PANASIAN POWER PLC
INTERIM CONDENS ED FI NANCLYL STATEMENTS
YE tR ENDE D 3 IST MARC H 2023
PANASIAN POWER PLC
I8TERI¥ CONDENSED FINANCIAL STATEMENTS • YEAR ENDED 31 MARCH 2025 PRO SIONAL FINANCIAL $TAtE¥ENTG
STATEMENT 0fi FINANCIAL POSITION
As at 31 March 202a Unaufiiled | As a | 31 March 2024 Audited | ||||||||
620,571,0M | ||||||||||
2,7m,8m, | ||||||||||
41,064,62 i | 23,23g,701 | |||||||||
2,41'i,458 | 2,206,369 | |||||||||
1,382,277,714 | 1,230,177,714 | |||||||||
23,000.000 | 23 000.000 | |||||||||
22,115,150 | 6.115,150 | |||||||||
2,071,325,775 | ||||||||||
69,219,991 | 21.000,884 | |||||||||
176,876,396 | 401,47â,660 | |||||||||
104,640 75,196,635 | B4 477 00g | |||||||||
2,d.OU, 96 i | fi,431,073,370 | |||||||||
423,446.867 422.959.480 | 440,0)8,695 251.878.244 | |||||||||
t,676.406,347 | 1,T21,886,939 | |||||||||
anoneatn+ | ‹.ezs.*x.u/ , | 1,zz1,sss,+m | ||||||||
9,561,523 | ||||||||||
23fl,4 g,119 | ||||||||||
5,600,770 | ||||||||||
74,168,328 169,M1,810 J64,23g,281 | ||||||||||
12, 06,313 | ||||||||||
3 626 5t6 992 W | ||||||||||
fi79,217,130 i 422,973.2 8 | ||||||||||
ASSETS
Righl of «se asseN Intangible assek
lnvestrrent in pefeznte sfiates inyestrrenl in equily mounted inveslees Offer non financial assels
Defer+ed tax asseB
Trade and ofber receivable Ario»nl due Ir‹xn related dailies
investment in inyestmenl fund-FVTPL Cash afid cash eqoivaierib
TOTAL A86GTG
EQUITY AND LTAB)LrftEG
Retained earnings
Equity altributade to equity holders of the co+ripany Non controlling inleresl
Tctd Equity
Non•Currerit Liabilities Reéauenf benefit obligations Lease liabilities
Loan due to related mpanies Oefened tax iiabiii es
Lease IiabiTites
Amount due to relay pa1ies Loan due D related companies
Income tax payable 8ank nerdrag
TOTAL EQUITY AND LIA8ILITIE8
These tina
kbs.L.K.A.H.F< »e•
The Board olDirectors is e@nsibte lv II+e separation and #reWtaIon ol lfiese Financial Statements Signed lv and m Oefialf of tfie Board by,
Director
26- -2025
Mr. Pzthmanatha Poddiaela CEO / Execufive Direckx
PANASIAN POWER PLCINTERIM CONDENSED FINANCIAL STATEMENTS - YEAR ENDED 31 MARCH 2025 PROVISIONAL FINANCIAL STATEMENTS
Group | Company | ||||||
Three months ended 31 March | Year ended 31 March | Three months ended 31 March | Year ended 31 March | ||||
2025 Unaudited | 2024 Unaudited | 2025 Unaudited | 2024 Audited | 2025 Unaudited | 2024 Unaudited | 2025 Unaudited | 2024 Audited |
LKR | LKR | LKR | LKR | LKR | LKR | LKR | LKR |
312,311,571 | 337,364,439 | 1,382,655,766 | 1,414,864,311 | 13,459,243 | 15,916,059 | 109,005,550 | 106,050,125 |
- | 75,482,387 | 160,072,034 | 75,482,387 | - | - | 34,986,267 | - |
(143,264,701) | (155,190,468) | (736,116,396) | (721,413,141) | (8,791,067) | (10,952,741) | (41,279,824) | (39,971,495) |
169,046,870 | 257,656,358 | 806,611,404 | 768,933,557 | 4,668,176 | 4,963,318 | 102,711,993 | 66,078,630 |
205,481 | 2,414,647 | 13,647,138 | 8,132,933 | 92,552,437 | 171,905,539 | 138,608,771 | 173,171,287 |
(94,439,109) | (105,334,706) | (273,295,456) | (225,328,101) | (19,005,003) | (15,559,657) | (81,571,385) | (62,315,397) |
733,657 | - | (16,662,015) | (15,969,828) | - | - | - | - |
(1,448,862) | (6,410,362) | 7,444,027 | 960,976 | - | - | - | 2,544,689 |
12,103,207 | 23,965,067 | 12,103,207 | 23,965,067 | - | - | - | - |
86,201,244 | 172,291,004 | 549,848,305 | 560,694,604 | 78,215,610 | 161,309,200 | 159,749,379 | 179,479,209 |
15,177,614 | 6,526,907 | 46,487,308 | 23,826,666 | 13,375,513 | 15,221,225 | 55,771,054 | 45,506,206 |
(86,861,619) | (63,181,641) | (234,677,405) | (361,111,048) | (6,987,778) | (10,902,787) | (29,369,910) | (67,212,100) |
(71,684,005) | (56,654,733) | (188,190,097) | (337,284,382) | 6,387,735 | 4,318,438 | 26,401,144 | (21,705,894) |
(869,172) | (28,932) | 847,999 | 1,798,865 | - | - | - | - |
13,648,067 | 115,607,339 | 362,506,207 | 225,209,087 | 84,603,345 | 165,627,638 | 186,150,523 | 157,773,315 |
48,729,967 | (46,072,376) | (40,220,858) | (125,549,343) | (13,113,256) | 1,931,625 | (13,650,279) | 7,817,551 |
62,378,034 | 69,534,963 | 322,285,349 | 99,659,744 | 71,490,089 | 167,559,263 | 172,500,244 | 165,590,866 |
(3,175,515) | (2,232,401) | (3,175,515) | (2,232,401) | (2,027,154) | (1,921,113) | (2,027,154) | (1,921,113) |
837,210 | 638,305 | 837,210 | 638,305 | 608,146 | 576,334 | 608,146 | 576,334 |
(577,416) | - | (577,416) | - | - | - | - | - |
(149,225,487) | 449,969,023 | (149,225,487) | 449,969,023 | (23,659,754) | 48,453,316 | (23,659,754) | 48,453,316 |
25,504,432 | (99,851,028) | 25,504,432 | (99,851,028) | 7,097,926 | (14,535,995) | 7,097,926 | (14,535,995) |
(126,636,776) | 348,523,899 | (126,636,776) | 348,523,899 | (17,980,836) | 32,572,542 | (17,980,836) | 32,572,542 |
(64,258,742) | 418,058,862 | 195,648,573 | 448,183,643 | 53,509,253 | 200,131,805 | 154,519,408 | 198,163,408 |
