Lotus Hydro Power PlcCSELK: HPFL.N0000

Interim Financial Statements as of 30 06 2024

Aug 13, 2024 at 3:28 AM UTC · Issued by Lotus Hydro Power PLC

INTERIM FINANCIAL STATEMENTS

For the Three Months Period Ended 30th June 2024

LOTUS HYDRO POWER PLC

2nd Floor, No. 168, Negombo Road, Peliyagoda, Sri Lanka.

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED 30TH JUNE 2024

PAGE	CONTENTS
NO.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP/COMPANY
STATEMENT OF FINANCIAL POSITION - GROUP & COMPANY
STATEMENT OF CHANGES IN EQUITY - GROUP & COMPANY
STATEMENT OF CASH FLOW - GROUP & COMPANY
NOTES TO THE INTERIM FINANCIAL STATEMENTS
INVESTOR INFORMATION
CORPORATE INFORMATION

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Group
Three months ended		Year ended
	Un-audited		Un-audited
30.06.2024	30.06.2023	Variance	31.03.2024

Page -01

	Company
Three months ended		Year ended
	Un-audited		Un-audited
30.06.2024	30.06.2023	Variance	31.03.2024

Revenue

Cost of sales

Gross profit

Other income

Administration expenses

Rs.Rs.

104,847,621 26,678,098

(26,910,805) (25,948,147)

77,936,816 729,951

8,072,163
(12,830,713) (10,983,380)

293%

10577%

-100%

17%

221,656,786

(111,440,074)

110,216,712

6,833,175

(51,059,608)

Rs.Rs.

67,657,888 12,216,177

(13,969,391) (14,445,206)

53,688,497 (2,229,029)

-	8,072,163
(12,273,357)	(10,570,825)

454%

-3%

-2509%

-100%

16%

Rs.

127,550,502

(56,776,331)

70,774,171

6,833,175

(48,995,789)

Profit from operating activities

Finance income

Finance costs

Net finance income

65,106,103

6,212,033

(283,589)

5,928,444

(2,181,266)

5,865,210

(299,696)

5,565,514

-3085%

-5%

65,990,279

16,737,138

(1,192,713)

15,544,425

41,415,140

(4,727,691)

4,275,144 5,865,210

(46,335) (60,076)

4,228,809 5,805,134

-976%

-27%-23%-27%

28,611,557

16,737,138

(189,759)

16,547,379

Profit before tax

Income tax expense

Profit for the period

Other comprehensive income

71,034,547

(19,151,711)

51,882,836

3,384,248

(782,740)

2,601,508

1999%

2347%

1894%

81,534,704	45,643,949	1,077,443
(16,526,454)	(13,888,487)	(547,855)

65,008,250	31,755,462		529,588

4136%

2435%

5896%

45,158,936

(10,036,622)

35,122,314

Acturial loss on defined benefit plan	-	-	-	434,281	-	-	-	81,317
Deferred tax on actuarial loss on retirement benefit
obligations	-	-	-	(94,988)	-	-	-	(24,395)
Other comprehensive income net of tax	-		-	-	339,293	-		-	-	56,922
Total comprehensive income for the period				1894%				5896%
51,882,836	2,601,508		65,347,543	31,755,462	529,588	35,179,236
Earnings per share - Rs.	0.48	0.02			0.60	0.29	0.00		0.32
Figures in brackets indicate deductions.
The above figures are subject to audit.

Colombo

12th August 2024

STATEMENT OF FINANCIAL POSITION AS AT 30TH JUNE

ASSETS

Non-current assets

LOTUS HYDRO POWER PLC

Group

Un-auditedUn-audited

30.06.2024 30.06.2023 31.03.2024

Rs.Rs.Rs.

		Page -02

	Company
Un-audited	Un-audited
30.06.2024	30.06.2023	31.03.2024
Rs.	Rs.	Rs.

