INTERIM FINANCIAL STATEMENTS
YEAR ENDED 31ST MARCH 2025
LOTUS HYDRO POWER PLC
2nd Floor, No. 168, Negombo Road, Peliyagoda, Sri Lanka.
LOTUS HYDRO POWER PLC INTERIM FINANCIAL STATEMENTSFOR THE YEAR ENDED 31ST MARCH 2025
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CONTENTS
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - 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
Page -01
LOTUS HYDRO POWER PLC
INTERIM FINANCIAL STATEMENTS
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group
Twelve months ended
Un-audited Audited
31.03.2025 31.03.2024 Variance
Group
Three months ended Un-audited
31.03.2025 31.03.2024 Variance
Rs. Rs. % Rs. Rs. %
Revenue 27,309,309 44,283,225 -38% 257,434,078 221,656,786 16%
Cost of sales | (35,020,373) (30,335,537) | 15% | (124,274,646) (111,440,074) | 12% | ||||
Gross profit / (loss) | (7,711,064) | 13,947,688 | -155% | 133,159,432 | 110,216,712 | 21% | ||
Other income | 22,639,295 | (1,238,988) | -1927% | 22,639,295 | 6,833,175 | 231% | ||
Administration expenses | (12,467,058) | (11,934,994) | 4% | (56,078,924) | (51,059,608) | 10% | ||
Profit / (loss) from operating activities | 2,461,173 | 773,706 | 218% | 99,719,803 | 65,990,279 | 51% | ||
Finance income | 9,267,264 | 4,443,909 | 109% | 23,836,608 | 16,737,138 | 42% | ||
Finance costs | (280,805) | (368,580) | -24% | (1,112,506) | (1,192,713) | -7% | ||
Net finance income | 8,986,459 4,075,329 | 121% | 22,724,102 15,544,425 | 46% | ||||
Profit / (loss) before tax | 11,447,632 | 4,849,035 | 136% | 122,443,905 | 81,534,704 | 50% | ||
Income tax expense | (1,677,265) | 1,819,842 | -192% | (33,859,645) | (16,526,454) | 105% | ||
Profit / (loss) for the period | 9,770,367 | 6,668,877 | 47% | 88,584,260 | 65,008,250 | 36% | ||
Other comprehensive income / (expenses) | ||||||||
Acturial gain / (loss) on defined benefit plan | (1,794,697) | 434,281 | -513% | (1,794,697) | 434,281 | -513% | ||
Revaluation gain on property plant and equipment | 32,915,291 | - | - | 32,915,291 | - | - | ||
Deferred tax on revaluation of property, plant and equipment | (4,289,828) | - | - | (4,289,828) | - | - | ||
Deferred tax on actuarial loss on retirement benefit obligations | 501,137 | (94,987) | -628% | 501,137 | (94,988) | -628% | ||
Other comprehensive income / (expenses) net of tax | 27,331,903 | 339,294 | 7956% | 27,331,903 | 339,293 | 7956% | ||
Total comprehensive income for the period 37,102,270 7,008,171 429% 115,916,163 65,347,543 77%
Earnings per share - Rs. 0.09 0.06 0.81 0.60
Figures in brackets indicate deductions. The above figures are subject to audit.
Colombo
26th May 2025
Page -02
LOTUS HYDRO POWER PLC
INTERIM FINANCIAL STATEMENTS
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Company Three months ended
Un-audited
31.03.2025 31.03.2024 Variance
Company Twelve months ended
Un-audited Audited
31.03.2025 31.03.2024 Variance
Rs. Rs. % Rs. Rs. %
Revenue | 14,802,749 | 21,071,627 | -30% | 154,242,306 | 127,550,502 | 21% | ||
Cost of sales | (20,290,649) (16,824,429) | 21% | (64,593,751) (56,776,331) | 13.8% | ||||
Gross profit / (loss) | (5,487,900) | 4,247,198 | -229% | 89,648,555 | 70,774,171 | 26.7% | ||
Other income | 55,973,700 | (1,238,988) | -4618% | 72,473,700 | 6,833,175 | 961% | ||
Administration expenses | (11,794,130) | (11,243,061) | 5% | (53,329,417) | (48,995,789) | 9% | ||
Profit / (loss) from operating activities | 38,691,670 | (8,234,851) | -570% | 108,792,838 | 28,611,557 | 280% | ||
Finance income | 4,714,823 | 4,443,909 | 6% | 15,013,165 | 16,737,138 | -10% | ||
Finance costs | 30,759 | (106,223) | -129% | (67,386) | (189,759) | -64% | ||
Net finance income | 4,745,582 | 4,337,686 | 9% | 14,945,779 16,547,379 | -10% | |||
Profit / (loss) before tax | 43,437,252 | (3,897,165) | -1215% | 123,738,617 | 45,158,936 | 174% | ||