57,451,502 | 54,612,228 | 292,236,973 | 72,027,968 | 71,490,089 | 167,559,263 | 172,500,244 | 165,590,866 |
4,926,532 | 14,922,735 | 30,048,376 | 27,631,776 | - | - | - | - |
62,378,034 | 69,534,963 | 322,285,349 | 99,659,744 | 71,490,089 | 167,559,263 | 172,500,244 | 165,590,866 |
(60,479,029) | 403,201,486 | 174,306,442 | 420,617,226 | 53,509,253 | 200,131,805 | 154,519,408 | 198,163,408 |
(3,779,713) | 14,857,376 | 21,342,131 | 27,566,417 | - | - | - | - |
(64,258,742) | 418,058,862 | 195,648,573 | 448,183,643 | 53,509,253 | 200,131,805 | 154,519,408 | 198,163,408 |
0.09 | 0.09 | 0.47 | 0.12 | 0.11 | 0.27 | 0.28 | 0.26 |
Revenue from contracts with customers
Billing under the standardized power purchase agreement Cost of sales
Gross profit
Other operating income Administrative expenses
Selling and distribution expenses
Reversal/(provision) of impairment loss on trade receivable Revaluation gain
Operating profit Finance income Finance expenses
Net finance income/ (expenses)
Share of profit of equity accounted investees, net of tax Profit before taxation
Income tax expense
Profit from continuing operations
Other comprehensive income for the year
Re-measurement of retirement benefit obligation
Deferred tax effect on re-measurement of retirement benefit obligation
Revaluation of Property, plant and equipment- Share equity
accounted investees
Revaluation of Property, plant and equipment
Deferred tax effect of revaluation
Other comprehensive income net of tax
Total comprehensive income/(loss) for the year
Profit/(loss) attributable to:
Owners of the parent Non-controlling interest
Total comprehensive income attributable to:
Owners of the parent Non-controlling interest
Basic earnings per share
PANASIAN POWER PLC |
INTERIM CONDENSED FINANCIAL STATEMENTS - YEAR ENDED 31 MARCH 2025 |
PROVISIONAL FINANCIAL STATEMENTS |
STATEMENT OF CHANGES IN EQUITY | |||||
Stated | Revaluation | Retained | Non-controlling | Total | |
capital | reserve | earnings | interest | equity | |
Group | LKR | LKR | LKR | LKR | LKR |
Balance as at 01st April 2023 | 1,030,000,000 | 1,002,913,989 | (90,811,481) | 180,791,495 | 2,122,894,003 |
Total comprehensive income for the year
- Profit for the year | - | - | 72,027,968 | 27,631,776 | 99,659,744 |
- Other comprehensive income/(loss) | - | 350,166,043 | (1,576,785) | (65,359) | 348,523,899 |
Distributions - Dividend | - | - | (125,000,000) | (15,300,000) | (140,300,000) |
Balance as at 31st March 2024 | 1,030,000,000 | 1,353,080,032 | (145,360,298) | 193,057,912 | 2,430,777,646 |
Balance as at 01st April 2024 | 1,030,000,000 | 1,353,080,032 | (145,360,298) | 193,057,912 | 2,430,777,646 |
- Adjustment on carrying value of non-controlling interest in subsidiaries | - | - | - | (34,767,549) | (34,767,549) |
- Increase in equity attributable to parent (Changes to non-controlling interest in subsidiaries without a loss of control) | - | - | 110,726,189 | - | 110,726,189 |
Total comprehensive income for the year
- Profit for the year | - | - | 292,236,973 | 30,048,376 | 322,285,349 |
- Other comprehensive loss | - | (115,696,925) | (2,233,607) | (8,706,245) | (126,636,777) |
Distributions | |||||
- Dividend | - | - | - | (11,475,000) | (11,475,000) |
- | |||||
Balance as at 31st March 2025 | 1,030,000,000 | 1,237,383,107 | 255,369,257 | 168,157,494 | 2,690,909,858 |
. | |||||
Stated capital | Revaluation reserve | Retained earnings | Total Equity | ||
Company | LKR | LKR | LKR | LKR | |
Balance as at 01st April 2023 | |||||
- | - | 165,590,866 | 165,590,866 | ||
33,917,321 | (1,344,779) | 32,572,542 |
Distributions |
- Dividend |
Balance as at 31st March 2024 |
- | - | (125,000,000) | (125,000,000) |
1,030,000,000 | 440,008,695 | 251,878,244 | 1,721,886,939 |
1,030,000,000 | 406,091,374 | 212,632,157 | 1,648,723,531 |
Total comprehensive income for the year |
- Profit for the year |
- Other comprehensive income/(loss) |
1,030,000,000 | 440,008,695 | 251,878,244 | 1,721,886,939 |
Total comprehensive income for the year |
- Profit for the year |
- Other comprehensive loss |
- | - | 172,500,244 | 172,500,244 |
- | (16,561,828) | (1,419,008) | (17,980,836) |
1,030,000,000 | 423,446,867 | 422,959,480 | 1,876,406,347 |
Group | Company | ||
2025 Unaudited | 2024 Audited | 2025 Unaudited | 2024 Audited |
LKR | LKR | LKR | LKR |
362,506,207 | 225,209,087 | 186,150,523 | 157,773,315 |
202,866,806 | 181,319,156 | 28,570,056 | 26,527,176 |
12,579,714 | 6,520,611 | 9,934,037 | 6,197,254 |
5,355,054 | 5,528,847 | 984,225 | 1,158,853 |
(12,103,207) | (23,965,067) | ||
3,850,686 | 2,558,271 | 3,061,647 | 2,042,683 |
(7,444,027) | (960,976) | - | (2,544,689) |
3,820,365 | - | - | - |
- | - | - | (2,096,595) |
138,037 | (715,384) | (137,483,622) | (168,334,434) |
- | (2,740,258) | - | (2,740,258) |
- | 526,500 | - | 526,500 |
(847,999) | (1,798,865) | - | - |
(46,487,308) | (23,826,666) | (55,771,054) | (45,506,206) |