Property, plant and equipment	532,686,695	575,152,049	543,080,260
Right of use Land	17,084,588	12,536,413	18,155,477
Capital work-in-progress	9,368,488	9,368,488	9,368,488
Investments in subsidiaries	-	-	-
Total non current assets	559,139,771		597,056,950	570,604,225
Current assets	21,436,476	23,354,093	22,115,105
Inventories
Trade and other receivables	40,648,807	187,171,431	32,724,247
Amounts due from related parties	98,900,507	113,224,567	69,328,189
Cash and cash equivalents	220,838,269	50,914,761	185,006,246
Total current assets	381,824,059		374,664,852	309,173,787
Total assets	940,963,830	971,721,802	879,778,012
EQUITY AND LIABILITIES
Capital and reserve	482,300,200	482,300,200	482,300,200
Stated capital
Revaluation reserve	146,010,923	154,751,713	148,328,557
Reserves	101,802	101,802	101,802
Retained earnings	130,385,854	159,739,551	76,185,384
Total equity	758,798,779	796,893,266	706,915,943
Non-current liabilities	7,732,237	7,812,650	7,737,507
Lease liability
Deferred tax liability	125,198,158	132,273,007	126,932,589
Retirement benefit obligations	10,729,336	8,604,596	10,114,335
Total non-current liabilities	143,659,731		148,690,253	144,784,431
Current liabilities	7,592,190	6,895,663	8,927,481
Other payables
Amount due to related parties	63,435	47,195	113,474
Lease liability	601,060	770,120	993,561
Income tax payable	29,545,995	17,832,001	17,729,251
Bank Overdraft	702,640	593,304	313,871
Total current liabilities	38,505,320	26,138,283	28,077,638
Total liabilities	182,165,051	174,828,536	172,862,069
Total equity and liabilities	940,963,830	971,721,802	879,778,012

Net assets per ordinary share (Rs.)	6.96	7.31	6.48

Figures in brackets indicate deductions.

These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.

Sgd.

Mrs. D P Lokugalappaththi

(Chief Financial Officer)

The Board of directors is responsible for the preparation and presentation of these financial statements. Approved and signed for and on behalf of the Board of directors of Lotus Hydro Power PLC.

Sgd.	Sgd.
Mr. Gowri Shankar	Mr. Indrajith Fernando
(Director)	(Director)
Colombo
12th August 2024

278,133,614	296,642,753	282,515,771
10,499,372	5,633,845	11,490,923
-	-	-
281,997,662	281,997,662	281,997,662
570,630,648		584,274,260		576,004,356
19,393,709	21,311,326	20,072,338
21,277,395	107,986,967	13,470,548
87,401,683	155,310,363	74,042,467
134,870,208	50,812,772	112,601,228
262,942,995	335,421,428		220,186,581
833,573,643	919,695,688		796,190,937

482,300,200	482,300,200	482,300,200
146,010,923	154,751,713	148,328,557
101,802	101,802	101,802
89,766,948	167,344,406	55,693,852
718,179,873	804,498,121		686,424,411
-	-	-
80,872,321	86,697,363	82,300,661
7,854,791	6,204,715	7,344,790
88,727,112		92,902,078		89,645,451
4,715,568	5,259,833	6,416,367
63,435	47,195	113,474
540,837	709,897	905,612
20,644,178	15,702,666	12,371,751
702,640	575,898	313,871
26,666,658	22,295,489		20,121,075
115,393,770	115,197,567		109,766,526
833,573,643	919,695,688		796,190,937

6.58	7.37	6.29

	LOTUS HYDRO POWER PLC					Page -03

INTERIM FINANCIAL STEMENTS
STATEMENT OF CHANGES IN EQUITY
Group	Stated		Revaluation	Revenue		Retained		Total

	Capital		Reserve	Reserve		Earnings
	Rs.		Rs.	Rs.		Rs.		Rs.
Balance as at 1st April ,2023 (Audited)	482,300,200	157,599,092			101,802	154,290,664	794,291,758
Total Comprehensive income for the period	-	-			-	2,601,508	2,601,508
Depreciation transfer on revalued assets	-	(2,847,379)			-	2,847,379	-
Balance as at 30th June, 2023 (Un-audited)
482,300,200	154,751,713		101,802	159,739,551	796,893,266

