We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ksk Power Ventur Plc | LSE:KSK | London | Ordinary Share | IM00B1G29327 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.25 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMKSK
RNS Number : 5134Q
KSK Power Ventur PLC
30 November 2016
KSK Power Ventur PLC
30 November 2016
KSK Power Ventur plc
("KSK" or the "Group" or the "Company")
Interim Results for the half year ended 30th September 2016
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 its interim results for the half year ended 30 September 2016.
Financial Highlights
-- Gross Revenue* increased by 28% to $ 315.4 m (H1 2015: $ 245.47 m) -- Gross Profit increased by 66% to $ 87.51 m (H1 2015: $ 52.64 m) -- Operating Profit increased by 78% to $ 50.91 m (H1 2015: $ 28.68 m) -- Loss before tax** of $ 116.88 m (H1 2015: loss of $ 146.49 m)
* includes $ 39.6 million at KSK Mahanadi under change in law provision of PPA requiring determination by the Electricity Regulatory Commission before any receipt of payment
** includes unrealised exchange loss of $ 13.53 million on account restatement of foreign currency loan and capital creditors.
The underlying revenue and gross profit have both increased compared to the same period last year and loss before tax has decreased owing to increased operational profitability. These movements are a result of higher power generation during the period, albeit with certain seasonality factors affecting generation during the first half. Furthermore due to anticipated improvements in operating performance during the second half, gross generation for FY 2017 is expected to exceed 10 TWh in aggregate.
However, with the Company's dependence in the short term on e-auction coal from Coal India, as well as open market coal purchases for balance coal requirements continuing as well as Coal pricing issues at Sai Wardha unresolved, it is anticipated that FY 2017 earnings will be constrained, albeit as short term issues whilst these immediate term coal procurement transition challenges are completed. Consequently, it is anticipated that these challenges will be resolved by April 2017 in line with the overall industry solution, and as such the Company should continue to be in line with FY 2018 current market expectations.
Operating Highlights
During the period, operating assets generated 4,990 GWh with an average portfolio plant load factor ("PLF") of 55%, compared to 4,026 GWh with an average portfolio PLF of 44% for the corresponding period in the previous year.
Hot Features
Premium
30 Sep 2016 30 Sep 2015
(GWh) (GWh)
KSK Mahanadi
( 1200 MW) 3539 2134
Sai Wardha (540
MW) 702 986
VS Lignite (135
MW) 372 418
Sai Regency (58
MW) 207 228
Sai Lilagar (86
MW) - 93
Sitapuram Power
(43 MW) 161 159
Solar Project
(10 MW) 9 8
TOTAL 4,990 4,026
Commenting on the results, T. L. Sankar, Chairman of KSK said:
"The first half of the current year has witnessed a definitive increase in gross generation at the KSK Mahanadi power plant compared to the corresponding period in the previous year, while the other plants had minor variations. In aggregate it is anticipated that gross generation could exceed 10 TWh for full year operations. It is anticipated that gross generation will continue to increase further during 2017-18.
With regard to the long term coal linkages at KSK Mahanadi, which in the short term have meant dependence on e-auction coal from Coal India and open market coal for balancing requirements, it is understood that the Ministry of Coal as well as the Ministry of Power of the Government of India are working towards a new policy of coal linkages for all power plants in India. KSK Mahanadi is currently meeting its entire coal requirements through e-auction and market coal. However, under the new policy under formulation, in addition to new linkage formats for future power generation plants, coal linkage requirements of all existing Independent Power Producers (IPPs), with PPA commitments to DISCOMS already made, is expected to also be addressed. This could ensure the power plant's long term coal requirements on a sustainable basis are addressed.
The Company is pleased to note that, not only has the additional debt been sanctioned by the Consortium of Project Lenders for KSK Mahanadi but also the interim disbursement has since commenced, enabling progress towards completion of the next 1,200 MW
As regards to discussions with a number of potential strategic and financial investors for collaboration / equity participation in the KSK Mahanadi project, progress has been made and the Company is confident that, with the support of its lenders, progress on this aspect will also be achieved.
Our performance during the period would not have been possible without the continued support of our shareholders, who have enabled us to pursue business opportunities despite challenging market conditions"
For further information, please contact:
KSK Power Ventur plc Mr. S. Kishore, Executive Director +91 40 2355 9922 Arden Partners plc James Felix +44 (0)20 7614 5900
Key Business Updates
3,600 MW KSK MAHANADI POWER PROJECT:
Construction of KSK Mahanadi, a large single location green field private power plant, has continued. There have been notable achievements during the period, with continued operations of the first two 600 MW units, and construction progressing on the next two 600 MW units, made possible by the debt funding provided by the project lenders. Progress on the remaining 2 x 600 MW units to be built is dependent upon addressing additional equity requirements and other project aspects.
The 3,600 MW plant is supported by robust infrastructure developed by the Group companies Raigarh Champa Rail Infrastructure and KSK Water Infrastructure. These companies are in the process of being merged into KSK Mahanadi.
540 MW SAI WARDHA POWER:
Although Sai Wardha Power has experienced stable operational performance from its 2 x 135 MW Captive Power Plant units, the non-renewal of earlier medium term PPA with local utility, has significantly reduced the plant's overall load factor. A number of initiatives are underway to support the operation of the third 135 MW unit, with the fourth unit planned to be brought into operation a few months later. The long term PPA with Maharashtra Discom, based on an order of the Appellate Tribunal for Electricity in favour of Sai Wardha, has been appealed against at the Supreme Court by another generator, with a final ruling expected post hearing scheduled in February 2017.
As regards the price and supply of coal, a ruling by the Competition Commission of India ("CCI") in favour of Sai Wardha was made in October 2014, but then appealed by Western Coal Fields at the Competition Appellate Tribunal. A favourable final ruling would not only enable a price reduction but also support substantial claims for damages for the prior periods.
The Company continues to make every effort to pursue the coal price reduction and implementation of the APTEL direction, which will ultimately lead to the enhanced utilisation and profitability of the Sai Wardha plant.
135 MW VS LIGNITE POWER PRIVATE LIMITED (VSLP):
Total gross power generated during the period reflects the challenges being experienced through short term PPAs during the Government mandated transition process from Captive Power Plant to Independent Power Producer for continued access to fuel resources.. The Company has been supplying power to the local grid and is continuing its efforts to secure the necessary long term PPAs.
58 MW SAI REGENCY POWER CORPORATION PRIVATE LIMITED (SRPCPL):
With the continuous supply of gas and an efficient operation, the plant has produced an exceptional operational and financial performance, which is expected to continue.
86 MW SAI LILAGAR POWER GENERATION LIMITED (SLPGL):
In addition to power generation enhancement at Sai Lilagar Power following reworked fuel arrangements such that asset utilisation improves and reaches low to mid 80% PLF levels over the next few quarters. The Company is also in parallel currently evaluating multiple strategic options of equity participation / divestment at this plant..
43 MW SITAPURAM POWER LIMITED (SPL):
The energy generated in the period has been supplied to the captive consumer in accordance with the provisions of the PPA, and the balance power generated has been sold to local utility companies.
10 MW SAI MAITHILI SOLAR POWER PROJECT:
The 10 MW PV solar power generation plant is located in the state of Rajasthan, operating under the Jawaharlal Nehru National Solar Mission and has an attractive long term power purchase agreement.
EQUITY AND FINANCING ARRANGEMENTS
The Company's shareholding in KSKEV has been maintained at 68.12%, with additional equity invested during the year. The Company's financing plans involve pursuing a number of initiatives including a secondary sale of project interests and refinancing opportunities on more favourable terms to provide the necessary liquidity to retire part of the existing high cost debt.
