Lotus Hydro Power : Interim Financial Statements as of 31 03 2024

INTERIM FINANCIAL STATEMENTS

YEAR ENDED 31ST MARCH 2024

LOTUS HYDRO POWER PLC

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

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

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

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Group
Three months ended
	Un-audited
31.03.2024	31.03.2023	Variance

Page -01

	Group
Twelve months ended
Un-audited	Audited
31.03.2024	31.03.2023	Variance

Revenue

Cost of sales

Gross profit / (loss)

Other income

Administration expenses

Profit / (loss) from operating activities

Finance income

Finance costs

Net finance income

Rs.

44,283,225

(30,335,537)

13,947,688

(1,238,988)

(11,934,994)

773,706

4,443,909

(368,580)

4,075,329

Rs.

14,347,147

(27,591,586)

(13,244,439)

1,911,222

(10,737,195)

(22,070,412)

7,321,081

(706,455)

6,614,626

%

209%

10%

-205%

-165%

11%

-104%

-39%-48%-38%

	Rs.		Rs.	%
	221,656,786	200,234,291	11%
	(110,526,328)	(96,272,835)	15%
	111,130,458	103,961,456	7%
	6,833,175	3,911,751	75%
	(51,059,604)	(45,740,364)	12%
	66,904,029	62,132,843	8%
	16,737,138		20,512,483	-18%
	(1,193,067)		(1,369,259)	-13%
	15,544,071	19,143,224	-19%

Profit / (loss) before tax	4,849,035	(15,455,786)	-131%
Income tax expense	1,819,842	32,507,544	-94%
Profit / (loss) for the period	6,668,877	17,051,758	-61%
Other comprehensive income / (expenses)

82,448,100	81,276,067	1%
(16,696,008)	(37,566,373)	-56%
65,752,092	43,709,694	50%

Acturial gain / (loss) on defined benefit plan

Deferred tax on actuarial loss on retirement benefit obligations

Deferred tax implication on other comprehensive income due to rate differential

Other comprehensive income / (expenses) net of tax

434,281	(64,970)	-768%
(94,987)	28,124	-438%
-		(5,827,193)	-100%
339,294		(5,864,039)	-106%

434,281	(64,970)	-768%
(94,987)	28,124	-438%
-		(42,379,588)	-100%
339,294		(42,416,434)	-101%

Total comprehensive income for the period	7,008,171	11,187,719	-37%
Earnings per share - Rs.	0.06	0.16

Figures in brackets indicate deductions.

The above figures are subject to audit.

Colombo

27th May 2024

66,091,386	1,293,260	5010%
0.60	0.40

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Company
Three months ended
	Un-audited
31.03.2024	31.03.2023	Variance

Page -02

	Company
Twelve months ended
Un-audited	Audited
31.03.2024	31.03.2023	Variance

Rs.Rs.

%

Rs.

Rs.

%

Revenue

Cost of sales

Gross profit / (loss)

Other income

Administration expenses

Profit / (loss) from operating activities

Finance income

Finance costs

Net finance income

Profit / (loss) before tax

Income tax expense

Profit / (loss) for the period

Other comprehensive income / (expenses)

Acturial gain / (loss) on defined benefit plan

Deferred tax on actuarial loss on retirement benefit obligations

Deferred tax implication on other comprehensive income due to rate differential

Other comprehensive income / (expenses) net of tax

21,071,627

(16,824,429)

4,247,198

(1,238,988)

(11,243,061)

(8,234,851)

4,443,909

(106,223)

4,337,686

(3,897,165)

2,733,576

(1,163,589)

81,317

(24,395)

-

56,922

8,471,624

(13,937,569)

(5,465,945)

1,911,222

(11,058,737)

(14,613,460)

7,321,081

(31,352)

7,289,729

(7,323,731)

7,658,405

334,674

(151,307)

45,392

(5,827,193)

(5,933,108)

149%

21%

-178%

-165%

2%

-44%

-39% 239% -40%

-47%

-64%

-448%

-154%

-154%

-100%-101%

	127,550,502	119,865,394	6%
	(55,862,581)	(48,268,120)	15.7%
	71,687,921	71,597,274	0.1%
	6,833,175	21,911,751	-69%
	(48,995,789)	(43,829,916)	12%
				-41%
	29,525,307	49,679,109
				-18%
	16,737,138	20,511,028
	(189,759)		(178,379)	6%
	16,547,379		20,332,649	-19%
	46,072,686	70,011,758	-34%
	(10,206,247)	(19,646,338)	-48%
				-29%
	35,866,439	50,365,420
	81,317	(151,307)	-154%
	(24,395)	45,392	-154%
	-	(42,379,588)	-100%
	56,922		(42,485,503)	-100%

Total comprehensive income for the period

Earnings per share - Rs.

