MANAGING DIRECTOR'S MESSAGE
Dear stakeholders,
We are pleased to present the Interim Report for the period ending September 30, 2024, highlighting WindForce PLC's performance and progress.
Operational Highlight:
- Revenue Recognition: WindForce reported LKR 708 million in income from the Ceylon Electricity Board (CEB) under our standard power purchase agreement, significantly strengthening our financial position
- Strategic Divestments: Aligned with our strategy to exit the rooftop solar sector and focus on larger-scale renewable projects, our subsidiaries Suryadhanavi
(Pvt) Ltd and Hirujanani (Pvt) Ltd sold rooftop solar panels to related-party owners, generating a book profit of LKR 467 million.
- EBITDA Growth: WindForce achieved a notable 49% increase in EBITDA, reporting LKR 4.22 billion, up from LKR 2.83 billion during the same period last year.
Financial Overview:
- Consolidated Revenue: The Group recorded LKR 3.95 billion in consolidated revenue, reflecting an 18% increase from LKR 3.35 billion in 2023.
- Net Profit: Net profit for the period reached LKR 1.86 billion, marking a 17% year-on-year increase, largely driven by contributions from the newly commissioned Hiruras 15 MW wind power plant and Kebitigollewa 10 MW solar plant.
Sector-wise Performance:
- Wind Sector: Revenue increased by 8%, led by the Hiruras wind plant addition in June/July 2023. Reduced wind speeds and minor breakdowns impacted some plants, offset by Hiruras' strong performance.
- Solar Sector: The sector saw an 8% revenue increase, bolstered by the new Kebitigollewa plant and Solar Universe addition as a subsidiary. However, revenue from Suryadhanavi and Hirujanani rooftop plants declined by 29% and 33%, respectively, due to asset sales.
- Hydro Sector: A 48% rise in hydro sector revenue resulted from Mahoma's integration as a subsidiary in early 2024, alongside higher rainfall and output increases at Terraqua Kokawita and Melanka plants.
New projects:
Rividhanavi 100 MW Solar Project
Transmission line Foundation construction is underway, with design and financing discussions progressing.
Sooryashakthi 10 MW Solar Project
Site preparations and construction activities are ongoing, with supplier agreements in progress.
Cocoon Island Solar PV Project
WindForce has entered an EPC agreement for a 366 kWp rooftop solar PV project in the Maldives with Cocoon Investment Pvt Ltd.
Additional Highlights
WindForce was chosen as the subject company for the CFA Institute Research Challenge Sri Lanka 2024/25, with the kickoff ceremony held at the Colombo Stock Exchange on September 11, 2024.
In conclusion, we are proud of the robust growth and progress across our sectors. WindForce remains committed to leading the renewable energy industry through innovation and sustainability. We extend our gratitude to our shareholders, employees, and stakeholders for their continued support and look forward to advancing a sustainable, resilient future.
Sincerely,
Manjula Perera
Managing Director
13th of November 2024
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 01 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
CONSOLIDATED INCOME STATEMENT
Three Months Ended 30th September | Six Months Ended 30th September | ||||||
2024 | 2023 | Change % | 2024 | 2023 | Change % | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Revenue | 2,385,380,090 | 2,124,541,678 | 12% | 3,952,718,389 | 3,351,038,597 | 18% | |