Balance as at 31st March 2024 (Un-audited)	482,300,200	148,328,557			101,802	76,185,384	706,915,943
Total comprehensive income for the period	-	-			-	51,882,836	51,882,836
Depreciation transfer on revalued assets	-	(2,317,634)			-	2,317,634	-
Balance as at 30th June, 2024 (Un-audited)
482,300,200	146,010,923			101,802	130,385,854	758,798,779
Company
	Stated		Revaluation	Revenue		Retained		Total
	Capital		Reserve	Reserve		Earnings
	Rs.		Rs.	Rs.		Rs.		Rs.
Balance as at 1st April ,2023 (Audited)	482,300,200	157,599,092			101,802	163,967,439	803,968,533
Total Comprehensive income for the period	-	-			-	529,588	529,588
Depreciation transfer on revalued assets	-	(2,847,379)			-	2,847,379	-
Balance as at 30th June, 2023 (Un-audited)
482,300,200	154,751,713			101,802	167,344,406	804,498,121

Balance as at 31st March 2024 (Un-audited)	482,300,200	148,328,557			101,802	55,693,852	686,424,411
Total comprehensive income for the period	-	-			-	31,755,462	31,755,462
Depreciation transfer on revalued assets	-	(2,317,634)			-	2,317,634	-
Balance as at 30th June, 2024 (Un-audited)
482,300,200	146,010,923			101,802	89,766,948	718,179,873

Figures in brackets indicate deductions.

Page -04

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENT OF CASH FLOW

		Group
	Un audited	Un audited
	30.06.2024	30.06.2023	31.03.2024
Cash flows from operating activities	Rs.	Rs.	Rs.
71,034,547
Net profit/(loss) before CER adjustment and taxation	3,384,248	81,534,704
Adjustments for:
Depreciation	10,393,566	10,440,636	42,706,508
Amortization of leasehold assets	1,070,889	648,546	3,429,482
Interest cost on lease liability	237,254	239,620	-
Provision for defined benefit plan costs - gratuity	615,000	270,000	2,618,020
Certified Emission Reduction (CER) write-off / addition	-	-	(14,615,259)
Interest income	(6,057,350)	(5,865,210)	(16,737,138)
Interest expenses	283,589	299,696	1,130,848
Operating profit/(loss) before working capital changes	6,542,948	6,033,288	18,532,461
77,577,495	9,417,536	100,067,165
(Increase) / decrease in inventories
678,629	(15,854,247)	-
(Increase) / decrease in trade and other receivables	(7,924,560)	37,705,978	192,153,162
(Increase) / decrease in amounts due from related parties	(29,572,318)	37,156	(55,567,885)
(Increase) / decrease in amounts due to related parties	(50,039)	(100,703)	(34,424)
Increase / (decrease) in trade and other payables	(1,335,291)	498,475	2,530,293
Cash generated from / (used) in operations	(38,203,579)	22,286,659	139,081,146
39,373,916	31,704,195	239,148,311
Interest paid
(283,590)	(223,221)	-
Income tax paid	(9,069,397)	(860,755)	(22,066,149)
Gratuity paid	-	(303,750)	(707,750)
Net cash flow from / (used) in operating activities	(9,352,987)	(1,387,726)	(22,773,899)
30,020,929	30,316,469	216,374,412

Cash flow from investing activities

Company

Un audited	Un audited
30.06.2024	30.06.2023	31.03.2024
Rs.	Rs.	Rs.
45,643,949	1,077,443	45,158,936

4,382,157	4,427,985	18,643,281
991,551	569,206	3,112,128
-	-	-
510,000	210,000	1,835,392
-	-	(14,615,259)
(4,275,144)	(5,865,210)	(16,737,138)
46,335	60,076	127,894
1,654,899	(597,943)	(7,633,702)
47,298,848	479,500	37,525,234

