managing director’s message
TRANSCRIPT
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 1
MANAGING DIRECTOR’S MESSAGE
…………………………………………..
Manjula Perera
Managing Director
Colombo
27th October 2021
Dear Stakeholder,
It is with great pleasure that I present to you the
interim report for WindForce PLC for the period ended
on the 30th of September, 2021 (1H FY 21/22), which
yielded exceptional results.
Firstly, The Group recorded a consolidated revenue of
2.66 billion at the end of the period, which is on par with
the topline recorded in the first half of the previous
financial year (1H FY 20/21). The Bottom line for 1H of
FY 21/22 recorded as 1.66 billion with a YoY decline of
2% in comparison to the 1H of FY 20/21.
Wind Energy Sector
The wind sector faced a decline in revenue of 10% YoY
caused by the tariff rate drop in Daily Life and
PowerGen as the two project companies entered their
second tier in operation. Further to this, three of our
plants, Nirmalapura, Daily Life & PowerGen, were
compelled to operate below capacity due to the failure
of the 75MVA power transformer at the CEB’s
Norochcholai Wind Collector Substation since July,
2020. However, it was successfully restored in
September of 2021. Aside from this, our largest Wind
Power project to date, the 15 MW Wind project in
Mannar, received the Letter of Intent (LOI) from the
CEB in June 2021. The construction of the plant has
begun and is expected to be commissioned mid-2022.
Solar Energy Sector
A 32% YoY growth in revenue was recorded in the
solar sector in comparison to the 1H of the previous
financial year with a notable foreign currency
contribution from the Tororo Solar Plant;
commissioned in Uganda in August of 2020. Whilst
continuing to expand our Solar footprint in Sri Lanka,
we have successfully commenced construction of the
10 MW Ground Solar installation in Vavunathivu, which
is expected to be operational by March 2022.
Hydropower Sector
As for hydro power generation, consistently high
rainfall in the catchment areas led to an overall 40%
increase in volume compared to the 1H of the previous
financial year with a subsequent 37% increase in YoY
revenue growth.
From those who reaped the benefits of the weather,
Terraqua International, Energy Reclamation, HPD Power
and Peak Power plants performed commendably well.
Waste-to-Energy Sector
With the aim of broadening the horizon of alternative
clean energy, our team put forward a “one man’s trash is
another man’s treasure” approach through our Waste-to-
Energy project located in Karadiyana, that is currently
awaiting the Cabinet approval. The plant will be equipped
with a 400 metric ton per day incinerator plant, and a 100
metric ton per day anaerobic digestion plant, with a
collective capacity to generate 10 MW of electricity to the
National Grid.
Expansion
The next step in our journey of growth took place in
September of 2021, when WindForce acquired 100% of Sky
Solar (Pvt) Ltd. From Sunshine Energy (Pvt) Ltd, raising the
number of rooftop solar plant companies under our wing to
3, and paving the way for our total installed capacity to
reach 220.2 MWh.
Awards We are also pleased to announce that WindForce was
as the “Fastest Growing Renewable Energy Company
– Sri Lanka” at the Global Business Outlook Awards 2021.
In conclusion, our dedication to the final goal of a greater,
greener future has led us to believe that we are more than
just a title- perhaps the feeling is mutual. We’d like to
thank our shareholders for confidence placed in us and we
look forward to continuing our green journey with you.
