Vallibel Power Erathna PlcCSELK: VPEL.N0000

Interim Financial Statements as at 31 12 2024

Feb 14, 2025 at 10:01 AM UTC · Issued by Vallibel Power Erathna PLC

VALLIBEL POWER ERATHNA PLC

INTERIM FINANCIAL STATEMENTS

Third Quarter

for the nine months ended 31st December 2024

Consolidated Statement of Financial Position

	Group		Company

As at	31.12.2024	31.03.2024	31.12.2024	31.03.2024
	Rs.	Rs. (Audited)		Rs.	Rs. (Audited)
ASSETS
Non-Current Assets
Property, Plant & Equipment	1,778,173,850	1,836,795,971	630,781,437	653,926,067
Right-to-use of Assets	31,186,714	33,857,897	1,171,472	1,277,970
Investment in Subsidiary	-	-	821,619,980	821,619,980
Intangible Assets	25,654,984	33,635,953	4,127,063	4,340,532
Other non-current asset	4,500,000	4,500,000	-	-
	1,839,515,549	1,908,789,821	1,457,699,952	1,481,164,549
Current Assets
Inventories	22,090,210	16,998,201	6,626,822	4,214,329
Trade & Other Receivables	173,410,510	111,570,760	66,186,617	18,050,555
Amounts Due from Related Parties	2,304,038	1,578,535	5,643,357	4,145,085
Cash and cash equivalents	1,184,108,437	873,886,218	360,051,987	354,470,664
	1,381,913,195	1,004,033,714	438,508,783	380,880,633
Total Assets	3,221,428,744	2,912,823,535	1,896,208,735	1,862,045,182

EQUITY AND LIABILITIES

Equity Attributable to Equity Holders of the Parent

Stated Capital	1,174,365,278	1,174,365,278	1,174,365,278	1,174,365,278
Accumulated Profit	1,308,140,691	846,060,244	426,552,836	388,735,215
Capital and reserves attributable to
owners of Vallibel Power Erathna PLC	2,482,505,969	2,020,425,522	1,600,918,114	1,563,100,493
Non - Controlling Interest	247,536,893	184,256,307	-	-
Total Equity	2,730,042,862	2,204,681,829	1,600,918,114	1,563,100,493

Non-Current Liabilities
Retirement Benefit Obligations	53,354,129	53,051,569	36,377,344	36,090,205
Deferred Tax Liability	211,840,878	218,731,691	176,509,805	184,020,953
Lease Liability	39,733,886	40,328,804	1,760,756	1,768,118
	304,928,893	312,112,064	214,647,905	221,879,276
Current Liabilities
Accruals and other payables	37,869,818	299,088,023	22,874,232	57,041,018
Lease Liability	1,415,458	2,497,463	139,970	-
Current tax liabilities	147,171,713	94,444,157	57,628,514	20,024,396
	186,456,989	396,029,643	80,642,716	77,065,414
Total Equity and Liabilities	3,221,428,744	2,912,823,535	1,896,208,735	1,862,045,183

Net Asset Per Share	3.32	2.70	2.14	2.09

These Financial Statements are in compliance with the requirements of the Companies Act, No. 7 of 2007.

Sgd.

Sajithra Thanoj	Russell De Zilva
Accountant	Jt.CEO

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

Sgd.

Harsha Amarasekera	Devika Weerasinghe
Chairman	Director
February 14, 2025 / Colombo
	Page 1

Consolidated Statement of Profit or Loss

			Group						Company

		Quarter			Nine Months				Quarter			Nine Months

For the nine months ended 31st December	2024	2023	Change	2024	2023	Change	2024	2023	Change	2024	2023	Change
	Rs.	Rs.	%		Rs.	Rs.	%		Rs.	Rs.	%		Rs.	Rs.	%

