WindForce : INTERIM CONDENSED FINANCIAL STATEMENTS - 03 MONTHS ENDED 30/06/2022

INTERIM CONDENSED FINANCIAL STATEMENTS

THREE MONTHS ENDED 30TH JUNE 2022

NINE MONTHS ENDED 31ST DECEMBER 2021

WINDFORCE PLC, NO 334,T.B JAYAH MAWATHA, COLOMBO 10, SRI LANKA

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WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT NINE MONTHS ENDED 31ST DECEMBER 2021

MANAGING DIRECTOR'S MESSAGE

Dear stakeholder,

It is with great pride that I present for your perusal the Interim Report for WindForce PLC for the period ended 30th June 2022. During this period, the group recorded a consolidated revenue of LKR 1.44 Bn, which is a 26% growth in comparison with the LKR 1.15 Bn recorded for the year ended 30th June 2021. The bottom line for the period recorded a YoY growth of 9% with LKR 0.71 Bn in comparison to LKR 0.65 Bn recorded for the year ended 30th June 2021.

Wind Energy Sector

The wind sector experienced higher generations at all plants due to the increase in strong winds in comparison to the previous year's first quarter, leading to a revenue increase of 34%. In the previous year's Q1, companies DLRE, Nirmalapura & Powergen operated below capacity due to the failure of the power transformer at the Norochcholai wind collector substation, until it was restored in September 2021. In this year's first quarter, DLRE and Powergen recorded a growth of 110% and 73% respectively.

Solar Energy Sector

The solar sector experienced an increase in revenue of 24%. The main contribution to this is an 83% growth in revenue YoY from our Tororo plant in Uganda, due to the currency translation gain as a result of the depreciation of the Rupee. Furthermore, the addition of the rooftop solar plant, Sky Solar in September 2021 also factored into the sector's revenue growth.

Hydropower Sector

The hydropower sector experienced a revenue decline of 5%, as a result of low rainfall recorded in the catchment areas.

Projects in Progress

Solar Universe, Sri Lanka's first Agrivoltaic plant and WindForce's newest ground mounted solar power plant will see a slight delay in commissioning as the transmission line has not been set up by the CEB. However, the local farmers to whom plots of land had been delegated to, have now begun harvesting their crops.

Furthermore, the management took the decision in this quarter to reallocate unutilized funds from the IPO proceeds to fund the Hiruras wind power plant in Mannar, which saw a cost escalation due to the increase in the cost of raw materials as a result of the LKR depreciation. Moreover, we are happy to announce that the necessary wind tower parts have arrived in Sri Lanka, and have been transported to the site, where the plant is currently on track to be commissioned in December 2022.

In closing, the period ended on 30th of June 2022 has brought in growth, as well as necessary changes that will aid WindForce as it works towards improving Sri Lanka's renewable energy sector during this critical period, as well as sustaining the battle for sustainable energy alternatives on a global scale.

Manjula Perera

12th Aug 2022

WINDFORCE PLC | INTERIM CONDENSED FINANCIAL

PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT

THREE MONTHS ENDED 30TH JUNE 2022101 NINE MONTHS ENDED 31ST DECEMBER

CONSOLIDATED INCOME STATEMENT

		Three Months Ended 30th June
		2022	2021	%
		Change
Revenue		1,442,955,173	1,146,694,048	26%
Direct Cost		(490,723,417)	(390,905,631)	26%
Gross Profit		952,231,757	755,788,417	26%
Other Operating Income		31,519,233	755,530	4072%
Administration Expenses		(192,071,138)	(184,225,222)	4%
Profit from Operating Activities		791,679,852	572,318,726	38%
Finance Income		81,058,469	57,988,501	40%
Finance Cost		(126,577,107)	(85,721,402)	48%
Net Loss from the translation on foreign currency
denominated Borrowings to reporting currency		(157,373,297)	-
Profit from Ordinary Activities before
Taxation		588,787,917	544,585,825	8%
Share of results of equity accounted investee		149,874,928	131,891,579	14%
Profit before Taxation		738,662,845	676,477,404	9%
Income Tax Expenses		(27,137,323)	(24,627,913)	10%
Profit after Taxation		711,525,522	651,849,490	9%
Attributable to:
Non-controlling interests		135,211,170	105,740,182	28%
Equity holders of WindForce PLC		576,314,352	546,109,308	6%
		711,525,522	651,849,490	9%
Items that will not be reclassified to profit or loss
Currency translation of foreign operations	469,138,725	-
Total comprehensive income for the period	1,180,664,247	651,849,490	81%
Attributable to:		105,740,182	28%
Non-controlling interests	135,211,170
Equity holders of WindForce PLC	1,045,453,077	546,109,308	91%
		1,180,664,247	651,849,490	81%
		LKR	LKR
Earning per share	0.43	0.42

Notes :

The above figures are in LKR, unless otherwise stated.

The figures in brackets indicate deductions.

The above figures are not audited.