Manjula Perera
Managing Director
Colombo
8th November 2021
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 2
CONSOLIDATED INCOME STATEMENT
Six Month Ended 30th September 2021 2020 %
Change
Revenue 2,661,257,483 2,663,132,551 0%
Direct Cost (803,853,669) (701,902,638) 15%
Gross Profit 1,857,403,814 1,961,229,913 -5%
Other Operating Income 58,246,661 27,683,584 110%
Administration Expenses (318,797,086) (220,481,972) 45%
Profit from Operating Activities 1,596,853,389 1,768,431,524 -10%
Finance Income 125,785,337 77,167,430 63%
Finance Costs (169,185,079) (226,686,827) -25%
Profit from Ordinary Activities before Taxation 1,553,453,647 1,618,912,127 -4%
Share of results of equity accounted investee 240,233,552 162,701,355 48%
Profit before Taxation 1,793,687,199 1,781,613,482 1%
Income Tax Expenses (133,095,158) (94,837,620) 40%
Profit after Taxation 1,660,592,041 1,686,775,862 -2%
Other comprehensive income for the period 32,268,029 -
Total comprehensive income for the period 1,692,860,070 1,686,775,862 0%
Attributable to: Non-controlling interests 266,090,476 275,299,105 -3%
Equity holders of the parent 1,426,769,593 1,411,476,757 1%
1,692,860,070 1,686,775,862 0%
Earnings per share 1.08 1.23
Dividend per share 0.75 0
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30.09.2021
Unaudited As at 31.03.2021
Audited
ASSETS Non-Current Assets Property, Plant and Equipment 14,720,303,246 15,239,783,617
Investments in Equity Accounted Investees 2,420,586,082 2,205,809,099
Non-Current Financial Assets 1,885,333,007 1,503,348,708
Intangible Assets 2,673,727,115 2,674,824,008
Total Non-Current Assets 21,699,949,450 21,623,765,432
Current Assets Inventory 583,974,678 459,721,533
Other Non-Financial Assets 14,605,777 14,605,777
Trade and Other Receivables 2,617,933,328 1,656,829,248
Income Tax Receivable 18,292,142 (17,628,307)
Amounts Due from Related Parties 3,964,667 53,093,964
Short Term Financial Assets 3,362,171,532 1,765,887,466
Cash and Cash Equivalents 2,067,243,372 8,459,543,027
Total Current Assets 8,668,185,496 12,392,052,708
Total Assets 30,368,134,946 34,015,818,140
EQUITY AND LIABILITIES Capital and Reserves Stated Capital 18,226,455,904 14,984,610,448
Retained Earnings 3,112,459,005 2,731,034,146
Share pending for Allotment - 3,241,845,456
Foreign Currency Translation Reserve 17,429,331 1,123,288
Total Equity 21,356,344,239 20,958,613,338
Non-Controlling Interest 2,003,110,269 1,880,602,359
23,359,454,508 22,839,215,697
Non-Current Liabilities
Interest Bearing Loans & Borrowings 3,778,949,128 4,562,383,822
Employee Benefit Liabilities 51,034,972 51,142,973
Deferred Tax Liabilities 1,364,616,975 1,364,607,998
Total Non-Current Liabilities 5,194,601,076 5,978,134,793
Current Liabilities
Interest Bearing Loans & Borrowings 1,297,698,221 1,297,698,221
Trade and Other Payables 487,810,587 3,407,962,842
Amounts Due to Related Parties 28,570,555 39,994,202
Bank Overdraft - 452,812,386
Bank Overdraft - 452,812,386
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 4
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Total Current Liabilities 1,814,079,363 5,198,467,651
Total Equity and Liabilities 30,368,134,946 34,015,818,140
Net assets per share 15.81 18.25
Notes:
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
Rizmin Razik
The Board of Directors are 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: 8th November 2021
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 5
CONSOLIDATED STATEMENT OF CASH FLOW
As at 30.09.2021 As at 30.09.2020
Cash Flow from/(used) in Operating Activities Net Profit before Taxation 1,793,687,199 1,781,613,482
Adjustments for Profit accruing to the Group net of Dividend (240,233,552) (162,701,355)
Depreciation & Amortization 531,473,567 508,859,891
Loss/ (Gain) on Fixed Asset Disposal (10,000,000) (7,545,000)
Insurance Claim Rec’d-General - (97,207)
Interest Cost 157,990,071 216,499,964
Profit on other project (25,723,286) (1,882,342)
Dividend Income (22,523,375) (18,106,538)