Billing under the Standardized Power Purchase Agreement | 74,237,353 | - | 100% | 708,478,303 | - | 100% | |
Direct Cost | (947,606,798) | (673,114,363) | 41% | (1,681,341,292) | (1,204,436,518) | 40% | |
Gross Profit | 1,512,010,644 | 1,451,427,316 | 4% | 2,979,855,400 | 2,146,602,079 | 39% | |
Other Operating Income (Note 01) | 492,787,909 | 10,858,960 | 4438% | 500,660,658 | 27,311,753 | 1733% | |
Administration Expenses | (335,809,902) | (251,355,145) | 34% | (611,498,942) | (452,922,213) | 35% | |
Goodwill Impairment | - | - | (390,000,000) | - | 100% | ||
Selling and Distribution Expenses | (918,834) | (1,473,239) | -38% | (1,621,427) | (2,910,785) | -44% | |
Profit from Operating Activities | 1,668,069,816 | 1,209,457,893 | 38% | 2,477,395,689 | 1,718,080,834 | 44% | |
Finance Income | 105,133,754 | 113,942,846 | -8% | 201,592,464 | 282,645,313 | -29% | |
Finance Costs | (266,308,600) | (368,837,284) | -28% | (498,890,360) | (686,109,477) | -27% | |
Profit from Ordinary Activities before taxation | 1,506,894,971 | 954,563,455 | 58% | 2,180,097,793 | 1,314,616,670 | 66% | |
Share of results of equity accounted investee | 145,656,234 | 197,980,263 | -26% | 476,402,832 | 402,909,914 | 18% | |
Profit before Taxation | 1,652,551,205 | 1,152,543,718 | 43% | 2,656,500,625 | 1,717,526,584 | 55% | |
Income Tax Expenses | (425,528,552) | (84,726,601) | 402% | (647,105,282) | (135,445,972) | 378% | |
Dividend Tax | (21,265,359) | - | 100% | (151,563,819) | - | ||
Profit after Taxation | 1,205,757,294 | 1,067,817,118 | 13% | 1,857,831,525 | 1,582,080,612 | 17% | |
Attributable to: | |||||||
Non-controlling interests | 121,142,405 | 88,703,261 | 37% | 302,203,849 | 150,126,858 | 101% | |
Equity holders of the parent | 1,084,614,889 | 979,113,856 | 11% | 1,555,627,676 | 1,431,953,754 | 9% | |
1,205,757,294 | 1,067,817,117 | 13% | 1,857,831,525 | 1,582,080,612 | 17% | ||
Other Comprehensive Income for the Period | |||||||
Net exchange diffrences on translation of foreign operations | (81,713,454) | 211,743,131 | -139% | (64,366,560) | 168,212,336 | -138% | |
Net gain/(loss) on cash flow hedges | 11,329,452 | (24,805,254) | 100% | 5,118,383 | (58,125,157) | -109% | |
1,135,373,291 | 1,254,754,994 | -10% | 1,798,583,348 | 1,692,167,791 | 6% | ||
Attributable to: | |||||||
Non-controlling interests | 121,142,405 | 88,703,261 | 37% | 302,203,849 | 150,126,858 | 101% | |
Equity holders of the parent | 1,014,230,887 | 1,166,051,733 | -13% | 1,496,379,499 | 1,542,040,933 | -3% | |
1,135,373,291 | 1,254,754,994 | -10% | 1,798,583,348 | 1,692,167,791 | 6% | ||
LKR | LKR | LKR | LKR | ||||
Earning per share | 0.80 | 0.72 | 1.15 | 1.06 | |||
Note 01 - Disposal of Rooftop Solar Panels
In line with our strategy to exit the rooftop solar business and focus on larger-scale renewable energy projects, two subsidiaries of the group, Suryadhanavi (Pvt) Ltd and Hirujanani (Pvt) Ltd, partially sold their rooftop solar panels to related-party rooftop owners in Q2. This sale generated total proceeds of Rs 1,472 million, with a net book value of Rs 1005 million, resulting in a book profit of Rs 467 million on asset disposal, which was recorded under Group Other Income. The aforementioned proceeds have been received as at 11th November, 2024. A detailed disclosure was made on the Colombo Stock Exchange on October 1, 2024.