Figures in brackets indicate deductions. The above figures are subject to audit.

Colombo

27th May 2024

(1,106,667) (5,598,434)

(0.01)0.00

-80%

35,923,361	7,879,917	356%
0.33	0.46

LOTUS HYDRO POWER PLC

STATEMENT OF FINANCIAL POSITION

AS AT 31ST MARCH,

	Group
	Un-audited	Audited
	31.03.2024			31.03.2023
ASSETS	Rs.	Rs.
Non-current assets	543,994,011			585,475,784
Property, plant and equipment
Right of use Land	18,155,477			13,184,959
Capital work-in-progress	9,368,488			9,368,488
Investments in subsidiaries	-			-
Total non current assets	571,517,976			608,029,231
Current assets	22,115,105			7,499,846
Inventories
Trade and other receivables	32,724,247			224,877,409
Amounts due from related parties	69,328,189			113,261,723
Cash and cash equivalents	185,006,246			15,100,493
Total current assets	309,173,787			360,739,471
Total assets	880,691,763			968,768,702
EQUITY AND LIABILITIES
Capital and reserve	482,300,200			482,300,200
Stated capital
Revaluation reserve	152,566,515			157,599,092
Reserves	101,802			101,802
Retained earnings	72,691,269			154,290,664
Total equity	707,659,786			794,291,758
Non-current liabilities	127,190,142			133,780,481
Deferred tax liability
Lease liability	7,765,587			7,825,457
Retirement benefit obligations	10,114,335			8,638,346
Total non-current liabilities	145,070,064			150,244,284
Current liabilities	8,927,481			6,397,188
Expense and other payables
Amounts due to related parties	113,474			147,898
Lease liability	965,835			1,201,323
Income tax payable	17,641,252			16,326,066
Bank Overdraft	313,871			160,185
Total current liabilities	27,961,913			24,232,660
Total liabilities	173,031,977			174,476,944
Total equity and liabilities	880,691,763			968,768,702
Net assets per ordinary share (Rs.)	6.49			7.28

Page -03

Company

Un-audited Audited

31.03.2024 31.03.2023

Rs.Rs.

283,429,521	300,953,838
11,490,923	6,203,051
-	-
281,997,662	281,997,662
576,918,106		589,154,551
20,072,338	5,457,079
13,470,548	138,453,982
74,042,467	170,003,318
112,601,228	14,988,650
220,186,581			328,903,029
797,104,687			918,057,580
482,300,200	482,300,200
152,566,515	157,599,092
101,802	101,802
52,200,019	163,967,439
687,168,536			803,968,533
82,558,286	87,908,692
-	-
7,344,791	6,298,465
89,903,077		94,207,157

6,416,367 3,972,769

113,474147,898

905,612 1,123,278

12,283,750 14,477,760

313,871160,185

20,033,074 19,881,890

109,936,151 114,089,047

797,104,687 918,057,580

6.307.37

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

(Chief Financial Officer)

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
27th May 2024

Page -04

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STEMENTS

STATEMENT OF CHANGES IN EQUITY

Group	Stated		Revaluation		Revenue		Retained
					Total
	Capital		Reserve		Reserve		Earnings
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1st April ,2022 (Audited)	482,300,200	205,011,257	101,802	105,585,239	792,998,498
Total Comprehensive income for the period	-	-	-	43,709,694	43,709,694
Other comprehensive income	-	(42,379,588)	-	(36,846)	(42,416,434)
Depreciation transfer on revalued assets	-	(5,032,577)	-	5,032,577	-
Balance as at 31st March 2023 (Audited)
482,300,200	157,599,092	101,802	154,290,664	794,291,758
Total comprehensive income for the period	-	-	-	65,752,092	65,752,092
Other comprehensive income	-	-	-	339,294	339,294
Dividends paid	-	-	-	(152,723,358)	(152,723,358)
Depreciation transfer on revalued assets	-	(5,032,577)	-	5,032,577	-
Balance as at 31st March ,2024 (Un audited)
482,300,200	152,566,515	101,802	72,691,269	707,659,786
Company
	Stated		Revaluation		Revenue		Retained		Total
	Capital		Reserve		Reserve		Earnings
	Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1st April ,2022 (Audited)	482,300,200	205,011,257	101,802	108,675,357	796,088,616
Total Comprehensive income for the period	-	-	-	50,365,420	50,365,420
Other comprehensive income	-	(42,379,588)	-	(105,915)	(42,485,503)
Depreciation transfer on revalued assets	-	(5,032,577)	-	5,032,577	-
Balance as at 31st March 2023 (Audited)
482,300,200	157,599,092	101,802	163,967,439	803,968,533
Total comprehensive income for the period	-	-	-	35,866,439	35,866,439
Other comprehensive income	-	-	-	56,922	56,922
Dividends paid	-	-	-	(152,723,358)	(152,723,358)
Depreciation transfer on revalued assets	-	(5,032,577)	-	5,032,577	-
Balance as at 31st March ,2024 (Un audited)
482,300,200	152,566,515	101,802	52,200,019	687,168,536

Figures in brackets indicate deductions.