Of the total $ 3.52 billion for completion of the 2,400 MW (including the integration of the railway and water infrastructure assets as well expenditure already incurred on the present 1,200 MW unit under construction), over $ 2.8 billion has already been incurred and plans are underway to complete construction and achieve an operational 2,400 MW during 2017.
As regards the additional expenditure of $ 657 million required to build the final 1,200 MW to complete a fully functional 3,600 MW (giving a total investment of $ 4.18 billion), the Company is holding discussions and evaluating proposals for further strategic funding and equity collaboration at the asset level with multiple potential participants.
FINANCIAL PERFORMANCE
With a total operating capacity of 2,072 MW, the consolidated operating revenue achieved was $ 315.4 m, with a gross profit of $ 87.51 m, operating profits of $ 50.91 m, and a loss before tax of $ 116.88 m.
The increase in revenue and gross profit was due to an increase in power generation from KSK Mahanadi. As such an increase in operating performance led to an increase in operating profit and despite interest cost moving from $ 147 m to $ 152 m, loss before tax decreased from $ 146.49 m to $ 116.88 m.
The loss after tax has moved from $ 97 m to $ 103 m reflecting lower deferred tax asset recognition at Group level.
BUSINESS STRATEGY
The Company's operational strategy for FY 2016-17 is to continue to focus on improving the performance and PLF of the 2,072 MW of installed capacity with the target of exceeding 10 TWh of gross generation for the 12 month period.
The high capital expenditure and associated project debt required to develop and grow the Company's power generation business, coupled with adverse currency volatility and the current difficult Indian policy environment poses certain challenges. However, once the Government of India's new coal policy is implemented the Company expects to secure the necessary fuel linkages with long term asset attractiveness.
The Company continues to work on a number of major initiatives. With appropriate equity collaboration at KSK Mahanadi being supported by post debt cash accruals from operations, the Company expects to secure the necessary partnerships required to complete the KSK Mahanadi project, resulting in improved performance over time.
OUTLOOK
Demand for power generation in India is expected to grow over the next decade. The high quality of the Company's expanding asset base, a proven execution capability, and an increasingly efficient business structure with long term fuel supplies being addressed, means that KSK is well positioned to address and take advantage of these opportunities. However, while it is anticipated that immediate term performance will be constrained for FY 2017 until the coal linkage issues are addressed, owing to the emerging scenario of coal surpluses at Coal India during recent months, it is anticipated that the policy asymmetry will be appropriately addressed by the Government of India shortly, meaning the Company should continue to meet FY 2018 market expectations.
Once the remaining units of the KSK Mahanadi power project are added to the Company's existing portfolio, the Board believes KSK will be one of India's leading suppliers of power.
An extract of the Interim Consolidated and Company Financial Statements for the period ended 30 September 2016 is shown below.
A full set of accounts will be available from the Company website: www.kskplc.co.uk
PRINCIPAL RISKS AND UNCERTAINITIES
The business of the Company is subject to a variety of risks and uncertainties which, if they occur may have a materially adverse effect on the Company's business or financial condition, results or future operations. The risks and 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 Company's business. The risks and uncertainties faced by the Company 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 Company 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, or regulatory constraints on financing arrangements resulting in alternate financing arrangements, which make take more time than anticipated to complete.
-- 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 is 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 the 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 affects the cost of project imports, project implementation, and repayment obligations;
-- Logistic 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;
-- Political and economic instability, global financial turmoil and the resultant fiscal and monetary policies as well as currency depreciation resulting in increasing cost structures; and
-- Liquidity risk, project financing and sustainable debt levels against invested equity at projects.
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
as at 30 September 2016
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company
------------------------- ------------------------
Notes 30 September 31 March 30 September 31 March
2016 2016 2016 2016
------------- ---------- ------------- ---------
ASSETS
Non-current
Property, plant and equipment,
net 5 3,567,792 3,370,932 - -
Intangible assets and
goodwill 11,230 11,382 - -
Investments and other
financial assets 6 105,462 100,828 375,955 382,820
Other non-current assets 48,059 52,620 - -
Trade and other receivables 2,730 2,593 - -
Deferred tax asset 154,124 141,327 - -
3,889,397 3,679,682 375,955 382,820
------------- ---------- ------------- ---------
Current
Investments and other
financial assets 6 61,961 49,623 87 -
Other current assets 82,643 85,870 389 108
Trade and other receivables 415,034 367,139 - -
Inventories 26,723 38,891 - -
Cash and short-term deposits 7 160,896 122,800 1,939 1,194
------------- ---------- ------------- ---------
747,257 664,323 2,415 1,302
------------- ---------- ------------- ---------
Total assets 4,636,654 4,344,005 378,370 384,122
------------- ---------- ------------- ---------
EQUITY AND LIABILITIES
Issued capital 8 289 289 289 289
Share premium 8 287,191 287,191 287,191 287,191
Foreign currency translation
reserve 8 (146,387) (147,152) 882 4,761
Revaluation reserve 8 1,369 1,385 - -
Capital redemption reserve 8 16,045 16,045 - -
Other reserves 8 138,397 146,234 177 169
(Accumulated deficit)
/ retained earnings 7 (130,453) (56,670) (29,790) (25,589)
------------- ---------- ------------- ---------
Equity attributable to
owners of the Company 166,451 247,322 258,749 266,821
Non-controlling interests 145,862 168,418 - -
------------- ---------- ------------- ---------
Total equity 312,313 415,740 258,749 266,821
------------- ---------- ------------- ---------
Non-current liabilities
Loans and borrowings 9 2,951,287 2,700,202 - -
Other non-current financial
liabilities 10 19,939 23,239 - -
Trade and other payables 62,258 30,496 - -
Provisions 9,110 8,868 - -
Deferred revenue 2,200 2,556 - -
Employee benefit liability 1,147 1,057 - -
Deferred tax liabilities 37,455 37,596 - -
3,083,396 2,804,014 - -
------------- ---------- ------------- ---------
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
as at 30 September 2016 (Continued...)
