)
Loss for the period - - - - - (2,128) (2,128)
Other comprehensive income
Foreign currency translation differences - - - (1,811) - - (1,811)
Total comprehensive expense for the period - - - (1,811) - (2,128) (3,939)
Balance as at 30 September 2014 289 287,191 16,498 10,769 68 (16,377) 298,438
As at 1 April 2015 289 287,191 16,498 4,524 122 (18,927) 289,697
Refund of share application money - - (2,759) - - - (2,759)
Equity-settled share based payment - - - - 24 24
Transaction with owners - - (2,759) - 24 - (2,735)
Loss for the period - - - - - (2,161) (2,161)
Other comprehensive income
Foreign currency translation differences - - - 1,667 - - 1,667
Total comprehensive income / (expense) for the period - - - 1,667 - (2,161) (494)
Balance as at 30 September 2015 289 287,191 13,739 6,191 146 (21,088) 286,468
(See accompanying notes to interim condensed Consolidated and Company financial statements)
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
for the six months ended 30 September 2015
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company
30 September 2015 30 September 2014 30 September 2015 30 September 2014
Cash inflow / (outflow) from operating activities
Loss before tax (146,493) (69,034) (2,161) (2,128)
Adjustment
Depreciation and amortization 51,359 29,723 - -
Finance cost 185,863 102,281 4,978 1,575
Finance income (9,551) (9,037) - -
Provision and impairment of trade receivable, PPE and other receivable 3,480 - - -
(Profit) / loss on sale of fixed assets, net (17) 212 - -
Others (90) 112 24 58
Change in
Trade receivables and unbilled revenue (45,101) (12,849) - -
Inventories (1,502) (2,429) - -
Other assets 240 (2,090) 4,091 (214)
Trade payables and other liabilities 22,393 4,182 28 (65)
Provisions and employee benefit liability 144 (35) - -
Cash generated from / (used in) operating activities 60,725 41,036 6,960 (774)
Taxes refund / (paid), net 2,196 (2,330) - -
Net cash provided by / (used in) operating activities 62,921 38,706 6,960 (774)
Cash inflow / (outflow) from investing activities
Movement in restricted cash, net (1,055) (16,781) - -
Purchase of property, plant and equipment and other non-current assets (25,360) (234,785) - -
Proceeds from sale of property, plant and equipment 2,345 38,914 - -
Purchase of financial assets (13,711) (32,738) (340) (34,758)
Proceeds from sale of financial assets 8,587 32,266 160 -
Dividend received 158 93 - -
Interest income received 8,335 7,881 - -
Net cash used in investing activities (20,701) (205,150) (180) (34,758)
Cash inflow / (outflow) from financing activities
Proceeds from borrowings 303,816 721,780 52,977 39,882
Repayment of borrowings (145,091) (421,630) (51,740) -
Finance costs paid (186,741) (202,933) (1,029) (2,447)
Payment of derivative liability (2,508) (2,451) - -
Net proceeds from issue of shares and share application money in subsidiary to non-controlling interest 2,437 64,976 - -
Net refund of share application money (2,759) (3,285) (2,759) (1,502)
Net cash flow (used in) / provided by financing activities (30,846) 156,457 (2,551) 35,933
Effect of exchange rate changes (9,355) (6,758) (3,195) 784
Net increase / (decrease) in cash and cash equivalent 2,019 (16,745) 1,034 1,185
Cash and cash equivalents at the beginning of the period 40,733 55,934 1,065 173
Cash and cash equivalents at the end of the period (refer note 11) 42,752 39,189 2,099 1,358
(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 2015
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 26 November 2015.
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') and
gives a true and fair view of the assets, liabilities, financial position and the profit or loss of the group as required
by Disclosure and Transparency Rules ("DTR") 4.2.4R;
b. the Interim management report contained in this document includes a fair review of the information required by the
Financial Conduct Authority's 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 2015, 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 period ended 30 September 2015.
The comparative information required by IAS 1 were determined using IAS 34 and include comparative information as follows:
Statement of financial position : 31 March 2015 being the end of immediately preceding financial year.
Income statement, statement of other comprehensive income, statement of changes in equity and statement of cash flows Six months ended 30 September 2014 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 based on actuarial valuation
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.
Going Concern: The financial statements have been prepared on the going concern basis which assumes the Group and the
Company will have sufficient funds to continue its operational existence for the foreseeable future, covering at least
twelve months from the date of signing these financial statements. The Group requires funds for both short term operational
needs as well as for long term investment programmes, mainly in construction projects for its power plants.