Page -05

LOTUS HYDRO POWER PLC

INTERIM FINANCIAL STATEMENTS

STATEMENT OF CASH FLOW

Cash flows from operating activities Net profit before taxation Adjustments for:

Depreciation

Amortization of leasehold assets

Certified Emission Reduction (CER) addition Provision for defined benefit plan costs - gratuity Interest income

Interest expenses

Operating profit before working capital changes

Decrease in inventories

(Increase) / decrease in trade and other receivables Increase in amounts due from related parties (Increase) / decrease in amounts due to related parties Increase / (decrease) in trade and other payables

Cash generated from / (used) in operations

Interest paid

Income tax paid

Gratuity paid

Net cash flow from / (used) in operating activities

Cash flow from investing activities

Purchase of property, plant and equipment

Interest received

Funds transferred to related parties

Net cash from in investing activities

Cash flow from financing activities

Repayment of long term borrowings

Payment of lease rental

Dividend paid

Net cash Used in financing activities Net decrease in cash and cash equivalents

Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

Figures in brackets indicate deductions.

Colombo

27th May 2024

Group					Company
Un audited			Audited				Un audited		Audited
31.03.2024			31.03.2023	31.03.2024	31.03.2023
Rs.			Rs.				Rs.		Rs.
82,448,100			81,276,067	46,072,686	70,011,758
41,792,758			43,351,818			17,729,531		19,288,497
3,429,482			2,589,488			3,112,128		2,272,128
(14,615,259)			(312,406)			(14,615,259)		(312,406)
2,618,020			1,929,994			1,835,392		1,314,397
(16,737,138)			(20,467,332)			(16,737,138)		(20,465,877)
1,131,202			1,369,259			127,894		178,379
17,619,065			28,460,821		(8,547,452)		2,275,118
100,067,165			109,736,888		37,525,234		72,286,876
-			286,712			-		-
192,153,162			(60,181,019)			124,983,434		(25,551,802)
(55,567,885)			(272,838,837)			(3,540,568)		(251,067,325)
(34,424)			75,221			(34,424)		75,221
2,530,293			818,767			2,443,598		(351,977)
139,081,146			(331,839,156)		123,852,040		(276,895,883)
239,148,311			(222,102,268)		161,377,274		(204,609,007)
-			(179,137)			-		-
(22,066,149)			(11,320,679)			(17,775,057)		(7,645,521)
(707,750)			(164,550)			(707,750)		-
(22,773,899)			(11,664,366)		(18,482,807)		(7,645,521)
216,374,412			(233,766,634)		142,894,467		(212,254,528)
(310,984)			(258,471)			(205,214)		(258,471)
13,941,272			7,922,705			13,941,272		7,921,250
102,297,285			186,064,945			102,297,285		161,209,786
115,927,573			193,729,179			116,033,343		168,872,565
-			(2,420,000)			-		-
(9,826,560)			(2,823,278)			(8,745,560)		(1,742,278)
(152,723,358)			-			(152,723,358)		-
(162,549,918)			(5,243,278)	(161,468,918)		(1,742,278)
169,752,067			(45,280,733)	97,458,892		(45,124,241)
14,940,308			60,221,041	14,828,465	59,952,706
184,692,375			14,940,308		112,287,357		14,828,465

Page -06

LOTUS HYDRO POWER PLC

NOTES TO THE PROVISIONAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

1. ACCOUNTING POLICIES
   The provisional interim financial statements of the Company/Group are unaudited and have been prepared on the basis of the same accounting policies and methods applied for the year ended 31st March 2023 and are in compliance with the Sri Lanka Accounting Standard 34-Interim Financial Reporting. Provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial statements of the Company/Group.
2. Accounting policies and methods of computation as stated in the Financial Statments for 2022/2023 are followed in the preparation of these provisional financial statements.
3. COMPARATIVE INFORMATION
   The previous period figures and phrases have been re - arranged where necessary to conform to the current period's presentation and classifications.
4. STATED CAPITAL

4.1 NO. OF SHARES REPRESENTING THE STATED CAPITAL

1. The stated capital amounting to Rs. 482,300,200/- is represented by 109,088,112 Nos. of ordinary shares as at 31st March 2024.