Interest Income (125,785,337) (77,167,430)
Operating Profit before Working Capital Charges 2,058,885,287 2,239,473,465
(Increase)/Decrease in Trade & Other Receivables (1,079,099,985) 88,566,354
(Increase)/Decrease in Inventories (124,253,145) (29,785,910)
(Increase)/Decrease in Amounts due from Related Parties 42,291,454 59,966,518
Increase/(Decrease) in Amounts due to Related Parties (11,423,647) (4,310,995)
Increase/(Decrease) in Trade & Other Payables (2,796,034,894) (1,276,890,155)
(3,968,520,216) (1,162,454,187)
Cash Generated from/(used in) Operations (1,909,634,929) 1,077,019,278
Interest Paid (157,990,071) (216,499,964)
Income Tax Paid (156,192,248) (201,130,028)
Gratuity Paid (108,000) (95,426)
(314,290,319) (417,725,417)
Net Cash from/(used in) Operating Activities (2,223,925,248) 659,293,861
Cash Flows from/(used in) Investing Activities
Interest Income 125,785,337 77,167,430
Dividend Income 22,523,375 18,106,538
Dividend Paid (1,156,659,274)
Acquisition of Property, Plant & Equipment (11,790,775) (921,426,547)
Proceeds from Issue of shares 219,971,653
Investment in Local Entities - Local (360,345,830) -
Short Term Investments - Fixed Deposit (1,596,284,066) (420,610,945)
Net Cash Flow from/(Used in) Investing Activities (2,976,771,233) (1,026,791,871)
Cash Flows from/(used in) Financing Activities Cash on other project 25,723,286 1,882,342
Proceeds from Sale of Fixed Assets 10,000,000 7,545,000
Cash from Insurance Claim 97,207
Net Proceeds/Repayments from Interest Bearing Borrowings (774,514,074) 189,971,523
Net Cash Flow from/ (Used in) Financing Activities (738,790,788) 199,496,072
Net Increase/(Decrease) in Cash and Cash Equivalents (5,939,487,269) (168,001,938)
Cash and Cash Equivalents at the Beginning of the Period 8,006,730,641 871,567,978
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 6
CONSOLIDATED STATEMENT OF CASH FLOW
Cash and Cash Equivalents at the End of the Period 2,067,243,372 703,566,040
Analysis of Cash and Cash Equivalents Cash at Bank - Favorable 2,067,243,372 826,522,766
Bank Overdrafts (122,956,726)
2,067,243,372 703,566,040
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Stated Capital Shares Pending
for Allotment Retained Earnings Revaluation
Non-Controlling Interest Total Equity
Balance as at 01st April 2020
14,984,610,449 1,362,004,090 - 1,634,602,355 17,981,216,894
Issue of Share Capital - - - 54,992,913 54,992,913
Net Profit for the Period - 1,411,476,757 - 275,299,105 1,686,775,862
Balance as at 30th September 2020 14,984,610,449 - 2,773,480,847 - 1,964,894,373 19,722,985,669
Balance as at 01st April 2021 14,984,610,448 3,241,845,456 2,731,034,147 1,123,288 1,880,602,359 22,839,215,698
Issue of Share Capital 3,241,845,456 (3,241,845,456) - - - -
Foreign Currency Translation Reserve 16,306,043 - 16,306,043
Net Profit for the Period - 1,394,501,565 - 266,090,476 1,660,592,041
Dividends - Ordinary Shares - (1,013,076,707) - (143,582,567) (1,156,659,274)
Balance as at 30th September 2021 18,226,455,904 - 3,112,459,005 17,429,331 2,003,110,269 23,359,454,508
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 8
COMPANY INCOME STATEMENT
Six Month Ended 30th September 2021 2020 %
Change
Revenue 294,820,625 137,322,853 115%
Direct Cost (4,835,267) -
Gross Profit 289,985,359 137,322,853 111%
Other Operating Income 1,144,603,099 22,621,387 4960%
Administration Expenses (234,130,704) 77,201,175) 203%
Profit from Operating Activities 1,200,457,754 82,743,064 1351%
Finance Income 108,194,653 64,307,763 68%
Finance Costs (17,877,655) (19,191,765) -7%
Profit before Taxation
1,290,774,752 127,859,062 910%
Income Tax Expenses (73,374,662) (26,218,511)
Profit after Taxation 1,217,400,090 101,640,551 1098%
Other comprehensive income for the period 32,268,029 -
Total comprehensive income for the period 1,249,668,119 101,640,551 1129%
Earnings per share 0.94 0.09
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 9
COMPANY STATEMENT OF FINANCIAL POSITION
As at 30.09.2021
Unaudited As at 31.03.2021