678,629	(15,854,247)	-
(7,806,847)	30,467,015	124,983,434
(13,359,216)	14,692,955	(3,540,568)
(50,039)	(100,703)	(34,424)
(1,700,799)	1,287,064	2,443,598
(22,238,272)	30,492,084	123,852,040
25,060,576	30,971,584	161,377,274

(46,335)	(60,076)	-
(7,044,399)	(534,278)	(17,775,057)
-	(303,750)	(707,750)
(7,090,734)	(898,104)	(18,482,807)
17,969,842	30,073,480	142,894,467

Acquisition of property, plant and equipment		-	(116,900)	(310,984)		-	(116,900)	(205,214)
Interest received		6,057,350	5,865,210	13,941,272		4,275,144	5,865,210	13,941,272
Funds transferred to related parties		-	-	102,297,285		-	-	102,297,285
Net cash from /(used) in investing activities	6,057,350	5,748,310	115,927,573		4,275,144	5,748,310	116,033,343
Cash flow from financing activities
Repayment of long term borrowings		-	(413,381)	-		-	(413,381)	-
Payment of lease rental		(635,025)	(270,249)	(9,826,560)		(364,775)	-	(8,745,560)
Dividend paid		-	-	(152,723,358)		-	-	(152,723,358)
Net cash from/(Used) in financing activities		(635,025)	(683,630)	(162,549,918)		(364,775)	(413,381)	(161,468,918)
Net decrease in cash and cash equivalents		35,443,254	35,381,149	169,752,067	21,880,211	35,408,409	97,458,892
Cash and cash equivalents at the beginning of the period	184,692,375	14,940,308	14,940,308	112,287,357	14,828,465	14,828,465
Cash and cash equivalents at the end of the period		220,135,629	50,321,457	184,692,375		134,167,568	50,236,874	112,287,357

Figures in brackets indicate deductions.

Colombo

12th August 2024

Page -05

LOTUS HYDRO POWER PLC

NOTES TO THE PROVISIONAL FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED 30TH JUNE 2024

ACCOUNTING POLICIES
The provisional interim financial statements of the Company/Group are unaudited and have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2024 and are in compliance with the Sri Lanka Accounting Standard 34-Interim Financial Reporting. Provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements of the Company/Group.
Accounting policies and methods of computation as stated in the Financial Statments for 2023/2024 are followed in the preparation of these provisional financial statements.
COMPARATIVE INFORMATION
The previous period figures and phrases have been re - arranged where necessary to conform to the current period's presentation and classifications.
STATED CAPITAL

4.1 NO. OF SHARES REPRESENTING THE STATED CAPITAL

The stated capital amounting to Rs. 482,300,200/- is represented by 109,088,112 Nos. of ordinary shares as at 30 th June 2024.
CONTINGENT LIABILITIES
There has been no significant change in the nature of the contingent liabilities other than those disclosed in the financial statements for the year ended 31st March 2024.
EVENTS AFTER THE FINANCIAL POSITION DATE
No circunstances have arisen since the date of financial position which would require adjustments or disclosure in the provisional financial statements.
FUNCTIONAL AND PRESENTATION CURRENCY
The financial statements are presented in Sri Lankan rupees, which is the Company's functional currency. Financial information presented in Sri Lankan rupees has been rounded to the nearest rupee unless indicated otherwise.
APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
The provisional financial statements of the Group and the Company for the First quarter ended 30th June 2024 were authorized for issue by the Board of directors on 12th August 2024.
NO. OF ORDINARY SHARES HELD BY THE DIRECTORS

	As at
Name of Director	30th June 2024
	Nos.
Mr. G. D. Seaton	-
Mr. Gowri Shankar	-
Mr. A. U. A. M. Authokorala	-
Dr. T. Senthilverl	15,000,000
Sampath Bank PLC/Dr.T.Senthilverl
Seylan Bank PLC/ Senthilverl Holdings (Pvt) Ltd	1,557,457
Mr. A. I. Fernando	-
Mr. U. H. Palihakkara	-

10 CERTIFIED EMISSION REDUCTION (CER) UNITS

Certified Emission Reduction (CER) Units have been valued at net realizable value (NRV) of USD 1. The Company /Group has progressed with the related activities for the validation and verification.

