ACWA Power : Interim Cons FS for the three and nine months periods ended 30 September 2022

ACWA POWER COMPANY

and its subsidiaries

(Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AND INDEPENDENT AUDITOR'S REVIEW REPORT

FOR THE THREE AND NINE MONTHS PERIODS ENDED 30 SEPTEMBER 2022

ACWA POWER Company and its Subsidiaries (Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(All amounts in Saudi Riyals thousands unless otherwise stated)

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment Intangible assets

Equity accounted investees Net investment in finance lease Deferred tax asset

Fair value of derivatives Strategic fuel inventories Other assets

TOTAL NON-CURRENT ASSETS

CURRENT ASSETS

Notes	As at	As at
	30 Sep 2022	31 Dec 2021

3	9,991,493	11,815,728
	1,982,627	1,997,430
4	12,419,768	9,433,199
	11,266,053	12,372,474
	89,431	165,004
19	943,705	45,540
	29,794	54,086
6.1	351,699	156,923
	37,074,570		36,040,384

Inventories		410,645	425,299
Net investment in finance lease		355,953	375,821
Fair value of derivatives	19	59,853	-
Due from related parties	7	983,352	780,656
Accounts receivable, prepayments and other receivables		2,964,919	2,913,617
Cash and cash equivalents	5	6,428,721		5,172,921
		11,203,443	9,668,314
Assets held for sale	16.2	2,787,039	-
TOTAL CURRENT ASSETS
	13,990,482		9,668,314
TOTAL ASSETS		51,065,052		45,708,698

The attached notes 1 to 24 form an integral part of these interim condensed consolidated financial statements.

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ACWA POWER Company and its Subsidiaries (Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)

(All amounts in Saudi Riyals thousands unless otherwise stated)

EQUITY AND LIABILITIES

EQUITY

Shareholders' equity

Share capital

Share premium

Statutory reserve

Retained earnings

Proposed dividends

Equity attributable to owners of the Company before other reserves

Other reserves

Equity attributable to owners of the Company Non-controllinginterest

TOTAL EQUITY

LIABILITIES

NON-CURRENT LIABILITIES

Long-term financing and funding facilities

Due to related parties

Equity accounted investees

Fair value of derivatives

Deferred tax liability

Deferred revenue

Employee end of service benefits' liabilities

Other liabilities

TOTAL NON-CURRENT LIABILITIES

CURRENT LIABILITIES

Accounts payable, accruals and other financial liabilities Short-term financing facilities

Current portion of long-term financing and funding facilities Due to related parties

Fair value of derivatives Zakat and taxation

Liabilities associated with assets held for sale

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

TOTAL EQUITY AND LIABILITIES

Notes

8

6

7

4

19

9

6

7

19

16.2

As at	As at
30 Sep 2022	31 Dec 2021

7,134,143 7,134,143

5,335,893 5,335,893

718,763718,763

2,188,303 1,307,826

• 560,000

15,377,102 15,056,625

2,844,254 (1,572,279)

18,221,356 13,484,346

1,278,652835,799

19,500,008 14,320,145

22,573,834 22,856,753

853,033 1,594,852

• 443,167
  5,581362,890

211,266120,404

51,47454,331

178,694196,025

729,604674,248

24,603,486 26,302,670

2,994,867 3,597,981

249,519186,381

978,802958,476

63,11383,485

18,14244,058

230,955215,502

4,535,398 5,085,883

2,426,160-

6,961,558 5,085,883

31,565,044 31,388,553

51,065,052 45,708,698

The attached notes 1 to 24 form an integral part of these interim condensed consolidated financial statements.

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ACWA POWER Company and its Subsidiaries (Saudi Listed Joint Stock Company)

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(All amounts in Saudi Riyals thousands unless otherwise stated)

	Notes		For the three months	For the nine months
		period ended 30 Sep	period ended 30 Sep
		2022	2021		2022		2021
CONTINUING OPERATIONS
Revenue	11	1,262,845	1,268,813		3,707,840		3,763,324
Operating costs			(567,961)	(560,806)		(1,736,823)	(1,693,214)
GROSS PROFIT			694,884	708,007		1,971,017		2,070,110
Development cost, provision and write offs, net of
reversals		24,575	(46,160)		(10,159)		(95,216)
General and administration expenses		(211,548)	(192,783)		(646,166)		(647,203)
Share in net results of equity accounted investees, net of
tax	4, 16.3	45,759	82,527		261,887		241,838
Other operating income	12	99,087	53,849		300,009		118,475
OPERATING INCOME BEFORE IMPAIRMENT
LOSS AND OTHER EXPENSES		652,757	605,440		1,876,588		1,688,004
Impairment loss and other expenses	13	(17,455)	(296,458)		(74,837)		(356,482)
OPERATING INCOME AFTER IMPAIRMENT
LOSS AND OTHER EXPENSES		635,302	308,982		1,801,751		1,331,522
Other income	9.2	126,500	20,180		224,964		21,751
Exchange (loss) / gain, net		(14,466)	5,289		(16,075)		11,980
Financial charges, net	14	(346,850)	(293,023)		(884,130)		(839,757)
PROFIT BEFORE ZAKAT AND INCOME TAX		400,486	41,428		1,126,510		525,496
Zakat and tax charge	10.1	(81,830)	(37,995)		(264,827)		(77,587)
PROFIT FOR THE PERIOD FROM CONTINUING
OPERATIONS		318,656	3,433		861,683		447,909

DISCONTINUED OPERATIONS

Loss from discontinued operations / assets held for sale

PROFIT / (LOSS) FOR THE PERIOD

Profit / (loss) attributable to:

Equity holders of the parent

Non-controlling interests

Basic and diluted earnings / (loss) per share to equity holders of the parent (in SR)

Basic and diluted earnings per share from continuing operations to equity holders of the parent (in SR)

16.3	(480)	(25,295)	(22,288)	(13,901)
	318,176		(21,862)		839,395		434,008
	341,704	(26,941)	883,424	419,944
	(23,528)	5,079	(44,029)	14,064
	318,176	(21,862)	839,395	434,008
15.2
0.47	(0.04)	1.21	0.65
15.2	0.47	0.00	1.24	0.67

The attached notes 1 to 24 form an integral part of these interim condensed consolidated financial statements.

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