Lotus Hydro Power : Interim Financial Statements as of 31/12/2021

INTERIM FINANCIAL STATEMENTS

For the Nine Months Period Ended 31st December 2021

LOTUS HYDRO POWER PLC

2nd Floor, No. 168, Negombo Road, Peliyagoda, Sri Lanka.

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS PERIOD ENDED 31ST DECEMBER 2021

PAGE

CONTENTS

NO.

1. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP
2. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY
3. STATEMENT OF FINANCIAL POSITION - GROUP & COMPANY
4. STATEMENT OF CHANGES IN EQUITY - GROUP & COMPANY
5. STATEMENT OF CASH FLOW - GROUP & COMPANY
6. NOTES TO THE INTERIM FINANCIAL STATEMENTS
7. INVESTOR INFORMATION
8. CORPORATE INFORMATION

Page -01

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

					Group								Group
	Three months ended				Nine months ended		Year ended
				Un-audited							Un-audited		Audited
	31.12.2021	31.12.2020		Variance		31.12.2021	31.12.2020		Variance	31.03.2021
	Rs.				Rs.	%			Rs.				Rs.	%	Rs.
Revenue	73,250,826	80,154,443		-9%		213,889,572	208,955,677		2%	238,076,629
Cost of sales	(24,424,936)		(22,986,675)		6%			(65,435,381)	(62,664,377)		4%	(84,396,022)
Gross profit	48,825,890	57,167,768		-15%		148,454,191	146,291,300		1%	153,680,607
Other income	754,859	4,800,000		-84%		765,460	4,731,533		-84%	5,039,350
Other expense	-	-		-		-	-		-	(4,134,406)
Impairment of property, plant and equipment	-	-		-		-	-		-	(12,334,595)
Administration expenses	(12,099,634)	(9,526,969)		27%		(28,416,593)	(24,102,756)		18%	(32,810,639)
Profit from operating activities	37,481,115	52,440,799		-29%		120,803,058	126,920,077		-5%	109,440,317
Finance income	1,706,201			2,472,639		-31%			5,078,399			7,115,123		-29%	9,309,444
Finance costs	(453,691)			(845,433)		-46%			(1,536,889)			(3,297,444)		-53%	(4,058,479)
Net finance income	1,252,510		1,627,206		-23%		3,541,510	3,817,679		-7%	5,250,965
Profit before tax	38,733,625	54,068,005		-28%		124,344,568	130,737,756		-5%	114,691,282
Income tax expense	(8,338,891)	36,044,899		-123%		(19,691,491)	25,276,281		-178%	25,221,817
Profit for the period	30,394,734	90,112,904		-66%		104,653,077	156,014,037		-33%	139,913,099
Other comprehensive income
Acturial gain / (loss) on defined benefit plan	-	-		-		-	-		-	(671,236)
Deferred tax on actuarial loss on retirement benefit
obligations	-	-		-		-	-		-	93,973
Deferred tax implication on other comprehensive
income due to rate differential	-		35,691,559		-100%		-		35,691,559		-100%	37,082,140
Other comprehensive income net of tax	-		35,691,559		-100%		-		35,691,559		-100%	36,504,877
Total comprehensive income for the period	30,394,734	125,804,463		-76%		104,653,077	191,705,596		-45%	176,417,976
Earnings per share - Rs.	0.28	0.83				0.96	1.43			1.28
Figures in brackets indicate deductions.
The above figures are subject to audit.

Colombo

28th January 2022

Page -02

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

					Company								Company
	Three months ended				Nine months ended		Year ended
		Un-audited					Un-audited		Audited
	31.12.2021	31.12.2020		Variance		31.12.2021	31.12.2020	Variance	31.03.2021
	Rs.				Rs.	%		Rs.				Rs.	%	Rs.
Revenue	41,937,417	60,796,341	-31%	130,316,042	147,703,394	-12%	167,774,546
Cost of sales	(12,373,826)		(11,035,012)	12%		(32,876,753)	(29,923,644)	10%	(41,108,276)
Gross profit	29,563,591	49,761,329	-41%	97,439,289	117,779,750	-17%	126,666,270
Other income	23,254,859	4,800,000	384%	23,265,460	4,731,533	392%	4,800,000
Other expense	-	-	-	-	-	-	(1,967,973)
Impairment of investment in subsidiary	-	-	-	-	-	-	(12,334,595)
Administration expenses	(11,649,082)	(9,240,716)	26%	(27,192,264)	(23,161,551)	17%	(31,511,988)
Profit from operating activities						-9%							-6%
41,169,368	45,320,613	93,512,485	99,349,732	85,651,714
Finance income					-31%							-29%
1,705,417		2,471,682	5,075,868		7,111,925	9,305,401
Finance costs	(74,211)			-	0%		(246,484)			-		(97,712)
Net finance income	1,631,206			2,471,682	-34%		4,829,384		7,111,925	-32%	9,207,689
Profit before tax	42,800,574	47,792,295	-10%	98,341,869	106,461,657	-8%	94,859,403
Income tax expense	(6,745,309)	3,660,043	-284%	(15,141,506)	(5,338,072)	184%	(6,965,385)
Profit for the period					-30%						-18%
36,055,265	51,452,338	83,200,363	101,123,585	87,894,018
Other comprehensive income
Acturial gain / (loss) on defined benefit plan	-	-	-	-	-	-	(496,750)
Deferred tax on actuarial loss on retirement benefit
obligations	-	-	-	-	-	-	69,545
Deferred tax implication on other comprehensive
income due to rate differential	-	35,691,559	-100%	-	35,691,559	-100%	37,082,140
Other comprehensive income net of tax	-		35,691,559	-100%	-		35,691,559	-100%	36,654,935
Total comprehensive income for the period					-59%					-39%
36,055,265	87,143,897		83,200,363	136,815,144	124,548,953
Earnings per share - Rs.	0.33	0.47			0.76	0.93		0.81
Figures in brackets indicate deductions.
The above figures are subject to audit.