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 02 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Non-Current Assets
Property, Plant and Equipment
Right of use Assets
Investments in Equity Accounted Investees
Non Current Financial Assets
Intangible Assets
Total Non-Current Assets
Current Assets
Inventory
Other Non Financial Assets
Trade and Other Receivables
Inter company loan receivables
Amounts Due from Related Parties
Income Tax Receivable
Short Term Financial Assets
Cash and Cash Equivalents
Total Current Assets
Total Assets
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital
Retained earnings
Cash flow hedge reserve
Foreign exchange reserve
Equity attributable to equity holders of the company
Non Controlling Interest
Total Equity
Non Current Liabilities
Interest Bearing Loans & Borrowings
Retirement benefit obligations
Deferred tax liabilities
Lease Liabilities
Total Non-Current Liabilities
Current Liabilities
Interest Bearing Loans & Borrowings
Lease Liabilities
Trade and Other Payables
Amounts Due to Related Parties
Income Tax Liability
Bank Overdraft
Total Current Liabilities
Total Equity and Liabilities
Net assets per share
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007
Chief Financial Officer
Rusiri Cooray
The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by:
Director | Director |
Asgi Akbarally | Manjula Perera |
Date of approval by the Board : 13th November, 2024 |
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30TH SEPTEMBER 2024
As at 30.09.2024 | As at 31.03.2024 |
Unaudited | Audited |
24,642,666,790 | 23,017,694,969 |
143,435,683 | 120,012,224 |
4,452,037,320 | 4,800,283,018 |
223,660,000 | 223,660,000 |
2,259,683,686 | 2,618,865,381 |
31,721,483,479 | 30,780,515,592 |
755,609,555 | 681,734,713 |
14,605,777 | 14,605,777 |
2,626,589,151 | 2,489,759,541 |
- | 104,545,715 |
2,025,700,564 | 62,228,820 |
- | 63,280,431 |
3,376,517,523 | 2,087,181,530 |
1,528,881,718 | 1,758,008,479 |
10,327,904,288 | 7,261,345,006 |
42,049,387,767 | 38,041,860,597 |
18,226,455,904 | 18,226,455,904 |
5,735,214,956 | 4,178,500,475 |
(3,194,153) | (8,312,536) |
533,173,525 | 597,540,085 |
24,491,650,232 | 22,994,183,928 |
3,149,612,312 | 2,465,349,887 |
27,641,262,544 | 25,459,533,816 |
8,749,754,347 | 7,542,629,214 |
95,335,709 | 85,231,461 |
2,107,175,582 | 1,930,248,533 |
102,697,470 | 95,766,227 |
11,054,963,108 | 9,653,875,436 |
2,128,880,391 | 2,418,039,792 |
27,032,105 | 8,428,368 |
927,660,537 | 444,270,036 |
10,367,488 | 6,716,864 |
237,115,335 | - |
22,106,260 | 50,996,286 |
3,353,162,116 | 2,928,451,345 |
42,049,387,767 | 38,041,860,597 |
18.13 | 17.02 |
03
CONSOLIDATED STATEMENT OF CASH FLOWS
As at 30.09.2024 | |
(Unaudited) | |
Cash Flow from/(used) in Operating Activities | |
Net Profit before Taxation | 2,656,500,625 |
Adjustments for | |
Profit accruing to the Group net of Dividend | (476,402,832) |
Depreciation & Amortization | 878,320,376 |
Amortization of Right of use Asset | 11,267,590 |
Goodwill Impairment | 390,000,000 |
Loss/ (Gain) on Fixed Asset Disposal | (482,131,413) |
Foreign Exchange Gain Loss | (4,941,609) |
Interest Cost | 498,890,360 |
Gratuity Provision | 10,356,287 |
Dividend Income | (45,190,737) |
Written off of insurance receivables | 66,820,401 |
Profit on other project | - |
Interest Income | (201,592,464) |
Operating Profit before Working Capital Charges | 3,301,896,585 |
(Increase)/Decrease in Trade & Other Receivables | 25,260,205 |
(Increase)/Decrease in Inventories | (73,874,842) |
(Increase)/Decrease in Amounts due from Related Parties | (490,131,883) |
Increase/(Decrease) in Amounts due to Related Parties | 3,650,625 |
Increase/(Decrease) in Trade & Other Payables | 483,390,501 |
Cash Generated from/(used in) Operations | 3,250,191,191 |
