Mackwoods Energy : Interim Financial Statements as at 31 03 2024

GREENTECH ENERGY PLC

INTERIM FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31ST MARCH 2024

GREENTECH ENERGY PLC

INTERIM FINANCIAL STATEMENTS FOR TWELVE MONTHS ENDED 31ST MARCH 2024

STATEMENT OF COMPREHENSIVE INCOME

	Three		Three		Twelve		Twelve
	Months Ended		Months Ended		Months Ended		Months Ended
	31.03.2024	31.03.2023	31.03.2024	31.03.2023
	Rs.		Rs.		Rs.		Rs.
Continuing Operation
Turnover	4,150,000	4,875,000	20,656,000	16,070,000
Cost of Sales	(1,636,280)	(2,687,489)	(11,681,725)	(8,085,828)
Gross Profit	2,513,720	2,187,511	8,974,275	7,984,172
Other Income				-	-
Selling & Distribution Expenses	(165,000)	(150,000)	(675,000)	(600,000)
Administration Expenses	(1,729,124)	(1,276,017)	(5,882,124)	(5,000,706)
Other Expenses	(362,266)		(362,266)		(1,449,064)		(1,449,064)
Profit From Operations	257,330	399,228	968,087	934,402
Finance Income	-	-
Finance Cost	-	(8,530)	-	(31,280)
Net Finance Income	-	(8,530)	-	(31,280)
Profit Before Taxation	257,330	390,698	968,087	903,122
Taxation
Net Profit for the Period	257,330	390,698	968,087	903,122
OTHER COMPREHENSIVE INCOME
Other comprehensive income for the period
Tax on Other Comprehensive Income	-	-	-	-
OTHER COMPREHENSIVE INCOME FOR THE PERIOD	-	-	-	-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	257,330	390,698	968,087	903,122
Profit Attributable to:
Owners of the Company	257,330	390,698	968,087	903,122
Non - Controlling Interests	-	-	-	-
Profit for the period	257,330	390,698	968,087	903,122
Total Comprehensive Income Attributable to:
Owners of the Company	257,330	390,698	968,087	903,122
Non - Controlling Interests	-	-	-	-
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	257,330	390,698	968,087	903,122
Earnings per Share - Basic - (Rs)	0.00	0.00	0.01	0.01

GREENTECH ENERGY PLC

INTERIM FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31ST MARCH 2024

STATEMENT OF FINANCIAL POSITION AS AT

	31.03.2024	31.03.2023
	Un Audited		Audited
	Rs.		Rs.
ASSETS
Property, Plant & Equipment	40,573,747	42,022,810
	40,573,747		42,022,810
Current Assets
Inventories	20,023,979	23,320,704
Trade and Other Receivables	74,992,612	75,492,613
Short Term Investments - (Inter Group)	39,850,000	39,850,000
Other Financial Assets	39,000,000	39,400,000
Amount Due from Related Parties	95,701,172	89,206,821
Cash & Cash Equivalents	14,748	3,652
	269,582,511	267,273,790
TOTAL ASSETS	310,156,258		309,296,600
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital (100,000,000 shares)	555,583,112	555,583,112
Retained Earnings	(268,167,515)	(269,135,602)
Shareholders' Funds	287,415,597		286,447,510
Non Current Liabilities
Retirement benefit Obligation	-	-
Deferred Tax Payable	-	-
	-		-
Trade and Other Payables	3,955,556	3,613,985
Tax Liabilities	10,285,105	10,285,105
Bank Overdraft	8,500,000	8,950,000
	22,740,661	22,849,090
Total Liabilities	22,740,661	22,849,090
TOTAL EQUITY AND LIABILITIES
310,156,259	309,296,600
Net Assets Per Share (Rs)
2.87		2.86

Note :The above figures are not audited.

I certify that the financial statements comply with the requirements of the Companies Act No.7 of 2007.

sgd

-------------------

Accountant

Approved and signed for and on behalf of the Board of Directors of Greentech Energy PLC.

sgd	sgd
--------------------	---------------------
Director	Director
29th May 2024

GREENTECH ENERGY PLC

INTERIM FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31ST MARCH 2024

CASH FLOW STATEMENT

For the Twelve Months Ended 31st March	31.03.2024	31.03.2023
	Rs.		Rs.
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit Before Tax	968,087	903,122
Adjustments for ;
Impairment of Projects	1,449,064	1,449,064
Depreciation
Interest income
Operating Profit Before Working Capital Changes	2,417,151	2,352,186
(Increase)/Decrease in Working Capital
(Increase)/Decrease Inventories	3,296,723	1,710,828
(Increase)/DecreaseTrade and Other Receivables	500,000	475,000
Increase/(Decrease)Trade and Other Payables	341,571	250,000
Increase/(Decrease) Amount due to Related Companies		-
(Increase)/Decrease Amount due from Related Companies	(6,494,351)	(4,155,811)
Cash Generated from / (Used in) operating activities	61,095	632,203
Income Tax Paid		-
Net Cash Flows From/ (Used in) Operating Activities	61,095	632,203
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to Property, Plant & Equipment
Interest Income		-
Increase/Reduction on Short Term Investments	400,000	400,000
Net Cash Flows From/ (Used in) Investing Activities	400,000	400,000
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of the Lease	-
Net Cash Flows From/ (Used in) Financing Activities	-	-
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS	461,095	1,032,203
CASH AND CASH EQUIVALENTS AT THE BEGINNING	(8,946,348)	(9,978,551)
CASH AND CASH EQUIVALENTS AT THE END (a)
(8,485,252)	(8,946,348)
(a)Analysis of cash & cash equivalents at period end
Cash in hand & at bank	14,748	3,652
Bank overdraft	(8,500,000)	(8,950,000)
	(8,485,252)	(8,946,348)

