KSK Power Ventur plc
("KSK" or the "Group" or the "Company")

 

Interim Results for the six months ended 30 September 2014

KSK Power Ventur plc (KSK.L), the power project company listed on the London Stock Exchange, with interests in multiple power plants and businesses across India, is pleased to announce the interim un-audited results for the six months ended 30 September 2014.

 

Financial Highlights 

 

·    Group Revenue increased by 17% to $ 175.86 m (H1 2013: $ 150.68 m)

·    Gross Profit decreased by 17% to $ 37.66 m (H1 2013: $ 45.27 m)

·    Operating Profit decreased by 6% to $ 28.62 m (H1 2013: $ 30.36 m)

·    Loss Before Tax reduced by 40% to $ 69.03 m* (H1 2013: $ 115.25 m)

·    Investment in Property Plant and Equipment increased 3% to $ 3,309.38 m** (H1 2013: $ 3,215.28 m)

 

*Includes an unrealised exchange loss of $ 17.82 million due to the restatement of the foreign currency denominated monetary assets and liabilities being recognized.

 

**Incremental capex has been limited at KSK Mahanadi power plant and support infrastructure pending clarification on the various regulatory aspects and the overall environment

 

 

Operating Highlights 

 

·      KSK's operating assets recorded an aggregate generation of 2,949 MWh compared to 2,563 MWh for the same period during the previous year, an increase of 15%, with the following individual Plant Load Factors  ("PLF"):

 

	30 Sep 2014		30 Sep 2013
KSK Mahanadi (600 MW)	1,444 MWh	(55%)	-	-
Sai Wardha (540 MW)*	547 MWh	(23%)	1,507MWh	(64%)
VS Lignite (135 MW)	473 MWh	(80%)	503 MWh	(85%)
Sai Regency (58 MW)	217 MWh	(85%)	214 MWh	(84%)
Arasmeta (86 MW)**	95 MWh	(25%)	158 MWh	(42%)
Sitapuram Power (43 MW)	166 MWh	(88%)	171 MWh	(91%)
Solar Project (10 MW)	8 MWh	(19%)	10 MWh	(22%)

 

* PLF at Sai Wardha is expected to significantly rise to previous levels when alternative Power Purchase Agreements (PPAs) and additional scheduling with new industrial customers is implemented. 

 

** PLF at Arasemta expected to recover to earlier levels simultaneously with second unit operation at KSK Mahanadi, under a new PPA arrangement with Chhattisgarh state.

 

 

 

 

 

Key Performance Factors 

 

The Company's performance during the first half of the financial year and the key determining factors moving forward can be primarily summarised as

 

Potential reduction of fuel costs at Sai Wardha: On 27^th October 2014, following a detailed investigation and report by the office of the Director General, a landmark ruling from the Honourable Competition Commission of India, confirming Sai Wardha's claims, held that the Fuel Supply Agreement between Western Coal Fields Limited and Sai Wardha was in contravention of the Competition Act. Western Coal Fields Limited has been directed to undertake the necessary modifications to the Fuel Supply Agreement (FSA) within 60 days. It is now expected that the earlier unfairness embedded in the pricing formulae for coal will be corrected allowing Sai Wardha's financial performance to start improving during the last three months of the year.

 

Lower asset utilisation at Sai Wardha:  While the above favourable ruling was only made very recently, during the first half of the year, the operating constraints with respect to coal supplies and costs, transmission corridor access and Power Purchase Agreements ("PPAs") continued, resulting in lower asset utilisation. While the Company has been seeking local regulatory intervention to enable enhanced utilisation through appropriate power agreements and transmission corridor access arrangements, a number of government owned new industrial customers, in the state of Maharashtra, are in discussion for direct offtake from the Sai Wardha power plant. These agreements, once concluded, could provide support for enhanced asset utilisation at Sai Wardha.

 

Efforts to address these issues are constantly being pursued and improvements are expected to occur over time. In the interim, reduced asset utilisation levels means revenue and profitability will be temporarily lower.