Audited
ASSETS Non-Current Assets Property, Plant and Equipment 53,894,363 61,057,648
Investments in Subsidiaries - Unquoted 12,641,712,658 12,632,082,209
Investments in Equity Accounted Investees 1,037,830,831 1,037,830,831
Non-Current Financial Assets 1,509,983,959 1,135,921,169
Total Non-Current Assets 15,243,421,811 14,866,891,857
Current Assets
Trade and Other Receivables 392,204,873 286,210,379
Amounts Due from Related Parties 35,414,976 38,845,918
Short Term Financial Assets 3,351,976,532 1,665,831,506
Cash and Cash Equivalents 1,466,257,446 6,915,908,162
Total Current Assets 5,245,853,826 8,906,795,965
Total Assets 20,489,275,637 23,773,687,822
EQUITY AND LIABILITIES
Capital and Reserves
Stated Capital 18,226,455,905 14,984,610,448
Share pending for Allotment - 3,241,845,456
Retained Earnings 767,668,478 563,345,094
Foreign Currency Translation Reserve 32,268,029 -
Total Equity 19,026,392,412 18,789,800,998
Non-Current Liabilities Interest Bearing Loans & Borrowings 894,186,815 1,034,334,634
Employee Benefit Liabilities 51,034,972 51,142,973
Total Non-Current Liabilities 945,221,787 1,085,477,607
Current Liabilities Interest Bearing Loans & Borrowings 248,241,260 248,241,260
Trade and Other Payables 168,524,581 3,238,854,954
Income Tax Payable 31,257,313 68,442,982
Amounts Due to Related Parties 69,638,284 342,870,022
Bank Overdraft - -
Total Current Liabilities 517,661,438 3,898,409,217
Total Equity and Liabilities 20,489,275,637 23,773,687,822
Net assets per share 14.09 16.37
Notes:
The above figures are in LKR, unless otherwise stated.
The figures in brackets indicate deductions.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 10
COMPANY STATEMENT OF CASH FLOWS
Six Month Ended 30th September 2021 2020
Cash Flow from/( used) in Operating Activities Net Profit before Taxation 1,290,774,752 127,859,062
Adjustments for
Depreciation & Amortization 11,574,125 14,425,470
Loss/ (Gain) on Fixed Asset Disposal (10,000,000) (2,645,000)
Interest Cost 17,877,655 14,865,535
Profit on other project (25,723,286) (1,870,000)
Dividend Income (1,108,879,813)
Interest Income (108,194,653) (18,106,538)
Operating Profit before Working Capital Charges 67,428,779 134,528,529
(Increase)/Decrease in Trade & Other Receivables (105,991,791) 735,104,667
(Increase)/Decrease in Amounts due from Related Parties 3,430,942 23,705,994
Increase/(Decrease) in Amounts due to Related Parties (273,231,738) 155,164,044
Increase/(Decrease) in Trade & Other Payables (3,070,330,372) (640,329,654)
(3,446,122,959) 273,645,052
Cash Generated from/(used in) Operations (3,378,694,180) 408,173,581
Interest Paid (17,877,655) (14,865,535)
Income Tax Paid (110,560,332) (126,905,863)
Gratuity Paid (108,000) 8,032,839
(128,545,987) (133,738,559)
Net Cash from/(used in) Operating Activities (3,507,240,167) 274,435,022
Cash Flows from/(used in) Investing Activities Interest Income 108,194,653 18,106,538
Dividend Income 1,108,879,813 -
Dividend Paid (1,013,076,707) -
Acquisition of Property, Plant & Equipment (4,413,539) (28,273,482)
Investment in Associates- Local (360,345,830) -
Short Term Investments - Fixed Deposit (1,686,145,026) (325,396,678)
Net Cash Flow from/(Used in) Investing Activities (1,846,906,636) (335,563,620)
Cash Flows from/(used in) Financing Activities
Cash on other project 25,723,286 1,870,000
Proceeds from Sale of Fixed Assets 10,000,000 2,645,000
Net Proceeds/Repayments from Interest Bearing Borrowings (131,227,200) (54,638,368)
Net Cash Flow from/ (Used in) Financing Activities (95,503,914) (50,123,368)
Net Increase/(Decrease) in Cash and Cash Equivalents (5,449,650,716) (111,251,966)
Cash and Cash Equivalents at the Beginning of the Period 6,915,908,162 117,441,648
Cash and Cash Equivalents at the End of the Period 1,466,257,446 6,189,682
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 11
COMPANY STATEMENT OF CASH FLOWS
Analysis of Cash and Cash Equivalents Cash at Bank - Favorable 1,466,257,446 228,257,490
Bank Overdrafts (222,067,808)