As at 30 September 2015, the Group and Company have net current liabilities of US $ 532,790 and US $ 114,540 and is
depending on a continuation of both short term and long term debt financing facilities. Such financing is subject to
covenant and amortisation conditions. The Group also has significant capital commitments at the year-end of which a portion
is due to be met during the year to 30 September 2016 (refer note 25), primarily in respect of on-going plant construction
projects at KSK Mahanadi. The Group is also involved in a number of on-going legal and claim matters.
The Group continues to generate cash flows from current operations which are further expected to increase with higher plant
load factor (PLF) both at KSK Mahanadi plant and Sai Wardha plant. These factors are key assumptions with regard to
management's forecasts and expectations. While the transmission corridor constraint on KSK Mahanadi for the operation and
sale of power from unit 2 has been resolved resulting in full load operation of two units of 600 MW each from the month of
October 2015, long term PPA arrangement as well as interim arrangements for Sai Wardha are anticipated to be put in place
shortly.
In addition, a number of the facilities that are due to expire at 30 September 2016 are in the process of being extended
and have a rollover clause in a number of cases, and the Group may refinance and/or restructure certain short term
borrowings into long borrowings and will also consider alternative sources of financing, where applicable. The Directors
are confident that facilities will remain available to the Group based on current trading, covenant compliance and ongoing
discussions with the Group's primary lending consortium regarding future facilities and arrangements in respect of current
borrowings.
The Group currently had significant undrawn borrowing facilities, subject to certain conditions, amounting to approximately
US $ 469,799 to meet its long term investment programmes. However, the Group is currently in discussions with stakeholders
regarding the terms of such existing drawn and undrawn financial commitments in order to match facilities to the current
development and financing plans for KSK Mahanadi. Discussions with all stakeholders regarding such arrangements have been
positive to date and the Groups lenders are supportive of proposed arrangements and necessary clarification in this regard
has also been received by the financiers from the relevant authority. Nonetheless the Group monitors the situation on an
on-going basis and plans alternative arrangements where necessary. The outcome of these discussions may impact on the
timing of the strategic development of this plant.
As a consequence, the Directors have a reasonable expectation that the Company and 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.
4. Acquisition and Dilution - change in non-controlling interest without change in control
a. Warrant issue by KSK Energy Ventures Limited
During the previous year ended 31 March 2015, the group has issued 80,808,080 warrants of face value of Rs. 10 (US $ 0.16)
each in KSK Energy Ventures Limited ('KEVL'), an Indian Listed subsidiary to KSK Power Holdings Limited ("KPHL") with an
option to apply for and be allotted equivalent number of equity shares of the face value of Rs 10 (US $ 0.16) each at a
premium of Rs. 89 (US $ 1.45) each on a preferential basis.
Pursuant to above, during the period ended 30 September 2015, KPHL acquired 1,736,580 shares of KSK Energy Ventures Limited
('KEVL') resulting in increase of the ownership interest of the Group in KEVL from 68.30 % to 68.37 % resulting in a 0.07 %
additional interest in subsidiary. The aforesaid transaction is accounted as an equity transaction, and accordingly no gain
or loss is recognised in the interim condensed consolidated income statement. An amount of US $ 347 by which the
non-controlling interest is adjusted and debited to 'other reserve' within interim condensed consolidated statement of
changes in equity and attributed to the owners of the Company
b. Dilution in KSK Mahanadi Power Company Limited
During the year ended 30 September 2015, the Group has issued additional 112,000,000 equity shares in KSK Mahanadi Power
Company Limited ("KMPCL") to KSK Energy Ventures Limited ("KEVL") at a face value of Rs 10 (US $ 0.16) at par and
30,000,000 equity shares in KMPCL held by KSK Energy Limited ("KEL") has been transferred to KEVL
Pursuant to above, the ownership interest of the Group in KMPCL decreased by 0.35 % in a subsidiary without loss of
control. The aforesaid transaction is accounted as an equity transaction, and no gain or loss is recognised in the
Consolidated income statement. Pursuant to this an amount of US $ 1,454 is debited to 'other reserve' within consolidated
statement of changes in equity and attributed to the owners of the company.
c. Dilution in KSK Dibbin Hydro Power Private Limited
During the period ended 30 September 2015, the Group has issued additional 12,650,000 equity shares in KSK Dibbin Hydro
Power Private Limited ("KDHPPL") to North Eastern Electric Power Corporation Limited (NEEPCO) at face value of Rs 10 (US $
0.16) each.