WINDFORCE PLC | INTERIM CONDENSED FINANCIAL WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT

THREE MONTHS ENDED 30TH JUNE 2022102 NINE MONTHS ENDED 31ST DECEMBER

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		As at 30.06.2022	As at 31.03.2022
		Unaudited	Audited
ASSETS
Non-Current Assets
Property, Plant and Equipment		18,888,407,566	14,629,776,707
Investments in Equity Accounted Investees		3,821,810,247	3,518,006,910
Non Current Financial Assets		748,431,973	653,431,973
Intangible Assets		2,651,110,789	2,655,604,382
Total Non-Current Assets		26,109,760,575	21,456,819,972
Current Assets
Inventory		504,153,679	540,084,654
Other Non Financial Assets		14,605,777	14,605,777
Trade and Other Receivables		5,141,665,887	3,707,868,075
Amounts Due from Related Parties		1,177,971,591	91,729,046
Short Term Financial Assets		2,510,149,156	3,315,539,382
Income Tax Receivable		48,729,274	71,191,543
Cash and Cash Equivalents		908,022,135	1,321,298,427
Total Current Assets		10,305,297,499	9,062,316,905
Total Assets		36,415,058,074	30,519,136,876
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital		18,226,455,904	18,226,455,904
Retained Earnings		3,071,321,228	2,494,597,463
Foreign Currency Translation Reserve		628,561,916	159,423,190
Total Equity		21,926,339,048	20,880,476,557
Non Controlling Interest		2,109,528,279	1,940,457,382
		24,035,867,327	22,820,933,939
Non Current Liabilities
Interest Bearing Loans & Borrowings		6,619,376,438	3,815,511,462
Employee Benefit Liabilities		67,907,668	64,427,667
Deferred Tax Liabilities		1,361,519,090	1,367,499,914
Total Non-Current Liabilities		8,048,803,196	5,247,439,043
Current Liabilities
Interest Bearing Loans & Borrowings		1,962,492,784	1,150,953,877
Trade and Other Payables		926,237,357	388,041,309
Amounts Due to Related Parties		14,878,226	14,171,741
Bank Overdraft		1,426,779,182	897,596,968
Total Current Liabilities		4,330,387,549	2,450,763,894
Total Equity and Liabilities		36,415,058,074	30,519,136,876
Net assets per share		16.23	15.46
Note:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007

Chief Financial Officer

Rusiri Cooray

The Board of Directors is responsible for the preparation and presentation of these Financial Statements.

Signed for and on behalf of the Board by:

Director	Director
Asgi Akbarally	Manjula Perera
Date of approval by the Board : 12th August 2022
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT
THREE MONTHS ENDED 30TH JUNE	03
NINE MONTHS ENDED 31ST DECEMBER20221

CONSOLIDATED STATEMENT OF CASH FLOW

		As at 30.06.2022	As at 30.06.2021
	Cash Flow from/( used) in Operating Activities
	Net Profit before Taxation	738,662,845	676,477,404
	Adjustments for
	Profit accruing to the Group net of Dividend	-	(131,891,579)
	Depreciation & Amortization	276,320,345	271,297,578
	Provision for retirement benefit obligation	3,480,000	-
	Foreign Exchange (Gain) / Loss	(266,244,385)	1,797,406
	Interest Cost	126,577,107	85,721,402
	Profit on other project	(30,780,087)	(755,530)
	Interest Income	(52,511,614)	(57,988,501)
	Operating Profit before Working Capital Charges	795,504,211	844,658,180
	(Increase)/Decrease in Trade & Other Receivables	(1,433,797,812)	(614,872,889)
	(Increase)/Decrease in Inventories	35,930,975	17,148,793
	(Increase)/Decrease in Amounts due from Related Parties	(1,086,242,545)	105,256,434
	Increase/(Decrease) in Amounts due to Related Parties	706,485	14,296,929
	Increase/(Decrease) in Trade & Other Payables	1,110,905,139	273,419,495
		(1,372,497,758)	(204,751,238)
	Cash Generated from/(used in) Operations	(576,993,547)	639,906,942
	Interest Paid	(126,577,107)	(85,721,402)
	Income Tax Paid	(4,897,945)	(47,389,727)
		(131,475,052)	(133,111,129)
	Net Cash from/(used in) Operating Activities	(708,468,599)	506,795,813
	Cash Flows from/(used in) Investing Activities
	Interest Income	52,511,614	57,988,501
	Dividend Paid	-	(1,156,659,275)
	Acquisition of Property, Plant & Equipment	(3,605,113,940)	(12,663,730)
	Investment in Associates- Local	-	(53,345,830)
	Short Term Investments - Fixed Deposit	(544,524,037)	(1,241,997,477)
	Net Cash Flow from/(Used in) Investing Activities	(4,097,126,362)	(2,406,677,810)
	Cash Flows from/(used in) Financing Activities
	Proceeds/ (Transfer) from IPO	-	(3,187,402,944)
	Cash on other project	30,780,087	755,530
	Foreign Exchange (Gain) / Loss	266,244,385	(1,797,406)
	Net Proceeds/Repayments from Interest Bearing Borrowings	3,566,111,983	(398,106,979)
	Net Cash Flow from/ (Used in) Financing Activities	3,863,136,454	(3,586,551,799)
	Net Increase/(Decrease) in Cash and Cash Equivalents	(942,458,506)	(5,486,433,797)
	Cash and Cash Equivalents at the Beginning of the Period	423,701,460	8,006,730,641
	Cash and Cash Equivalents at the End of the Period	(518,757,047)	2,520,296,844
	Analysis of Cash and Cash Equivalents
	Cash at Bank - Favorable	908,022,135	2,564,566,527
	Bank Overdrafts	(1,426,779,182)	(44,269,684)
		(518,757,047)	2,520,296,844
Note:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
THREE MONTHS ENDED 30TH JUNE 2022		04
NINE MONTHS ENDED 31ST DECEMBER 2021