Income tax expense | 3,610,038 | 2,733,576 | 32% | (18,677,553) | (10,036,622) | 86% | ||
Profit / (loss) for the period | 47,047,290 | (1,163,589) | -4143% | 105,061,064 | 35,122,314 | 199% | ||
Other comprehensive income / (expenses) | ||||||||
Acturial gain / (loss) on defined benefit plan | (1,421,983) | 81,317 | -1849% | (1,421,983) | 81,317 | -1849% | ||
Revaluation loss on property plant and equipment | (22,932,302) | - | - | (22,932,302) | - | - | ||
Deferred tax on revaluation of property, plant and equipment | 6,879,691 | - | - | 6,879,691 | - | - | ||
Deferred tax on actuarial loss on retirement benefit obligations | 426,595 (24,395) | -1849% | 426,595 (24,395) | -1849% | ||||
Other comprehensive income / (expenses) net of tax | (17,047,999) 56,922 | -30050% | (17,047,999) 56,922 | -30050% | ||||
Total comprehensive income for the period | 29,999,291 (1,106,667) | -2811% | 88,013,065 35,179,236 | 150% | ||||
Earnings per share - Rs. | 0.43 (0.01) | 0.96 0.32 | ||||||
Figures in brackets indicate deductions. The above figures are subject to audit. | ||||||||
Colombo 26th May 2025 | ||||||||
STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH,
LOTUS HYDRO POWER PLC
Page -03
Group Un-audited Audited 31.03.2025 31.03.2024 Rs. Rs. | Company Un-audited Audited 31.03.2025 31.03.2024 Rs. Rs. | |||
ASSETS Non-current assets Property, plant and equipment | 564,258,569 | 543,080,260 | 248,960,480 | 282,515,771 |
Right of use Land | 6,966,756 | 18,155,477 | 432,128 | 11,490,923 |
Capital work-in-progress | 9,368,488 | 9,368,488 | - | - |
Investments in subsidiaries | - - 338,263,707 | 281,997,662 | ||
Total non current assets | 580,593,813 570,604,225 587,656,315 | 576,004,356 | ||
Current assets Inventories | 21,144,130 | 22,115,105 | 19,101,363 | 20,072,338 |
Trade and other receivables | 22,004,084 | 32,724,247 | 14,565,581 | 13,470,548 |
Amounts due from related parties | - | 69,328,189 | 4,610,056 | 74,042,467 |
Cash and cash equivalents | 300,477,774 185,006,246 | 167,576,564 | 112,601,228 | |
Total current assets | 343,625,988 | 309,173,787 | 205,853,564 | 220,186,581 |
Total assets | 924,219,801 | 879,778,012 | 793,509,879 | 796,190,937 |
EQUITY AND LIABILITIES Capital and reserve Stated capital | 482,300,200 | 482,300,200 | 482,300,200 | 482,300,200 |
Revaluation reserve | 167,683,485 | 148,328,557 | 123,005,411 | 148,328,557 |
Reserves | 101,802 | 101,802 | 101,802 | 101,802 |
Retained earnings | 96,384,941 | 76,185,384 | 92,668,385 | 55,693,852 |
Total equity | 746,470,428 | 706,915,943 | 698,075,798 | 686,424,411 |
Non-current liabilities Deferred tax liability | 128,601,574 | 126,932,589 | 69,591,854 | 82,300,661 |
Lease liability | 7,837,656 | 7,737,507 | - | - |
Retirement benefit obligations | 13,359,694 10,114,335 9,460,143 | 7,344,790 | ||
Total non-current liabilities | 149,798,924 144,784,431 79,051,997 | 89,645,451 | ||
Current liabilities Other payables | 9,944,853 | 8,927,481 | 5,968,376 | 6,416,367 |
Amounts due to related parties | 138,405 | 113,474 | 138,405 | 113,474 |
Lease liability | 101,696 | 993,561 | - | 905,612 |
Income tax payable | 17,721,614 | 17,729,251 | 10,231,422 | 12,371,751 |
Bank Overdraft | 43,881 | 313,871 | 43,881 | 313,871 |
Total current liabilities | 27,950,449 | 28,077,638 | 16,382,084 | 20,121,075 |
Total liabilities | 177,749,373 | 172,862,069 | 95,434,081 | 109,766,526 |
Total equity and liabilities | 924,219,801 | 879,778,012 | 793,509,879 | 796,190,937 |
Net assets per ordinary share (Rs.) | 6.84 | 6.48 | 6.40 | 6.29 |
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. A.U.A.M.Athukorala Mr. Gowri Shankar
(Director) (Director)
Colombo
26th May 2025
INTERIM FINANCIAL STEMENTS STATEMENT OF CHANGES IN EQUITY
Group
LOTUS HYDRO POWER PLC
Stated Revaluation Revenue Retained Capital Reserve Reserve Earnings
Page -04
Total