234,677,405 | 361,111,048 | 29,369,910 | 67,212,100 |
758,911,733 | 728,766,304 | 64,815,722 | 40,215,699 |
83,563,195 | (102,875,944) | (334,752) | (978,959) |
(48,779,650) | 506,904,503 | (564,954) | 94,147,622 |
(17,888,436) | (6,564,230) | 65,594,264 | (224,852,617) |
572,792,318 | 102,552,610 | (6,413,766) | 120,699,710 |
- | (263,342) | (14,696,471) | 165,458,943 |
1,348,599,160 | 1,228,519,901 | 108,400,043 | 194,690,398 |
(218,208,486) | (359,501,665) | (28,834,249) | (53,239,241) |
(126,722,245) | (84,355,348) | (2,777,763) | - |
(935,097) | (761,333) | (935,097) | (217,500) |
1,002,733,332 | 783,901,555 | 75,852,934 | 141,233,656 |
(222,874,674) 4,153,902 (552,550,000) 551,050,000 (1,260,797,571) -(4,000,000) (1,193,313) (138,037) 46,487,308 | (40,810,504) 6,923,060 (133,500,000) 103,500,000 (105,315,672) -(1,000,000) (1,995,978) 1,063,792 23,826,666 | (14,525,259) -(56,050,000) 56,050,000 (294,894) (5,100,000) (4,000,000) (1,193,313) 89,862,372 55,771,054 | (4,076,605) - - -(7,263,154) (20) (1,000,000) (1,995,978) 70,048,375 8,710,372 |
(1,439,862,385) | (147,308,636) | 120,519,960 | 64,422,990 |
1,975,890,155 (780,163,478) (18,432,007) 60,000,000 4,900,000 (125,000,000) (8,222,025) | 755,218,030 (1,021,098,292) (8,372,568) 139,102,645 -(15,300,000) (10,325,933) | -(74,774,400) - - -(125,000,000) (8,512,828) | 189,497,804 (154,435,608) -(60,000,000) - -(5,485,766) |
1,108,972,645 | (160,776,118) | (208,287,228) | (30,423,570) |
671,843,593 435,846,368 | 475,816,803 (39,970,436) | (11,914,333) 83,484,452 | 175,233,077 (91,748,625) |
1,107,689,961 | 435,846,367 | 71,570,119 | 83,484,452 |
1,107,689,961 | 435,846,367 | 71,570,119 | 83,484,452 |
Profit before taxation
Adjustments for:
Depreciation of property, plant and equipment Amortization of right of use asset Amortization of intangible asset
Revaluation gain
Provision for retirement benefit obligation Reversal of debtor impairment
Provision for inventory Other income Dividend income
Unclaimed Dividend Written Back Rent deposit write off
Share of profit of equity accounted investees - Joint Venture Finance income
Finance expense
Cash flow from operating activities before working capital changes(Increase) / Decrease in inventory
(Increase) / Decrease in trade and other receivables (Increase) / Decrease in amounts due from related parties Increase / (Decrease) in other payables
Increase / (Decrease) in amounts due to related parties
Cash flow generated from (used in) / operating activitiesInterest paid Income tax paid
Retirement benefit obligations paid
Net cash flow from operating activities Cash flows used investing activities Acquisition of property, plant and equipment Redemption of investments in preference shares Investments in investment fundWithdrawals from investment fund Investment in capital work in progress Investment in subsidiaries
Investment in non financial assets Investments in intangible assets Dividend income received/(Reversal) Interest received
Net cash flows (used in) / generated from investing activities Cash flows from financing activities Proceeds from loans and borrowings Repayment of borrowingsLoan processing fee payment
Related party loan obtain/(repayments) Share issued to NCI
Dividends paid
Payment of lease liabilities
Net cash flows from financing activitiesNet increase / (Decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year
Analysis of cash and cash equivalentsCash in hand and cash at bank
PANASIAN POWER PLC |
INTERIM CONDENSED FINANCIAL STATEMENTS - AS AT 31 MARCH 2025 |
PROVISIONAL FINANCIAL STATEMENTS |
SEGMENTAL INFORMATION |
Information based on the primary segments (Business Segments) |
Three months ended 31 March | ||||||||
Hydro Power | Solar Power | EPC / Services | Group | |||||
Continuing operations | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Revenue | LKR | LKR | LKR | LKR | LKR | LKR | LKR | LKR |
Revenue | 153,475,536 | 138,709,420 | 86,626,236 | 103,535,265 | 72,209,800 | 95,119,754 | 312,311,571 | 337,364,439 |
Billing under the standardized power purchase agreement | - | 75,482,387 | - | - | - | - | - | 75,482,387 |
Total Revenue | 153,475,536 | 214,191,807 | 86,626,236 | 103,535,265 | 72,209,800 | 95,119,754 | 312,311,571 | 412,846,826 |
Results | ||||||||
EBITDA | 117,040,675 | 132,098,132 | 42,864,627 | 95,357,577 | (9,679,281) | (6,991,751) | 150,226,021 | 220,463,958 |
Depreciation | (33,936,918) | (21,331,466) | (29,428,415) | (26,492,416) | (659,444) | (349,070) | (64,024,777) | (48,172,952) |
Net Operating profit/(loss) | 83,103,757 | 110,766,666 | 13,436,212 | 68,865,161 | (10,338,725) | (7,340,822) | 86,201,244 | 172,291,004 |
Net finance income/ (expenses) | 21,393,638 | 19,861,451 | (88,102,830) | (75,767,803) | (4,974,812) | (748,382) | (71,684,005) | (56,654,733) |
Share of profit/(loss) of equity accounted investees | - | - | (869,172) | (28,932) | - | - | (869,172) | (28,932) |
