Resus Energy PlcCSELK: HPWR.N0000

Quarterly Financial Statements as of 30 June 2024

Aug 9, 2024 at 11:26 AM UTC · Issued by Resus Energy PLC

Resus Energy PLC

Interim Financial Report 01st Quarter 2024-2025

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF FINANCIAL POSITION - GROUP

	30.06.2024	31.03.2024
ASSETS	Rs.		Rs.
Non-current assets
Property, plant and equipment	4,769,508,118	4,729,906,298
Right of use asset	27,280,703	27,979,001
Intangible assets	181,139,888	181,139,889
Deferred tax assets	637,666,147	637,666,147
Current assets	5,615,594,856		5,576,691,334

Inventories	68,668,338	99,957,263
Trade and other receivables	512,977,889	518,461,951
Income tax recoverable	835,642	830,766
Cash and cash equivalents	92,598,926	26,214,357
Total Assets	675,080,795		645,464,337
6,290,675,651		6,222,155,671
EQUITY AND LIABILITIES
Equity
Stated capital	967,483,261	967,483,260
Other components of equity	6,949,461	6,949,461
Retained earnings	1,514,890,211	1,371,205,904
Equity attributable to equity holders of the parent	2,489,322,933		2,345,638,625
Non-controlling interest	-	-
Total Equity	2,489,322,933		2,345,638,625
Non-current liabilities
Interest bearing loans and borrowings	2,242,133,664	2,252,856,849
Lease liability	24,546,912	24,871,746
Retirement benefit obligations	38,801,898	37,783,649
Deferred tax liabilities	213,273,958	213,273,958
	2,518,756,432		2,528,786,202
Current liabilities
Trade and other payables	93,802,537	109,428,420
Lease liability	5,088,270	4,986,270
Income tax liabilities	29,510,018	29,510,018
Interest bearing loans and borrowings	855,435,518	955,314,681
Bank overdrafts	298,759,944	248,491,455
Total Equity and Liabilities	1,282,596,287		1,347,730,844
6,290,675,651		6,222,155,671

		0
Net assets per share	28.88	27.22

The above figures are provisional and subject to audit.

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

……………………………

R M S Tillakawardana Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by,

……………………………………	……………………………….
H.A.S. Madanayaka	G.A.K. Nanayakkara
Chairman	Managing Director
09th August 2024

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF FINANCIAL POSITION - COMPANY

	30.06.2024	31.03.2024
ASSETS	Rs.		Rs.
Non-current assets
Property, plant and equipment	1,215,452,263	1,224,669,441
Right of use asset	4,802,726	5,453,218
Investments in subsidiaries	1,231,644,125	1,231,644,125
Intangible Assets	125,407,510	125,407,510
Current assets	2,577,306,624		2,587,174,294

Inventories	15,046,123	14,581,724
Trade and other receivables	357,100,232	305,578,724
Income tax recoverable	835,546	830,691
Cash and cash equivalents	87,611,076	23,966,215
Total Assets	460,592,977		344,957,353
3,037,899,601		2,932,131,647
EQUITY AND LIABILITIES
Equity
Stated capital	967,483,260	967,483,260
Other components of equity	5,194,210	5,194,210
Retained earnings	289,017,063	238,845,815
Equity attributable to equity holders of the parent	1,261,694,533		1,211,523,285
Non-controlling interest	-	-
Total Equity	1,261,694,533		1,211,523,285
Non-current liabilities
Interest bearing loans and borrowings	631,237,728	633,220,480
Lease liability	451,574	437,066
Retirement benefit obligations	37,038,093	36,193,650
Deferred tax liabilities	84,382,755	84,382,755
	753,110,149		754,233,950
Current liabilities
Trade and other payables	490,673,360	445,364,127
Lease liability	111,270	111,270
Income tax liabilities	18,175,517	18,175,517
Interest bearing loans and borrowings	295,728,422	318,911,013
Bank overdrafts	218,406,350	183,812,486
Total Equity and Liabilities	1,023,094,919		966,374,413
3,037,899,601		2,932,131,647

		0
Net assets per share	14.64	14.06

The above figures are provisional and subject to audit.