1,466,257,446 6,189,682
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 12
COMPANY STATEMENT OF CHANGES IN EQUITY
Stated Capital Shares Pending
for Allotment Retained Earnings Total Equity
Balance as at 01st April 2020
14,984,610,449
-
51,264,240
15,035,874,689
Net Profit for the Period
-
-
101,640,551
101,640,551
Dividends - Ordinary Shares
-
-
-
-
Balance as at 30th September 2020
14,984,610,449
-
152,904,791
15,137,515,240
Balance as at 01st April 2021
14,984,610,448 3,241,845,456
563,345,094
18,789,800,998
Issue of Share Capital 3,241,845,456 (3,241,845,456) - -
Net Profit for the Period
-
1,217,400,090
1,217,400,090
Other Comprehensive Income
32,268,029
32,268,029
Dividend - Ordinary Shares
- (1,013,076,706)
(1,013,076,706)
Balance as at 30th September 2021
18,226,455,905
-
799,936,507
19,026,392,412
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 13
SEGMENTAL INFORMATION
Information based on the primary segments (Business Segments)
Six Months Ended 30th September 2021 Wind Solar Hydro Holding Other/
Elimination Group
Revenue
1,633,632,587
673,439,702
310,403,069
294,820,625
(251,038,500)
2,661,257,483
Direct Cost
(661,208,053)
(190,678,707)
(93,988,543)
(4,835,267)
146,856,900
(803,853,669)
Gross Profit
972,424,534
482,760,996
216,414,526
289,985,359
(104,181,600)
1,857,403,814
Other Income
-
-
-
1,239,875,171
(1,181,628,509)
58,246,661
Administration Expenses
(103,876,695)
(54,298,183)
(29,398,997)
(235,402,110)
104,178,900
(318,797,086)
Net Finance cost
(21,566,566)
(87,486,693)
(21,740,594)
87,394,110
-
(43,399,743)
Profit from Operating Activities
846,981,273
340,976,120
165,274,935
1,381,852,529
(1,181,631,209)
1,553,453,647
Associate profit
-
-
-
-
-
240,233,552
Profit before Tax of the Group
846,981,273
340,976,120
165,274,935
1,381,852,529
-
1,793,687,199
As at 30th September 2021 Wind
LKR Solar
LKR Hydro
LKR Holding
LKR
Other/ Elimination
LKR Group
LKR
Total Non-Current Assets
7,694,758,164
4,779,787,391 2,467,380,001 19,058,871,178
(12,300,847,284) 21,699,949,450
Total Current Assets
2,253,681,388
798,483,747
217,219,107
5,398,801,254
-
8,668,185,496
Total Assets
9,948,439,552
5,578,271,138
2,684,599,108
24,457,672,432
(12,300,847,284)
30,368,134,946
Total Non-Current Liabilities
1,435,140,291
2,104,519,410
648,760,542
1,006,180,833
-
5,194,601,076
Total Current Liabilities
324,769,561
756,115,619
179,299,305
553,894,878
-
1,814,079,364
Total Liabilities
1,759,909,852
2,860,635,029
828,059,847
1,560,075,711
-
7,008,680,439
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 STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 14
EXPLANATORY NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. Basis of Preparation
The condensed interim financial statements have been prepared in accordance with Sri Lanka Accounting
Standard LKAS-34, Interim Financial Reporting. The condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended 31st March 2021, including the changes to
accounting policies as a result of convergence to revised Sri Lanka Accounting Standards (SLFRSs/LKASs). Further,
provisions of the Companies Act No. 7 of 2007 have been considered in preparing the interim financial
statements.
2. Changes in Accounting Policies
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements
are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for
the year ended 31st March 2021.
3. Contingent Liabilities
There have been no material changes to the contingencies disclosed in the annual audited financial statements
for the year ended 31st March 2021.
4. Events after the Reporting Period
There have been no material events occurring after the reporting period that require adjustments to or
disclosure in the financial statements.
5. Earnings Per Share
Basic Earnings Per Share
Basic earnings per share is calculated by dividing the net Profit/(Loss) for the year attributable to ordinary
shareholders by the weighted average number of ordinary shares outstanding during the year as required by
LKAS - 33, Earning per share.