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 | - | - | - | 65,008,250 | 65,008,250 | ||||
Other comprehensive income | - | - | - | 339,293 | 339,293 | ||||
Dividends paid | - | - | - | (152,723,358) | (152,723,358) | ||||
Depreciation transfer on revalued assets | - | (9,270,535) | - | 9,270,535 | - | ||||
Balance as at 31st March 2024 (Audited) | 482,300,200 | 148,328,557 | 101,802 | 76,185,384 | 706,915,943 | ||||
Total comprehensive income for the period | - | - | - | 88,584,260 | 88,584,260 | ||||
Other comprehensive income | - | 28,625,463 | - | (1,293,560) | 27,331,903 | ||||
Dividends paid | - | - | - | (76,361,678) | (76,361,678) | ||||
Depreciation transfer on revalued assets | - | (9,270,535) | - | 9,270,535 | - | ||||
Balance as at 31st March ,2025 (Un audited) | 482,300,200 | 167,683,485 | 101,802 | 96,384,941 | 746,470,428 |
Company
Stated Revaluation Revenue Retained Capital Reserve Reserve Earnings
Total
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 | - | - | - | 35,122,314 | 35,122,314 | ||||
Other comprehensive income | - | - | - | 56,922 | 56,922 | ||||
Dividends paid | - | - | - | (152,723,358) | (152,723,358) | ||||
Depreciation transfer on revalued assets | - | (9,270,535) | - | 9,270,535 | - | ||||
Balance as at 31st March 2024 (Audited) | 482,300,200 | 148,328,557 | 101,802 | 55,693,852 | 686,424,411 | ||||
Total comprehensive income for the period | - | - | - | 105,061,064 | 105,061,064 | ||||
Other comprehensive income | - | (16,052,611) | - | (995,388) | (17,047,999) | ||||
Dividends paid | - | - | - | (76,361,678) | (76,361,678) | ||||
Depreciation transfer on revalued assets | - | (9,270,535) | - | 9,270,535 | - | ||||
Balance as at 31st March ,2025 (Un audited) | 482,300,200 | 123,005,411 | 101,802 | 92,668,385 | 698,075,798 | ||||
Figures in brackets indicate deductions. |
INTERIM FINANCIAL STATEMENTS
STATEMENT OF CASH FLOW
LOTUS HYDRO POWER PLC
Page -05
Group Company
Un audited 31.03.2025 Rs. | Audited 31.03.2024 Rs. | Un audited 31.03.2025 Rs. | Audited 31.03.2024 Rs. | ||
Cash flows from operating activities | |||||
Net profit before taxation | 122,443,905 | 81,534,704 | 123,738,617 | 45,158,936 | |
Adjustments for: | |||||
Depreciation | 44,527,079 | 42,706,508 | 20,481,445 | 18,643,281 | |
Amortization of leasehold assets | 1,608,230 | 3,429,482 | 1,272,128 | 3,112,128 | |
Impairment of property plant and equipment | (56,266,045) | - | - | ||
Impairment of investment in subsidiary | - | - | (56,266,045) | - | |
Revaluation loss | 33,334,405 | - | - | - | |
Certified Emission Reduction (CER) (addition) / write-off | 292,346 | (14,615,259) | 292,346 | (14,615,259) | |
Provision for defined benefit plan costs - gratuity | 2,358,912 | 2,618,020 | 1,601,620 | 1,835,392 | |
Interest income | (23,836,608) | (16,737,138) | (15,013,165) | (16,737,138) | |
Interest expenses | 1,100,177 | 1,130,848 | 55,057 | 127,894 | |
3,118,496 | 18,532,461 | (47,576,614) | (7,633,702) | ||
Operating profit before working capital changes | 125,562,401 | 100,067,165 | 76,162,003 | 37,525,234 |
Decrease in inventories | 678,629 | - | 678,629 | - | |
(Increase) / decrease in trade and other receivables | 10,720,163 | 192,153,162 | (1,095,033) | 124,983,434 | |
Increase in amounts due from related parties | 69,328,189 | (55,567,885) | 69,432,411 | (3,540,568) | |
(Increase) / decrease in amounts due to related parties | 24,931 | (34,424) | 24,931 | (34,424) | |
Increase / (decrease) in trade and other payables | 1,017,372 | 2,530,293 | (447,991) | 2,443,598 | |
81,769,284 | 139,081,146 | 68,592,947 | 123,852,040 | ||
Cash generated from / (used) in operations | 207,331,685 | 239,148,311 | 144,754,950 | 161,377,274 |
Interest paid | - | - | - | - | |
Income tax paid | (35,986,989) | (22,066,149) | (26,220,403) | (17,775,057) | |
Gratuity paid | (908,250) | (707,750) | (908,250) | (707,750) | |