Pursuant to above, the ownership interest of the Group in KDHPPL decreased from 81.01 % to 70.00 % resulting in a 11.01 %
decrease in Group's controlling interest in a subsidiary without loss of control. The aforesaid transaction is accounted as
an equity transaction, and no gain or loss is recognised in the interim condensed consolidated income statement. The
difference of US $ 140 between the fair value of the net consideration received (US $ 1,969) and the amount by which the
non-controlling interest are adjusted (US $ 1,829), is credited to 'Other reserve' within interim condensed Consolidated
statement of changes in equity and attributed to the owners of the company.
5. Property, plant and equipment, net
The property, plant and equipment of the Group comprise:
Land and buildings Power stations Mining property Other plant and equipment Assets under construction Total
Cost
As at 1 April 2014 264,826 1,234,588 7,763 9,425 1,823,459 3,340,061
Additions 1,247 31 5,424 663 410,054 417,419
Business Combination 11,081 60,017 - 31 16 71,145
Transfer 173,733 1,009,392 - - (1,183,125) -
Disposals/adjustments (7,316) (40,752) - (585) (2,367) (51,020)
Exchange difference (11,896) (55,463) (348) (423) (87,014) (155,144)
As at 31 March 2015 431,675 2,207,813 12,839 9,111 961,023 3,622,461
As at 1 April 2015 431,675 2,207,813 12,839 9,111 961,023 3,622,461
Additions 27 52 - 474 89,370 89,923
Transfer 6,479 14,474 - - (20,953) -
Disposals/adjustments (133) (31) - (42) - (206)
Exchange difference (23,552) (120,456) (699) (495) (47,422) (192,624)
As at 30 September 2015 414,496 2,101,852 12,140 9,048 982,018 3,519,554
Depreciation
As at 1 April 2014 17,213 99,280 1,873 6,413 - 124,779
Additions 7,433 49,495 477 1,192 - 58,597
Disposals / adjustments (1,358) (8,955) - (505) - (10,818)
Exchange difference (951) (5,647) (96) (317) - (7,011)
As at 31 March 2015 22,337 134,173 2,254 6,783 - 165,547
As at 1 April 2015 22,337 134,173 2,254 6,783 - 165,547
Additions 6,325 44,122 337 510 - 51,294
Disposals / adjustments (9) (95) - (36) - (140)
Exchange difference (1,414) (8,683) (133) (385) - (10,615)
As at 30 September 2015 27,239 169,517 2,458 6,872 - 206,086
Net book value
As at 30 September 2015 387,257 1,932,335 9,682 2,176 982,018 3,313,468
As at 31 March 2015 409,338 2,073,640 10,585 2,328 961,023 3,456,914
Property, plant and equipment with a carrying amount of US $ 3,152,102 (31 March 2015: US $ 3,292,520) is subject to
security restrictions (refer note 13).
6. Intangible assets and goodwill
Cost
As at 1 April 2014 2,634 18,026 20,660
Disposals - (7,015) (7,015)
Exchange difference (118) (810) (928)
As at 31 March 2015 2,516 10,201 12,717
As at 1 April 2015 2,516 10,201 12,717
Disposals - - -
Exchange difference (137) (557) (694)
As at 30 September 2015 2,379 9,644 12,023
Amortisation
As at 1 April 2014 415 - 415
Additions 136 - 136
Exchange difference (22) - (22)
As at 31 March 2015 529 - 529
As at 1 April 2015 529 - 529
Additions 65 - 65
Exchange difference (30) - (30)
As at 30 September 2015 564 - 564
Net book value
As at 30 September 2015 1,815 9,644 11,459
As at 31 March 2015 1,987 10,201 12,188
As at 31 March 2015
1,987
10,201
12,188
The goodwill acquired through business combinations have been allocated to the following cash generating units of the
Group, for impairment testing as follows:
30 September 2015 31 March
2015
J R Power Gen Private Limited 22 22
Sai Wardha Power Limited 3,539 3,745
Sitapuram Power Limited 4,988 5,276
Sai Regency Power Corporation Private Limited 1,095 1,158
Total 9,644 10,201
Goodwill is tested for impairment annually and was performed last at 31 March 2015. There were no further circumstances
which indicated that the carrying value may be impaired as at 30 September 2015. Hence no impairment testing was carried
out in the interim period ended 30 September 2015.