Group Company
2021/2022 2020/2021 2021/2022 2020/2021
Net Profit attributable to Ordinary Shareholders (LKR)
1,426,769,593
1,411,476,757
1,249,668,119
101,640,551
Weighted Average Number of Shares Outstanding during the period
1,324,196,438
1,148,153,601
1,324,196,438
1,148,153,601
Earnings per Share (LKR)
1.08
1.23
0.94
0.09
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 15
EXPLANATORY NOTES TO THE INTERIM FINANCIAL STATEMENTS
6. Net Asset Value Per Share
Group Company
As at 30th September 2021
As at 31st March 2021
As at 30th September 2021
As at 31st March 2021
Total Equity (LKR)
21,356,344,239
20,958,613,338
19,026,392,412
18,789,800,998
Number of Shares Outstanding at the end of the period
1,350,768,942
1,148,153,601
1,350,768,942
1,148,153,601
Net asset value per share (LKR)
15.81
18.25
14.09
16.37
7. Utilization of Funds Raised by the Initial Public Offering
Objective Number
Objective as per
Prospectus/Circular
Amount Allocated as
per Prospectus/Cir
cular in LKR
Proposed Date of
Utilization as per
Prospectus/Circular
Amount allocated from
Proceeds in LKR (A)
% of Total
Proceeds
Amounts Utilized in
LKR (B)
% of Utilization
against Allocation
(B/A)
Clarification if not fully utilized
including where the funds are invested
1 Mannar Wind Power Project
927,000,000 2021 Q4 927,000,000 29% - 0%
Funds will be allocated in Q3 and Q4. Currently funds are invested in FDs & Unit Trusts
2 Senegal Solar Power Project
1,383,000,000 2021 Q3 1,383,000,000 43%
- 0%
Projects approvals are not yet finalized. Currently funds are invested in FDs & Unit Trusts
3 Future Projects 931,845,456 Not
Disclosed 931,845,456 29% 290,000,000 31%
3.1 Sky Solar Private Ltd.
200,000,000 Further, LKR 65 Mn. to be invested in Q3
3.2 Solar Universe Private Ltd
90,000,000
Further, LKR 80 Mn. to be invested in Q3 & Q4
3,241,845,456
3,241,845,456
290,000,000
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 16
SHARE INFORMATION AS AT 30TH SEPTEMBER 2021
1. Market Price per Share 2021 2020
LKR LKR
Highest 18.80 N/A
Lowest 18.40 N/A
Closing 18.70 N/A
Number of Shares 1,350,768,942 N/A
Market Capitalization on 30th September
25,259,379,215 N/A
2. Shares of the Company were listed on the Colombo Stock Exchange on the 22nd of April
2021
3. Public Holding as at 30th September, 2021 2021 2020
Issued Share Capital (No. of Shares)
1,350,768,942 N/A
Public Holding as % of Issued Share Capital 24.12% N/A
Total Number of Shareholders
3,223 N/A
Number of Shareholders representing the Public Holding
3,202 N/A
Float Adjusted Market Capitalisation - (LKR)
6,091,299,298
The Company complies with Option 3 of the Listing Rules 7.13.1 (a) - LKR 5.0 Bn Float Adjusted Market Capitalisation,
which requires 7.5% minimum Public Holding.
