WindForce : INTERIM CONDENSED FINANCIAL STATEMENTS - SIX MONTHS ENDED 30TH SEPTEMBER 2022

INTERIM CONDENSED FINANCIAL STATEMENTS

SIX MONTHS ENDED 30TH SEPTEMBER 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 stakeholders,

With great pride, I present you with the Interim Report of WindForce PLC for the period ended 30th September 2022. The group recorded a consolidated revenue of LKR 3.02 Bn, a 13% growth in comparison to LKR 2.66 Bn recorded in the period that ended 30th September 2021. The bottom line for the period under review was recorded as LKR 1.57 Bn with a YoY decline of 6% compared to LKR 1.66 Bn recorded for the period that ended 30th September 2021.

Wind Energy Sector

The wind sector saw a revenue increase of 13%. In the previous year, the DLRE and Powergen plants operated below capacity due to the failure of the power transformer at the Norochcholai wind collector substation, which was restored in September 2021. This year, these plants operated at full capacity and showed a growth of 45% and 10%, respectively. In the previous year, lightning damaged turbine blades of both the Joule and Beta plants in May 2021, which limited the capacity for operations. However, this year, the plants functioned at full capacity and showed a growth of 14% and 5%, respectively. Finally, all plants show higher generation due to a stronger wind season than the previous year.

Solar Energy Sector

The solar sector's revenue was increased by 30%, and the main contribution is from the 10MW Tororo plant in Uganda, which contributed a growth of 81% compared to the period ended 30th September 2021. This revenue increase is attributed to the currency translation gain caused by the Sri Lankan rupee depreciation. In addition, the Sky Solar plant also contributed to revenue growth in the solar sector.

Hydro Energy Sector

The revenue of the hydro sector declined by 11% for the period ended 30th September 2022 due to a 13% decline in generations as a result of low rainfall in catchment areas.

Projects in Progress

Construction of Sri Lanka's first Agrovoltaic plant was completed and commissioned on 28th of September. We are proud to announce that it was officially commissioned

	PLC | INTERIM CONDENSED FINANCIAL
WINDFORCEPLC | INTERIM CONDENSED FINANCIAL STASTATEMENT
SIX	SEPTEMBER 2022

NINEMONTHS ENDED 30TH1ST DECEMBER 2021

on the 11th of October 2022. This plant will add 10MW of solar energy to the National grid.

The Hiruras wind power plant, which will contribute 15MW to the grid, is still under construction and is scheduled to be commissioned by the end of December 2022. The first wind turbine of the plant was erected successfully during the period under review. This is the first wind-power project entirely handled by WindForce without third-party or outsourced involvement for the erection process.

Rewards and Recognitions

WindForce's 12th Annual General Meeting was held on the 20th of July, 2022 and all tabled resolutions were duly passed.

The period ended 30th September 2022 has been a period of growth and recovery for WindForce. The accomplishments will irrefutably guide Sri Lanka towards a greener, more sustainable future.

Manjula Perera

Managing Director

11th November 2022

01

CONSOLIDATED INCOME STATEMENT

Three Months ended 30th September

Six Months ended 30th September

	2022	2021	Change %
Revenue	1,564,153,975	1,514,563,435	3%
Direct Cost	(531,969,932)	(412,948,038)	29%
Gross Profit	1,032,184,044	1,101,615,397	-6%
Other Operating Income	6,363,598	34,967,756	-82%
Administration Expenses	(181,124,828)	(134,571,864)	35%
Profit from Operating Activities	857,422,813	1,002,011,289	-14%
Finance Income	128,392,179	90,320,210	42%
Finance Costs	(215,183,051)	(83,463,677)	158%
Net Profit/(Loss) from the translation on foreign currency	5,805,180	-	100%
denominated Borrowings to reporting currency
Profit from Ordinary Activities before Taxation	776,437,121	1,008,867,822	-23%
Share of results of equity accounted investee	99,552,597	108,341,974	-8%
Profit before Taxation	875,989,718	1,117,209,795	-22%
Income Tax Expenses	(19,819,732)	(108,467,245)	-82%
Profit after Taxation	856,169,985	1,008,742,551	-15%
Attributable to:
Non-controlling interests	164,712,817	160,350,295	3%
Equity holders of the parent	691,457,168	848,392,256	-18%
	856,169,985	1,008,742,551	-15%
Other Comprehensive Income For the Period
Currency translation of foreign operations	243,969,881	32,268,029
	1,100,139,867	1,041,010,580	6%
Attributable to:
Non-controlling interests	164,712,817	160,350,295	3%
Equity holders of the parent	935,427,049	880,660,285	6%
	1,100,139,867	1,041,010,580	6%
	LKR	LKR
Earning per share	0.51	0.63
Dividend per share	-	0.75