Profit/(loss) before taxation | 104,497,395 | 130,628,117 | (75,535,790) | (6,931,574) | (15,313,538) | (8,089,204) | 13,648,067 | 115,607,339 |
Income tax expense | (78,996,102) | (32,758,676) | 119,274,378 | (11,897,454) | 8,451,691 | (1,416,246) | 48,729,967 | (46,072,376) |
Profit/(loss) from continuing operations | 25,501,293 | 97,869,441 | 43,738,588 | (18,829,028) | (6,861,847) | (9,505,451) | 62,378,034 | 69,534,963 |
Other Comprehensive Income for the year | ||||||||
- Re-measurement of defined benefit obligation | (3,181,603) | (2,235,268) | (7,901) | 13,989 | 2,867 | (3,175,515) | (2,232,401) | |
- Deferred tax effect on Re-measurement of defined benefit obligation | 839,036 | 639,165 | 2,370 | - | (4,197) | (860) | 837,210 | 638,305 |
- Revaluation of Property, plant and equipment- Share equity accounted investees | (577,416) | - | - | (577,416) | - | |||
- Revaluation of Property, plant and equipment | (154,524,245) | 399,850,096 | 5,298,758 | 50,118,927 | - | - | (149,225,487) | 449,969,023 |
- Deferred tax effect of revaluation | 33,570,824 | (84,815,350) | (8,066,393) | (15,035,678) | - | - | 25,504,432 | (99,851,028) |
Total comprehensive income/(loss) for the year | (97,794,696) | 411,308,084 | 40,388,006 | 16,254,221 | (6,852,054) | (9,503,444) | (64,258,742) | 418,058,862 |
Profit Attributable to: | ||||||||
Owners of the parent | (94,014,983) | 396,450,708 | 40,388,006 | 16,254,221 | (6,852,054) | (9,503,444) | (60,479,029) | 403,201,486 |
Non-controlling interest | (3,779,713) | 14,857,376 | - | - | - | - | (3,779,713) | 14,857,376 |
(97,794,696) | 411,308,084 | 40,388,006 | 16,254,221 | (6,852,054) | (9,503,444) | (64,258,742) | 418,058,862 | |
The Group identified Hydro Power, Solar Power and Engineering, procurement and construction (EPC) as business segments whereas the Company does not have identifiable segments. Therefore no Company segmental information is presented.
PANASIAN POWER PLC |
INTERIM CONDENSED FINANCIAL STATEMENTS - AS AT 31 MARCH 2025 |
PROVISIONAL FINANCIAL STATEMENTS |
SEGMENTAL INFORMATION |
Information based on the primary segments (Business Segments) |
Year ended 31st March | ||||||||
Hydro Power | Solar Power | EPC / Services | Group | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Revenue | LKR | LKR | LKR | LKR | LKR | LKR | LKR | LKR |
Revenue from contracts with customers | 498,005,746 | 503,463,348 | 356,551,860 | 378,456,128 | 528,098,160 | 532,944,835 | 1,382,655,766 | 1,414,864,311 |
Billing under the standardized power purchase agreement | 122,043,382 | 75,482,387 | 38,028,652 | - | - | - | 160,072,034 | 75,482,387 |
Total Revenue | 620,049,128 | 578,945,735 | 394,580,512 | 378,456,128 | 528,098,160 | 532,944,835 | 1,542,727,800 | 1,490,346,698 |
Results | ||||||||
EBITDA | 465,277,375 | 400,994,896 | 296,109,242 | 300,452,397 | 6,080,884 | 51,066,786 | 767,467,501 | 752,514,079 |
Depreciation and amortization | (103,952,936) | (84,456,726) | (111,285,955) | (106,783,645) | (2,380,305) | (579,104) | (217,619,196) | (191,819,475) |
Net Operating profit | 361,324,439 | 316,538,170 | 184,823,287 | 193,668,752 | 3,700,579 | 50,487,682 | 549,848,305 | 560,694,604 |
Net finance income/ (expenses) | 82,263,019 | 14,363,327 | (258,129,156) | (352,579,126) | (12,323,960) | 931,417 | (188,190,097) | (337,284,382) |
Share of profit of equity accounted investees | - | - | 847,999 | 1,798,865 | - | - | 847,999 | 1,798,865 |
Profit/(loss) before taxation | 443,587,458 | 330,901,497 | (72,457,870) | (157,111,508) | (8,623,381) | 51,419,099 | 362,506,207 | 225,209,087 |
Income tax expense | (119,056,638) | (35,275,264) | 78,230,060 | (74,633,724) | 605,720 | (15,640,355) | (40,220,858) | (125,549,343) |
Profit/(loss) for the year | 324,530,820 | 295,626,233 | 5,772,190 | (231,745,232) | (8,017,661) | 35,778,744 | 322,285,349 | 99,659,744 |
Other Comprehensive Income for the year | - | - | - | - | - | - | - | - |
- Re-measurement of defined benefit obligation | (3,181,603) | (2,235,268) | (7,901) | 13,989 | 2,867 | (3,175,515) | (2,232,401) | |
- Deferred tax effect on Re-measurement of defined benefit obligation | 839,036 | 639,165 | 2,370 | (4,197) | (860) | 837,210 | 638,305 | |
- Revaluation of Property, plant and equipment- Share equity accounted investees | - | - | (577,416) | - | - | - | (577,416) | - |
- Revaluation of Property, plant and equipment | (154,524,245) | 399,850,096 | 5,298,758 | 50,118,927 | - | (149,225,487) | 449,969,023 | |
- Deferred tax effect of revaluation | 33,570,824 | (84,815,350) | (8,066,393) | (15,035,678) | 25,504,432 | (99,851,028) | ||
Total comprehensive income (loss) for the year | 201,234,832 | 609,064,876 | 2,421,608 | (196,661,983) | (8,007,869) | 35,780,751 | 195,648,573 | 448,183,643 |
Profit Attributable to: | ||||||||
