Resus Energy : QUARTERLY FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31ST MARCH 2024

Resus Energy PLC

Interim Financial Report 04th Quarter 2023-2024

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF FINANCIAL POSITION - GROUP

	Unaudited		Audited
	31.03.2024	31.03.2023
ASSETS	Rs.		Rs.
Non-current assets
Property, plant and equipment	4,726,853,238	4,397,870,394
Right of use asset	28,199,207	31,992,426
Intangible assets	181,139,889	181,139,889
Deferred tax assets	581,851,192	424,821,526
Current assets	5,518,043,527		5,035,824,235
Inventories	99,957,260	17,418,564
Trade and other receivables	518,641,854	1,162,733,144
Income tax recoverable	830,767	1,738,076
Cash and cash equivalents	28,615,164	50,190,822
Total Assets	648,045,045		1,232,080,605
6,166,088,572		6,267,904,839
EQUITY AND LIABILITIES
Equity
Stated capital	967,483,260	967,483,260
Other components of equity	6,949,461	6,949,461
Retained earnings	1,335,080,333	1,106,708,051
Equity attributable to equity holders of the parent	2,309,513,054		2,081,140,772
Non-controlling interest	-	-
Total Equity	2,309,513,054		2,081,140,772
Non-current liabilities
Interest bearing loans and borrowings	2,266,044,602	2,046,071,097
Lease liability	24,871,745	30,561,023
Retirement benefit obligations	30,875,793	28,426,277
Deferred tax liabilities	199,436,788	159,240,205
	2,521,228,928		2,264,298,602
Current liabilities
Trade and other payables	107,285,706	62,842,613
Lease liability	4,986,270	10,810,083
Income tax liabilities	33,188,927	6,395,342
Interest bearing loans and borrowings	941,394,231	1,441,426,586
Bank overdrafts	248,491,455	400,990,841
Total Equity and Liabilities	1,335,346,589		1,922,465,465
6,166,088,572		6,267,904,839
		1
Net assets per share	26.80	24.15

The above figures are provisional and subject to audit.

These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.

……………………………

R M S Tillakawardana Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by,

……………………………………	……………………………….
H.A.S. Madanayaka	G.A.K. Nanayakkara
Chairman	Managing Director
14th May 2024

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF FINANCIAL POSITION - COMPANY

	Unaudited		Audited
	31.03.2024	31.03.2023
ASSETS	Rs.		Rs.
Non-current assets
Property, plant and equipment	1,224,669,441	1,122,698,009
Right of use asset	5,673,424	8,055,184
Investments in subsidiaries	1,231,644,125	736,644,125
Intangible Assets	125,407,510	125,407,510
Current assets	2,587,394,500		1,992,804,828
Inventories	14,581,724	11,501,881
Trade and other receivables	304,791,264	887,546,858
Income tax recoverable	830,691	801,324
Cash and cash equivalents	25,831,620	48,948,325
Total Assets	346,035,299		948,798,388
2,933,429,799		2,941,603,216
EQUITY AND LIABILITIES
Equity
Stated capital	967,483,260	967,483,260
Other components of equity	5,194,210	5,194,210
Retained earnings	251,859,754	178,122,184
Equity attributable to equity holders of the parent	1,224,537,225		1,150,799,654
Non-controlling interest	-	-
Total Equity	1,224,537,225		1,150,799,654
Non-current liabilities
Interest bearing loans and borrowings	437,990,480	607,945,413
Lease liability	437,066	4,812,965
Retirement benefit obligations	30,153,318	27,703,801
Deferred tax liabilities	75,048,969	62,441,542
	543,629,832		702,903,721
Current liabilities
Trade and other payables	445,364,127	193,458,056
Lease liability	111,270	4,153,083
Income tax liabilities	21,833,847	-
Interest bearing loans and borrowings	514,141,013	602,136,874
Bank overdrafts	183,812,486	288,151,828
Total Equity and Liabilities	1,165,262,743		1,087,899,841
2,933,429,800		2,941,603,216
		(0)
Net assets per share	14.21	13.35

The above figures are provisional and subject to audit.

These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.