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company
Notes 30 September 31 March 30 September 31 March
2016 2016 2016 2016
Current liabilities
Loans and borrowings 9 623,697 623,600 118,360 115,798
Other current financial
liabilities 10 8,778 6,098 - -
Trade and other payables 606,980 493,099 1,261 1,503
Deferred revenue 177 211 - -
Taxes payable 1,313 1,243 - -
1,240,945 1,124,251 119,621 117,301
------------- ---------- ------------- ---------
Total liabilities 4,324,341 3,928,265 119,621 117,301
------------- ---------- ------------- ---------
Total equity and liabilities 4,636,654 4,344,005 378,370 384,122
------------- ---------- ------------- ---------
(See accompanying notes to the interim condensed Consolidated and Company financial statements)
INTERIM CONSOLIDATED AND COMPANY INCOME STATEMENT
for the six months ended 30 September 2016
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company
---------------------------- ----------------------------
30 September 30 September 30 September 30 September
Notes 2016 2015 2016 2015
------------- ------------- ------------- -------------
Revenue 11 315,400 245,465 - -
Cost of revenue (227,893) (192,828) - -
------------- ------------- ------------- -------------
Gross profit 87,507 52,637 - -
Other operating income 449 348 7 -
Distribution costs (4,402) (4,605) - -
General and administrative
expenses (32,645) (19,703) (352) (464)
------------- ------------- ------------- -------------
Operating profit /
(loss) 50,909 28,677 (345) (464)
Finance costs 12 (178,151) (184,721) (3,856) (1,697)
Finance income 13 10,354 9,551 - -
------------- ------------- ------------- -------------
Loss before tax (116,888) (146,493) (4,201) (2,161)
Tax income 14 13,315 48,832 - -
------------- -------------
Loss for the period (103,573) (97,661) (4,201) (2,161)
------------- ------------- ------------- -------------
Attributable to:
Owners of the Company (78,058) (69,758) (4,201) (2,161)
Non-controlling interests (25,515) (27,903) - -
------------- -------------
(103,573) (97,661) (4,201) (2,161)
------------- ------------- ------------- -------------
(Loss) / earnings
per share
Weighted average number
of ordinary shares
for basic and diluted
earnings per share 175,308,600 175,308,600
Basic and diluted
(loss) / earnings
per share (US $) (0.45) (0.40)
(See accompanying notes to the interim condensed Consolidated and Company financial statements)
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
for the six months ended 30 September 2016
(All amounts in thousands of US $, unless otherwise stated)
Consolidated Company
---------------------------- ----------------------------
30 September 30 September 30 September 30 September
2016 2015 2016 2015
------------- ------------- ------------- -------------
Loss for the period (103,573) (97,661) (4,201) (2,161)
Items that will never
be reclassified to income
statement
Re-measurement of defined
benefit liability (53) (55) - -
Income tax relating
to re-measurement of
defined benefit liability 15 4 - -
(38) (51) - -
------------- ------------- ------------- -------------
Items that are or may
be reclassified subsequently
to income statement
Foreign currency translation
differences (666) (29,546) (3,879) 1,667
Available-for-sale
financial assets
- current period gain 65 2 - -
- reclassification
to income statement (7) 26 - -
Income tax relating - (465) - -
to available for sale
financial asset
(608) (29,983) (3,879) 1,667
------------- ------------- ------------- -------------
Other comprehensive
(expense) / income,
net of tax (646) (30,034) (3,879) 1,667
------------- ------------- ------------- -------------
Total comprehensive
(expense) / income for
the period (104,219) (127,695) (8,080) (494)
------------- ------------- ------------- -------------
Attributable to:
Owners of the Company (77,269) (89,442) (8,080) (494)
Non-controlling interests (26,950) (38,253) - -
(104,219) (127,695) (8,080) (494)
------------- ------------- ------------- -------------
(See accompanying notes to the interim condensed Consolidated and Company financial statements)
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2015
(All amount in thousands of US $, unless otherwise stated)
Non Total
- equity
controlling
Attributable to owners of Company interests
---------------------------------------------------------------------------------------------------------- ------------ ----------
Issued Share Share Foreign Revaluation Capital Other Retained Total
capital premium application currency reserve redemption reserves earnings
money translation reserve
reserve
-------------------- -------- -------- ------------ ------------ ------------ ----------- --------- --------- --------- ------------ ----------
As at 1 April 2015 289 287,191 16,498 (129,431) 1,418 10,855 147,317 15,590 349,727 203,374 553,101
Refund of share
application
money - - (2,759) - - - - - (2,759) - (2,759)
Change in
non-controlling
interests without
change
in control - - - - - - (1,661) - (1,661) 4,230 2,569
Transfer of
economic
interest to
non-controlling
interests(1) - - - - - - 2,949 2,949 (2,949) -
Equity-settled
share
based payment - - - - - - 24 - 24 - 24
Net depreciation
transfer
for property,
plant
and equipment - - - - (17) - - 17 - - -
Transaction with
owners - - (2,759) - (17) - (1,637) 2,966 (1,447) 1,281 (166)
Loss for the period - - - - - - - (69,758) (69,758) (27,903) (97,661)
Other comprehensive
income
Items that will
never
be reclassified to
income statement
Re-measurement of
defined
benefit liability - - - - - - (35) - (35) (20) (55)
Income tax relating
to re-measurement
of
defined benefit
liability - - - - - - 4 - 4 - 4
Items that are or
may
be reclassified
subsequently
to income statement
Foreign currency
translation
differences - - - (19,336) - - - - (19,336) (10,210) (29,546)
Available-for-sale
financial assets
- current period
(loss)
/ gain - - - - - - (9) - (9) 11 2
- reclassification
to profit or loss - - - - - - 26 - 26 - 26
Income tax relating
to
available-for-sale
financial asset - - - - - - (314) - (314) (151) (465)
Total comprehensive
expenses for the
period - - - (19,336) - - (328) (69,758) (89,422) (38,273) (127,695)
-------- -------- ------------ ------------ ------------ ----------- --------- --------- --------- ------------ ----------
Balance as at 30
September
2015 289 287,191 13,739 (148,767) 1,401 10,855 145,352 (51,202) 258,858 166,382 425,240
-------------------- -------- -------- ------------ ------------ ------------ ----------- --------- --------- --------- ------------ ----------
(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 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 September 2016
(All amount in thousands of US $, unless otherwise stated)
Non Total
- equity
controlling
Attributable to owners of Company interests
--------------------------------------------------------------------------------------------- ------------ ----------
Issued Share Foreign Revaluation Capital Other Retained Total
capital premium currency reserve redemption reserves earnings
translation reserve
reserve
-------------------- -------- -------- ------------ ------------ ----------- --------- ---------- --------- ------------ ----------
As at 1 April 2016 289 287,191 (147,152) 1,385 16,045 146,234 (56,670) 247,322 168,418 415,740
Change in
non-controlling
interests without
change
in control (Refer
note 4) - - - - - (7,869) - (7,869) 8,653 784
Transfer of
economic interest
to non-controlling
interests(1) - - - - - 4,259 4,259 (4,259) -
Equity-settled
share based
payment - - - - - 8 - 8 - 8
Net depreciation
transfer
for property,
plant and
equipment - - - (16) - - 16 - - -
Transaction with
owners - - - (16) - (7,861) 4,275 (3,602) 4,394 792
Loss for the period - - - - - - (78,058) (78,058) (25,515) (103,573)
Other comprehensive
income
Items that will
never be
reclassified to
income statement
Re-measurement of
defined
benefit liability - - - - - (42) - (42) (11) (53)
Income tax relating
to re-measurement
of defined benefit
liability - - - - - 15 - 15 - 15
Items that are or
may be
reclassified
subsequently
to income statement
Foreign currency
translation
differences - - 765 - - - - 765 (1,431) (666)
Available-for-sale
financial
assets
- current period
gain - - - - - 58 - 58 7 65
- reclassification
to profit
or loss - - - - - (7) - (7) - (7)
Income tax relating - - - - - - - - - -
to
available-for-sale
financial asset
Total comprehensive
income
/ (expenses) for
the period - - 765 - - 24 (78,058) (77,269) (26,950) (104,219)
-------- -------- ------------ ------------ ----------- --------- ---------- --------- ------------ ----------
Balance as at 30
September
2016 289 287,191 (146,387) 1,369 16,045 138,397 (130,453) 166,451 145,862 312,313
-------------------- -------- -------- ------------ ------------ ----------- --------- ---------- --------- ------------ ----------
(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
share holders, 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 2016
(All amount in thousands of US $, unless otherwise stated)
Issued Share Share Foreign Other Accumulated Total
capital premium application currency reserve deficit equity
money translation
reserve
----------------------------- --------- --------- ------------- ------------- --------- ------------ --------
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
--------- --------- ------------- ------------- --------- ------------ --------
As at 1 April 2016 289 287,191 - 4,761 169 (25,589) 266,821
Equity-settled share based
payment - - - - 8 8
--------- --------- ------------- ------------- --------- ------------ --------
Transaction with owners - - - - 8 - 8
Loss for the period - - - - - (4,201) (4,201)
Other comprehensive income
Foreign currency translation
differences - - - (3,879) - - (3,879)
--------- --------- ------------- ------------- --------- ------------ --------
Total comprehensive income
/ (expense) for the period - - - (3,879) - (4,201) (8,080)
--------- --------- ------------- ------------- --------- ------------ --------
Balance as at 30 September