 

Higher asset utilisation at KSK Mahanadi:  Gradual increase in generation has been experienced during the first half of the year at KSK Mahanadi, with 550+ MWh during the initial three months increased to generation of 900+ MWh in the subsequent three months. The generation is anticipated to substantially increase further during the last three months of the year upon obtaining the necessary interstate transmission corridor access for the export of power from the second 600 MW unit to Tamil Nadu utility under a long term PPA, which was originally committed to by Power Grid (the Government of India owned Transmission Company) to commence in August 2014.

 

KSK Mahanadi entered into a Power Purchase Agreement during November 2013 with the Southern State of Tamil Nadu for 500 MW of power supplies with an attractive tariff awarded under a competitive bidding process. The newly constructed 2000 MW NEW-SR transmission Grid, commissioned in January 2014 was expected to provide the transmission corridor access for the commencement of scheduled supplies to Tamil Nadu during the first half of the year. However, after much delay, permission was granted on 22^nd September 2014 to start with an initial 179 MW of supplies and gradually increase to the full quantity of the PPA of 500 MW to Tamil Nadu. This was subsequently withheld due to intervention by the Central Electricity Regulatory Commission based on an approach by certain other customers not granted such facility. A final decision on the matter is expected shortly that will determine the quantum of transmission corridor access that would be made available immediately to KSK Mahanadi for power supplies to Tamil Nadu.

 

Additionally, we have been working on the early commencement of supplies to Uttar Pradesh with respect to the 1000 MW PPA, again with an attractive tariff awarded under a competitive bidding process. Similarly, the commencement of supplies under the PPA would be subject to the availability of transmission corridor access for supplies to the Northern Region.  

 

The project enjoys a sustainable base for continued operations, subject to the necessary transmission corridor access, for commencement of supplies to the procuring utility customers. As a result, energy generation for the full year from the Company's generation assets is expected to be higher than the 6,500 MWh achieved during the previous year with the actual scale of increase depending on grant of interstate transmission corridor access by Power Grid.

 

Current Coal Supplies from Coal India:  While the Company continues to explore alternate arrangements to address the developments on coal blocks and alternate long term arrangements, KSK Mahanadi currently enjoys a tapering fuel supply agreement with South Eastern Coal Fields (subsidiary of Coal India) that supports the immediate operations of 1.2 GW.

 

While efforts will continue, over the coming months, to secure the domestic fuel commitments over long term, in the interim coal imports from overseas through appropriate collaborative arrangements which are in place, are expected to provide additional fuel for the planned power generation from KSK Mahanadi.

 

Long Term Coal Supplies at KSK Mahanadi:  The KSK Mahanadi power plant is configured based on the availability of long term fuel supplies from the Gare Pelma and Morga-II Coal blocks that were owned by state government undertakings. The supply coal was committed under long term Fuel Supply Agreements wherein the Company agreed to make available certain power supplies back to the state from the coal supplied. Following the Honourable Supreme Court of India's judgment dated 25^th August, 2014 and subsequent order of 24^th September, 2014 which cancelled the allocation of 204 Coal Blocks (including the Gare Pelma and Morga-II mines which were allotted earlier under the Government Dispensation) a new Coal Mines (Special provisions) Ordinance, 2014 was issued in October 2014.

 

The new statute, in addition to enabling direct allotment to Government Companies, allows power generation companies to directly secure domestic coal supplies through a public auction process. Draft rules and mechanisms are currently being formulated and it is expected that multiple coal mines could be made available under auction very shortly for eligible power generators. The Company is currently evaluating the various options and anticipates further progress at KSK Mahanadi to be contingent upon progress of these key aspects of fuel security being appropriately resolved.

 

Strategy Moving Forward 

 

With an operating base rising to over 2 GW, the Company's immediate objective would be to enhance the PLF across the various projects over the next few months to higher levels. This would provide a substantial increase in the gross generation, providing a much larger base to absorb the related costs as well as provide the requisite incremental cash flows to meet Company requirements.

 

While work continues on a number of major initiatives in this regard, further capital expenditure commitments on KSK Mahanadi will be, as far as practicable, suitably modified to match the visibility and availability of suitably priced coal, with reasonable certainty of the transmission corridor access to allow the Company to deliver power to the utility consumers.  The decision to proceed with the construction of each of the additional units will be concluded after due consultation with project lenders. When these matters are fully addressed, the Company has every confidence that it will secure the necessary further funding required to complete remaining major capital works, resulting in an improved financial performance over time. Such an approach would enable an equally higher control on additional indebtedness to be incurred by the Company to fund incremental capital expenditure program.