2. CONTINGENT LIABILITIES
   There has been no significant change in the nature of the contingent liabilities other than those disclosed in the financial statements for the year ended 31st March 2023.
3. EVENTS AFTER THE FINANCIAL POSITION DATE
   No circunstances have arisen since the date of financial position which would require adjustments or disclosure in the provisional financial statements.
4. FUNCTIONAL AND PRESENTATION CURRENCY
   The financial statements are presented in Sri Lankan rupees, which is the Company's functional currency. Financial information presented in Sri Lankan rupees has been rounded to the nearest rupee unless indicated otherwise.
5. APPROVAL OF THE INTERIM FINANCIAL STATEMENTS
   The provisional financial statements of the Group and the Company for the Fourth quarter ended 31st March 2024 were authorized for issue by the Board of directors on 27th May 2024.
6. NO. OF ORDINARY SHARES HELD BY THE DIRECTORS

	As at
Name of Director	31st March 2024
	Nos.
Mr. G. D. Seaton	-
Mr. Gowri Shankar	-
Mr. A. U. A. M. Authokorala	-
Dr. T. Senthilverl	15,000,000
Sampath Bank PLC/Dr.T.Senthilverl
Seylan Bank PLC/ Senthilverl Holdings (Pvt) Ltd	1,557,457
Mr. A. I. Fernando	-
Mr. U. H. Palihakkara	-

10 CERTIFIED EMISSION REDUCTION (CER) UNITS

Certified Emission Reduction (CER) Units have been valued at net realizable value (NRV) of USD 1. The Company /Group has progressed with the related activities for the validation and verification.

LOTUS HYDRO POWER PLC

INVESTER INFORMATION

Market performance - ordinary shares

Closing price per share (Rs.)

Highest price per share during the quarter (Rs.)

Lowest price per share during the quarter (Rs.)

Twenty largest shareholders

1. Lotus Renewable Energy Private Limited
2. Sampath Bank PLC/ Dr.T.Senthilverl
3. Seylan Bank PLC/ Senthilverl Holdings (Pvt) Ltd
4. Mr. D.D Gunaratne
5. Mr. H.A.R. Pieris
6. Mr. S. N. Senthilverl

1. Mr. S.Senthimaaran

1. Mr. A.S.A. Fernando
2. Mrs. S. Vasudevan
3. Mr. A.M.K.M.G. Dharmasena
4. Mr. M. Sundaresan
5. PMF Finance PLC / R.A.Y.S.Perera
6. Mrs. F.F. Musthapha
7. Mr. G.K. Kulatilleke
8. Mr. K.C. Vignarajah
9. Mr. N.A. Withana
10. Merchant Bank of Sri Lanka & Finance PLC/H.M.C.M. Abewardana
11. Universal Capital Holdings (Pvt) Ltd
12. Mr. M.N. Aththas
13. Mr. M.K.N. De Silva

Others

Number of shares held by the public

Number of public shareholders

The percentage of shares held by the public (%)

Exiting float adjusted market capitalization (Rs.)

Compliant under option 2

Page -07

As at

31st March 2024

9.50

9.90

8.00

As at

31st March 2024

Nos. %

Held

80,350,881 73.66

15,000,000 13.75

1,557,457 1.43

986,850 0.90

500,000 0.46

469,200 0.43

469,200 0.43

240,065 0.22

213,771 0.20

192,460 0.18

185,451 0.17

159,924 0.15

153,503 0.14

152,300 0.14

143,486 0.13

129,757 0.12

115,090 0.11

105,000 0.10

104,327 0.10

104,186 0.10

101,332,908 92.89

7,755,204 7.11

109,088,112 100.00

As at

31st March 2024

12,179,774

2,408

11.17%

115,707,853

Page - 08

LOTUS HYDRO POWER PLC

CORPORATE INFORMATION

NAME OF COMPANY

LOTUS HYDRO POWER PLC

LEGAL FORM

A Public Limited Liability Company incorporated in Sri Lanka on 24th April 2000 under the Compaies Act No.07 of 2007 and is a BOI approved Company quoted on Colombo Stock Exchange.

COMPANY REGISTRATION NO.

PV 7385 PB/PQ

DIRECTORS
Mr. Gary Seaton	- Chairman/Executive Director
Mr. Menaka Athukorala	- Executive Director
Mr. Gowri Shankar	- Non-Executive Director
Dr. Thirugnanasambandar Senthilverl	- Non-Executive Director
Mr. Uditha Palihakkara	- Senior Independent Non-Executive Director
Mr. Indrajith Fernando	- Independent Non-Executive Director

REGISTERED OFFICE

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

BUSINESS OFFICE

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

Tel No.: [phone]/81/82 / [phone] / [phone]

Fax No.: [phone]

COMPANY SECRETARIES

S S P Corporate Services (Pvt) Ltd

No. 101, Inner Flower Road, Colombo 03

AUDITORS

KPMG, Chartered Accountants,

32 A, Sir Mohamed Macan Markar Mawatha, Colombo 03.

BANKERS

Seylan Bank PLC

Sampath Bank

Hatton National Bank PLC

National Development Bank PLC

Nations Trust Bank PLC