Owners of the parent | 179,892,701 | 581,498,459 | 2,421,608 | (196,661,983) | (8,007,869) | 35,780,751 | 174,306,442 | 420,617,226 |
Non-controlling interest | 21,342,131 | 27,566,417 | - | - | - | - | 21,342,131 | 27,566,417 |
201,234,832 | 609,064,876 | 2,421,608 | (196,661,983) | (8,007,869) | 35,780,751 | 195,648,573 | 448,183,643 | |
As at 31 March 2025 | As at 31 March 2024 | |||||||
Assets and Liabilities | Hydro Power | Solar Power | EPC / Services | Group | Hydro Power | Solar Power | EPC / Services | Group |
Segment Non - Current Assets | 2,264,966,564 | 3,346,038,297 | 22,156,067 | 5,633,160,928 | 2,436,073,703 | 1,986,841,172 | 24,107,748 | 4,447,022,622 |
Segment Current Assets | 447,648,934 | 1,098,378,441 | 155,638,098 | 1,701,665,473 | 345,929,490 | 349,318,533 | 316,200,411 | 1,011,448,434 |
Segment Total Assets | 2,712,615,498 | 4,444,416,738 | 177,794,165 | 7,334,826,401 | 2,782,003,193 | 2,336,159,705 | 340,308,159 | 5,458,471,056 |
Segment Non-Current Liabilities | 473,263,103 | 2,657,754,820 | 405,750 | 3,131,423,673 | 627,599,910 | 1,522,276,177 | 444,367 | 2,150,320,455 |
Segment Current Liabilities | 394,539,184 | 1,113,771,645 | 4,182,041 | 1,512,492,870 | 486,816,847 | 168,829,724 | 221,726,384 | 877,372,955 |
Segment Total Liabilities | 867,802,287 | 3,771,526,465 | 4,587,791 | 4,643,916,543 | 1,114,416,757 | 1,691,105,901 | 222,170,751 | 3,027,693,410 |
The Group identified Hydro Power, Solar Power and Engineering, procurement and construction (EPC) as business segments whereas the Company does not have identifiable segments. Therefore no Company segmental information is presented.
PANASIAN POWER PLC |
INTERIM CONDENSED FINANCIAL STATEMENTS - YEAR ENDED 31ST MARCH 2025 |
PROVISIONAL FINANCIAL STATEMENTS |
1 | The interim financial statements of the company and the group have been prepared in accordance with Sri Lanka Accounting Standards. There were no changes to the accounting policies and methods of computation since the publication of the Annual Report for the financial year 2023/24. These interim financial statements have been prepared in compliance with the requirements of Sri Lanka Accounting Standard 34 "Interim Financial Reporting". |
2 | The interim financial statements for the year ended 31 March 2025 includes "the Company" referring to Panasian Power PLC and "the Group" comprises the company and its fully owned subsidiaries and Padiyapelella Hydropower Limited with an 83% stake, R-E-D- Capital Asia (Pvt) Ltd, PAP SPGM Solar (Pvt) Ltd, PAP MHPL Solar(Pvt) Ltd, PAP PTS Solar (Pvt) Ltd, PAP EGSS Solar (Pvt) Ltd with 51% stake and Powergen One (Pvt) Ltd as a joint venture. Please refer corporate information for more details. |
3 | Comparative Information |
The presentation and classification of the financial statement of the previous period have been adjusted where relevant for better presentation and to be comparable with period end reporting.
4 | The Consolidated Financial Statements were authorized for issue by the Board of Directors on 26th May 2025 |
5 | The number of shares representing the stated capital is 625,000,000 ordinary shares amounting to LKR 1,030,000,000. |
6 | Market value per share as at 31 March | 2025 | 2024 |
LKR | LKR | ||
Highest during the quarter | 9.30 | 4.50 | |
Lowest during the quarter | 5.50 | 2.80 | |
Closing | 6.90 | 3.00 |
7 | Public Holding Information as at 31 March | 2025 | 2024 |
Market capitalization (LKR '000) | 4,312,500 | 1,875,000 | |
Float adjusted market capitalization (LKR '000) | 1,078,125 | 471,750 | |
Public shareholding percentage | 25.00% | 25.16% | |
Number of public shareholders | 6,029 | 6,642 | |
Minimum public holding - under section 7.13.1(i)(a) - option | 5 | 5 |
8 | Related party transactions | ||
Recurrent/non-recurrent transactions with related parties: | |||
Transactions with subsidiary companies | |||
Transaction type | Year ended 31 March 2025 | Year ended 31 March 2024 | |
LKR'000 | LKR'000 | ||
Fund transfers | (247,998) | (64,462) | |
Expense shared | 152,302 | 75,372 | |
Interest | 28,440 | 24,125 | |
Investment in shares | 147,000 | - |
Transactions between subsidiary companies | ||
Transaction type | Year ended 31 March 2025 | Year ended 31 March 2024 |
LKR'000 | LKR'000 | |
Fund transfers | (103,535) | 15,143 |
Expense shared/reimbursed | (2,748) | (4,262) |
Interest | 676 | (11,369) |
Investment in shares | 254,000 | - |
Transactions between ultimate parent and Panasian Power PLC subsidiary companies
Transaction type | Year ended 31 March 2025 | Year ended 31 March 2024 |
LKR'000 | LKR'000 | |
Working capital loan obtained | (310,000) | (190,000) |
Working capital loan interest | (58,763) | (9,103) |
Working capital loan repayment | 250,000 | - |
Working capital loan interest capitalized | 71,059 | - |
Share Issued | 3,700 | - |
The transactions disclosed above are in aggregate and include recurrent/non-recurrent related party transactions.