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 17
Board of Directors No. of Shares
Chief Executive Officer No. of Shares
Mr. J. B. S. L. Wimalasena 312,500
SHARE INFORMATION AS AT 30TH SEPTEMBER 2021 4. The number of shares held by the Board of Directors & the CEO as at 30th September, 2021 are as follows:
Mr. Ranil Pathirana 1,963,323
Mr. Asgi Akbarally 166,145
Mr. Manjula Perera 42,463,018
Mr. Huzefa Akbarally 166,145
Mr. Hussain Akbarally 166,145
Mr. Moiz Najmudeen NIL
Mr. Vinod Hirdaramani 166,145
Mrs. Saumya Amarasekera NIL
Mr. Dilshan Hettiarachchi 332,888
Mr. Savantha De Saram NIL
Total 45,423,809
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 18
SHARE INFORMATION AS AT 30TH SEPTEMBER 2021
5. Top 20 Major Shareholders
No Name of Shareholder 30th September 2021
No. of Shares Holding
1 Akbar Brothers Pvt Ltd 485,088,559 35.91%
2 Hirdaramani Private Limited 279,211,864 20.67%
3 Debug Investments (Private) Limited 164,015,357 12.14%
4 BBH-Tundra Sustainable Frontier Fund 70,000,000 5.18%
5 Amaliya Private Limited 44,676,827 3.31%
6 Mr. K.B.M.I. Perera 42,463,018 3.14%
7 Hirdaramani Power Private Limited
31,827,927 2.36%
8 Tea House (Pvt) Ltd
13,092,218 0.97%
9 Mr. H.M. Udeshi
11,050,000 0.82%
10 Hatton National Bank PLC-NDB Wealth Growth And Income Fund
9,444,453 0.70%
11 Saboor Chatoor (Pvt) Ltd
8,300,000 0.61%
12 BBH-RWC Frontier Markets Equity Master Fund Limited
7,600,000 0.56%
13 Mr. M.K.T. Darwazeh
7,413,761 0.55%
14 Mr. S.K.T. Darwazeh
7,413,761 0.55%
15 Deutsche Bank Ag As Trustee To Assetline Income Plus Growth Fund
7,000,000 0.52%
16 Marina Blue (Private) Limited
6,969,184 0.52%
17 Quick Tea (Pvt) Ltd
6,568,003 0.49%
18 Mouldex Limited
6,501,339 0.48%
19 Mr. N.A. Madanayake
6,499,957 0.48%
20 Rosewood (Pvt) Limited
6,000,000 0.44%
Other Shareholders
129,632,714 9.60%
Total
1,350,768,942 100.00%
WINDFORCE PLC | INTERIM CONDENSED FINANCIAL STATEMENT
SIX MONTHS ENDED 30 SEPTEMBER 2021 19
CORPORATE INFORMATION
NAME OF THE COMPANY
WindForce PLC
LEGAL FORM
Incorporated in Sri Lanka on 06 July 2010 as a
Private Limited Liability Company under the provisions of
Companies Act No. 7 of 2007. The legal form of the company was
changed to a Public Limited Liability Company and was listed on
the Colombo Stock Exchange 22 April 2021.
DATE OF INCORPORATION
06 July 2010
COMPANY REGISTRATION NUMBER
PQ00234079
NATURE OF THE BUSINESS
Generate and Supply Electric Power to the National Grid
REGISTERED OFFICE AND CURRENT PLACE OF BUSINESS
WindForce PLC
No. 334, T.B. Jayah Mawatha, Colombo 10.
Tel: +94 11 269 7151
Fax: +94 11 465 424
E-mail: [email protected]
Web: www.windforce.lk
BOARD OF DIRECTORS
Mr. R. P. Pathirana – Chairman
Mr. A. A. Akbarally – Deputy Chairman
Mr. K. B. M. I. Perera – Managing Director
Mr. Huzefa Akbarally
Mr. Hussain Akbarally
Mr. M. Najmudeen
Mr. V. K. Hirdaramani
Mrs. Saumya Amarasekera
Mr. Dilshan Hettiaratchi
Mr. Savantha De Saram
COMPANY SECRETARY
Nexia Corporate Consultants (Private) Limited
No. 181, Nawala Road, Colombo 05.
Tel: +94 11 451 5236
Fax: +94 11 258 7490
AUDITORS TO THE COMPANY
B.R. De Silva & Co. (Chartered Accountants)
No. 22/4, Vijaya Kumaranatunga Mawatha, Colombo 5.
Tel: +94 11 251 3421
Fax: +94 11 451 2404
BANKERS TO THE COMPANY
Commercial Bank of Ceylon PLC
DFCC Bank PLC,
Hatton National Bank PLC
Sampath Bank PLC
National Development Bank PLC
Seylan Bank PLC
Standard Chartered Bank (Sri Lanka) Limited
Hongkong and Shanghai Banking Corporation Limited
Pan Asia Banking Corporation PLC
Bank of Ceylon
Diamond Trust Bank
Standard Chartered Bank Uganda Ltd
HSBC Bank (Mauritius) Limited
Standard Chartered Bank (Mauritius)