Interest Paid | (495,087,686) |
WHT Paid | (3,054,011) |
Dividend Tax Paid | (151,563,819) |
Gratuity Paid | (252,039) |
Income Tax Paid | (202,458,978) |
(852,416,533) | |
Net Cash from/(used in) Operating Activities | 2,397,774,658 |
Cash Flows from/(used in) Investing Activities | |
Interest Income | 187,475,082 |
Dividend Income | 45,190,737 |
Dividend Paid | - |
Acquisition Subsidiaries, Net of Cash | (90,590,494) |
Acquisition of Property, Plant & Equipment | (1,242,917,320) |
Disposal of Property, Plant & Equipment | 61,050 |
Net Impact on Step Acquisition | 256,880,133 |
Short Term Investments - Fixed Deposit | (1,289,335,993) |
Net Cash Flow from/(Used in) Investing Activities | (2,133,236,804) |
Cash Flows from/(used in) Financing Activities | |
Net Proceeds/Repayments from Interest Bearing Borrowings | (490,309,563) |
Lease paid | 25,534,979 |
Net Cash Flow from/ (Used in) Financing Activities | (464,774,584) |
Net Increase/(Decrease) in Cash and Cash Equivalents | (200,236,730) |
Cash and Cash Equivalents at the Beginning of the Period | 1,707,012,189 |
Cash and Cash Equivalents at the End of the Period | 1,506,775,459 |
Analysis of Cash and Cash Equivalents | |
Cash at Bank - Favorable | 1,528,881,718 |
Bank Overdrafts | (22,106,259) |
1,506,775,459 |
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
As at 30.09.2023
(Unaudited)
1,717,526,584
(402,909,914)
699,653,978
14,843,692
-
-
(11,961,144)
686,109,477
6,534,271
(26,171,000)
-
(102,750)
(244,513,169)
2,439,010,026
474,089,814
(89,009,302)
39,174,322
7,880,603
(390,803,516)
2,480,341,948
(686,109,477)
(8,436,807)
-
(935,461)
(245,652,836)
(941,134,581)
1,539,207,367
173,340,140
33,171,000
(451,250,585)
-
(858,039,259)
-
-
1,254,902,266
152,123,562
670,870,344
(3,737,578)
667,132,766
2,358,463,696
(1,104,916,779)
1,253,546,915
1,646,822,051
(393,275,135)
1,253,546,915
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 04 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated | Cash Flow | Foreign | Retained | Non- | Total | |
Capital | Hedge | Exchange | Controlling | Equity | ||
Earnings | ||||||
Reserve | Reserve | Interest | ||||
Balance as at 01st April, 2023 | 18,226,455,904 | (97,972,538) | 744,383,231 | 3,947,846,714 | 2,378,607,359 | 25,199,320,670 |
Net Gain/(loss) on cash flow hedges | 39,847,381 | - | - | - | 39,847,381 | |
Exchange difference on Transaction of foreign operation | - | - | 168,212,336 | - | (5,501,014) | 162,711,322 |
Net Profit for the Period | - | - | - | 1,431,953,754 | 150,126,858 | 1,582,080,612 |
Dividends - Ordinary Shares | - | - | (451,250,585) | - | (451,250,585) | |
Balance as at 30th September, 2023 | 18,226,455,904 | (58,125,157) | 912,595,567 | 4,928,549,883 | 2,523,233,203 | 26,532,709,400 |
Balance as at 01st April, 2024 | 18,226,455,904 | (8,312,536) | 597,540,085 | 4,178,500,475 | 2,465,349,887 | 25,459,533,816 |
Net Gain/(loss) on cash flow hedges | - | 5,118,383 | - | - | - | 5,118,383 |
Exchange difference on Transaction of foreign operation | - | - | (64,366,560) | 1,086,805 | 22,378,944 | (40,900,812) |
Acqusition of Non Controlling interest | 581,323,852 | 581,323,852 | ||||
Net Profit for the Period | - | - | - | 1,555,627,676 | 302,203,849 | 1,857,831,525 |
Dividends - Ordinary Shares | - | - | - | - | (221,644,220) | (221,644,220) |
Balance as at 30th September, 2024 | 18,226,455,904 | (3,194,153) | 533,173,525 | 5,735,214,956 | 3,149,612,312 | 27,641,262,544 |
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 05 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
COMPANY INCOME STATEMENT
Three Months Ended 30th September | Six Months Ended 30th September | |||||
2024 | 2023 | Change % | 2024 | 2023 | Change % | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