LOTUS HYDRO POWER PLC

INVESTER INFORMATION

Market performance - ordinary shares

Closing price per share (Rs.)

Highest price per share during the quarter (Rs.)

Lowest price per share during the quarter (Rs.)

Twenty largest shareholders

Lotus Renewable Energy Private Limited
Sampath Bank PLC/ Dr.T.Senthilverl
Seylan Bank PLC/ Senthilverl Holdings (Pvt) Ltd
Mr. D.D Gunaratne
Mr. H.A.R. Pieris
Mr. S. N. Senthilverl

Mr. S.Senthimaaran

Mrs. S. Vasudevan
Mr. A.M.K.M.G. Dharmasena
Mr. M.K. Sundareson
Mr. M.W.M.D. Weeraratne
PMF Finance PLC / R.A.Y.S.Perera
Mrs. F.F. Musthapha
Mr. G.K. Kulatilleke
Mr. K.C. Vignarajah
Mr. N.A. Withana
Mr. M.N. Aththas
Merchant Bank of Sri Lanka & Finance PLC/H.M.C.M. Abewardana
Universal Capital Holdings (Pvt) Ltd
Mr. D.G.N.P. Chandrasekara

Miss S.V.T. Fernando

Mr. S.A. Obeyesekere

People's Leasing & Finance PLC/Dr. H.S.D. Soysa & Mrs. G. Soysa

Others

Number of shares held by the public

Number of public shareholders

The percentage of shares held by the public (%)

Exiting float adjusted market capitalization (Rs.)

Compliant under option 2

Page -06

As at

30th June 2024

10.90

11.40

9.30

As at

30th June 2024

Nos. %

Held

80,350,881 73.66

15,000,000 13.75

1,557,457 1.43

1,032,988 0.95

500,000 0.46

469,200 0.43

213,771 0.20

192,460 0.18

185,451 0.17

167,467 0.15

159,924 0.15

153,503 0.14

152,300 0.14

143,486 0.13

129,757 0.12

117,327 0.11

115,090 0.11

105,000 0.10

100,000 0.09

101,615,262 93.15

7,472,850 6.85

109,088,112 100.00

As at

30th June 2024

12,179,774

2,371

11.17%

132,759,537

Page - 07

LOTUS HYDRO POWER PLC

CORPORATE INFORMATION

NAME OF COMPANY

LOTUS HYDRO POWER PLC

LEGAL FORM

A Public Limited Liability Company incorporated in Sri Lanka on 24th April 2000 under the Compaies Act No.07 of 2007 and is a BOI approved Company quoted on Colombo Stock Exchange.

COMPANY REGISTRATION NO.

PV 7385 PB/PQ

DIRECTORS
Mr. Gary Seaton	- Chairman/Executive Director
Mr. Menaka Athukorala	- Executive Director
Mr. Gowri Shankar	- Non-Executive Director
Dr. Thirugnanasambandar Senthilverl	- Non-Executive Director
Mr. Uditha Palihakkara	- Senior Independent Non-Executive Director
Mr. Indrajith Fernando	- Independent Non-Executive Director

REGISTERED OFFICE

2nd Floor, No. 168, Negombo Road, Paliyagoda, Sri Lanka.

BUSINESS OFFICE

2nd Floor, No. 168, Negombo Road, Paliyagoda, Sri Lanka. Tel No.: +941 1511 7780/81/82

Fax No.: +94 11 59 23 338

COMPANY SECRETARIES

S S P Corporate Services (Pvt) Ltd

No. 101, Inner Flower Road, Colombo 03

AUDITORS

KPMG, Chartered Accountants,

32 A, Sir Mohamed Macan Markar Mawatha, Colombo 03.

BANKERS

Seylan Bank PLC

Sampath Bank

Hatton National Bank PLC

National Development Bank PLC

Nation Trust Bank PLC

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