Revenue from contracts with customers	430,171,847	583,445,020	(26)		1,249,614,012	1,310,251,176	(5)		103,176,085	113,650,301	(9)		316,826,278	304,861,078	4
Direct Costs	(45,728,058)	(41,406,404)	10		(137,007,147)	(128,679,628)	6		(16,875,026)	(14,821,558)	14		(48,158,024)	(44,696,138)	8
Gross Profit	384,443,789	542,038,616	(29)		1,112,606,865	1,181,571,548	(6)		86,301,059	98,828,743	(13)		268,668,254	260,164,940	3
Other Income	4,152,494	-	>999		478,690,191	-	>999		-	-	-		488,747,916	297,699,742	64
Administration Expenses	(46,744,874)	(36,276,621)	29		(128,547,477)	(104,222,498)	23		(20,734,941)	(15,664,685)	32		(59,136,639)	(46,120,424)	28
Other Operating Expenses	(3,070,277)	(583,947)	426		(11,260,190)	(2,424,427)	364		(2,428,035)	(216,365)	>999		(5,496,479)	(1,767,314)	211
Finance Cost	(1,067,230)	(1,096,914)	(3)		(3,239,327)	(3,222,477)	1		(44,203)	-	-		(132,609)	(135,950)	(2)
Finance Income	18,234,892	30,765,358	(41)		59,436,900	72,053,329	(18)		6,309,326	10,934,072	(42)		22,664,005	22,793,690	(1)
Profit Before Tax	355,948,796	534,846,492	(33)		1,507,686,964	1,143,755,475	32		69,403,206	93,881,766	(26)		715,314,448	532,634,684	34
Income Tax Expenses	(70,520,609)	(93,684,079)	(25)		(360,325,622)	(269,261,906)	34		(25,192,530)	(29,499,950)	(15)		(117,164,529)	(75,610,025)	55
Net Profit For the Period	285,428,188	441,162,413	(35)		1,147,361,342	874,493,569	31		44,210,676	64,381,816	(31)		598,149,919	457,024,659	31
Attributable to:
Owners of Vallibel Power Erathna PLC	254,267,867	392,650,016	(35)		1,022,412,745	775,374,028	32		44,210,676	64,381,816	(31)		598,149,919	457,024,659	31
Non Controlling Interest	31,160,321	48,512,397	(36)		124,948,597	99,119,541	26		-	-	-		-	-	-
	285,428,188	441,162,413	(35)		1,147,361,342	874,493,569	31		44,210,676	64,381,816	(31)		598,149,919	457,024,659	31

Basic Earnings Per Share	0.34	0.52			1.36	1.04			0.06	0.09			0.80	0.61

Page 2

Consolidated Statement of Comprehensive Income

			Group							Company

		Quarter			Nine Months				Quarter				Nine Months

For the nine months ended 31st December	2024	2023	Change	2024	2023	Change	2024	2023	Change	2024	2023	Change
	Rs.	Rs.	%		Rs.	Rs.	%		Rs.	Rs.	%			Rs.	Rs.	%

Net Profit for the Period	285,428,188	441,162,413	(35)		1,147,361,342	874,493,569	31		44,210,676	64,381,816	(31)			598,149,919	457,024,659	31
Total Other Comprehensive Income /(Loss)	-	-	-		-	-	-		-	-	-			-	-	-
Total Comprehensive Income for the period, net of Tax	285,428,188	441,162,413	(35)		1,147,361,342	874,493,569	31		44,210,676	64,381,816	(31)			598,149,919	457,024,659	31
Attributable to:
Owners of Vallibel Power Erathna PLC	254,267,867	392,650,016	(35)		1,022,412,745	775,374,029	32		44,210,676	64,381,816	(31)			598,149,919	457,024,659	31
Non Controlling Interest	31,160,321	48,512,397	(36)		124,948,597	99,119,540	26		-	-	-			-	-	-
	285,428,188	441,162,413	(35)		1,147,361,342	874,493,569	31		44,210,676	64,381,816	(31)			598,149,919	457,024,659	31

Page 3

Consolidated Statement of Cash Flows

	Group			Company

For the nine months ended 31st December	2024		2023		2024	2023
	Rs.	Rs.	Rs.	Rs.
Cash Flows from/(Used in) Operating Activities
Net Profit Before Income Tax Expense	1,507,686,964		1,143,755,475		715,314,448	532,634,684
Adjustments for
Amortization of Intangible Assets	7,980,969		7,980,969		213,469	213,469
Amortization of Right of Use Assets	2,671,183		3,265,776		106,498	419,041
Depreciation	59,322,921		59,405,898		23,514,167	23,519,038
Provision for Retirement Benefit Obligations	2,234,223		2,285,000		900,000	980,000
Profit/(loss) on disposal of Property, Plant & Equipment	32,025		-		32,025	-
Dividend Income	-		-		(357,239,691)	(297,699,742)
Finance Income	(59,436,900)		(72,053,329)		(22,664,005)	(22,793,690)
Finance Cost	3,239,327		3,222,477		132,609	135,950
Operating Profit Before Working Capital Changes	1,523,730,711		1,147,862,266		360,309,519	237,408,750