 

More importantly, the KSK Mahanadi assets continue to be intrinsically valuable and extremely attractive investments as large greenfield assets with significant common infrastructure for the entire facility already created and long term PPAs at reasonably attractive tariffs executed. The Management team continues to persist with efforts to address the new developments on fuel as well as other project aspects of KSK Mahanadi at the earliest as they would enable pursuit of additional future growth by the Company.

 

Commenting on the results, T. L. Sankar, Chairman of KSK said:

 

"These results are in the context of the extraordinary regulatory disruptions and difficult circumstances across the Indian power sector over the last 36 months and the challenging times and overall economic environment in India. The Company's management has continued its efforts to address the various challenges in its operating projects. Results are expected to further improve upon clarity emerging in the regulatory environment and the Company addressing the on-ground situations to co-ordinate planned generation with fuel supplies for the assets.

With a new government in New Delhi, decision making is coming through and Courts and Regulators are now seeking to establish a level playing field for power generation. Therefore, power generation is anticipated to play a central role in supporting the overall economic growth in the country over the next few years. With KSK's underlying assets, associated performance and opportunities, the Company is well positioned to be one of the more stable, valuable and sustainable players on the Indian power generation landscape.

 

KSK's performance during the period was only possible with the valuable and appreciated support of the various investors in the Company who have enabled us to pursue appropriate business opportunities in these challenging times."

 

For further information, please contact:

KSK Power Ventur plc Mr. S. Kishore, Executive Director Mr. K. A. Sastry, Executive Director	+91 40 2355 9922
Arden Partners plc Richard Day	+44 (0)20 7614 5900

 

Asset Updates

 

·    3.6 GW KSK MAHANADI POWER PROJECT:

 

The total gross power generated in the plant during the review period was 1,444 MWh with an average PLF of 55%. Enhanced offtake from the first 600 MW unit coupled with the second 600 MW, which is physically complete and when it exports power will enable further improvement of the PLF during the second half of the financial year.

 

The construction activity at KSK Mahanadi, a large, single location, greenfield private power plant will continue in a phased manner with further unit commissioning now targeted over 2016 and 2017. The capital expenditure program on the construction of the remaining four units and associated infrastructure is conditional upon confirmation of availability of fuel supplies, transmission corridor access and other project aspects seamlessly synchronised for performance. 

 

·     540 MW SAI WARDHA POWER LIMITED (SWPL):

 

The total gross power generated in the plant during the review period was 547 MWh with an average PLF of 23%.  The low PLF reflects the challenging local operating environment and the fuel and transmission corridor access grid constraints experienced by the power plant.

 

While the Company is negotiating power sale arrangements to commence supplies for part of the capacity that was earlier being supplied to R-infra, the balance capacity that was earmarked to be supplied to captive industrial consumers under the long term PPA commitments also experienced limitations on transmission corridor access from the local grid. A number of alternate PPA arrangements are under discussion and it is anticipated that these could provide the necessary additional utilisation.

 

A number of developments early in the period, including unjustified higher coal prices, continued to adversely affect Sai Wardha Power's profitability and appropriate recompense from Western Coalfields Limited is being pursued to address this matter. The Company continues to use every effort to pursue coal price reduction and the granting of the necessary transmission corridor access permissions, which will ultimately lead to the enhanced utilisation and profitability of the Sai Wardha plant whereupon, profitability is expected to revert to the previously achieved levels.

 

·    135 MW VS LIGNITE POWER PRIVATE LIMITED (VSLP):

 

The total gross power generated in the plant during the year was 473 MWh, with an average PLF of 80%. The Company is continuing its efforts to secure necessary long term PPAs from the local grid as well as appropriate legal reliefs with respect to tariffs from industrial customers. The Company anticipates that industrial customers, who have previously experienced extremely high tariffs, will find the Company's power supplies and tariff proposition more attractive.  