GREENTECH ENERGY PLC

INTERIM FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31ST MARCH 2024

STATEMENT OF CHANGES IN EQUITY

	Stated	Revaluation	Retained
	Capital	Reserve	Earnings	Total
	Rs.		Rs.	Rs.
Balance as at 1st April 2022	555,583,112	-	(270,275,208)	285,307,904
Prior year Adjustment			236,484	236,484
Comprehensive Income			903,122	903,122
Other Comprensive Income				-
Balance as at 31st March 2023	555,583,112	-	(269,135,602)	286,447,510
-
Balance as at 1st April 2023	555,583,112	-	(269,135,602)	286,447,510
Comprehensive Income	-	-	968,087	968,087
Other Comprensive Income				-
Balance as at 31st March 2024	555,583,112	-	(268,167,515)	287,415,597

INTERIM FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 31ST MARCH 2024

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1. CORPORATE INFORMATION
   Greentech Energy PLC, is a public limited liability company incorporated and domiciled in Sri Lanka. The company was listed on the Diri Savi Board of the Colombo Stock Exchange on 25th April 2012.
2. INTERIM FINANCIAL STATEMENTS
   The financial statements for the period ended 31st March 2024, includes "the Company" referring to Greentech Energy PLC.
3. BASIS OF PREPARATION
   The interim condensed financial statements have been prepared in accordance with the accounting policies set out in the Annual Report for the year ended 31.03.2023 and are in compliance with Sri Lanka Accounting Standard LKAS34- "Interim Financial Reporting".
   These interim condensed financial statements should be read in conjunction with the annual financial statements for the year ended 31st March 2023.
   Further, provisions of the companies ACT no 7 of 2007 have been considered in preparing the same.
4. ACCOUNTING POLICIES
   The accounting policies have been consistently applied by the company and are consistent with those used in the previous year.
5. POST BALANCE SHEET EVENTS
   There have been no material events occurring after the Balance Sheet date which require adjustments to or disclosure in the financial statements.
6. CONTINGENT LIABILITIES
   There were no material contingent liabilities outstanding as at Balance Sheet Date.
7. The Interim Financial Statements are provisional and are not audited.
8. SHAREHOLDERS' INFORMATION

8.1 Public Holding

The company is in compliance with the Minimum Public Holding requirements for Companies listed on the Diri Savi Board as per Rule 7.13.1 (b) of the Listing Rules of the Colombo Stock Exchange, underOption 2, i.e Float-AdjustedMarket Capitalization of less than Rs 1 Billion with 200 Public Shareholders and a Public Holding percentage of 10%.

The Company's Public Holding as at 31st March 2024.
Market Capitalization of the Public Holding	Rs. 83.810 Million
Number of Public shareholders	1,766	`
Percentage of ordinary shares held by the public	44.11%
8.2 Top 20 Share Holders List as at 31st March 2024
NAME	NO OF SHARES	PERCENTAGE
Mackwoods (Pvt) Ltd	53,060,791	53.06
Senkadagala Finance PLC/Mr S Gobinath	2,650,000	2.65
Epoc Research Laboratories (Pvt) Ltd	2,500,464	2.50
Mr A D Edussuriya	2,000,000	2.00
Mr D P Navaratnam	1,854,500	1.85
People's Leasing and Finance/Mr S Gobinath	1,810,000	1.81
Mr. G.M.Kennedy	1,416,200	1.42

	Merchant Bank of Sri Lanka & Finance PLC 01	1,350,000	1.35
	Mr W I J Fernando	1,281,884	1.28
	Commercial Bank of Ceylon-Rananjaya Holdings	1,088,601	1.09
	Mr. G A M P Chandana	1,000,000	1.00
	Mr N A Samarakoon	1,000,000	1.00
	Mr P Selladurai	1,000,000	1.00
	Mr R.E.Rambukwelle	756,667	0.76
	Mr K.T.B.Siriwardana Arachchi	756,421	0.76
	Mrs H M A R K Kaluhendiwela	691,938	0.69
	Mr S Gobinath	630,000	0.63
	Merchant Bank of Sri Lanka/Mr K.K.Wickramasinghe	570,518	0.57
	Mrs S.M.Wannakuwatte	500,000	0.50
	Ms.H S Tan	491,500	0.49
		76,409,484	76.41
8.3	Directors' and CEO's Shareholdings as at 31st March 2024
	Name		No of Shares	Percentage (%)
	Dr. C.N.A.Nonis	Director	328,160	0.328
	Mr. C.H.Munasinghe	Director	Nil	Nil
	Dr. H.Shafeeu	Director	Nil	Nil
	Mr. I.C.K.Perera	Director	Nil	Nil
	Mr. S.D.N.K.Gajasinghe	Director	Nil	Nil
8.4	No of shares representing the company's Stated Capital - 100,000,000 shares
9	MARKET VALUES PER SHARE - CURRENT INTERIM PERIOD	Date	Rs.
	Highest Value per Share	27.03.2024	2.00
	Lowest Value per Share	28.02.2024	1.50
	Last Traded Price	28.03.2024	1.90
10	NET ASSET VALUE PER SHARE		2.87

11 Investments in Renewable Energy Projects

As stated in the Audited Accounts of 2022/23,the company is exploring investments in the renewable energy sector in order to meet the growing energy demands of the Country.