( Increase)/ Decrease in Inventories	(5,092,009)		(1,406,371)		(2,412,493)	(645,326)
( Increase )/ Decrease in Trade and Other Receivables	(61,352,273)		345,068,126		(50,279,499)	120,863,910
( Increase )/ Decrease in Amounts Due from Related Parties	(725,503)		(226,265)		(1,498,272)	(637,267)
Increase / (Decrease ) in Trade and Other Payables	(264,818,205)		663,928		(34,166,786)	306,186
Cash Generated from /(used in) Operating Activities	1,191,742,721		1,491,961,684		271,952,470	357,296,253

Finance Cost Paid	(273,658)		(330,802)		-	(57,949)
Finance Income Received	58,949,426		75,707,874		24,807,442	20,796,171
Retirement Benefit Obligations Paid	(1,931,664)		(294,496)		(612,862)	-
Taxes Paid	(314,488,874)		(199,515,065)		(87,071,559)	(55,787,800)
Net Cash from / (used in) Operating Activities	933,997,950		1,367,529,196		209,075,491	322,246,675

Cash Flows From / (Used in) Investing Activities
Acquisitions of Property, Plant & Equipments	(732,830)		(498,142)		(401,560)	(113,300)
Dividend Received	-		-		357,239,691	297,699,742
Net Cash Flow from / (Used In) Investing Activities	(732,830)		(498,142)		356,838,131	297,586,442

Cash Flows from /(Used in) Financing Activities
Principal Elements of Lease Payments	(1,042,592)		(1,644,393)		-	(324,886)
Dividends Paid	(622,000,309)		(424,944,875)		(560,332,298)	(373,554,866)
Net Cash Flows From / (Used In) Financing Activities	(623,042,901)		(426,589,268)		(560,332,298)	(373,879,752)

Net Increase / (Decrease) In Cash & Cash Equivalents	310,222,219		940,441,786		5,581,323	245,953,365

Cash and Cash Equivalents at the Beginning of the Period (Note A)	873,886,218		499,561,143		354,470,664	114,181,022
Cash and Cash Equivalents at the End of the Period (Note B)	1,184,108,437		1,440,002,929		360,051,987	360,134,387

Note A
Cash and Cash Equivalents at the Beginning of the Period
Cash in Hand & at Bank	15,680,449		5,722,104		10,478,331	200,730
Investments in short-term deposits (Matuiry period < 3 months)	858,205,769		493,839,039		343,992,333	113,980,292
	873,886,218		499,561,143		354,470,664	114,181,022
Note B
Cash and Cash Equivalents at the End of the Period
Cash in Hand & at Bank	64,910,068		146,006,099		42,957,033	12,639,463
Investments in short-term deposits (Matuiry period < 3 months)	1,119,198,368		1,293,996,830		317,094,954	347,494,924
	1,184,108,437		1,440,002,929		360,051,987	360,134,387

Page 4

Consolidated Statement of Changes in Equity

Group

	Stated	Accumulated	Non Controlling	Total Equity
	Capital	Profit	Interest
	Rs.	Rs.	Rs.	Rs.

Balance as at 01st April 2023	1,174,365,278	1,866,790,688	307,716,088	3,348,872,054

Net Profit for the Period	-	775,374,028	99,119,541	874,493,569

Dividend	-	(373,554,866)	(51,390,009)	(424,944,875)

Balance as at 31st December 2023	1,174,365,278	2,268,609,850	355,445,620	3,798,420,748

Balance as at 01st April 2024	1,174,365,278	846,060,244	184,256,307	2,204,681,829

Net Profit for the Period	-	1,022,412,745	124,948,597	1,147,361,342

Dividend	-	(560,332,298)	(61,668,011)	(622,000,309)

Balance as at 31st December 2024	1,174,365,278	1,308,140,691	247,536,893	2,730,042,862

Company

	Stated	Accumulated	Total Equity
	Capital	Profit
	Rs.	Rs.	Rs.