Notes :

The above figures are in LKR, unless otherwise stated.

The figures in brackets indicate deductions.

The above figures are not audited.

2022

3,020,029,236

(1,022,693,349)

1,997,335,887

7,102,744

(355,335,966)

1,649,102,665

209,450,648

(341,760,157)

(151,568,118)

1,365,225,038

249,427,525

1,614,652,563

(46,957,055)

1,567,695,508

299,923,987

1,267,771,520

1,567,695,508

713,108,606

2,280,804,114

299,923,987

1,980,880,126

2,280,804,114

LKR 0.94

-

2021 Change %

2,661,257,48313%

(803,853,669)27%

1,857,403,8148%

35,723,286-80%

(318,797,086)11%

1,574,330,0145%

148,308,71241%

(169,185,079) 102%

• 100%

1,553,453,647 -12%

240,233,5524%

1,793,687,199 -10%

(133,095,158)-65%

1,660,592,041-6%

266,090,47613%

1,394,501,565-9%

1,660,592,041-6%

32,268,029

1,692,860,07035%

266,090,47613%

1,426,769,59439%

1,692,860,07035%

LKR 1.05 0.75

WINDFORCE PLC | INTERIM CONDENSED FINANCIAL
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT
SIX	SEPTEMBER 2022	02
NINE MONTHS ENDED 30TH1ST DECEMBER 2021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	As at 30.09.2022	As at 31.03.2022
	Unaudited	Audited
ASSETS
Non-Current Assets
Property, Plant and Equipment	21,324,339,217	14,629,776,707
Investments in Equity Accounted Investees	4,396,543,370	3,518,006,910
Non Current Financial Assets	476,326,333	653,431,973
Intangible Assets	2,646,305,882	2,655,604,382
Total Non-Current Assets	28,843,514,802	21,456,819,972
Current Assets
Inventory	574,177,498	540,084,654
Other Non Financial Assets	14,605,777	14,605,777
Trade and Other Receivables	4,975,985,470	3,707,868,075
Income Tax Receivable	29,813,299	71,191,543
Amounts Due from Related Parties	1,075,824,350	91,729,046
Short Term Financial Assets	3,220,492,802	3,315,539,382
Cash and Cash Equivalents	623,234,264	1,321,298,427
Total Current Assets	10,514,133,460	9,062,316,905
Total Assets	39,357,648,262	30,519,136,877
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital	18,226,455,904	18,226,455,904
Retained Earnings	4,071,927,428	2,494,597,463
Foreign Currency Translation Reserve	872,531,796	159,423,190
Total Equity	23,170,915,129	20,880,476,557
Non Controlling Interest	2,557,768,839	1,940,457,382
	25,728,683,968	22,820,933,939
Non Current Liabilities
Interest Bearing Loans & Borrowings	7,658,386,519	3,815,511,462
Employee Benefit Liabilities	67,763,949	64,427,667
Deferred Tax Liabilities	1,355,525,251	1,367,499,914
Total Non-Current Liabilities	9,081,675,719	5,247,439,043
Current Liabilities
Interest Bearing Loans & Borrowings	2,270,801,301	1,150,953,877
Trade and Other Payables	850,237,939	388,041,309
Amounts Due to Related Parties	16,618,526	14,171,741
Bank Overdraft	1,409,630,809	897,596,968
Total Current Liabilities	4,547,288,575	2,450,763,894
Total Equity and Liabilities	39,357,648,262	30,519,136,877
Net assets per share	17.15	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 : 11th of November, 2022
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STASTATEMENT
SIX	SEPTEMBER 2022	03
NINE MONTHS ENDED 30TH1ST DECEMBER 2021