Colombo

28th January 2022

	LOTUS HYDRO POWER PLC						Page -03
STATEMENT OF FINANCIAL POSITION
AS AT 31ST DECEMBER,
			Group					Company
	Un-audited	Audited		Un-audited		Audited
	31.12.2021	31.12.2020	31.03.2021		31.12.2021	31.12.2020	31.03.2021
ASSETS	Rs.		Rs.	Rs.		Rs.		Rs.		Rs.
Non-current assets	639,560,121	701,454,065	669,758,340	325,005,450	353,238,969	339,233,599
Property, plant and equipment
Right of use Land	15,360,030	8,871,719	17,278,797	9,032,652	2,272,193	10,747,308
Capital work-in-progress	9,368,488	11,534,921	9,368,488	-	-	-
Investments in subsidiaries	-	-	-	281,997,662	294,332,257	281,997,662
Total non current assets	664,288,639		721,860,705	696,405,625		616,035,764		649,843,419		631,978,569
Current assets	8,521,343	11,688,184	8,505,883	4,056,164	5,961,836	4,040,704
Inventories
Trade and other receivables	161,809,100	185,767,096	158,314,225	109,206,700	151,465,644	135,813,028
Amounts due from related parties	247,024	137,589,739	59,603,048	56,150,387	196,873,060	113,351,399
Cash and cash equivalents	95,831,277	26,252,731	27,497,358	91,691,581	23,739,574	27,292,467
Total current assets	266,408,744		361,297,750	253,920,514		261,104,832	378,040,114		280,497,598
Total assets	930,697,383	1,083,158,455	950,326,139		877,140,596	1,027,883,533		912,476,167
EQUITY AND LIABILITIES
Capital and reserve	482,300,200	482,300,200	482,300,200	482,300,200	482,300,200	482,300,200
Stated capital
Revaluation reserve	207,858,635	219,248,150	216,400,771	207,858,635	219,248,149	216,400,771
Reserves	101,802	101,802	101,802	101,802	101,802	101,802
Retained earnings	124,097,658	241,518,910	119,990,557	119,858,759	255,711,297	137,204,372
Total equity	814,358,295	943,169,062	818,793,330		810,119,396	957,361,448		836,007,145
Non-current liabilities	75,636,084	78,359,935	76,491,657	43,998,619	45,968,010	45,602,806
Deferred tax liability
Lease liability	8,536,897	9,997,336	9,626,028	1,648,160	3,056,727	2,687,177
Loans and borrowings	-	10,325,000	7,850,000	-	-	-
Retirement benefit obligations	6,511,410	5,005,759	5,701,411	4,642,084	3,513,142	4,012,085
Total non-current liabilities	90,684,391		103,688,030	99,669,096		50,288,863		52,537,879		52,302,068
Current liabilities	4,787,052	4,907,860	7,797,113	3,688,762	2,877,055	6,491,352
Expense and other payables
Amounts due to related parties	-	-	14,950	-	-	5,401,548
Lease liability	1,455,991	1,445,506	1,477,200	1,408,568	1,398,083	1,429,776
Income tax payable	13,922,714	14,650,812	11,590,843	11,026,067	13,311,883	10,844,278
Loans and borrowings	4,880,000	14,900,000	10,730,000	-	-	-
Bank Overdraft	608,940	397,185	253,607	608,940	397,185	-
Total current liabilities	25,654,697	36,301,363	31,863,713		16,732,337	17,984,206		24,166,954
Total liabilities	116,339,088	139,989,393	131,532,809		67,021,200	70,522,085		76,469,022
Total equity and liabilities	930,697,383	1,083,158,455	950,326,139		877,140,596	1,027,883,533		912,476,167
Net assets per ordinary share (Rs.)	7.47	8.65	7.51	7.43	8.78	7.66

Figures in brackets indicate deductions.

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

Sgd

Mrs. D P Lokugalappaththi

General Manager Finance

The Board of directors is responsible for the preparation and presentation of these financial statements.

Approved and signed for and on behalf of the Board of directors of Lotus Hydro Power PLC.

Sgd	Sgd
Mr. A.U.A.M.Athukorala	Mr. Gowri Shankar
(Director)	(Director)
Colombo
28th January 2022