Revenue | 109,571,194 | 91,706,522 | 19% | 254,476,827 | 196,528,943 | 29% |
Direct Cost | (24,968,054) | (6,041,674) | 313% | (43,247,656) | (7,698,537) | 462% |
Gross Profit | 84,603,139 | 85,664,848 | -1% | 211,229,170 | 188,830,406 | 12% |
Other Operating Income | 176,666 | 14,749,974 | -99% | 696,916 | 9,732,560 | -93% |
Administration Expenses | (213,652,208) | (160,943,215) | 33% | (402,646,572) | (283,467,133) | 42% |
Profit from Operating Activities | (128,872,403) | (60,528,392) | 113% | (190,720,486) | (84,904,167) | 125% |
Finance Income | 262,526,184 | 813,071,224 | -68% | 1,238,891,212 | 1,039,430,241 | 19% |
Finance Costs | (21,076,653) | (79,844,608) | -74% | (44,754,534) | (278,906,278) | -84% |
Profit before taxation | 112,577,127 | 672,698,224 | -83% | 1,003,416,192 | 675,619,796 | 49% |
Income Tax Expenses | 2,523,612 | (8,475,881) | -130% | 4,921,356 | (19,423,967) | -125% |
Dividend Tax | (32,584,641) | - | (136,818,366) | |||
Profit after Taxation | 82,516,098 | 664,222,342 | -88% | 871,519,182 | 656,195,830 | 33% |
Other comprehensive income for the period | ||||||
Net gain/(loss) on cash flow hedges | 11,329,452 | (24,805,254) | 5,118,383 | (58,125,157) | ||
- | - | |||||
Total comprehensive income for the period | 93,845,550 | 639,417,088 | -85% | 876,637,565 | 598,070,673 | 47% |
- | ||||||
- | ||||||
LKR | LKR | LKR | LKR | |||
Earning per share | 0.06 | 0.49 | 0.65 | 0.49 | ||
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 06 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
COMPANY STATEMENT OF FINANCIAL POSITION
As at 30.09.2024 | |
Unaudited | |
ASSETS | |
Non-Current Assets | |
Property, Plant and Equipment | 339,503,951 |
Right of use Assets | 20,737,159 |
Investments in Subsidiaries | 16,719,575,117 |
Investments in Equity Accounted Investees | 1,950,092,000 |
Non Current Financial Assets | 223,660,000 |
Intangible Assets | 1,151,506 |
Deferred Tax Assets | 21,460,321 |
Total Non-Current Assets | 19,276,180,054 |
Current Assets | |
Inventory | 20,946,808 |
Trade and Other Receivables | 432,611,101 |
Intercompany Loan Receivables | - |
Amounts Due from Related Parties | 149,435,693 |
Income Tax Receivables | 90,533,846 |
Short Term Financial Assets | 3,162,379,342 |
Cash and Cash Equivalents | 54,581,137 |
Total Current Assets | 3,910,487,927 |
Total Assets | 23,186,667,981 |
EQUITY AND LIABILITIES | |
Capital and Reserves | |
Stated Capital | 18,226,455,904 |
Retained Earnings | 3,006,646,391 |
Cash Flow Hedge Reserve | (3,194,153) |
Total Equity | 21,229,908,142 |
Non Current Liabilities | |
Interest Bearing Loans & Borrowings | 203,860,420 |
Lease Liabilities | 7,567,911 |
Retirement benefit obligations | 95,335,709 |
Total Non-Current Liabilities | 306,764,039 |
Current Liabilities | |
Interest Bearing Loans & Borrowings | 392,844,830 |
Lease Liabilities | 14,326,320 |
Trade and Other Payables | 371,111,588 |
Amounts Due to Related Parties | 862,435,453 |
Bank Overdraft | 9,277,609 |
Total Current Liabilities | 1,649,995,801 |
Total Equity and Liabilities | 23,186,667,981 |
Net assets per share | 15.72 |
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
As at 31.03.2024
Audited
41,740,932
5,117,287
16,078,074,117
2,360,092,000
223,660,000
1,491,666
16,538,965
18,726,714,968
2,404,393
273,012,608
104,545,715
136,263,381
80,414,447
2,022,506,601
347,725,473
2,966,872,618
21,693,587,581
18,226,455,904
2,135,127,209
(8,312,536)
20,353,270,577
403,844,914
-
85,231,461
489,076,375
496,126,837
3,707,796
138,198,048
213,207,948
-
851,240,628
21,693,587,581
15.07
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 07 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
COMPANY STATEMENT OF CASH FLOWS
As at 30.09.2024 | As at 30.09.2023 | |