                 

·    86 MW ARASMETA CAPTIVE POWER COMPANY LIMITED (ACPCL):

 

The total gross power generated in the plant during the year was 95 MWh, with an average PLF of 25%, primarily due to a graduated offtake under the long term PPA by the local utility, which was approved by the Regulatory Commission during May 2014.

 

With KSK Mahanadi under obligation to provide 225 MW to Chhattisgarh (the host state), an arrangement has been agreed, pursuant to consent by the state as well as project lenders at KSK Mahanadi, wherein 75 MW would be fulfilled from Arasmeta enabling the surplus power at KSK Mahanadi to be disposed at the higher tariff to other utilities.  Enhanced scheduling at Arasmeta would be synchronous to the second 600 MW unit operations at KSK Mahanadi. As a result, the Company anticipates increased plant utilisation, power generation and revenue from the Arasmeta plant.

 

·    58 MW SAI REGENCY POWER CORPORATION PRIVATE LIMITED (SRPCPL):

 

The total gross power generated in the combined cycle gas fired power plant during the year was 217 MWh, with an average PLF of 85%. With the continuous supply of gas and the efficient operation, the plant has produced an operational and financial performance, which the Company expects to continue in the future.

 

·    43 MW SITAPURAM POWER LIMITED (SPL):

 

The total gross power generated in the plant during the year was 166 MWh, with an average PLF of 88%. Although the fuel cost for the period under review has increased due to an increase in coal prices from the Singareni Collieries Company Limited, as well as from open market purchases, the energy generated in the period has been supplied to the captive consumers in accordance with the provisions of the PPA, with the balance of power sold to other customers.  

 

·    10 MW SAI MAITHILI SOLAR POWER PROJECT:

 

The total gross power generated in the plant during the year was 8 MWh, with an average PLF of 19%. The 10 MW PV solar power generation plant is located in the state of Rajasthan, operating under the Jawaharlal Nehru National Solar Mission.

 

·    ANCILLARY INFRASTRUCTURE INITIATIVE AT KSK MAHANADI  

 

•    KSK Water Infrastructure:

 

Infrastructure works, including the construction of the 60km pipelines and the pump stations for the supply of water for the Mahanadi project were completed and are operational. The additional intermediate reservoir works, sufficient to support the continuous operation of all six 600 MW units, are expected to be completed over the next few months.

 

•    Raigarh Champa Rail Infrastructure:

 

The Company's 15.7 km inward railway line connecting the Mahanadi plant with the Indian Railways main line was completed, enabling the movement of coal into the power plant. As regards the 65.5 km line connecting the Gare Pelma coal block to the main line, this will be implemented after further clarity on the status of Gare Pelma coal block and supplies under FSA are available.

 

•    KSK Mineral Resources:

 

Further developments and further support under this would be contingent upon the Government decision on the Gare Pelma III coal block, which is expected in the next few months.

 

RENEWABLE POWER GENERATION:

 

The Company continues to pursue specific wind power generation initiatives as well as work on the hydro project portfolio for appropriate collaboration opportunities. In response to the continuing initiative of the Indian Government, the Company is seeking to develop an additional 250 MW of solar power generation projects in the medium term. Necessary progress has been made and procurement advances have been paid to procure equipment at competitive prices. The Tamil Nadu Electricity Regulatory Commission has stipulated the necessary tariff arrangement and the Company is in discussion with Tamil Nadu for necessary PPA arrangements and execution of PPA at the earliest.

 

EQUITY AND FINANCING ARRANGEMENTS  

 

During the period, c. £40 million of equity was raised by KSK Energy Ventures Limited ("KSKEV"), KSK's listed Indian subsidiary, through a Qualified Institutional Placement. Pursuant to approval of Foreign Investment Promotion Board, which was obtained in September 2014, 80.8 million warrants convertible into equivalent equity shares at KSKEV have been allotted by KSKEV in favour of KSK, enabling KSK's interest in KSKEV at 72.90% level.

 

Earlier the Company secured debt financing within its Indian holding companies that enabled the earlier tender offer as well as the buyout of the entire minority of the KSK Mahanadi project, resulting in KSK owning a substantial interest in KSKEV, the subsidiary which owns the majority interest in KSK Mahanadi Power Company Limited. Also, the Company is pursuing further refinancing opportunities on more favourable terms at the operating project level as well to provide the necessary liquidity to retire part of the existing higher rate debt.