……………………………

R M S Tillakawardana Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these Financial Statements. Signed for and on behalf of the Board by,

……………………………………	……………………………….
H.A.S. Madanayaka	G.A.K. Nanayakkara
Chairman	Managing Director
14th May 2024

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF PROFIT OR LOSS - GROUP

	03 Months Ended 31st March		Year ended 31st March
	2024	2023		Change %	2024	2023	Change %
	Rs.		Rs.		Rs.		Rs.
Revenue from contracts with customers	372,133,722	214,986,264		73	1,119,382,189	995,785,462	12
Direct costs	(77,248,847)		(54,285,277)		(42)	(237,652,600)		(190,720,023)	(25)
Gross profit	294,884,874	160,700,987		83	881,729,589	805,065,439	10
Other operating income	14,649,393	9,346,683		57	14,649,393	24,561,105	(40)
Administrative expenses	(32,449,170)		(19,750,713)		(64)	(90,521,480)		(67,414,496)	(34)
Results from operating activities	277,085,097	150,296,957		84	805,857,502	762,212,048	6
Finance income	912,542	2,190,492		(58)	11,832,932	2,837,049	317
Finance cost	(132,918,980)		(185,851,561)		28	(524,842,612)		(574,392,011)	9
Profit/(loss) before tax	145,078,660	(33,364,112)		(535)	292,847,822	190,657,086	54
Tax expense	83,161,669		222,611,659		(63)	83,161,669		222,611,659	(63)
Profit/(loss) for the period	228,240,329	189,247,547		21	376,009,491	413,268,745	(9)
Attributable to:
Equity holders of the parent	228,240,329	189,247,547		21	376,009,491	413,268,745	(9)
Non-controlling interest	-		-		-	-		-
	228,240,329		189,247,547		21	376,009,491		413,268,745	(9)
Earnings/(loss) per share - basic/diluted	2.65	2.20			4.36	4.80
Dividend per share	-	-			-	-
STATEMENT OF COMPREHENSIVE INCOME - GROUP
	03 Months Ended 31st March		Year ended 31st March
	2024	2023		Change %	2024	2023	Change %
	Rs.		Rs.			Rs.		Rs.
Profit/(loss) for the period	228,240,329	189,247,547		21	376,009,491	413,268,745	(9)
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods
Remeasurement gain/(loss) on Defined Benefit Plans	-	-		-	-	-	-
Deferred tax effect on Actuarial gain/loss	-		-		-	-		-	-
Other comprensive income for the period. Net of tax	-		-		-	-		-	-
Total comprehensive income for the period, net of	228,240,329	189,247,547		21	376,009,491	413,268,745	(9)
tax
Attributable to:
Equity holders of the parent	228,240,329	189,247,547		21	376,009,491	413,268,745	(9)
Non-controlling interest	-		-		-	-		-	-
	228,240,329	189,247,547		21	376,009,491	413,268,745	(9)

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF PROFIT OR LOSS - COMPANY

	03 Months Ended 31st March		Year ended 31st March
	2024	2023	Change %	2024	2023	Change %
	Rs.		Rs.	Rs.		Rs.
Revenue from contracts with customers	164,466,594	68,575,476	140	498,681,285	437,302,729	14
Direct costs	(31,575,143)		(20,061,953)	(57)	(99,642,135)		(91,990,443)	(8)
Gross profit	132,891,451	48,513,523	174	399,039,150	345,312,286	16
Other operating income	6,076,673	5,218,470	100	114,507,138	20,432,892	460
Administrative expenses	(25,928,037)		(22,664,158)	(14)	(75,593,750)		(61,077,388)	(24)
Results from operating activities	113,040,087	31,067,835	264	437,952,538	304,667,790	44
Finance income	908,705	2,189,970	(59)	11,826,345	2,834,455
Finance cost	(55,184,576)		(67,285,101)	18	(224,851,134)		(250,526,934)	10
Profit/(loss) before tax	58,764,216	(34,027,296)	(273)	224,927,749	56,975,311	295
Tax expense	(34,441,274)		(43,451,164)	21	(34,441,274)		(43,451,164)	21
Profit/(loss) for the period	24,322,942	(77,478,460)	(131)	190,486,475	13,524,147	1,308
Attributable to:
Equity holders of the parent	24,322,942	(77,478,460)	(131)	190,486,475	13,524,147	1,308
Non-controlling interest	-		-	-	-		-	-
	24,322,942		(77,478,460)	(131)	190,486,475		13,524,147	1,308
Earnings/(loss) per share - basic/diluted	0.28	0.27		2.21	0.60
Dividend per share	-	-		-	-
STATEMENT OF COMPREHENSIVE INCOME - COMPANY	03 Months Ended 31st December		09 Months ended 31st December
	2024	2023	Change %	2024	2023	Change %
	Rs.		Rs.		Rs.		Rs.
Profit/(loss) for the period	24,322,942	(77,478,460)	(131)	190,486,475	13,524,147	1,308
Other comprehensive income not to be reclassified
to profit or loss in subsequent periods
Remeasurement gain/(loss) on Defined Benefit Plans	-			-	-	-	-
Deferred tax effect on Actuarial gain/loss	-			-	-		-	-
Other comprensive income for the period. Net of tax	-		-	-	-		-	-
Total comprehensive income for the period, net of tax	24,322,942	(77,478,460)	(131)	190,486,475	13,524,147	1,308
Attributable to:
Equity holders of the parent	24,322,942	(77,478,460)	(131)	190,486,475	13,524,147	1,308
Non-controlling interest	-		-	-	-		-	-
	24,322,942	(77,478,460)	(131)	190,486,475	13,524,147	1,308