2016 289 287,191 - 882 177 (29,790) 258,749
----------------------------- --------- --------- ------------- ------------- --------- ------------ --------
(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 2016
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company
---------------------------- ----------------------------
30 September 30 September 30 September 30 September
2016 2015 2016 2015
------------- ------------- ------------- -------------
Cash inflow / (outflow)
from operating activities
Loss before tax (116,888) (146,493) (4,201) (2,161)
Adjustment
Depreciation and amortization 50,785 51,359 - -
Finance cost 180,863 185,863 3,970 4,978
Finance income (10,354) (9,551) - -
Provision and impairment
of trade receivable, PPE
and other receivable 10,213 3,480 (7) -
(Profit) / loss on sale
of fixed assets, net (210) (17) - -
Others (93) (90) 8 24
Change in
Trade receivables and unbilled
revenue (58,313) (45,101) - -
Inventories 12,168 (1,502) - -
Other assets (4,078) 240 (308) 4,091
Trade payables and other
liabilities 18,881 22,393 60 28
Provisions and employee
benefit liability 90 144 - -
------------- ------------- ------------- -------------
Cash generated from / (used
in) operating activities 83,064 60,725 (478) 6,960
Taxes refund / (paid),
net 1,266 2,196 - -
------------- ------------- ------------- -------------
Net cash provided by /
(used in) operating activities 84,330 62,921 (478) 6,960
Cash inflow / (outflow)
from investing activities
Movement in restricted
cash, net 15,671 (1,055) - -
Purchase of property, plant
and equipment and other
non-current assets (106,496) (25,360) - -
Proceeds from sale of property,
plant and equipment 5,012 2,345 - -
Purchase of financial assets (14,782) (13,711) (132) (340)
Proceeds from sale of financial
assets 127 8,587 504 160
Dividend received 52 158 - -
Interest income received 9,353 8,335 - -
------------- ------------- ------------- -------------
Net cash used in investing
activities (91,063) (20,701) 372 (180)
Cash inflow / (outflow)
from financing activities
Proceeds from borrowings 413,034 303,816 2,397 52,977
Repayment of borrowings (130,534) (145,091) - (51,740)
Finance costs paid (243,533) (186,741) (1,453) (1,029)
Payment of derivative liability (2,405) (2,508) - -
Advance received against 26,139 - - -
investment
Net proceeds from issue
of shares and share application
money in subsidiary to non-controlling
interest 699 2,437 - -
Net refund of share application
money - (2,759) - (2,759)
------------- ------------- ------------- -------------
Net cash flow (used in)
/ provided by financing
activities 63,400 (30,846) 944 (2,551)
Effect of exchange rate
changes (2,898) (9,355) (96) (3,195)
------------- ------------- ------------- -------------
Net increase / (decrease)
in cash and cash equivalent 53,769 2,019 745 1,034
Cash and cash equivalents
at the beginning of the
period 16,022 40,733 1,194 1,065
------------- ------------- ------------- -------------
Cash and cash equivalents
at the end of the period
(refer note 7) 69,791 42,752 1,939 2,099
------------- ------------- ------------- -------------
(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 2016
(All amount in thousands of US $, unless otherwise stated)
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 29 November 2016.
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 2016, 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 2016. The comparative information required by IAS 1 were determined using IAS 34 and include comparative information as follows:
Statement of financial 31 March 2016 being the
position : end of immediately preceding
financial year.
Income statement, statement Six months ended 30 September
of other comprehensive 2015 being the comparable
income, statement of changes interim period of the immediate
in equity and statement preceding financial year.
of cash flows
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 2016, the Group and Company have net current liabilities of US $ 493,688 and US $ 117,206 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 period-end of which a portion is due to be met during the year to 30 September 2017 (refer note 16(a)), 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 improved PLF in the existing 1200 MW KSK Mahanadi operations and also on account of expected commissioning of another two units of 600 MW each over the foreseeable future. Also in Sai Wardha, with recent MERC order clarifying non applicability of additional surcharge as well on captive power supplies, Captive PPA attractiveness has been enhanced PPA arrangements for the balance two units are expected to be in place shortly. These factors are key assumptions with regard to management's forecasts and expectations. However, the Group has experienced delays and legal challenge to the settlement of receivables in respect of change in law (refer note 16(c)) and generation, reducing cash conversion of revenue and therefore liquidity.
In addition, a number of the facilities that are due to expire at 30 September 2017 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 $ 692,431 to meet its long term investment programmes. The Group has already entered in to Common Loan Agreement with the Lenders at KSK Mahanadi with respect to cost overrun debt sanctioned. This will facilitate drawing the balance debt depending upon the investment required for construction of project and resultant surpluses of operational cash flows available to meet company obligations. In addition the Group is seeking additional equity financing in respect of the KSK Mahanadi plant in order to stabilise the project development and the Groups financing and operating obligations. The Group is currently pursuing a number of avenues in this regard and expects positive outcomes during late 2016 / early 2017. Nonetheless Group monitors the situation on an on-going basis and plans alternative arrangements where possible. The outcome of these discussions may impact on the timing of the strategic development of this plant and the going concern of the group.
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 except for the adoption of new standards as of 1 April 2016, noted below.
The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 April 2016.
- IFRS 14 - Regulatory Deferral Accounts : IFRS 14 is an optional standard that allows an entity, whose activities are subject to rate-regulation, to continue applying most of its existing accounting policies for regulatory deferral account balances upon its first-time adoption of IFRS. Entities that adopt IFRS 14 must present the regulatory deferral accounts as separate line items on the statement of financial position and present movements in these account balances as separate line items in the statement of profit or loss and OCI. The standard requires disclosure of the nature of, and risks associated with, the entity's rate-regulation and the effects of that rate-regulation on its financial statements. IFRS 14 is effective for annual periods beginning on or after 1 January 2016. Since the Group is not subject to any rate regulation and is an existing IFRS preparer, this standard would not apply.
- IFRS 11 - Accounting for acquisition of interest in Joint Operations (Amendments) : The amendments to IFRS 11 require that a joint operator accounting for the acquisition of an interest in a joint operation, in which the activity of the joint operation constitutes a business, must apply the relevant IFRS 3 principles for business combinations accounting. The amendments also clarify that a previously held interest in a joint operation is not re-measured on the acquisition of an additional interest in the same joint operation while joint control is retained. In addition, scope exclusion has been added to IFRS 11 to specify that the amendments do not apply when the parties sharing joint control, including the reporting entity, are under common control of the same ultimate controlling party.
The amendments apply to both the acquisition of the initial interest in a joint operation and the acquisition of any additional interests in the same joint operation and are prospectively effective for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments are not expected to have any impact on the Group.
- IAS 16 & IAS 38 - Clarification of Acceptable Methods of Depreciations and Amortisation (Amendments) : The amendments clarify the principle in IAS 16 and IAS 38 that revenue reflects a pattern of economic benefits that are generated from operating a business (of which the asset is part) rather than the economic benefits that are consumed through use of the asset. As a result, a revenue-based method cannot be used to depreciate property, plant and equipment and may only be used in very limited circumstances to amortise intangible assets. The amendments are effective prospectively for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments do not have any impact to the Group given that the Group has not used a revenue-based method to depreciate its non-current assets.
- IAS 16 & IAS 41 - Agriculture : Bearer Plant (Amendments) : The amendments change the accounting requirements for biological assets that meet the definition of bearer plants. Under the amendments, biological assets that meet the definition of bearer plants will no longer be within the scope of IAS 41. Instead, IAS 16 will apply. After initial recognition, bearer plants will be measured under IAS 16 at accumulated cost (before maturity) and using either the cost model or revaluation model (after maturity). The amendments also require that produce that grows on bearer plants will remain in the scope of IAS 41 measured at fair value less costs to sell. For government grants related to bearer plants, IAS 20 Accounting for Government Grants and Disclosure of Government Assistance will apply. The amendments are retrospectively effective for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments do not have any impact to the Group as the Group does not have any bearer plants.