 

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 2014	31 March 2014	30 September 2014	31 March 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	-	-
Taxes payable		2,959	1,910	-	-
		864,172	1,352,933	102,298	63,514
Liabilities associated with assets held for sale		-	18,456	-	-
Total liabilities		3,561,994	3,434,148	102,298	63,514
Total equity and liabilities		4,135,040	4,016,421	400,736	367,335

 

(See accompanying notes to the interim condensed Consolidated and Company financial statements)

 

Approved by the Board of Directors on 27 November 2014 and signed on behalf by:

 

 

 

 

S. Kishore                                        K. A. Sastry

Executive Director                          Executive Director 

 

 

 

 

 

 

 

 

 

 

 

INTERIM CONSOLIDATED AND COMPANY INCOME STATEMENT

for the six months ended 30 September 2014

(All amount in thousands of US $, unless otherwise stated)

 

		Consolidated		Company
	Notes	30 September 2014	30 September 2013	30 September 2014	30 September 2013
Revenue	9	175,855	150,675	-	-
Cost of revenue		(138,191)	(105,402)	-	-
Gross profit		37,664	45,273	-	-
Other operating income		8,623	2,846	-	-
Distribution costs		(4,682)	(5,619)	-	-
General and administrative expenses		(12,981)	(12,136)	(474)	(633)
Operating profit / (loss)		28,624	30,364	(474)	(633)
Finance costs	10	(106,695)	(174,368)	(1,654)	(1,967)
Finance income	11	9,037	28,757	-	-
Loss before tax		(69,034)	(115,247)	(2,128)	(2,600)
Tax income	12	12,386	35,651	-	-
Loss for the period		(56,648)	(79,596)	(2,128)	(2,600)
Attributable to:
Owners of the Company		(44,600)	(63,198)	(2,128)	(2,600)
Non-controlling interests		(12,048)	(16,398)	-	-
		(56,648)	(79,596)	(2,128)	(2,600)
Loss per share
Weighted average number of ordinary shares for basic and diluted earnings per share		175,308,600	159,378,600
Basic and diluted loss per share (US $)		(0.25)	(0.40)

 

(See accompanying notes to the interim condensed Consolidated and Company financial statements)

 

Approved by the Board of Directors on 27 November 2014 and signed on behalf by:

 

 

 

 

 

S. Kishore                                        K. A. Sastry

Executive Director                          Executive Director 

 

 

 

 

 

 

 

 

 

 

 

INTERIM CONSOLIDATED AND COMPANY STATEMENT OF OTHER COMPREHENSIVE INCOME

for the six months ended 30 September 2014

(All amount in thousands of US $, unless otherwise stated)

 

		Consolidated		Company
	Notes	30 September 2014	30 September 2013	30 September 2014	30 September 2013
Loss for the period		(56,648)	(79,596)	(2,128)	(2,600)
Items that will never be reclassified to income statement
Re-measurement of defined benefit liability		111	349	-	-
Income tax relating to re-measurement of defined benefit liability		(40)	(112)	-	-
		71	237	-	-
Items that are or may be reclassified subsequently to income statement
Foreign currency translation differences		(16,926)	(78,368)	(1,811)	4,113
Available-for-sale financial assets
- current period gain / (losses)		652	(2,428)	-	-
- reclassification to income statement		33	2,370	-	-
Income tax relating to available for sale financial asset		59	37	-	-
		(16,182)	(78,389)	(1,811)	4,113
Other comprehensive (expense) / income, net of tax		(16,111)	(78,152)	(1,811)	4,113
Total comprehensive (expense) / income for the period		(72,759)	(157,748)	(3,939)	1,513
Attributable to:
Owners of the Company		(55,042)	(116,089)	(3,939)	1,513
Non-controlling interests		(17,717)	(41,659)	-	-
		(72,759)	(157,748)	(3,939)	1,513

 

(See accompanying notes to the interim condensed Consolidated and Company financial statements)

 

Approved by the Board of Directors on 27 November 2014 and signed on behalf by:

 

 

 

 

S. Kishore                                        K. A. Sastry

Executive Director                          Executive Director