No non-recurrent transactions were taken place during the period which require immediate announcement to the CSE.
9 | Capital work in progress |
Capital Work-in-Progress represents expenditures incurred on the construction of 05 Mws ground mounted solar project in PAP EGSS Solar (Private) Limited, PAP MHPL Solar (Private) Limited, PAP PTS Solar (Private) Limited and PAP SPGM Solar (Private) Limited. Capital Work-in-Progress Balance will be transferred to the relevant asset category when it is available for use, i.e., when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Further, out of total estimated project cost 70% will be financed by using long term bank borrowings. |
10 | Changes in ownership interest without a loss of control | |
At the end of the year, R-E-D Capital Asia (Pvt) Ltd issued 49% stake to NCI without affecting the controlling power of Panasian Power PLC. As a result of that, Panasian Power PLC effective holding on PAP MHPL Solar (Pvt) Ltd, PAP SPGM Solar (Pvt) Ltd, PAP PTS Solar (Pvt) Ltd and PAP EGSS Solar (Pvt) Ltd also have reduced to 51%. As per LKAS 27, this transaction has been treated as an equity transaction with owners. No gain or loss recognized in profit or loss statement.The carrying amount of the non-controlling interest is adjusted to reflect the change in ownership interest. | ||
31st March 2025 | ||
LKR | ||
Total net asset value as of disposal date after intercompany adjustments | (70,954,181) | |
Share of net asset value attributable to NCI | 49% | |
Value of net asset value attributable to NCI | (34,767,549) | |
Proceeds from sale of 49% ownership interest | 75,958,640 | |
Increase in equity attributable to parent | 110,726,189 | |
11 | Events occurring after reporting date |
There have been no material events occurring after the reporting period that require adjustments to or disclosure in the financial statements other than below disclosures. |
i) Subsequent to the reporting date the Board of Directors of the company approved a first and final dividend of LKR.0.20 per share for the year ended 31st March 2025 which was paid on 06 May 2025. |
ii) Subsequent to the reporting date, a subsidiary company, PAP MHPL Solar (Private) Limited received disbursements LKR. 730Mn under an approved term loan facility with Hatton National Bank PLC (HNB). These disbursements were made to finance ongoing capital expenditure related to the ground solar power plant developments at Ampara & Kurunegala. As the disbursements occurred after the reporting period and do not affect the conditions existing as at the reporting date, they have not been recognized in the financial statements but are disclosed here as a non-adjusting event. |
Commitment and contingent liabilities |
There are below mentioned material contingent liabilities as at reporting date which require adjustments to or disclosure in the financial statements other than disclosures were made in annual report 2023/24. |
i) The Group has capital expenditure commitments of LKR 7.62bn as at 31st March 2025, relating to construction of 05 Mws, 07 number of ground mounter PV projects, 3Mws hydropower project at Padiyapelella and renovation of 3Mws hydropower project at Rathganga. |
II) Corporate guarantees issued |
12
Company | Issuer | Beneficiary | Value (LKR'000) |
PAP SPGM Solar (Private) Limited | R-E-D Capital Asia (Pvt) Ltd | DFCC Bank PLC | 1,135,000 |
PAP PTS Solar (Private) Limited | R-E-D Capital Asia (Pvt) Ltd | DFCC Bank PLC | 1,135,000 |
2,270,000 | |||
III) Bank guarantees issued |
Company | Issuer | Beneficiary | Value (LKR'000) |
PAP EGSS Solar (Private) Limited | Commercial Bank of Ceylon PLC | Sri Lanka Customs | 366,121 |
PAP PTS Solar (Private) Limited | DFCC Bank PLC | Sri Lanka Customs | 114,193 |
PAP SPGM Solar (Private) Limited | DFCC Bank PLC | Sri Lanka Customs | 153,791 |
PAP MHPL Solar (Private) Limited | Hatton National Bank PLC | Sri Lanka Customs | 25,531 |
Solar One Asia (Pvt) Ltd | Union Bank of Colombo PLC | Ceylon Electricity Board | 60,000 |
Solar One Asia (Pvt) Ltd | Seylan Bank PLC | Ceylon Electricity Board | 15,000 |
Panasian Investments (Pvt) Ltd | Union Bank of Colombo PLC | Orion Development (Private) Limited | 69,253 |
803,890 |
PANASIAN POWER PLC |
INTERIM CONDENSED FINANCIAL STATEMENTS - YEAR ENDED 31ST MARCH 2025 |
PROVISIONAL FINANCIAL STATEMENTS |
13 | The disaggregation of revenue | ||||
Group | Company | ||||