Balance as at 01st April 2023	1,174,365,278	558,865,571	1,733,230,849

Net Profit for the Period	-	457,024,659	457,024,659

Dividend	-	(373,554,866)	(373,554,866)

Balance as at 31st December 2023	1,174,365,278	642,335,364	1,816,700,642

Balance as at 01st April 2024	1,174,365,278	388,735,215	1,563,100,493

Net Profit for the Period	-	598,149,919	598,149,919

Dividend	-	(560,332,298)	(560,332,298)

Balance as at 31st December 2024	1,174,365,278	426,552,836	1,600,918,114

Page 5

Notes to the Interim Financial Statements

The above figures are provisional & subject to audit unless otherwise stated.
The interim financial statements of the Group and the Company for the Nine months ended 31st December 2024 were authorised for issue by the Board of Directors on 14th February 2025.
The financial statements for the period ended 31st December 2024, includes "the Company" referring to
Vallibel Power Erathna PLC as the Holding Company and "the Subsidiary" referring to Country Energy (Private) Limited whose accounts have been consolidated therein.
The Interim Financial Statements have been prepared in accordance with the accounting policies set out in the Annual report for the year ended 31st March 2024 and comply with the Sri Lanka Accounting Standards (SLFRS/LKAS). These Interim Financial Statements should be read in conjunction with the annual financial statements for the year ended 31st March 2024. They also provide the information required by the Colombo Stock Exchange and LKAS 34.
The number of shares representing the stated capital is 747,109,731.
The Company has paid Seventy Five Cents (Rs. 0.75) per share as an Interim Dividend for the year ended 31st March 2025 in 25th September 2024.
The Group had no significant contingent liabilities outstanding as at the reporting date.
No other circumstances have arisen since the reporting date, which would require adjustments to or disclosure in the Financial Statements.
Operating Segment Information

For the Nine months ended 31st December 2024

		Erathna	Denawaka	Kiriwaneliya	Group	Group
		MHPP	Ganga MHPP	MHPP	Adjustments

Power	kWh	39,451,119	23,430,671	13,492,680		76,374,470
Generation	-



Revenue	Rs.	316,826,278	593,969,055	338,818,679	-	1,249,614,012

Gross Profit	Rs.	268,668,254	543,287,280	307,318,831	(6,667,500)	1,112,606,865

Profit After Tax	Rs.	598,149,919	618,618,699	357,542,213	(426,949,489)	1,147,361,342


Total Assets	Rs.	1,896,208,735	1,374,439,519	850,949,609	(900,169,119)	3,221,428,744

Total Liabilities	Rs.	295,290,621	141,314,766	151,799,241	(97,018,746)	491,385,882

Page 6

9. Operating Segment Information (Contd/-) For the Nine months ended 31st December 2023

		Erathna	Denawaka	Kiriwaneliya	Group	Group
		MHPP	Ganga MHPP	MHPP	Adjustments

Power		39,100,781	24,303,078	13,944,783	-	77,348,642
Generation	kWh



Revenue	Rs.	304,861,078	648,487,107	356,902,991	-	1,310,251,176

Gross Profit	Rs.	260,164,940	602,514,092	325,560,014	(6,667,498)	1,181,571,548

Profit After Tax	Rs.	457,021,659	498,242,095	276,129,305	(356,899,490)	874,493,569


Total Assets	Rs.	2,088,973,450	1,870,419,214	1,210,033,439	(890,854,488)	4,278,571,615

Total Liabilities	Rs.	272,272,807	153,685,198	150,786,975	(96,594,113)	480,150,867

10. The age analysis of Trade Receivables which is due from Ceylon Electricity Board (CEB) as at 31st December 2024.

	Company		Group

As at	31.12.2024		31.03.2024	31.12.2024	31.03.2024
		(Audited)		(Audited)


	Rs.		Rs.	Rs.	Rs.
Below 30 days	21,234,776		2,557,981	102,739,122	28,458,972
30 - 60 days	-		-	-	48,717,601
60 - 180 days	-		-	-	-
Over 180 days	-		-	-	-
Total	21,234,776		2,557,981	102,739,122	77,176,573

Subsequent to the reporting date, the Group has received full settlement of the outstanding amount of Rs. 102,739,122/-. Furthermore, the Company and its subsidiary received Rs. 131,508,226/- and Rs. 347,175,366/-, respectively, totaling Rs. 478,683,592 /- from the CEB as interest on delayed payments during this nine month period. This constitutes the full payment of interest for the delayed payments.