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF CHANGES IN EQUITY - GROUP

						Attributable to equity holders of the parent
						Other components of equity
		Stated		Revaluation		Retained		Total		Non-controlling		Total
		capital		reserve		earnings				interest		equity
Year ended at 31st March 2024	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1st April 2023	967,483,260	6,949,461	1,106,708,050	2,081,140,772	-	2,081,140,772
Profit for the period	-1.7E+07	-	-	376,009,491	376,009,491	-	376,009,491
Other comprehensive income	-	-	-	-	-	-
Adjustments through Equity	-	-	(20,771,385)	(20,771,385)			(20,771,385)
Total comprehensive income for the period
-		-	355,238,106	355,238,106	-	355,238,106
Transactions with equity holders										(126,865,823)
Dividend paid - interim 2023/24	-	-	(126,865,823)	(126,865,823)	-
Balance as at 31st March 2024
967,483,260	6,949,461	1,335,080,333	2,309,513,055	-	2,309,513,055
						Attributable to equity holders of the parent
						Other components of equity
		Stated		Revaluation		Retained		Total		Non-controlling		Total
		capital		reserve		earnings				interest		equity
Year ended 31st March 2023	Rs.		Rs.		Rs.		Rs.		Rs.		Rs.
Balance as at 1st April 2022	773,891,366	6,949,461	928,104,580	1,708,945,407	-	1,708,945,407
Profit for the period		-	-	413,268,744	413,268,744	-	413,268,744
Other comprehensive income	-	-	2,393,481	2,393,481	-	2,393,481
Total comprehensive income for the period
773,891,366	6,949,461	1,343,766,805	2,124,607,632	-	2,124,607,632
Transactions with equity holders		-					-
Scrip Dividend - interim 2022/23	193,591,894	(193,591,894)	-	-
Dividend paid - interim 2022/23	-	-	(43,466,860)	(43,466,860)	-	(43,466,860)
Balance as at 31st March 2023
967,483,260	6,949,461	1,106,708,050	2,081,140,772	-	2,081,140,772
Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF CHANGES IN EQUITY - COMPANY

	Attributable to equity holders of the parent
			Other components of equity
	Stated		Revaluation		Retained	Total
	capital		reserve		earnings	equity
Year ended 31st March 2024	Rs.		Rs.		Rs.			Rs.
Balance as at 1st April 2023	967,483,260	5,194,210	178,122,184			1,150,799,654
Profit for the period -2E+07	-	-	190,486,475			190,486,475
Other comprehensive income	-	-	-			-
Interim Dividend for the year ending 2023/24	-	-	(107,731,034)			(107,731,034)
Adjustments through Equity				(9,017,871)			(9,017,871)
Total comprehensive income for the period
-	-	73,737,571			73,737,571
Balance as at 31st March 2024
967,483,260	5,194,210	251,859,754			1,224,537,225
	Attributable to equity holders of the parent
			Other components of equity
	Stated		Revaluation		Retained	Total
	capital		reserve		earnings	equity
Year ended 31st March 2023	Rs.		Rs.		Rs.			Rs.
Balance as at 1st April 2022	773,891,366	5,194,210	399,308,708			1,178,394,284
Profit for the period	-	-	13,524,147			13,524,147
Other comprehensive income	-	-	2,348,082			2,348,082
Total comprehensive income for the period
773,891,366	5,194,210	415,180,938			1,194,266,514
Dividend paid - interim 2022/23				(43,466,860)			(43,466,860)
Scrip Dividend - interim 2022/23	193,591,894			(193,591,894)			-
Balance as at 31st March 2023
967,483,260	5,194,210	178,122,184			1,150,799,654
Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF CASH FLOW - GROUP

