With some of the new developments addressed, the Company has
every confidence that it will secure the necessary further funding
as may be required, in appropriate formats, to complete remaining
major capital expenditure, resulting in an enhanced operational
profile and resultant improved financial performance over time.
OUTLOOK
With unfulfilled demand for power generation in India expected
to continue to grow through the coming decade, coupled with the
high quality of the Company's expanding asset base, a proven
execution capability, and an increasingly efficient business
structure, KSK is well positioned to address the Indian power
generation opportunities. We anticipate further growth upon
securing fuel supplies pursuant to the new statute. As outstanding
issues are resolved, and with the successful phased completion of
the balance of the units of the 3.6 GW KSK Mahanadi power project
being added to the Company's existing portfolio, the Board believes
KSK will be one of India's leading suppliers of power.
PRINCIPAL RISKS AND UNCERTAINITIES
The business of the Company is subject to a variety of risks and
uncertainties which, if they occur may have a materially adverse
effect on the Company's business or financial condition, results or
future operations. The risks & uncertainties set out in this
document are not exhaustive and there may be risks of which the
Board is not aware or believes to be immaterial, which may, in the
future, adversely affect the Company's business. The risks and
uncertainties faced by the Company and the industry as a whole have
been previously provided in detail in the Annual Reports of the
Company and the Interim Statements. The majority of the risks
previously identified have not significantly changed. While the
Company attempts to address the same, the key risks and
uncertainties continued to be faced by the Company are as
follows:
-- Delays in government decisions or implementation of earlier
government decisions along with continual inconsistencies in
government policies across departments and retrospective amendments
to the existing policies or introduction of new policies;
-- Deviation from approved government policies and abuse of
market dominance position by certain contractual counter
parties;
-- Denial of fuel supplies pursuant to cancellations, shortage
of fuel and dependence on market based or imported fuel which are
subject to market vagaries and other uncertainties;
-- Economic slowdown and negative sectoral outlook with
resultant impact on banking sector delays in agreed project
disbursements and timely availability of credit;
-- Delays in enforcement of contractual rights or legal remedies
with government counter parties undertaking fuel supplies, power
off take, transmission corridor access amongst others;
-- PPA counter parties going contrary to pre agreed
understanding and seeking benefits from the power generators that
are often in conflict with shareholder obligations to further the
business;
-- Unusual currency depreciation that adversely effects the cost
of project imports, project implementation, and repayment
obligations;
-- Logistics bottlenecks and other infrastructure constraints of various agencies;
-- Challenges in the development of support infrastructure for
the power projects including physical hindrances and delay in the
issue of permits and clearances associated with land acquisitions;
and
-- Political and economic instability, global financial turmoil
and the resultant fiscal and monetary policies as well as currency
depreciation resulting in increasing cost structures.
A full set of condensed interim unaudited consolidated financial
statements will be available from the Company websites:
www.kskplc.co.uk
An extract of the interim un-audited results for the six months
ended 30 September 2014 is shown below.
Contents
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL
POSITION
INTERIM CONSOLIDATED AND COMPANY INCOME STATEMENT
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF OTHER
COMPREHENSIVE INCOME
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
INTERIM COMPANY STATEMENT OF CHANGES IN EQUITY
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF CASH FLOWS
NOTES TO INTERIM CONDENSED CONSOLIDATED AND COMPANY FINANCIAL
STATEMENTS
INTERIM CONSOLIDATED AND COMPANY STATEMENT OF FINANCIAL
POSITION
as at 30 September 2014
(All amount in thousands of US $, unless otherwise stated)
Consolidated Company
------------------------- ------------------------
Notes 30 September 31 March 30 September 31 March
2014 2014 2014 2014
------------- ---------- ------------- ---------
ASSETS
Non-current
Property, plant and equipment 3,309,384 3,215,282 - -
Intangible assets and goodwill 19,611 20,245 - -
Investments and other financial
assets 5 149,005 154,577 398,760 366,767
Other non-current assets 97,189 98,461 - -
Trade and other receivables 3,792 3,422 - -
Deferred tax asset 50,534 33,269 - -
3,629,515 3,525,256 398,760 366,767
------------- ---------- ------------- ---------
Current
Investments and other financial
assets 5 83,224 73,240 29 4
Other current assets 30,521 22,688 589 391
Trade and other receivables 170, 672 158,139 - -
Inventories 27,017 24,588 - -
Cash and short-term deposits 6 194,091 194,054 1,358 173
------------- ---------- ------------- ---------
505,525 472,709 1,976 568
------------- ---------- ------------- ---------
Assets held for sale - 18,456 - -
------------- ---------- ------------- ---------
Total assets 4,135,040 4,016,421 400,736 367,335
------------- ---------- ------------- ---------
EQUITY AND LIABILITIES
Issued capital 289 289 289 289
Share premium 287,191 287,191 287,191 287,191
Share application money 16,498 18,000 16,498 18,000
Foreign currency translation
reserve (125,124) (113,933) 10,769 12,580
Revaluation reserve 2,567 2,614 - -
Capital redemption reserve 10,942 5,461 - -
Other reserves 151,284 143,615 68 10
Retained earnings / (Accumulated
deficit) 21,607 69,254 (16,377) (14,249)
------------- ---------- ------------- ---------
Equity attributable to owners
of the Company 365,254 412,491 298,438 303,821
Non-controlling interests 207,792 169,782 - -
------------- ---------- ------------- ---------
Total equity 573,046 582,273 298,438 303,821
------------- ---------- ------------- ---------
Non-current liabilities
Interest-bearing loans and
borrowings 7 2,576,970 1,943,926 - -
Other non-current financial
liabilities 8 26,189 28,193 - -
Trade and other payables 51,093 51,110 - -
Provisions 2,515 2,494 - -
Deferred revenue 4,726 4,974 - -
Employee benefit liability 460 495 - -
Deferred tax liabilities 35,869 31,567 - -
2,697,822 2,062,759 - -
------------- ---------- ------------- ---------
Current liabilities
Interest-bearing loans and
borrowings 7 536,131 944,750 100,912 62,028
Other current financial liabilities 8 5,042 5,073 - -
Trade and other payables 310,997 391,124 1,386 1,486
Deferred revenue 712 740 - -
Other current liabilities 8,331 9,336 - -
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