Revenue | Year ended 31st March 2025 | Year ended 31st March 2024 | Year ended 31st March 2025 | Year ended 31st March 2024 | |
LKR'000 | LKR'000 | LKR'000 | LKR'000 | ||
Supply of electricity | 854,558 | 881,919 | 109,006 | 106,050 | |
Sale of solar Inverters | 175,708 | 271,286 | - | - | |
Sale of Solar Panels | 165,340 | 235,870 | - | - | |
EPC Turnover | 184,469 | 22,663 | - | - | |
Service Income | 2,581 | 3,126 | - | - | |
Billing under the standardized power purchase agreement | 160,072 | 75,482 | 34,986 | - | |
Total | 1,542,728 | 1,490,347 | 143,992 | 106,050 | |
14 Fair value measurement and related fair value disclosures
The fair values of financial assets and liabilities, together with the carrying amounts in the Balance Sheet, are as follows:
Group | ||||
31-Mar-25 | 31-Mar-24 | |||
Carrying amount LKR '000 | Fair value LKR '000 | Carrying amount LKR '000 | Fair value LKR '000 | |
Level II | Level II | |||
Financial assets at fair value through profit or loss (FVPL) | 38,205 | 38,205 | 30,936 | 30,936 |
Investment in investment fund | ||||
Financial assets at amortized cost | ||||
Trade receivables | 182,422 | - | 252,760 | - |
Related party receivables | 18,236 | - | 12,347 | - |
Investments in preference shares | - | - | 4,154 | - |
Cash at bank | 1,171,046 | - | 469,192 | - |
1,371,704 | - | 738,453 | - | |
Financial liabilities at amortized cost | ||||
Bank overdrafts | 65,336 | - | 34,701 | - |
Trade and other payable | 719,012 | - | 282,768 | - |
Finance lease liabilities | 109,612 | - | 85,927 | - |
Interest Bearing Borrowings | 2,837,471 | - | 1,649,698 | - |
Loan from Related parties | 250,000 | - | 199,103 | - |
3,981,431 | - | 2,252,197 | - |
Company | ||||
31-Mar-25 | 31-Mar-24 | |||
Carrying amount LKR '000 | Fair value LKR '000 | Carrying amount LKR '000 | Fair value LKR '000 | |
Level II | Level II | |||
Financial assets at fair value through profit or loss (FVPL) Investment in investment fund | 105 | 105 | - | - |
Financial assets at amortized cost | ||||
Trade receivables | 6,101 | - | 8,275 | - |
Related party receivables | 176,876 | - | 401,471 | - |
Investments in preference shares | 23,000 | - | 23,000 | - |
Cash at bank | 74,997 | - | 84,277 | - |
280,974 | - | 517,023 | - | |
Financial liabilities at amortized cost | - | |||
Bank overdrafts | 3,627 | - | 993 | - |
Trade and other payable | 26,560 | - | 157,973 | - |
Finance lease liabilities | 53,375 | - | 34,129 | - |
Interest bearing borrowings | 86,668 | - | 160,843 | - |
170,230 | - | 353,938 | - |
Fair Value Hierarchy |
Fair value of financial instruments are based on a fair value hierarchy which is defined below. |
Level II |
Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Includes, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets in inactive markets, nterest rates or yield curves. |
PANASIAN POWER PLC | |
INTERIM CONDENSED FINANCIAL STATEMENTS - YEAR ENDED 31ST MARCH 2025 | |
PROVISIONAL FINANCIAL STATEMENTS | |
15 | Parent |
R I L Property PLC is the parent company of Panasian Power PLC, holding 75% of the ordinary voting shares of the Company. | |
16 | Director's holding |
Director's holding | - |
Holding of 10% or more | |
RIL Property PLC | 468,750,000 |
Total non-public share holding | 468,750,000 | 75.00% |
Public holding | 156,250,000 | 25.00% |
Stated Capital | 625,000,000 | 100% |
There are no directors holding shares of the company as at 31 March 2025
17 | Twenty major shareholders of the Company as at 31 March 2025 | ||
Name | No of Shares | % | |
1 | R I L Property PLC | 468,750,000 | 75.00 |
2 | Mr. A.M. Weerasinghe | 10,959,000 | 1.75 |
3 | Mr. A.U. De Silva | 8,350,596 | 1.34 |
4 | DFCC Bank PLC/S.M.D.N.P. Banda | 6,300,000 | 1.01 |
5 | People's Leasing and Finance PLC/Dr. K.A.P.Gunawardhana | 5,005,500 | 0.80 |
6 | EST.OF LAT K.C. Vignarajah | 4,887,248 | 0.78 |
7 | Seylan Bank PLC/ARRC Capital (Pvt.) Ltd. | 4,136,516 | 0.66 |
8 | Hatton National Bank PLC/ASTRUE Alpha Fund | 3,675,025 | 0.59 |
9 | Mr. S.P. Perera | 2,925,525 | 0.47 |
10 | Mr. P.P.D.R.R. Weeraratne | 2,800,000 | 0.45 |
11 | Mr. O. Senanayake | 2,774,796 | 0.44 |
12 | Mr. G.B.D. Thilakaratne | 2,591,347 | 0.41 |
13 | Seylan Bank PLC/GLADSTONE Capital (Pvt.) Ltd. | 2,451,733 | 0.39 |
14 | Mr. A.D. Edussuriya | 2,316,857 | 0.37 |
15 | Mr. A.S. Jayasinghe | 2,128,130 | 0.34 |
16 | Commercial Bank of Ceylon PLC/ H.G. Balasuriya | 2,000,000 | 0.32 |