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

……………………………

R M S Tillakawardana Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by,

……………………………………	……………………………….
H.A.S. Madanayaka	G.A.K. Nanayakkara
Chairman	Managing Director
09th August 2024

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF PROFIT OR LOSS - GROUP

	03 Months Ended 30th June
	2024	2023		Change %
	Rs.		Rs.

Revenue from contracts with customers	323,256,633	190,327,345		70
Direct costs	(57,105,031)		(46,294,873)		(23)
Gross profit	266,151,601	144,032,472		85
Other operating income	-	-
Administrative expenses	(24,128,809)		(17,294,055)		(40)
Results from operating activities	242,022,792	126,738,417		91
Finance income	892,487	189,669		371
Finance cost	(99,230,973)		(148,399,901)		33
Profit/(loss) before tax	143,684,307	(21,471,815)		769
Tax expense	-		-		-
Profit/(loss) for the period	143,684,307	(21,471,815)		769
Attributable to:

Equity holders of the parent	143,684,307	(21,471,815)		769
Non-controlling interest	-		-		-
	143,684,307	(21,471,815)		769
Earnings/(loss) per share - basic/diluted
1.67	-0.25
Dividend per share	-	-
STATEMENT OF COMPREHENSIVE INCOME - GROUP
	03 Months Ended 30th June
	2024	2023		Change %
	Rs.		Rs.
Profit/(loss) for the period	143,684,307	(21,471,815)		769
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods
Remeasurement gain/(loss) on Defined Benefit Plans	-	-		-
Deferred tax effect on Actuarial gain/loss	-		-		-
Other comprensive income for the period. Net of tax	-		-		-
Total comprehensive income for the period, net of	143,684,307	(21,471,815)		769
tax
Attributable to:
Equity holders of the parent	143,684,307	(21,471,815)		769
Non-controlling interest	-		-		-
	143,684,307	(21,471,815)		769

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF PROFIT OR LOSS - COMPANY

	Three Months Ended 30th June
	2024	2023	Change %
	Rs.		Rs.

Revenue from contracts with customers	134,002,160	81,892,319	64
Direct costs	(21,564,511)		(21,321,801)	(1)
Gross profit	112,437,649	60,570,518	86
Other operating income	-	-	100
Administrative expenses	(20,811,943)		(14,839,378)	(40)
Results from operating activities	91,625,706	45,731,140	100
Finance income	886,810	189,235	369
Finance cost	(42,341,268)		(63,479,228)	33
Profit/(loss) before tax	50,171,248	(17,558,853)	386
Tax expense	-		-	-
Profit/(loss) for the period	50,171,248	(17,558,853)	386
Attributable to:

Equity holders of the parent	50,171,248	(17,558,853)	386
Non-controlling interest	-		-	-
	50,171,248	(17,558,853)	386
Earnings/(loss) per share - basic/diluted
0.58	0.27
Dividend per share	-	-
STATEMENT OF COMPREHENSIVE INCOME - COMPANY	03 Months Ended 30th June

	2024	2023	Change %
	Rs.		Rs.
Profit/(loss) for the period	50,171,248	(17,558,853)	386
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods
Remeasurement gain/(loss) on Defined Benefit Plans	-			-
Deferred tax effect on Actuarial gain/loss	-			-
Other comprensive income for the period. Net of tax	-		-	-
Total comprehensive income for the period, net of tax	50,171,248	(17,558,853)	386

Attributable to:
Equity holders of the parent	50,171,248	(17,558,853)	386
Non-controlling interest	-		-	-
	50,171,248	(17,558,853)	386