- IAS 27 - Equity Method in Separate Financial Statements (Amendments) : The amendments will allow entities to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. Entities already applying IFRS and electing to change to the equity method in its separate financial statements will have to apply that change retrospectively. For first-time adopters of IFRS electing to use the equity method in its separate financial statements, they will be required to apply this method from the date of transition to IFRS. The amendments are effective for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments will not have any impact on the Group's consolidated financial statements.
- IFRS 10 & IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments) : The amendments address the conflict between IFRS 10 and IAS 28 in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that the gain or loss resulting from the sale or contribution of assets that constitute a business, as defined in IFRS 3, between an investor and its associate or joint venture, is recognised in full. Any gain or loss resulting from the sale or contribution of assets that do not constitute a business, however, is recognised only to the extent of unrelated investors' interests in the associate or joint venture. These amendments must be applied prospectively and are effective for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments are not expected to have any impact on the Group.
- IFRS 10, IFRS 12 and IAS 28 - Investment Entities: Applying the Consolidation Exception (Amendments) : The amendments address issues that have arisen in applying the investment entities exception under IFRS 10. The amendments to IFRS 10 clarify that the exemption from presenting consolidated financial statements applies to a parent entity that is a subsidiary of an investment entity, when the investment entity measures all of its subsidiaries at fair value.
Furthermore, the amendments to IFRS 10 clarify that only a subsidiary of an investment entity that is not an investment entity itself and that provides support services to the investment entity is consolidated. All other subsidiaries of an investment entity are measured at fair value. The amendments to IAS 28 allow the investor, when applying the equity method, to retain the fair value measurement applied by the investment entity associate or joint venture to its interests in subsidiaries.
These amendments must be applied retrospectively and are effective for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments are not expected to have any impact on the Group.
- IAS 1 - Disclosure Initiative (Amendments)
The amendments to IAS 1 Presentation of Financial Statements clarify, rather than significantly change, existing IAS 1 requirements. The amendments clarify:
- The materiality requirements in IAS 1
- That specific line items in the statement(s) of profit or loss and OCI and the statement of financial position may be disaggregated
- That entities have flexibility as to the order in which they present the notes to financial statements
- That the share of OCI of associates and joint ventures accounted for using the equity method must be presented in aggregate as a single line item, and classified between those items that will or will not be subsequently reclassified to profit or loss
Furthermore, the amendments clarify the requirements that apply when additional subtotals are presented in the statement of financial position and the statement(s) of profit or loss and OCI. These amendments are effective for annual periods beginning on or after 1 January 2016, with early adoption permitted. These amendments are not expected to have any impact on the Group.
- Annual Improvements 2012-2014 Cycle
These improvements are effective for annual periods beginning on or after 1 January 2016. They include:
- IFRS 5 Non-current Assets Held for Sale and Discontinued Operations : Assets (or disposal groups) are generally disposed of either through sale or distribution to owners. The amendment clarifies that changing from one of these disposal methods to the other would not be considered a new plan of disposal, rather it is a continuation of the original plan. There is, therefore, no interruption of the application of the requirements in IFRS 5. This amendment must be applied prospectively.
- IFRS 7 Financial Instruments: Disclosures
Servicing contracts : The amendment clarifies that a servicing contract that includes a fee can constitute continuing involvement in a financial asset. An entity must assess the nature of the fee and the arrangement against the guidance for continuing involvement in IFRS 7 in order to assess whether the disclosures are required. The assessment of which servicing contracts constitute continuing involvement must be done retrospectively. However, the required disclosures would not need to be provided for any period beginning before the annual period in which the entity first applies the amendments.
Applicability of the amendments to IFRS 7 to condensed interim financial statements : The amendment clarifies that the offsetting disclosure requirements do not apply to condensed interim financial statements, unless such disclosures provide a significant update to the information reported in the most recent annual report. This amendment must be applied retrospectively.
- IAS 19 Employee Benefits : The amendment clarifies that market depth of high quality corporate bonds is assessed based on the currency in which the obligation is denominated, rather than the country where the obligation is located. When there is no deep market for high quality corporate bonds in that currency, government bond rates must be used. This amendment must be applied prospectively.
- IAS 34 Interim Financial Reporting : The amendment clarifies that the required interim disclosures must either be in the interim financial statements or incorporated by cross-reference between the interim financial statements and wherever they are included within the interim financial report (e.g., in the management commentary or risk report). The other information within the interim financial report must be available to users on the same terms as the interim financial statements and at the same time. This amendment must be applied retrospectively.
These amendments are not expected to have any impact on the Group
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
Dilution in KSK Energy Ventures Limited
During the period ended 30 September 2016, the Group has sold 192,518 equity shares in KSK Energy Ventures Limited ("KEVL") to non - controlling interest. Pursuant to this the economic interest of the Group in KEVL has decreased from 68.17 percent to 68.12 percent resulting in a 0.05 percent decrease in Group's controlling interest in subsidiary without loss of control. The aforesaid transaction is accounted as an equity transaction, and accordingly no gain or loss is recognised in the interim condensed consolidated income statement. The difference of US $ 147, between the fair value of the net consideration received US $ 84 and the amount by which the non-controlling interest are adjusted US $ 231, is debited to 'Other reserve' within consolidated statement of changes in equity and attributed to the owners of the Company.
Forfeiture of share warrant
During the 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.
During the period ended 30 September 2016, KPHL has not exercised the right of conversion of balance 69,856,800 warrants resulting in forfeiture of the same. The aforesaid transaction is accounted as an equity transaction, and accordingly no gain or loss is recognised in the consolidated income statement. An amount of US $ 8,223 by which the non-controlling interest is adjusted and debited to 'other reserve' within consolidated statement of changes in equity and attributed to the owners of the Company.
Acquisition in KSK Mahanadi Power Company Limited
During the period ended 30 September 2016, the Group has issued additional 62,000,000 equity shares in KSK Mahanadi Power Company Limited ("KMPCL") to KSK Energy Ventures Limited ("KEVL") and 97,360,000 equity shares to KSK Energy Company Private Limited ("KECPL") at a face value of Rs 10 (US $ 0.16) at par
Pursuant to above, the economic interest of the Group in KMPCL increased by 0.65 percent 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. Pursuant to this an amount of US $ 327 by which the non - controlling interest is adjusted, is credited to 'other reserve' within consolidated statement of changes in equity and attributed to the owners of the company.