7. Investments and other financial assets
Current
Financial assets at fair value through profit or loss
- held-for-trading 15,689 2,589 - -
- Derivative assets 11 - - -
Loans and receivables 34,394 28,724 23 27
Loans to and receivables from Joint Venture partner 23 - - -
50,117 31,313 23 27
Non-current
Financial assets at fair value through profit or loss
- Derivative assets 48,183 49,702 - -
Available-for-sale investments 18,113 19,155 - -
Deposit with banks 5,013 8,102 - -
Loans and receivables 24,301 37,688 780 5,100
Loans to and receivables from Joint Venture partner 14,979 15,844 - -
Loans to and receivable from subsidiaries - - 173,387 171,676
Investment in subsidiaries - - 226,841 227,126
110,589 130,491 401,008 403,902
Total 160,706 161,804 401,031 403,929
130,491
401,008
403,902
Total
160,706
161,804
401,031
403,929
Impairment of financial assets
During the period ended 30 September 2015, the Group's available-for-sale financial asset of US $ 26 (31 March 2015: US $
693) and loans and receivable of US $ 1,210 (31 March 2015: US $ 25,095) were collectively impaired and written off.
During the period ended 30 September 2015, the Company's loans and receivable of US $ Nil (31 March 2015: US $ Nil) were
collectively impaired.
8. Other assets
Consolidated Company
30 September 2015 31 March 30 September 2015 31 March
2015 2015
Current
Advance to suppliers 35,179 27,591 - -
Prepayments 7,006 7,577 607 320
Income tax receivable 1 3,587 - -
Other receivables 1,672 1,704 - -
43,858 40,459 607 320
Non-current
Development of mineral assets 39,029 41,231 - -
Prepayments 24,969 28,320 - -
Income tax receivable 13,592 12,245 - -
Other receivables 17,315 20,850 - -
94,905 102,646 - -
Total 138,763 143,105 607 320
9. Trade and other receivables
Current
Trade receivables 186,108 142,806
Unbilled revenue 267 627
Interest accrued 10,886 10,779
197,261 154,212
Non-current
Trade receivables 1,950 1,983
Interest accrued 603 862
2,553 2,845
Total 199,814 157,057
Total
199,814
157,057
The movement in the allowances for impairment in respect of trade and other receivable during the period/ year was as
follows:
30 September 2015 31 March
2015
Opening balance 5,112 5,918
Impairment loss recognised 2,270 3,555
Reversal of impairment loss recognised - -
Amount written off - (4,108)
Exchange difference (349) (253)
Closing balance 7,033 5,112
10. Inventories
30 September 2015 31 March
2015
Fuel (at cost) 10,273 13,983
Stores and spares (at cost) 23,484 18,260
Others 198 210
Total 33,955 32,453
11. Cash and short-term deposits
Cash and short-term deposits comprise of the following:
Consolidated Company
30 September 2015 31 March 30 September 2015 31 March
2015 2015
Cash at banks and on hand 42,750 40,730 2,099 1,065
Short-term deposits 158,320 157,266 - -
Total 201,070 197,996 2,099 1,065
For the purpose of cash flow statement, cash and cash equivalent comprise:
Consolidated Company
30 September 2015 30 September 2014 30 September 2015 30 September 2014
Cash at banks and on hand 42,750 39,189 2,099 1,358
Short-term deposits 158,320 154,902 - -
Total 201,070 194,091 2,099 1,358
Less: Restricted cash1 (158,318) (154,902) - -
Cash and cash equivalent 42,752 39,189 2,099 1,358
1Include deposits pledged for availing credit facilities from banks and deposits with maturity term of three months to
twelve months.
12. 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 2015: 500,000,000) at par value of US $
0.002 (£ 0.001) per share amounting to US $ 998.The issued and fully paid up number of shares of the company is 175,308,600
(31 March 2015: 175,308,600). During the period company has not issued/ bought back any ordinary share.
Share application money represents amount received from investors / parents 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 reserve comprises gains and losses due to the revaluation of previously held interest of the assets acquired 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 and the same is not distributable.
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 and
the same is not distributable.
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 and re-measurement of defined benefit liability net of taxes and the
same is not distributable.
Retained earnings mainly represent all current and prior year results as disclosed in the interim condensed consolidated
income statement and interim condensed consolidated other comprehensive income less dividend distribution.