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF CHANGES IN EQUITY - GROUP

						Attributable to equity holders of the parent
						Other components of equity
		Stated		Revaluation		Retained		Total		Non-controlling		Total
		capital		reserve		earnings				interest		equity
Period ended at 30th June 2024	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1st April 2024	967,483,260	6,949,461	1,371,205,904	2,345,638,625	-	2,345,638,625
Profit for the period	-1.7E+07	-	-	143,684,307	143,684,307	-	143,684,307
Other comprehensive income	-	-	-	-	-	-
Total comprehensive income for the period
-		-	143,684,307	143,684,307	-	143,684,307
Transactions with equity holders	-	-	-	-	-	-
Balance as at 30th June 2024
967,483,260	6,949,461	1,514,890,211	2,489,322,932	-	2,489,322,932

						Attributable to equity holders of the parent
						Other components of equity
		Stated		Revaluation		Retained		Total		Non-controlling		Total
		capital		reserve		earnings				interest		equity
Year ended 31st March 2024	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1st April 2023	967,483,260	6,949,461	1,106,708,051	2,081,140,772	-	2,081,140,772
Profit for the period		-	-	373,882,505	373,882,505	-	373,882,505
Other comprehensive income	-	-	(1,653,618)	(1,653,618)	-	(1,653,618)
Total comprehensive income for the period
967,483,260	6,949,461	1,478,936,938	2,453,369,659	-	2,453,369,659
Transactions with equity holders
Cash Dividend paid - interim 2023/24	-	-	(107,731,034)	(107,731,034)	-	(107,731,034)
Balance as at 31st March 2024
967,483,260	6,949,461	1,371,205,904	2,345,638,625	-	2,345,638,625
Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF CHANGES IN EQUITY - COMPANY

	Attributable to equity holders of the parent
			Other components of equity
	Stated		Revaluation	Retained	Total
	capital		reserve	earnings	equity
Period ended 30th June 2024	Rs.		Rs.	Rs.		Rs.
Balance as at 1st April 2024	967,483,260	5,194,210	238,845,815		1,211,523,285
Profit for the period -2E+07	-	-	50,171,248		50,171,248
Other comprehensive income	-	-	-		-
Total comprehensive income for the period
-		-	50,171,248		50,171,248
Transactions with equity holders	-	-	-		-
Balance as at 30th June 2024
967,483,260	5,194,210	289,017,063		1,261,694,533

	Attributable to equity holders of the parent
			Other components of equity
	Stated		Revaluation	Retained	Total
	capital		reserve	earnings	equity
Year ended 31st March 2024	Rs.		Rs.	Rs.		Rs.
Balance as at 1st April 2023	967,483,260	5,194,210	178,122,183		1,150,799,653
Profit for the period	-	-	170,017,162		170,017,162
Other comprehensive income	-	-	(1,562,496)		(1,562,496)
Total comprehensive income for the period
967,483,260	5,194,210	346,576,849		1,319,254,319
Transactions with equity holders
Cash Dividend paid - interim 2023/24	-	-	(107,731,034)		(107,731,034)
Balance as at 31st March 2024
967,483,260	5,194,210	238,845,815		1,211,523,285
Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF CASH FLOW - GROUP

For the 03Months Ended 30 June	2024	2023
		Rs.		Rs.
Cash generated from/(used in) operating activities
Profit/(loss) before tax		143,684,307	(21,471,815)
Adjustments for;
Depreciation	-17294055	30,546,135	25,396,381
Depreciation of Right of use Assets	698,298	710,349
Provision for Defined Benefit Plan	1,018,633	627,518
Finance Cost		98,493,448	148,399,901
Finance charges on lease liability	737,525	567,467
Finance Income		(892,487)	(189,669)
Operating profit before working capital changes	274,285,858		154,040,132
Decrease / ( increase ) in inventories	31,288,924	1,414,185
Decrease / ( increase ) in trade and other receivable	5,484,062	89,629,249
(Decrease) / Increase in trade and other payables	(15,625,883)	(49,069,591)
Cash generated from/(used in) operating activities	295,432,962		196,013,975
Finance cost paid		(98,498,708)	(30,687,912)
Gratuity paid		-	-
Income tax paid		-	-
Net cash generated from/(used in) operating activities	196,934,254		165,326,063
Cash flows from/(used in) investing activities
(Acquisition) / Reversals of property, plant and equipment	(70,147,955)	(39,518,155)
Finance income received	892,487	189,669
Net cash used in investing activities	(69,255,468)		(39,328,486)
Cash flows from/(used in) financing activities
Repayment of Lease rental	(960,358)	(2,976,814)
Proceeds from interest bearing loans and borrowings	-	-
Repayments of interest bearing loans and borrowings	(110,602,348)	(69,173,623)
Dividend Paid		-	-
Tax on dividends paid by subsidiaries	-	-
Net cash (used in)/generated from financing activities	(111,562,706)		(72,150,437)
Net decrease in cash and cash equivalents	16,116,080	53,847,140
Cash and cash equivalents at the beginning of the period	(222,277,098)	(351,944,649)
Cash and Cash equivalents at the end of the period	(206,161,018)		(298,097,509)
Analysis of cash and cash equivalents;
Cash and cash equivalents		92,598,926	72,557,905
Bank overdrafts		(298,759,944)	(370,655,414)
Cash and cash equivalents at the end of the period for the purpose of statement of cash Flow	(206,161,017)		(298,097,509)