Dilution of KSK Water Infrastructure Private Limited
During the period ended 30 September 2016, the Group has transferred 30,000,000 equity shares of Rs 10 (US $ 0.16) at par in KSK Water Infrastructure Private Limited ("KWIPL") held by KSK Energy Company Private Limited ("KECPL") to KSK Mahanadi Power Company Limited ("KMPCL")
Pursuant to above, the economic interest of the Group in KWIPL decreased by 7.07 percent 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. Pursuant to this an amount of US $ 174 by which the non-controlling interest is adjusted credited to 'other reserve' within 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 Power Mining Other Assets Total
and stations property plant under
buildings and equipment construction
------------------------- ----------- ---------- ---------- --------------- -------------- ----------
Cost
As at 1 April
2015 431,675 2,207,813 12,839 9,111 961,023 3,622,461
Additions 12,912 1,888 - 694 177,816 193,310
Impaired - - - - (3,874) (3,874)
Transfer 14,957 39,346 - - (54,303) -
Disposals/adjustments (135) (256) - (212) - (603)
Exchange difference (23,305) (119,196) (693) (491) (50,416) (194,101)
----------- ---------- ---------- --------------- -------------- ----------
As at 31 March
2016 436,104 2,129,595 12,146 9,102 1,030,246 3,617,193
----------- ---------- ---------- --------------- -------------- ----------
As at 1 April
2016 436,104 2,129,595 12,146 9,102 1,030,246 3,617,193
Additions 3,894 351 - 97 276,169 280,511
Transfer - 16,753 - - (16,753) -
Disposals/adjustments (2,204) - - (24) - (2,228)
Exchange difference (3,421) (16,705) (95) (70) (12,183) (32,474)
----------- ---------- ---------- --------------- -------------- ----------
As at 30 September
2016 434,373 2,129,994 12,051 9,105 1,277,479 3,863,002
----------- ---------- ---------- --------------- -------------- ----------
Depreciation
As at 1 April
2015 22,337 134,173 2,254 6,783 - 165,547
Additions 12,054 77,308 607 972 - 90,941
Disposals / adjustments (17) (61) - (179) - (257)
Exchange difference (1,343) (8,121) (129) (377) - (9,970)
----------- ---------- ---------- --------------- -------------- ----------
As at 31 March
2016 33,031 203,299 2,732 7,199 - 246,261
----------- ---------- ---------- --------------- -------------- ----------
As at 1 April
2016 33,031 203,299 2,732 7,199 - 246,261
Additions 7,085 42,935 323 380 - 50,723
Disposals / adjustments (12) - - (23) - (35)
Exchange difference (232) (1,433) (20) (54) - (1,739)
----------- ---------- ---------- --------------- -------------- ----------
As at 30 September
2016 39,872 244,801 3,035 7,502 - 295,210
----------- ---------- ---------- --------------- -------------- ----------
Net book value
As at 30 September
2016 394,501 1,885,193 9,016 1,603 1,277,479 3,567,792
As at 31 March
2016 403,073 1,926,296 9,414 1,903 1,030,246 3,370,932
------------------------- ----------- ---------- ---------- --------------- -------------- ----------
6. Investments and other financial assets
Consolidated Company
---------------------- ----------------------
30 September 31 March 30 September 31 March
2016 2016 2016 2016
------------ -------- ------------ --------
Current
Financial assets at fair
value through profit or loss
- held-for-trading 5,741 5,177 - -
Loans and receivables 56,220 44,446 87 -
61,961 49,623 87 -
------------ -------- ------------ --------
Non-current
Financial assets at fair
value through profit or loss
- Derivative assets 44,980 45,872 - -
Available-for-sale investments 17,799 17,938 - -
Deposit with banks 7,274 4,994 - -
Loans and receivables 33,920 30,523 - -
Loans to and receivables
from Joint Venture partner 1,489 1,501 - -
Loans to and receivable from
subsidiaries - - 149,130 155,978
Investment in subsidiaries - - 226,825 226,842
------------ -------- ------------ --------
105,462 100,828 375,955 382,820
------------ -------- ------------ --------
Total 167,423 150,451 376,042 382,820
------------------------------- ------------ -------- ------------ --------
Impairment of financial assets
During the period ended 30 September 2016, the Group's available-for-sale financial asset of US $ Nil (31 March 2016: US $ 170) and loans and receivable of US $ 17 (31 March 2016: US $ 16,481) were collectively impaired and written off.
During the period ended 30 September 2016, the Company's loans and receivable of US $ Nil (31 March 2016: US $ 912) were collectively impaired and written off.
7. Cash and short-term deposits
Cash and short-term deposits comprise of the following:
Consolidated Company
---------------------- ----------------------
30 September 31 March 30 September 31 March
2016 2016 2016 2016
------------ -------- ------------ --------
Cash at banks and on hand 69,772 16,022 1,939 1,194
Short-term deposits 91,124 106,778 - -
------------ -------- ------------ --------
Total 160,896 122,800 1,939 1,194
-------------------------- ------------ -------- ------------ --------
For the purpose of cash flow statement, cash and cash equivalent comprise:
Consolidated Company
---------------------------- ----------------------------
30 September 30 September 30 September 30 September
2016 2015 2016 2015
------------- ------------- ------------- -------------
Cash at banks and on
hand 69,772 42,750 1,939 2,099
Short-term deposits 91,124 158,320 - -
------------- ------------- ------------- -------------
Total 160,896 201,070 1,939 2,099
Less: Restricted cash(1) (91,105) (158,318) - -
------------- ------------- ------------- -------------
Cash and cash equivalent 69,791 42,752 1,939 2,099
-------------------------- ------------- ------------- ------------- -------------
(1) Include deposits pledged for availing credit facilities from banks and deposits with maturity term of three months to twelve months.
8. Issued share capital
Share capital
The Company presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders meeting, every holder of ordinary shares, as reflected in the records of the Company on the date of the shareholders' meeting, has one vote in respect of each share held. All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of the Company.
The Company has an authorised share capital of 500,000,000 equity shares (31 March 2016: 500,000,000) at par value of US $ 0.002 (GBP 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 2016 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 consolidated income statement and consolidated other comprehensive income less dividend distribution.
9. Loans and borrowings
The loans and borrowings comprise of the following:
Final Maturity Consolidated Company
-------------- ------------------------ --------------------
30 September 31 March 30 September 31 March
2016 2016 2016 2016
------------- -------------- ---------- ------------ --------------------
Long-term "project
finance" loans April-38 3,040,444 2,793,569 - -
Short-term loans September-17 130,678 158,762 83,360 80,798
Buyers' credit facility September-17 101,837 138,614 35,000 35,000
Cash credit and other
working capital facilities September-17 248,001 194,255 - -
Redeemable preference
shares January-29 5,771 5,817 - -
Debentures March-25 48,253 32,785 - -
-------------- ---------- ------------ --------------------
Total 3,574,984 3,323,802 118,360 115,798
-------------------------------------------- -------------- ---------- ------------ -------- --------
The interest-bearing loans and borrowings mature as follows:
Consolidated Company
----------------------- ----------------------
30 September 31 March 30 September 31 March
2016 2016 2016 2016
------------ --------- ------------ --------
Current liabilities
Amounts falling due within
one year 623,697 623,600 118,360 115,798
Non-current liabilities
Amounts falling due after
more than one year but not
more than five years 1,075,652 925,489 - -
Amounts falling due in more
than five years 1,875,635 1,774,713 - -
------------ --------- ------------ --------
Total 3,574,984 3,323,802 118,360 115,798
---------------------------- ------------ --------- ------------ --------
-- Long-term "project finance" loans of the Group amounting US $ 3,040,444 (31 March 2016: US $ 2,793,569) 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 2017 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 within 13 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.
10. Other financial liabilities
30 September 31 March
2016 2016
----------------------------------- ------------ --------
Current
Option premium payable 6,365 5,469
Foreign exchange forward contracts 2,413 629
------------ --------
8,778 6,098
------------ --------
Non-Current
Option premium payable 14,533 17,065
Interest rate swaps 5,406 6,174
------------ --------
19,939 23,239
------------ --------
Total 28,717 29,337
------------------------------------- ------------ --------
11. Segment information
The Group has adopted the "management approach" in identifying the operating segments as outlined in IFRS 8. Management has analysed the information that the chief operating decision maker reviews and concluded on the segment disclosure.
For management purposes, the Group is organised into business units based on their services and has two reportable operating segments as follows:
-- Power generating activities and
-- Project development activities
Management monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss which in certain respects, as explained in the table below, is measured differently from operating profit or loss in the Consolidated financial statements. Group financing (including finance costs and finance income) and income taxes are managed on a Group basis and are not allocated to operating segments. There is only one geographical segment as all the operations and business is carried out in India.