For the Year Ended 31 March	2024	2023
		Rs.		Rs.
Cash generated from/(used in) operating activities
Profit/(loss) before tax		292,847,822	190,657,086
Adjustments for;
Depreciation	-17294055	115,186,138	109,258,438
Depreciation of Right of use Asset	3,793,219	4,262,457
Provision for Defined Benefit Plan	2,708,768	6,399,897
Finance Cost		521,442,806	569,730,013
Finance charges on lease liability	3,399,806	2,719,034
Previous Year Adjustments	(20,771,385)	-
Finance Income		(11,832,932)	(2,837,049)
Operating profit before working capital changes	906,774,242		880,189,876
Decrease / ( increase ) in inventories	(82,538,696)	(1,960,196)
Decrease / ( increase ) in trade and other receivable	644,091,290	(584,435,814)
(Decrease) / Increase in trade and other payables	44,443,093	(186,937,004)
Cash generated from/(used in) operating activities	1,512,769,930		106,856,862
Finance cost paid		(661,603,522)	(391,066,366)
Gratuity paid		(259,252)	(171,683)
Income tax paid		(5,970,518)	-
Net cash generated from/(used in) operating activities	844,936,637		(284,381,187)
Cash flows from/(used in) investing activities
(Acquisition) / Reversals of property, plant and equipment	(419,596,623)	(232,111,763)
Finance income received	11,832,932	2,837,049
Net cash used in investing activities	(407,763,691)		(229,274,714)
Cash flows from/(used in) financing activities
Repayment of Lease rental	(14,912,897)	(1,200,000)
Proceeds from interest bearing loans and borrowings	222,604,366	581,722,325
Repayments of interest bearing loans and borrowings	(387,074,863)	(388,698,690)
Dividend Paid		(107,731,034)	(43,466,860)
Tax on dividends paid by subsidiaries	(19,134,789)	-
Net cash (used in)/generated from financing activities	(306,249,218)		148,356,775
Net decrease in cash and cash equivalents	130,923,729	(365,299,126)
Cash and cash equivalents at the beginning of the period	(350,800,019)	14,499,107
Cash and Cash equivalents at the end of the period	(219,876,290)		(350,800,019)
Analysis of cash and cash equivalents;
Cash and cash equivalents		28,615,164	50,190,822
Bank overdrafts		(248,491,455)	(400,990,841)
Cash and cash equivalents at the end of the period for the purpose of statement of cash Flow	(219,876,291)		(350,800,019)

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

STATEMENT OF CASH FLOW - COMPANY

For the Year Ended 31 March	2024	2023
		Rs.		Rs.
Cash generated from/(used in) operating activities
Profit/(loss) before tax		224,927,749	56,975,311
Adjustments for;
Depreciation	-17294055	38,145,091	38,468,614
Depreciation of Right of use Asset	2,381,761	2,601,967
Provision for Defined Benefit Plan	2,708,768	6,126,365
Finance Cost		224,415,949	248,890,265
Finance charges on lease liability	435,185	842,655
Prior Year Adjustments	(9,017,871)	-
Impairment of Goodwill	-	-
Finance Income		(11,826,345)	(2,834,455)
Operating profit before working capital changes	472,170,288		351,070,721
Decrease / ( increase ) in inventories	(3,079,843)	(546,011)
Decrease / ( increase ) in trade and other receivable	582,726,227	(374,379,964)
Increase/(decrease) in trade and other payables	251,906,070	33,862,459
Cash generated from/(used in) operating activities	1,303,722,742		10,007,205
Finance cost paid		(317,591,743)	(166,036,212)
Gratuity paid		(259,252)	(171,683)
Net cash generated from/(used in) operating activities	985,871,747		(156,200,690)
Cash flows from/(used in) investing activities
Acquisition of property, plant and equipment	(140,116,524)	(570,731)
Investments in Subsidiaries	(495,000,000)	-
Proceeds From sale of property, plant and equipment	-	-
Finance income received	11,826,345	2,834,455
Dividend Received		-	-
Net cash used in investing activities	(623,290,179)		2,263,724
Cash flows from/(used in) financing activities
Proceeds from interest bearing loans and borrowings	-	-
Lease rental paid		(8,852,897)	-
Repayments of interest bearing loans and borrowings	(164,775,000)	(137,437,048)
Dividends Paid - Ordinary Shares	(107,731,034)	(43,466,860)
Net cash (used in)/generated from financing activities	(281,358,931)		(180,903,908)
Net decrease in cash and cash equivalents	81,222,637	(334,840,874)
Cash and cash equivalents at the beginning of the period	(239,203,503)	95,637,371
Cash and Cash equivalents at the end of the period	(157,980,866)		(239,203,503)
Analysis of cash and cash equivalents;
Cash and cash equivalents		25,831,620	48,948,325
Bank overdrafts		(183,812,486)	(288,151,828)
Cash and cash equivalents at the end of the period for the purpose of statement of cash Flow	(157,980,866)		(239,203,503)

Figures in brackets indicate deductions.

The above figures are provisional and subject to audit.

RESUS ENERGY PLC

Interim Financial Report 04th Quarter 2023-2024

Provisional Financial Statements

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 2023, 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 2023. -17294055
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 2023.
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.