WindForce : Annual Report for the year ended 31 March 2022

WINDFORCE PLC | ANNUAL REPORT 2021/22

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WINDFORCE PLC ANNUAL REPORT 2021/22

At WindForce, we continuously seek ways in which we can generate energy with minimum impact on our surroundings. Our current projects, as well as those slated for the future, will make a considerable impact on power generation in Sri Lanka by the use of natural and sustainable resources. Amid the challenges of the year, we have renewed our commitment to long term growth and aiding the progress of the nation. We are charged to grow and look ahead to accelerated momentum in achieving our targets.

WINDFORCE PLC

ANNUAL REPORT 2021/22

At WindForce, we continuously seek ways in which we can generate energy with minimum impact on our surroundings. Our current projects, as well as those slated for the future, will make a considerable impact on power generation in Sri Lanka by the use of natural and sustainable resources. Amidst the challenges of the year, we have renewed our commitment to long term growth and aiding the progress of the nation. We are charged to grow and look ahead to accelerated momentum in achieving our targets.

CONTENTS

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WINDFORCE PLC ANNUAL REPORT 2021/22

About Us			Performance
Report Profile	4		Operating Environment	60
About Us 5			Review of Business Operations	62
Windforce Structure	6	Financial Capital	66
Wind Power	10		Manufactured Capital 70
Solar Power	16		Intellectual Capital 73
Hydro Power	24		Human Capital	77
Board of Directors	30	Social & Relationship Capital	84
Management Team	34	Natural Capital	89
Key Milestones 36
Financial Highlights	37	Compliance
Non-Financial Highlights 38	Risk Management Approach	94
			Corporate Governance Report	97
Strategy			Audit Committee Report	120
Business Model	40	Remuneration Committee Report 121
Corporate Strategy	42	Report Of The Related Party Transactions Review Committee 122
Material Topics	45
Stakeholder Goals	48
Sustainability Principles	50
Chairman's Statement	52
Managing Director's Review	56

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WINDFORCE PLC ANNUAL REPORT 2021/22

Financial Information

Annual Report of the Board of Directors on the State of Affairs of the Company 124 Board of Directors' Statement on Internal Controls 128

Statement of Directors' Responsibility on Financial Reporting 129

Responsibility Statement by the Managing Director and the Chief Financial Officer 130

Independent Auditor's Report	131
Statement of Income	134
Statement of Comprehensive Income 135
Statement of Financial Position	136
Statement of Changes In Equity		138
Statement of Cash Flows 140
Notes to the Financial Statements	142
Investor Information		194
Five Year Summary	197
GRI Content Index	198
Corporate Information	202
Notice of Annual General Meeting	203
Notes 205
Form of Proxy 207

Chairman's Statement

Board of Directors

Corporate Governance Report

Statement of Comprehensive Income