CONSOLIDATED STATEMENT OF CASH FLOW

	As at 30.09.2022
Cash Flow from/(used) in Operating Activities
Net Profit before Taxation	1,614,652,563
Adjustments for
Profit accruing to the Group net of Dividend	-
Provision For Gratiuty	3,480,000
Depreciation & Amortization	575,512,660
Loss/ (Gain) on Fixed Asset Disposal	-
Foreign Exchange (Gain)/Loss	347,293,974
Interest Cost	341,760,157
Profit on other project	(6,363,598)
Dividend Income	(15,676,439)
Interest Income	(193,774,209)
Operating Profit before Working Capital Charges	2,666,885,109
(Increase)/Decrease in Trade & Other Receivables	(1,268,117,395)
(Increase)/Decrease in Inventories	(34,092,844)
(Increase)/Decrease in Amounts due from Related Parties	(984,095,304)
Increase/(Decrease) in Amounts due to Related Parties	2,446,785
Increase/(Decrease) in Trade & Other Payables	(462,196,630)
Cash Generated from/(used in) Operations	(79,170,278)
Interest Paid	(341,760,157)
Income Tax Paid	(9,899,849)
Gratuity Paid	(143,718)
	(351,803,724)
Net Cash from/(used in) Operating Activities	(430,974,002)
Cash Flows from/(used in) Investing Activities
Interest Income	193,774,209
Dividend Income	15,676,439
Dividend Paid	-
Acquisition of Property, Plant & Equipment	(7,243,306,935)
Investment in Local Entities - Local	-
Short Term Investments - Fixed Deposit	654,818,205
Net Cash Flow from/(Used in) Investing Activities	(6,379,038,082)
Cash Flows from/(used in) Financing Activities
Cash on other project	6,363,598
Proceeds from Sale of Fixed Assets	-
Net Foreign Exchange Difference	(347,293,974)
Net Proceeds/Repayments from Interest Bearing Borrowings	5,940,844,453
Net Cash Flow from/ (Used in) Financing Activities	5,599,914,076
Net Increase/(Decrease) in Cash and Cash Equivalents	(1,210,098,008)
Cash and Cash Equivalents at the Beginning of the Period	423,701,460
Cash and Cash Equivalents at the End of the Period	(786,396,548)
Analysis of Cash and Cash Equivalents
Cash at Bank - Favorable	623,234,264
Bank Overdrafts	(1,409,630,809)
	(786,396,548)
Note:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
The above figures are not audited.

As at 30.09.2021

1,793,687,199

(240,233,552)

531,473,567

(10,000,000)

-

157,990,071

(25,723,286)

(22,523,375)

(125,785,337)

2,058,885,287

(1,079,099,985)

(124,253,145)

42,291,454

(11,423,647)

(2,796,034,894)

(1,909,634,929)

(157,990,071)

(156,192,248)

(108,000)

(314,290,319)

(2,223,925,248)

125,785,337

22,523,375

(1,156,659,274)

(11,790,775)

(360,345,830)

(1,596,284,066)

(2,976,771,233)

25,723,286

10,000,000

-

(774,514,074)

(738,790,788)

(5,939,487,269)

8,006,730,641

2,067,243,372

2,067,243,372

-

2,067,243,372

WINDFORCE PLC | INTERIM CONDENSED FINANCIAL
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX	30TH SEPTEMBER	04
NINE MONTHS ENDED 31ST DECEMBER 2020221