Period ended 30 September Project Power Reconciling Consolidated
2016 development generating / Elimination
activities activities activities
------------------------------- ------------- ------------ --------------- -------------
Revenue
External customers 16 315,384 - 315,400
Inter-segment 1,326 - (1,326) -
Total revenue 1,342 315,384 (1,326) 315,400
------------- ------------ --------------- -------------
Segment operating results 934 50,475 294 51,703
Unallocated operating
expenses, net . (794)
Finance costs (178,151)
Finance income 10,354
-------------
Loss before tax (116,888)
Tax income 13,315
-------------
Loss after tax (103,573)
-------------
Segment assets 9,457 4,333,236 (6,213) 4,336,480
Unallocated assets 300,174
Total assets 4,636,654
-------------
Segment liabilities 591 491,784 (6,213) 486,162
Unallocated liabilities 3,838,179
Total liabilities 4,324,341
-------------
Other segment information
Depreciation and amortisation 24 50,731 30 50,785
Capital expenditure 1 280,509 1 280,511
------------------------------- ------------- ------------ --------------- -------------
Period ended 30 September Project Power Reconciling Consolidated
2015 development generating / Elimination
activities activities activities
------------------------------- ------------- ------------ --------------- -------------
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 operating results 1,016 27,916 371 29,303
Unallocated operating
expenses, net (626)
Finance costs (184,721)
Finance income 9,551
-------------
Loss before tax (146,493)
Tax income 48,832
-------------
Loss after tax (97,661)
Segment assets 10,396 3,893,883 (4,474) 3,899,805
Unallocated assets 329,050
-------------
Total assets 4,228,855
-------------
Segment liabilities 8,438 345,490 (4,474) 349,454
Unallocated liabilities 3,454,161
-------------
Total liabilities 3,803,615
-------------
Other segment information
Depreciation and amortisation 43 51,276 40 51,359
Capital expenditure 3 89,891 29 89,923
------------------------------- ------------- ------------ --------------- -------------
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 $ 10,354 and US $ 178,151 respectively (30 September 2015: US $ 9,551 and US $ 184,721respectively).
(c) Segment assets do not include deferred tax asset of US $ 154,124 (30 September 2015: US $ 169,620), financial assets and other investments US $ 109,452 (30 September 2015: US $ 108,289), short-term deposits with bank and cash US $ 9,770 (30 September 2015: US $ 24,244), and corporate assets US $ 26,828 (30 September 2015: US $ 26,897).
(d) Segment liabilities do not include deferred tax US $ 37,455 (30 September 2015: US $ 32,111), current tax payable US $ 1,313 (30 September 2015: US $ 2,621), interest-bearing current and non-current borrowings US $ 3,574,984 (30 September 2015: US $ 3,258,129), derivative liabilities US $ 28,717 (30 September 2015: US $ 30,743) and corporate liabilities US $ 195,710 (30 September 2015: US $ 130,557).
(e) The Company operates in one business and geographic segment. Consequently no segment disclosures of the Company are presented.
(f) Three customers in the power generating segment contributing revenues of US $ 243,613 accounted for 77.19% (30 September 2015: Two customers in the power generating segment contributing revenues of US $ 144,648 accounted for 58.93% ) of the total segment revenue.
12. Finance costs
Finance costs comprise:
Consolidated Company
-------------------------- --------------------------
30 September 30 September 30 September 30 September
2016 2015 2016 2015
------------ ------------ ------------ ------------
Interest expenses on loans
and borrowings (1) 152,512 147,261 621 600
Other finance costs 11,047 8,579 860 786
Impairment of financial
assets (2) - 26 - -
Net loss on financial instrument
at fair value through profit
or loss (3) 2,538 1,048 - -
Foreign exchange loss,
net 10,821 26,792 2,375 311
Unwinding of discounts 1,233 1,015 - -
Total 178,151 184,721 3,856 1,697
--------------------------------- ------------ ------------ ------------ ------------
(1) Borrowing cost capitalised during the period amounting to US $ 78,105 (30 September 2015: US $ 65,935).
(2) Impairment of financial assets relates to available-for-sale financial asset of US $ Nil (30 September 2015: US $ 26).
(3) Net 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.
13. Finance income
The finance income comprises:
30 September 30 September
2016 2015
------------------------------ ------------ ------------
Interest income
bank deposits 3,584 6,779
loans and receivables 5,684 1,482
Dividend income 126 289
Net gain on held-for-trading
financial assets
on disposal 17 4
on re-measurement 13 70
Unwinding of discount
on security deposits 923 927
Reclassification adjustment
in respect of available
for sale instrument disposed 7 -
-------------------------------- ------------ ------------
Total 10,354 9,551
-------------------------------- ------------ ------------
14. Tax income / (expense)
The major components of income tax for the period ended 30 September 2016 and 30 September 2015 are:
30 September 30 September
2016 2015
------------ ------------
Current tax (373) (2,178)
Deferred tax 13,688 51,010
------------ ------------
Tax income reported in the income statement 13,315 48,832
-------------------------------------------- ------------ ------------
15. Related party transactions
The table below set out transactions with related parties that occurred in the normal course of trading.
Particulars Consolidated Company
----------------- ------------------------------------------------------ ----------------------------------------------------------
30 September 30 September 30 September 30 September
2016 2015 2016 2015
----------------- -------------------------- ---------------------------- ----------------------------
Joint Parent KMP Joint Parent KMP Subsidiaries Parent KMP Subsidiaries Parent KMP
operations / GUP operations / / /
GUP GUP GUP
----------------- ----------- ------- ---- ----------- ------- ---- ------------- ------- ---- ------------- ------- ----
Transactions
Corporate
support
services
fees 16 - - 17 - - - - - - - -
Interest
income 262 - - 263 - - - - - - - -
Inter-corporate
deposits
and loans
given - - - 48 30 - 53 - - 5,339 - -
Inter-corporate
deposits
and loans
refunded - - - - (132) - (514) - - (3,977) - -
Loan taken 349 5 - - 425 - 1,802 5 - 14 - -
Repayment - - - - - - 29 - - - - -
of loan taken
Refund of
share
application
money - - - - 2,759 - - - - - 2,759 -
Equity-settled
share based
payment - - 8 - - 24 - - 8 - - 24
Managerial
remuneration - - 335 - - 328 - - 175 - - 161
Balances
Interest
receivable 4,384 - - 3,896 - - - - - - - -
Loans and
inter corporate
deposits
receivable 1,489 776 - 15,002 799 - 149,130 - - 173,387 23 -
Loans payable 616 412 - - 413 - 82,476 17 - 61,970 - -
Other receivable 17 - 10 - - - - - - - -
Other payable 2,354 167 - 1,373 - - - 167 - - - -
Guarantees
given - - - 135 - - 461,553 - - 465,087 - -
Managerial
remuneration
payable - - 99 - - 117 - - 79 - - 79
----------------- ----------- ------- ---- ----------- ------- ---- ------------- ------- ---- ------------- ------- ----
16. Commitments and contingencies
a. Capital commitments
As at 30 September 2016, the Group is committed to purchase property, plant and equipment for US $ 1,292,052
(31 March 2016: US $ 1,467,098). In respect of its interest in joint operations the Group is committed to incur capital expenditure of US $ 48 (31 March 2016: US $ 49).
b. Guarantees
-- The Company has guaranteed to unrelated parties for the loans and non-fund based facilities availed by subsidiaries for US $ 292,219 (31 March 2016: US $ 319,535) and
-- The Group guaranteed the performance of the joint ventures under the power delivery agreements to unrelated parties. No liability is expected to arise.