(Unaudited) | (Unaudited) | |
Cash Flow from/( used) in Operating Activities | ||
Net Profit before Taxation | 1,003,416,192 | 675,619,796 |
Adjustments for | ||
Depreciation & Amortization | 19,640,958 | 13,477,428 |
Amortization of Right of use Asset | 7,457,417 | - |
Unrealized Exchange (Gain)/ Loss | (4,941,609) | (14,298,158) |
Interest Cost | 44,754,534 | 278,906,278 |
Gratuity Provision | 10,356,287 | 6,534,271 |
Dividend Income | (1,161,287,691) | (734,353,058) |
Income from liquidated damages | - | (8,897,794) |
Interest Income | (84,643,742) | (290,779,025) |
Operating Profit before Working Capital Charges | (165,247,653) | (73,790,261) |
(Increase)/Decrease in Inventory | (18,542,414) | - |
(Increase)/Decrease in Trade & Other Receivables | (157,123,792) | (25,491,265) |
(Increase)/Decrease in Amounts due from Related Parties | 91,373,403 | 355,895,268 |
Increase/(Decrease) in Amounts due to Related Parties | 649,227,506 | 31,155,085 |
Increase/(Decrease) in Trade & Other Payables | 232,913,541 | 42,308,916 |
632,600,591 | 330,077,743 | |
Cash Generated from/(used in) Operations | ||
Interest Paid | (32,172,568) | (237,725,796) |
Income Tax Paid | (304,922) | (95,051,652) |
WHT Paid | (2,474,701) | (8,067,996) |
Dividend Tax Paid | (136,818,366) | - |
Gratiuty Paid | (252,039) | (935,461) |
(172,022,596) | (341,780,905) | |
Net Cash from/(used in) Operating Activities | 460,577,994 | (11,703,162) |
Cash Flows from/(used in) Investing Activities | ||
Interest Income | 67,446,067 | 322,814,261 |
Dividend Income | 1,161,287,691 | 752,074,983 |
Investment in Subsidaries | (231,501,000) | (734,563,788) |
Acquisition of Property, Plant & Equipment | (340,141,104) | (10,730,294) |
Short Term Investments - Fixed Deposit | (1,139,872,742) | 1,276,056,176 |
Net Cash Flow from/(Used in) Investing Activities | (482,781,088) | 1,605,651,338 |
Cash Flows from/(used in) Financing Activities | ||
Net Proceeds/Repayments from Interest Bearing Borrowings | (298,405,286) | 38,555,954 |
Net Proceeds/Repayments from Lease Liabilities | 18,186,434 | |
Net Cash Flow from/ (Used in) Financing Activities | (280,218,853) | 38,555,954 |
Net Increase/(Decrease) in Cash and Cash Equivalents | (302,421,946) | 1,555,392,222 |
Cash and Cash Equivalents at the Beginning of the Period | 347,725,474 | (1,462,942,211) |
Cash and Cash Equivalents at the End of the Period | 45,303,528 | 92,450,011 |
Analysis of Cash and Cash Equivalents | ||
Cash at Bank - Favorable | 54,581,137 | 480,680,680 |
Bank Overdrafts | (9,277,609) | (388,230,670) |
45,303,528 | 92,450,011 | |
The Accounting Policies and Notes as set out in pages (05) to (46) form an integral part of these Financial Statements.
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 08 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
COMPANY STATEMENT OF CHANGES IN EQUITY
Stated Capital | Cash Flow Hedge | Retained Earnings | Total Equity | |
Reserve | ||||
Balance as at 01st April, 2023 | 18,226,455,904 | (97,972,538) | 1,011,104,014 | 19,139,587,380 |
Net Gain/(Loss) on cash flow hedges | - | 39,847,381 | - | 39,847,381 |
Net Profit for the Period | - | - | 656,195,833 | 656,195,833 |
Balance as at 30th September, 2023 | 18,226,455,904 | (58,125,157) | 1,667,299,847 | 19,835,630,594 |
- | - | - | - | |
Balance as at 01st April, 2024 | 18,226,455,904 | (8,312,536) | 2,135,127,209 | 20,353,270,577 |
Net loss on cash flow hedges | - | 5,118,383 | - | 5,118,383 |
Net Profit for the Period | - | - | 871,519,182 | 871,519,182 |
Balance as at 30th September, 2024 | 18,226,455,904 | (3,194,153) | 3,006,646,391 | 21,229,908,142 |
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT | 09 |
SIX MONTHS ENDED 30TH SEPTEMBER 2024 |
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