13. Loans and borrowings
The loans and borrowings comprise of the following:
Final Maturity Consolidated Company
30 September 2015 31 March 30 September 2015 31 March
2015 2015
Long-term "project finance" loans June-2028 2,758,538 2,760,503 - -
Short-term loans September-16 183,906 168,273 80,802 64,564
Buyers' credit facility September-16 131,911 148,687 35,000 49,681
Cash credit and other working capital facilities September-16 129,518 111,305 - -
Redeemable preference shares January-2029 10,942 11,564 - -
Debentures March-2025 43,314 44,217 - -
Total 3,258,129 3,244,549 115,802 114,245
The interest-bearing loans and borrowings mature as follows:
Consolidated Company
30 September 2015 31 March 30 September 2015 31 March
2015 2015
Current liabilities
Amounts falling due within one year 620,900 521,953 115,802 114,245
Non-current liabilities
Amounts falling due after more than one year but not more than five years 1,075,834 1,087,518 - -
Amounts falling due in more than five years 1,561,395 1,635,078 - -
Total 3,258,129 3,244,549 115,802 114,245
Current liabilities include an amount of US $ 46,798 in KSK Mahanadi, which is scheduled for repayment with in next twelve
months as per the earlier schedule of repayment. However, the Group has already lodged the necessary application outlining
the various factors beyond its control and requesting project stake holders regarding the necessary extension terms of
existing drawn and undrawn financial facilities in line with the policy framework applicable to all Infrastructure projects
in India. The Group is confident that the same would be favourably addressed by the project lenders shortly and pending
outcome of the same, the above referred amount is classified under current liabilities..
§ Long-term "project finance" loans of the Group amounting US $ 2,758,538 (31 March 2015: US $ 2,760,503) is fully secured
on the property, plant and equipment and other assets of subsidiaries and joint operations that operate power stations,
allied services and by a pledge over the promoter's shareholding in equity and preference capital of some of the
subsidiaries and joint operations and corporate guarantee provided by the Company.
§ The short term loans taken by the Group are 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 300 basis points.
§ A number of the facilities that are due to expire at 30 September 2016 are in the process of being extended and have a
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 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.
14. Other financial liabilities
30 September 2015 31 March
2015
Current
Option premium payable 5,529 5,506
Forward exchange forward contracts - 453
5,529 5,959
Non-Current
Option premium payable 19,566 22,099
Interest rate swaps 5,648 4,763
25,214 26,862
Total 30,743 32,821
15. Trade and other payables
Consolidated Company
30 September 2015 31 March 30 September 2015 31 March
2015 2015
Current
Trade payable 112,572 90,306 1,467 1,372
Other payable 208,778 196,650 - -
Interest payable 108,418 82,634 - -
429,768 369,590 1,467 1,372
Non-current
Trade payable 29,298 32,642 - -
Other payable 14,124 14,939 - -
43,422 47,581 - -
Total 473,190 417,171 1,467 1,372
Trade payables are non-interest bearing and are normally settled on 45 days terms.
§ Non-current trade payables are non-interest bearing and will be settled in 1-8 years.
§ Interest payable is normally settled monthly throughout the financial year.
§ Other payable mainly includes payable against acquisition of capital asset.
16. Provisions
Decommissioning and restoration costs Contingent liability Total
Non-current
As at 1 April 2014 2,494 - 2,494
Business combination (170) 819 649
Unwinding of discount 183 - 183
Exchange difference (116) - (116)
As at 31 March 2015 2,391 819 3,210
As at 1 April 2015 2,391 819 3,210
Unwinding of discount 87 - 87
Exchange difference (133) (45) (178)
As at 30 September 2015 2,345 774 3,119
A provision has been recognised for decommissioning and restoration costs associated with construction of a power plant.
The unwinding of the discount on the decommissioning provision is included as a finance costs and the discount rate assumed
is 7.5% (31 March 2015: 7.5%).
17. Deferred revenue
30 September 2015 31 March
2015
Opening balance 3,134 5,714
Transferred to the revenue (62) (2,269)
Transferred to the other operating income (59) (111)
Exchange difference (166) (200)
Closing balance 2,847 3,134
Current 233 310
Non-current 2,614 2,824
2,847 3,134
18. 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 interim
condensed 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.
Period ended 30 September 2015 Project development activities Power generating activities Reconciling / Elimination activities Consolidated
Revenue
External customers 17 245,448 - 245,465
Inter-segment 1,738 - (1,738) -
Total revenue 1,755 245,448 (1,738) 245,465
Segment
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