11. Related Party Transactions with the Company

	For the Period Ended	31-12-2024	31-12-2023
			Rs.	Rs.

	11.1 Key Management Personal (KMP)
		Directors Remuneration	(4,261,306)	(3,620,164)

		Key Management Compensation	(12,363,018)	(9,805,760)
		Close Family Members of KMP	Nil	Nil

	11.2 Country Energy (Pvt) Ltd - Subsidiary

		Net operating expenses incurred on behalf of the Subsidiary	(34,629,305)	(26,666,368)

		Reimbursement of operating expenses by the Subsidiary	33,858,969	26,245,629

Page 7

11. Related Party Transactions with the Company (Contd/-)

11.3 Other Related companies

11.3.1 Alternate Power Systems (Pvt) Ltd (APSL)

Period Ended	31-12-2024	31-12-2023
			Rs.	Rs.
Net operating expenses incurred on behalf of APSL	(22,713,675)	(17,016,695)
Reimbursement of operating expenses by APSL	21,985,738	16,800,170

11.3.2	Vallibel Finance PLC

Investments in Fixed Deposit	(194,105,122)	(32,097,509)
Withdrawal of Fixed Deposit	Nil	37,212,319
FD Interest Recieved	Nil	91,756
11.3.3	Hayleys PLC
Payment for rent and services	(5,868,399)	(4,726,398)

12. Share Information

The public shareholding percentage as at 31st December 2024 was 40.517%, comprising of 7,077 shareholders.
The Float Adjusted Market Capitalization as at 31st December 2024 is Rs. 3,481,126,429/-. The Company complies with option 4 of the Listing Rules 7.13.1 (i) (a).
Market price per share

For the period ended	31-12-2024	31-12-2023
	Rs.	Rs.
Market Price - Highest	11.70	7.40

Market Price - Lowest	8.90	6.50
Market Price - Last Traded	11.50	7.20

12.4. Directors' shareholding as at 31st December 2024

Director	No. of Shares
Mr. S H Amarasekera	30
Mr. P K Sumanasekera	150,000
Mr. H Somashantha	15,000
Mr. S Shanmuganathan*	Nil
Mr. C V Cabraal*	Nil
Ms. Y Bhaskaran	Nil
*Resigned w.e.f. 31st December 2024

Page 8

12. Share Information (Contd/-)

12.5 Major Shareholders as at 31st December 2024

	Shareholder	No. of Shares	Percentage (%)

1.	Vallibel Power Limited	299,425,830	40.08

2.	Mr. K.D.D. Perera	144,812,225	19.38

3.	Sri Lanka Insurance Corporation Ltd-Life Fund	28,994,243	3.88

4.	Mr K.D.H. Perera	18,750,000	2.51

5.	Mr K.D.A. Perera	18,750,000	2.51

6.	Sri Lanka Insurance Corporation Ltd-General Fund	16,568,928	2.22

7.	Mackenzie Capital Ltd	11,750,000	1.57

8.	Ms K.D.C. Samanthi	9,375,000	1.25

9.	DFCC Bank PLC A/C 1	8,400,000	1.12

10.	Employees Trust Fund Board	7,557,262	1.01

11.	Mr. P.P. Subasinghe	7,515,030	1.01

12.	Perera and Sons Bakers (Pvt) Limited	7,000,000	0.94

13.	Mr. M.F. Hashim	5,009,000	0.67

14.	Seylan Bank PLC/W.D.N.H.Perera	5,000,000	0.67

15.	Mr. S.M. Jayasooriya	4,790,000	0.64

16.	Mr. K.C. Vignarajah	3,542,275	0.47

17.	Mr. D.D. Gunaratne	3,300,000	0.44

18.	Dr. S.P. Jayawardena	3,246,792	0.43

19.	Mr. D.N.P. Rathnayake	3,003,675	0.4

20.	Mr. B.C. Tay	3,000,000	0.4

21.	Senkadagala Finance PLC/C.B.R.Fernando	2,435,000	0.33

Page 9

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