c. Legal and other claim
As a part of the environment and activities of the Group, the Group is exposed to a number of litigation and claim matters which may significantly impact receivables or payables. No significant developments have occurred in respect of these matters during the period except disclosed below. Litigation and other matters are disclosed in detail in note number 29 in 31 March 2016 financials.
i. SWPL had 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 $ 10,922 (2016: US $ 11,008). 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. During the period ended 30
September 2016 the group received an unfavorable ruling on a claim against a state body MSEDCL as it was concluded the claims if allowed were against public interest and accordingly group has impaired and written off the entire claim amount.
ii. KSK Mahanadi, the Group's largest thermal power generation plant with two units fully operational and balance units in various stages of construction and commissioning is engaged in the generation and supply of power to four state utilities of Andhra Pradesh, Telangana, Tamil Nadu and Uttar Pradesh under Case 1 competitive bid Power Purchase Agreement (PPA). The respective PPAs in addition to the agreed tariff payable for the power supplied contains specific provisions providing for tariff adjustment payment to the generator on account of Change in law. The Change in law provision essentially provides reimbursement mechanism for all additional recurring or non-recurring expenditure incurred by the Generator towards new costs levied / incurred post the bidding point. These claims under the PPA cover both (a) Claim on account of various statutory duties, levies and cess levied by Central or State Governments or its instrumentalities; and (b) linkage coal shortfall compensation with respective to Presidential Directive and Ministry of Power Notification to all Electricity Regulators in India. KSK Mahanadi has made claims pursuant to the above PPA provisions in excess of US $ 237,941, wherein claim pertaining to taxes amounts to US $ 58,841 and claim on account of short supply of coal pursuant to the Presidential Directive amounts to US $ 179,100. However, notwithstanding its eligibility for the full claim as per the PPA, keeping in view the regulatory commitments by the Government instrumentalities, the necessary legal and administrative process that KSK Mahanadi has to pursue, on its internal evaluation of the facts and circumstances of the case on a prudent basis, KSK Mahanadi has recognised a portion of the claim aggregating to US $ 179,021 in the books of accounts until date, wherein US $ 39,613 pertains to the current period. KSK Mahanadi has in its notices to the utilities submitted that it qualifies for the composite scheme guidelines and hence Central Electrical Regulatory Commission (CERC) will be the relevant appropriate authority to adjudicate the matter. While in the earlier period, the claims were to be determined by the State Regulators, pursuant to a recent ruling by the Appellate Tribunal of Electricity (APTEL) with respect to multiple power producers, the jurisdiction of CERC has been reaffirmed. Based on the bid guidelines, the PPA provisions and the legal advice that KSK Mahanadi has obtained, Group has made necessary amendments in its claim petitions and filled before CERC. Based on the legal advice and recent ruling of CERC in similarly placed power project, KSK Mahanadi is confident that the entire claim amount is fully receivable.
17. Financial Instruments
Carrying amounts versus fair values
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Consolidated statement of financial position are as follows:
Carrying amount Fair value Carrying amount Fair value
---------------------------------------- ------------------ ------------------ ---------------- --------------
30 September 2016 30 September 2016 31 March 2016 31 March 2016
---------------------------------------- ------------------ ------------------ ---------------- --------------
Non- current financial assets
Trade and other receivables 2,730 2,730 2,593 2,593
Equity securities - available-for-sale 17,799 17,799 17,938 17,938
Loans and receivables 35,409 35,409 32,024 32,024
Derivative assets 44,980 44,980 45,872 45,872
Non-current bank deposits 7,274 7,274 4,994 4,994
------------------ ------------------ ---------------- --------------
Total non-current 108,192 108,192 103,421 103,421
------------------ ------------------ ---------------- --------------
Current financial assets
Trade and other receivables 415,034 415,034 367,139 367,139
Equity securities - held for trading 127 127 115 115
Debt securities-held for trading 5,614 5,614 5,062 5,062
Loans and receivables 56,220 56,220 44,446 44,446
Cash and short-term deposits 160,896 160,896 122,800 122,800
------------------ ------------------ ---------------- --------------
Total current 637,891 637,891 539,562 539,562
Total 746,083 746,083 642,983 642,983
------------------ ------------------ ---------------- --------------
Non- current financial liabilities
Trade and other payables 62,258 62,258 30,496 30,496
Loans and borrowings 2,951,287 2,951,287 2,700,202 2,700,202
Interest rate swaps 5,406 5,406 6,174 6,174
Option premium payable 14,533 14,533 17,065 17,065
------------------ ------------------ ---------------- --------------
Total non-current 3,033,484 3,033,484 2,753,937 2,753,937
------------------ ------------------ ---------------- --------------
Current financial liabilities
Trade and other payables 606,980 606,980 493,099 493,099
Loans and borrowings 623,697 623,697 623,600 623,600
Foreign exchange forward contract 2,413 2,413 629 629
Option premium payable 6,365 6,365 5,469 5,469
------------------ ------------------ ---------------- --------------
Total current 1,239,455 1,239,455 1,122,797 1,122,797
Total 4,272,939 4,272,939 3,876,734 3,876,734
---------------------------------------- ------------------ ------------------ ---------------- --------------
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Company statement of financial position are as follows:
Carrying amount Fair value Carrying amount Fair value
--------------------------------------- ------------------ ------------------ ---------------- --------------
30 September 2016 30 September 2016 31 March 2016 31 March 2016
--------------------------------------- ------------------ ------------------ ---------------- --------------
Non-current financial assets
Loans and receivables to subsidiaries 149,130 149,130 155,978 155,978
Total non-current 149,130 149,130 155,978 155,978
Current financial assets
Loans and receivables 87 87 - -
Cash and short-term deposits 1,939 1,939 1,194 1,194
------------------ ------------------ ---------------- --------------
Total current 2,026 2,026 1,194 1,194
Total 151,156 151,156 157,172 157,172
------------------ ------------------ ---------------- --------------
Current financial liabilities
Trade and other payables 1,261 1,261 1,503 1,503
Loans and borrowings 118,360 118,360 115,798 115,798
Total current 119,621 119,621 117,301 117,301
--------------------------------------- ------------------ ------------------ ---------------- --------------
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 is 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).
30 September 2016 Level Level Level Total
1 2 3
---------------------------------------- ------ ------- ------- -------
Financial assets measured at
fair value
Equity securities - available-for-sale 506 - 17,293 17,799
Equity securities - held for
trading 127 - - 127
Debt securities-held for trading 5,614 - - 5,614
Derivative assets - 44,980 - 44,980
Total 6,247 44,980 17,293 68,520
------ ------- ------- -------
Financial liabilities measured
at fair value
Interest rate swaps - 5,406 - 5,406
Option premium payable - 20,898 - 20,898
Foreign exchange forward contract - 2,413 - 2,413
------ ------- ------- -------
Total - 28,717 - 28,717
---------------------------------------- ------ ------- ------- -------
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 period ended 30 September 2016, there were no transfers between Level 1 and Level 2 fair value measurements.
Reconciliation of Level 3 fair value measurements of financial assets:
30 September 2016 Available-for-sale Total
Unquoted
Equities
--------------------------------------------- ------------------- -------
Opening balance 17,429 17,429
Total gains or losses:
- in income statement - -
- in other comprehensive income
change in fair value of available - -
for sale financial asset
foreign currency translation difference (136) (136)
Settlements - -
Transfers into level 3 - -
------------------- -------
Closing balance 17,293 17,293
--------------------------------------------- ------------------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR WGGWGGUPQUQU
(END) Dow Jones Newswires
November 30, 2016 02:01 ET (07:01 GMT)
1 Year Ksk Power Ventur Chart |
1 Month Ksk Power Ventur Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