(36,895,239) | (22,773,899) | (27,128,653) | (18,482,807) | ||
Net cash flow from / (used) in operating activities | 170,436,446 | 216,374,412 | 117,626,297 | 142,894,467 |
(71,789) | (310,984) |
23,836,608 | 13,941,272 |
- | 102,297,285 |
(71,789) | (205,214) |
15,013,165 | 13,941,272 |
- | 102,297,285 |
Cash flow from investing activities Purchase of property, plant and equipment Interest received
Funds transferred to related parties
Net cash from in investing activities 23,764,819 115,927,573 14,941,376 116,033,343
- | - | - | - | |
(2,098,069) | (9,826,560) | (960,669) | (8,745,560) | |
(76,361,678) | (152,723,358) | (76,361,678) | (152,723,358) |
Cash flow from financing activities
Repayment of long term borrowings Payment of lease rental Dividend paid | |||||
Net cash Used in financing activities | (78,459,747) | (162,549,918) | (77,322,347) | (161,468,918) | |
Net decrease in cash and cash equivalents | 115,741,518 | 169,752,067 | 55,245,326 | 97,458,892 | |
Cash and cash equivalents at the beginning of the period | 184,692,375 | 14,940,308 | 112,287,357 | 14,828,465 | |
Cash and cash equivalents at the end of the period | 300,433,893 | 184,692,375 | 167,532,683 | 112,287,357 | |
Figures in brackets indicate deductions. | |||||
Colombo 26th May 2025 | |||||
Page -06
LOTUS HYDRO POWER PLC
NOTES TO THE PROVISIONAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025
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
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 31st March 2025.
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 fourth quarter ended 31st March 2025 were authorized for issue by the Board of directors on 26th May 2025.
NO. OF ORDINARY SHARES HELD BY THE DIRECTORS
Name of Director
Mr. G. D. Seaton Mr. Gowri Shankar
Mr. A. U. A. M. Authokorala Dr. T. Senthilverl
Sampath Bank PLC/ Senthilverl Holdings (Pvt) Ltd Mr. A. I. Fernando
Mr. P. M. B. Fernando
As at
31st March 2025 Nos.
-
-
-
16,557,457
-1,500
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.
Page -07
LOTUS HYDRO POWER PLCINVESTER INFORMATION
Market performance - ordinary shares
As at
31st March 2025
Last Traded price per share (Rs.) 12.00
Highest price per share during the quarter (Rs.) 14.00
Lowest price per share during the quarter (Rs.) 11.50
Twenty largest shareholders |
5. MR. S. SENTHIMAARAN
|
18. MERCHANT BANK OF SRI LANKA & FINANCE PLC/H.M.C.M. ABEWARDANA |
Others |
As at 31st March 2025 Nos. % Held | |
80,350,881 | 73.66 |
16,557,457 | 15.18 |
1,100,000 | 1.01 |
475,000 | 0.44 |
469,200 | 0.43 |
469,200 | 0.43 |
213,771 | 0.20 |
199,293 | 0.18 |
192,460 | 0.18 |
176,223 | 0.16 |
152,300 | 0.14 |
133,486 | 0.12 |
131,863 | 0.12 |
125,748 | 0.12 |
124,900 | 0.11 |
120,469 | 0.11 |
116,427 | 0.11 |
115,090 | 0.11 |
115,082 | 0.11 |
108,090 | 0.10 |
101,446,940 | 93.00 |
7,641,172 | 7.00 |
109,088,112 | 100.00 |
As at
31st March 2025
Number of shares held by the public | 12,178,274 |
Number of public shareholders | 2,418 |
The percentage of shares held by the public (%) | 11.16% |
Exiting float adjusted market capitalization (Rs.) Compliant under option 2 | 146,139,288 |
NAME OF COMPANY
LOTUS HYDRO POWER PLC
LEGAL FORM
LOTUS HYDRO POWER PLCCORPORATE INFORMATION
Page - 08
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. Indrajith Fernando - Senior Independent Non-Executive Director
Mr. Mayura Fernando - Independent Non-Executive Director (Appointed w.e.f. 31st December 2024)
Mr. Uditha Palihakkara - Senior Independent Non-Executive Director (Resigned w.e.f. 31st December 2024)
REGISTERED OFFICE
2nd Floor, No. 168, Negombo Road, Paliyagoda, Sri Lanka.
BUSINESS OFFICE
2nd Floor, No. 168, Negombo Road, Paliyagoda, Sri Lanka. Tel No.: +94 112983277
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
Nation Trust Bank PLC Hatton National Bank PLC
National Development Bank PLC