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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 |
With some of the new developments addressed, the Company has every confidence that it will secure the necessary further funding as may be required, in appropriate formats, to complete remaining major capital expenditure, resulting in an enhanced operational profile and resultant improved financial performance over time.
OUTLOOK
With unfulfilled demand for power generation in India expected to continue to grow through the coming decade, coupled with the high quality of the Company's expanding asset base, a proven execution capability, and an increasingly efficient business structure, KSK is well positioned to address the Indian power generation opportunities. We anticipate further growth upon securing fuel supplies pursuant to the new statute. As outstanding issues are resolved, and with the successful phased completion of the balance of the units of the 3.6 GW KSK Mahanadi power project being added to the Company's existing portfolio, the Board believes KSK will be one of India's leading suppliers of power.
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 & 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;
-- Deviation from approved government policies and abuse of market dominance position by certain contractual counter parties;
-- Denial of fuel supplies pursuant to cancellations, shortage of fuel and dependence on market based or imported fuel which are subject to market vagaries and other uncertainties;
-- Economic slowdown and negative sectoral outlook with resultant impact on banking sector delays in agreed project disbursements and timely availability of credit;
-- Delays in enforcement of contractual rights or legal remedies with government counter parties undertaking fuel supplies, power off take, transmission corridor access amongst others;
-- PPA counter parties going contrary to pre agreed understanding and seeking benefits from the power generators that are often in conflict with shareholder obligations to further the business;
-- Unusual currency depreciation that adversely effects the cost of project imports, project implementation, and repayment obligations;
-- Logistics bottlenecks and other infrastructure constraints of various agencies;
-- Challenges in the development of support infrastructure for the power projects including physical hindrances and delay in the issue of permits and clearances associated with land acquisitions; and
-- Political and economic instability, global financial turmoil and the resultant fiscal and monetary policies as well as currency depreciation resulting in increasing cost structures.
A full set of condensed interim unaudited consolidated financial statements will be available from the Company websites: www.kskplc.co.uk
An extract of the interim un-audited results for the six months ended 30 September 2014 is shown below.
Contents
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
INTERIM CONSOLIDATED AND COMPANY INCOME STATEMENT
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
INTERIM COMPANY STATEMENT OF CHANGES IN EQUITY
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
NOTES TO INTERIM CONDENSED CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL POSITION
as at 30 September 2014
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company ------------------------- ------------------------ Notes 30 September 31 March 30 September 31 March 2014 2014 2014 2014 ------------- ---------- ------------- --------- ASSETS Non-current Property, plant and equipment 3,309,384 3,215,282 - - Intangible assets and goodwill 19,611 20,245 - - Investments and other financial assets 5 149,005 154,577 398,760 366,767 Other non-current assets 97,189 98,461 - - Trade and other receivables 3,792 3,422 - - Deferred tax asset 50,534 33,269 - - 3,629,515 3,525,256 398,760 366,767 ------------- ---------- ------------- --------- Current Investments and other financial assets 5 83,224 73,240 29 4 Other current assets 30,521 22,688 589 391 Trade and other receivables 170, 672 158,139 - - Inventories 27,017 24,588 - - Cash and short-term deposits 6 194,091 194,054 1,358 173 ------------- ---------- ------------- --------- 505,525 472,709 1,976 568 ------------- ---------- ------------- --------- Assets held for sale - 18,456 - - ------------- ---------- ------------- --------- Total assets 4,135,040 4,016,421 400,736 367,335 ------------- ---------- ------------- --------- EQUITY AND LIABILITIES Issued capital 289 289 289 289 Share premium 287,191 287,191 287,191 287,191 Share application money 16,498 18,000 16,498 18,000 Foreign currency translation reserve (125,124) (113,933) 10,769 12,580 Revaluation reserve 2,567 2,614 - - Capital redemption reserve 10,942 5,461 - - Other reserves 151,284 143,615 68 10 Retained earnings / (Accumulated deficit) 21,607 69,254 (16,377) (14,249) ------------- ---------- ------------- --------- Equity attributable to owners of the Company 365,254 412,491 298,438 303,821 Non-controlling interests 207,792 169,782 - - ------------- ---------- ------------- --------- Total equity 573,046 582,273 298,438 303,821 ------------- ---------- ------------- --------- Non-current liabilities Interest-bearing loans and borrowings 7 2,576,970 1,943,926 - - Other non-current financial liabilities 8 26,189 28,193 - - Trade and other payables 51,093 51,110 - - Provisions 2,515 2,494 - - Deferred revenue 4,726 4,974 - - Employee benefit liability 460 495 - - Deferred tax liabilities 35,869 31,567 - - 2,697,822 2,062,759 - - ------------- ---------- ------------- --------- Current liabilities Interest-bearing loans and borrowings 7 536,131 944,750 100,912 62,028 Other current financial liabilities 8 5,042 5,073 - - Trade and other payables 310,997 391,124 1,386 1,486 Deferred revenue 712 740 - - Other current liabilities 8,331 9,336 - -
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