LAUGFS Power : Quarterly Interim Financial statement as at 31.12.2022

LAUGFS POWER PLC

INTERIM FINANCIAL REPORT FOR THE QUARTER ENDED 31ST DECEMBER 2022

1

GROUP MANAGING DIRECTOR'S MESSAGE

Dear Shareholders,

We are pleased to submit with you the unaudited financial statements of Laugfs Power PLC for the quarter ended 31st December 2022.

The impact of escalation of interest rates affected the financial results of Laugfs Power PLC and its group of companies once again during the 3rd quarter ended 31st December 2022.

The financial cost incurred during the 2nd quarter ended 30th September 2022 was LKR 155.5 million and this has slightly increased to 156.4 million during the 3rd quarter ended 31st December 2022. In addition to the cost of finance general inflation negatively impact to the operational expenses incurred by the company during the period under review.

Further, the company liquidity position was seriously affected by the non-recipient of payment from the Ceylon Electricity Board for power purchase and receivable for power purchase outstanding well over 12 months period amounting to LKR 1,042 million as at 31st December 2022.

Despite difficult macro-economic environment, the management will continue to take every endeavour to manage its operation to the best of their abilities.

Sgd.

Piyadasa Kudabalage

Group Managing Director/GCEO

13th February 2023

2

LAUGFS POWER PLC

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the Quarter ended 31st December 2022

	Quarter ended 31st December						Nine Months ended 31st December			Year ended 31
								March
	Unaudited							Unaudited						Audited
	2022			2021			Change	2022			2021			Change	2022
	Rs.	Rs.	%			Rs.	Rs.	%		Rs.
Revenue	223,832,456			251,206,140	-11%	742,116,445			779,953,727			-5%	1,027,698,539
Cost of Sales	(81,303,092)			(80,039,747)		2%		(241,428,715)			(239,463,534)			1%		(317,936,987)
Gross Profit	142,529,364			171,166,393	-17%	500,687,730			540,490,193			-7%	709,761,552
Other Operating Income	-			-	0%	-			-			100%	-
Administrative Expenses	(39,043,288)			(38,603,973)	1%	(113,091,396)			(107,304,247)			5%	(147,109,418)
Impairment of Non-Current Assets including Goodwill	-			-				-			-				(1,261,888,955)
Operating Profit	103,486,076			132,562,420	-22%	387,596,334			433,185,946			0%	(699,236,821)
Finance Cost	(156,416,700)			(54,983,736)	184%	(405,896,542)			(158,489,755)			156%	(220,167,820)
Finance Income	232,941			97,221	140%		258,887			397,582			-35%		474,602
Profit Before Tax from Continuing Operations	(52,697,683)			77,675,904	-168%	(18,041,321)			275,093,773			-107%	(918,930,039)
Income Tax Expense	(42,412,141)			(1,702,675)	2391%	(44,497,003)			(5,568,778)			699%	16,059,403
Profit for the Period	(95,109,824)			75,973,229	-225%	(62,538,324)			269,524,995			-123%	(902,870,636)
Attributable to:
Equity Holders of the Parent	(95,109,824)			75,973,229	-225%	(62,538,324)			269,524,995			-123%	(902,870,636)
Non-Controlling Interests	-			-				-			-				-
	(95,109,824)			75,973,229				(62,538,324)			269,524,995					(902,870,636)
Basic/Diluted Earnings Per Share	(0.25)			0.20	0%	(0.16)			0.70			0%	(2.33)

Note : Change % column represents the percentage change in current period's results compared to previous period

The above figures are subject to audit.

Figures in brackets indicates deductions.

3

LAUGFS POWER PLC

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the Quarter ended 31st December 2022

	Quarter ended 31st December	Nine Months ended 31st December	Year ended 31
	March
	Unaudited			Unaudited		Audited
	2022			2021	Change	2022	2021	Change	2022
	Rs.	Rs.	%	Rs.		Rs.	%	Rs.
Profit for the Period	(95,109,824)			75,973,229	-225%	(62,538,324)	269,524,995	-123%	(902,870,636)
Other Comprehensive Income
Actuarial Gains/(Losses) on Defined Benefit Plans	-				0%	-			0%	1,749,219
Tax Effect	-				0%	-			0%	(230,811)
Other Comprehensive Income for the Period Net of Tax	-			-	0%	-	-	0%	1,518,408
Total Comprehensive Income for the Period Net of Tax	(95,109,824)			75,973,229	-225%	(62,538,324)	269,524,995	-123%	(901,352,228)
Attributable to:
Equity Holders of the Parent	(95,109,824)			75,973,229	-225%	(62,538,324)	269,524,995	-123%	(901,352,228)
Non-Controlling Interests	-			-	0%	-	-	0%	-
	(95,109,824)			75,973,229	-225%	(62,538,324)		269,524,995	-123%	(901,352,228)

4

LAUGFS POWER PLC

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the Quarter ended 31st December 2022

	Stated		Retained		Available for		Total
	Capital		Earnings		Sale Reserve
	Rs.		Rs.		Rs.		Rs.
Balance as at 01 April 2022	1,880,000,000	164,128,661	-	2,044,128,661
Profit for the Six Months	-	(62,538,324)	-	(62,538,324)
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	(62,538,324)	-	(62,538,324)
Dividend Paid	-	-	-	-
Balance as at 31st December 2022	1,880,000,000		101,590,337		-		1,981,590,337
Balance as at 01 April 2021	1,880,000,000	1,065,480,889	-	2,945,480,889
Profit for the Six Months	-	269,524,995	-	269,524,995
Other Comprehensive Income	-		-		-		-
Total Comprehensive Income	-	269,524,995	-	269,524,995
Dividend Paid	-	-	-	-
Balance as at 31st December 2021	1,880,000,000	1,335,005,884	-	3,215,005,884

Note : The above figures are subject to audit.

Figures in brackets indicates deductions.

5