WindForce : Annual Report for the year ended 31 March 2022
June 27, 2022 at 08:55 am EDT
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WINDFORCE PLC | ANNUAL REPORT 2021/22
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WINDFORCE PLC ANNUAL REPORT 2021/22
At WindForce, we continuously seek ways in which we can generate energy with minimum impact on our surroundings. Our current projects, as well as those slated for the future, will make a considerable impact on power generation in Sri Lanka by the use of natural and sustainable resources. Amid the challenges of the year, we have renewed our commitment to long term growth and aiding the progress of the nation. We are charged to grow and look ahead to accelerated momentum in achieving our targets.
WINDFORCE PLC
ANNUAL REPORT 2021/22
At WindForce, we continuously seek ways in which we can generate energy with minimum impact on our surroundings. Our current projects, as well as those slated for the future, will make a considerable impact on power generation in Sri Lanka by the use of natural and sustainable resources. Amidst the challenges of the year, we have renewed our commitment to long term growth and aiding the progress of the nation. We are charged to grow and look ahead to accelerated momentum in achieving our targets.
CONTENTS
2
WINDFORCE PLC ANNUAL REPORT 2021/22
About Us
Performance
Report Profile
4
Operating Environment
60
About Us 5
Review of Business Operations
62
Windforce Structure
6
Financial Capital
66
Wind Power
10
Manufactured Capital 70
Solar Power
16
Intellectual Capital 73
Hydro Power
24
Human Capital
77
Board of Directors
30
Social & Relationship Capital
84
Management Team
34
Natural Capital
89
Key Milestones 36
Financial Highlights
37
Compliance
Non-Financial Highlights 38
Risk Management Approach
94
Corporate Governance Report
97
Strategy
Audit Committee Report
120
Business Model
40
Remuneration Committee Report 121
Corporate Strategy
42
Report Of The Related Party Transactions Review Committee 122
Material Topics
45
Stakeholder Goals
48
Sustainability Principles
50
Chairman's Statement
52
Managing Director's Review
56
3
WINDFORCE PLC ANNUAL REPORT 2021/22
Financial Information
Annual Report of the Board of Directors on the State of Affairs of the Company 124 Board of Directors' Statement on Internal Controls 128
Statement of Directors' Responsibility on Financial Reporting 129
Responsibility Statement by the Managing Director and the Chief Financial Officer 130
Independent Auditor's Report
131
Statement of Income
134
Statement of Comprehensive Income 135
Statement of Financial Position
136
Statement of Changes In Equity
138
Statement of Cash Flows 140
Notes to the Financial Statements
142
Investor Information
194
Five Year Summary
197
GRI Content Index
198
Corporate Information
202
Notice of Annual General Meeting
203
Notes 205
Form of Proxy 207
Chairman's Statement
Board of Directors
Corporate Governance Report
Statement of Comprehensive Income
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Windforce Ltd. published this content on 27 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2022 12:54:03 UTC.
WindForce PLC is a Sri Lanka-based renewable energy development company. The Company owns and manages renewable energy (solar, wind and hydro) generation plants. Its business also includes supplying of engineering, procurement and construction (EPC) and operations and maintenance (O&M) services, and manages own investments in electrical vehicle (EV) sector. It owns and operates approximately 29 power plants with a total installed capacity of 230.1 megawatts (MW), with Sri Lanka accounting for 58 % of the capacity (132.8 MW) and Uganda, Pakistan and Ukraine accounting for the remainder. Its segments include solar, wind, hydro, overseas, holding and automotive. Its wind power plants/projects include Seguwantivu, Powergen, Beta Power, Joule Power and Hiruras Power. The Company's solar plants/projects include Solar One, Vydexa, Suryadhanavi, Sunny Clime and Hirujanani. Its hydro power plants/projects include Energy Reclamation, Terraqua International, Gurugoda Hydro and Terraqua Kokawita.