17 | Cocoshell Activated Cargon Company Limited | 1,790,000 | 0.29 |
18 | Mr. M.S. Osman | 1,590,000 | 0.25 |
19 | Dr. A. S. N. De Silva | 1,529,535 | 0.24 |
20 | Mr.Y.K.Rajapaksa | 1,200,000 | 0.19 |
538,161,808 | 86.09 |
PANASIAN POWER PLC |
INTERIM CONDENSED FINANCIAL STATEMENTS - YEAR ENDED 31ST MARCH 2025 |
PROVISIONAL FINANCIAL STATEMENTS |
Corporate Information |
Name of the Company |
Panasian Power PLC |
Legal Form |
A Public Quoted Company with limited liability incorporated under the Provision of the Companies Act No 07 of 2007. The Company has been registered under Section 17(2) of the BOI Law No 4 of 1978 on 26 November 2008. |
Date of incorporation |
22 April, 2002 |
Date of listing of shares on the Colombo Stock Exchange |
7 January, 2011 |
Company Registration Number |
PV 9959 PB/PQ |
Accounting Year End |
31, March |
Registered Office and Head Office |
Level 4, BTL Shipping House, No. 45/2, Braybrooke Street, Colombo 02. |
Subsidiary Companies | |
Manelwala Hydropower (Pvt) Limited | |
Panasian Investments (Pvt) Limited | |
Solar Power Generation Matara (Pvt) Ltd | |
Panthree Solaro Energy (Pvt) Ltd | |
PAP Solar One (Pvt) Ltd | |
Padiyapelella Hydropower Limited | |
Rajarata Sustainable Development (Pvt) Ltd | |
Finergreen Rajarata (Pvt) Ltd | |
Panasian Power Zambia Limited | |
Lower Kotmale Oya Power Two (Pvt) Ltd | |
Eco Green Solar Solutions (Pvt) Ltd | |
Finergreen Ridiyagama (Pvt) Ltd | |
Finergreen Gonnoruwa (Pvt) Ltd | |
Finergreen Mattala (Pvt) Ltd | |
Panasian Solar (Pvt) Ltd | (Previously named as Winsol Renewables (Pvt) Ltd was changed w.e.f. 8 May 2024) |
PAP SPGM Solar (Pvt) Ltd | |
PAP EGSS Solar (Pvt) Ltd | |
PAP MHPL Solar (Pvt) Ltd | |
PAP PTS Solar (Pvt) Ltd | |
R-E-D Capital Asia (Pvt) Ltd | |
Solar One Asia (Pvt) Ltd | |
Joint Ventures | |
Powergen One (Pvt) Ltd | |
Nature of business |
To engage in and undertake to establish, operate and manage any form of renewable energy power plant, and engage in any business related with the renewable energy sector. |
Directors | |
Mr. L.H.A.L.Silva (Chairman) | |
Mr. P.K. Pathmanatha (CEO/ Executive Director) | |
Ms. L.K.A.H.Fernando | |
Mr. D. Sooriyaarachchi | |
Mr. K. Kamburadeniya | |
Ms. C. Pietersz | |
Ms. N. Ranatunga | (Appointed w.e.f 15 January 2025) |
Board Secretary |
Ms. R.Weudagedara |
List of Sub Committees | |
Board Audit and Risk Committee | (Committee name renamed w.e.f. 1st October 2024) |
Ms. C. Pietersz (Chairperson) | |
Ms. L.K.A.H.Fernando | |
Mr. K. Kamburadeniya | |
Ms. N. Ranatunga | (Appointed w.e.f 15 January 2025) |
Mr. L. H. A. L. Silva | (Resigned w.e.f 15 January 2025) |
Board Nominations and Governance Committee |
Mr. K. Kamburadeniya (Chairman) |
Mr. L.H.A.L.Silva |
Ms. L.K.A.H.Fernando |
Mr. D. Sooriyaarachchi |
Ms. C. Pietersz |
Board HR & Remuneration Committee |
Mr. K. Kamburadeniya (Chairman) |
Mr. L.H.A.L.Silva |
Ms. L.K.A.H.Fernando |
Mr. D. Sooriyaarachchi |
Ms. N. Ranatunga |
Ms. C. Pietersz |
Board Related Party Transactions Review Committee |
Ms. N. Ranatunga (Chairperson) |
Mr. L.H.A.L.Silva |
Ms. L.K.A.H.Fernando |
Mr. D. Sooriyaarachchi |
Ms. C. Pietersz |
Registrars |
S S P Corporate Services (Pvt) Limited |
No 101, Inner Flower Road |
Colombo 3 |
Tel: +94112573894 |
Auditors |
M/s Ernst & Young |
Chartered Accountants |
Rotunda Towers, |
No. 109, Galle Road, |
Tel : +94 11 246 3500 |
Bankers |
Sampath Bank PLC |
110, Sir James Peiris Mawatha |
Colombo 2. |
Tel: +94112303050 |
(Committee name renamed w.e.f. 1st October 2024)
(Appointed w.e.f 15 January 2025) |
(Resigned w.e.f 15 January 2025) |
(Appointed w.e.f 15 January 2025)
(Resigned as the Chair w.e.f 15 January 2025) |
Lawyers |
Heritage Partners |
No. 4, Heritage House, |
Malalasekara Pedesa, Colombo 07 |
Tel: +94 117550096
Bankers |
Commercial Bank of Ceylon PLC |
Commercial House |
No 21, Sir Razik Fareed Mawatha, |
Colombo 01. |
Tel: +94112486028 |
National Development Bank PLC |
40,Nawam Mawatha |
Colombo 2. |
Tel: +94112448888 |
Hatton National Bank PLC |
Level 14, 479, T B Jaya Mawatha |
Colombo 10. |
Tel: +94112660660 |
Seylan Bank PLC |
90, Galle Road |
Colombo 03. |
Tel: +94112456135 |
Union Bank of Colombo PLC |
64 Galle Road, Colombo 03. |
Tel: 94112374100 |
DFCC Bank PLC |
73/5, Galle Road, |
Colombo 3. |
Bank of Ceylon |
No 1, BOC Square, |
Bank of Ceylon Mawatha, |
Colombo 01. |
Tel:+94 112350000
Tel: +94 112204444