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

STATEMENT OF CASH FLOW - COMPANY

For the 03Months Ended 30 June	2024	2023
		Rs.		Rs.
Cash generated from/(used in) operating activities
Profit/(loss) before tax		50,171,248	(17,558,853)
Adjustments for;
Depreciation	-17294055	9,363,676	9,541,662
Depreciation of Right of use Asset	650,492	791,496
Provision for Defined Benefit Plan	844,831	301,403
Finance Cost		42,326,760	63,479,228
Finance charges on lease liability	14,508	567,467
Finance Income		(886,773)	(189,235)
Operating profit before working capital changes	102,484,742		56,933,168
Decrease / ( increase ) in inventories	(464,399)	-
Decrease / ( increase ) in trade and other receivable	(51,526,363)	(2,528,368)
Increase/(decrease) in trade and other payables	45,309,233	73,561,225
Cash generated from/(used in) operating activities	95,803,213		127,966,025
Finance cost paid		(45,075,699)	(14,140,929)
Gratuity paid		-	-
Net cash generated from/(used in) operating activities	50,727,514		113,825,096
Cash flows from/(used in) investing activities
Acquisition of property, plant and equipment	(146,489)	-
Investments in Subsidiaries	-	-
Proceeds From sale of property, plant and equipment	-	-
Finance income received	886,773	189,235
Dividend Received		-	-
Net cash used in investing activities	740,284		189,235
Cash flows from/(used in) financing activities
Proceeds from interest bearing loans and borrowings	-	-
Lease rental paid		-	(2,976,813)
Repayments of interest bearing loans and borrowings	(22,416,800)	(62,099,129)
Dividends Paid - Ordinary Shares	-	-
Net cash (used in)/generated from financing activities	(22,416,800)		(65,075,942)
Net decrease in cash and cash equivalents	29,050,998	48,938,389
Cash and cash equivalents at the beginning of the period	(159,846,271)	(240,348,133)
Cash and Cash equivalents at the end of the period	(130,795,274)		(191,409,744)
Analysis of cash and cash equivalents;
Cash and cash equivalents		87,611,076	67,071,582
Bank overdrafts		(218,406,350)	(258,481,326)
Cash and cash equivalents at the end of the period for the purpose of statement of cash Flow	(130,795,274)		(191,409,744)

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 01st Quarter 2024-2025

Provisional Financial Statements

EXPLANATORY NOTES TO THE INTERIM FINANCIAL STATEMENTS

Basis of preparation
The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard LKAS-34, Interim Financial Reporting. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2024, including the changes to accounting policies as a result of convergence to revised Sri Lanka Accounting Standards (SLFRSs/LKASs). Further, provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements.
Changes in accounting policies
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with
those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31st March 2024. -17294055
Contingent Liabilities
There have been no material changes to the contingencies disclosed in the annual audited financial statements for the year ended 31st March 2024.
Events after the reporting period
There have been no material events occurring after the reporting period that require adjustments to or disclosure in the financial statements.

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