TIDMGKO
RNS Number : 6065A
Greenko Group plc
30 September 2015
30 September 2015
Greenko Group PLC
("Greenko", "the Company" or "the Group")
Interim Results for the six months ended 30 June 2015
Greenko, the Indian developer, owner and operator of clean
energy projects, today announces its unaudited interim results for
the six month period ended 30 June 2015 ("the period").
Effective 31 December 2014 the Company changed its financial
year end from 31 March to 31 December. These results, therefore,
are for the six months from 1 January 2015 to 30 June 2015 and,
being the first half year of presentation for this period, previous
year comparatives are not available.
Operational & Financial Highlights
-- Operational capacity - 838 MW
-- Generation - 904 GWh
-- Revenue - US$56.1 million
-- EBITDA - US$34.9 million
-- Adjusted loss after tax - US$21.4 million (excluding exceptional item)
-- Property, plant, equipment and intangibles - US$1,316.6 million
Non-binding offer to acquire the Company's shares in Greenko
Mauritius ("GM")
-- As announced on 14 August 2015, the Company has signed
non-binding heads of terms with Cambourne Investment Private
Limited, an affiliate of GIC, for the sale of all of the Company's
shares in GM for a gross cash consideration of approximately
GBP162.8 million
-- The transaction documentation is at an advanced stage and the
Company expects to present the sale proposal to shareholders for
approval in the near future
Commenting on the results, Anil Chalamalasetty, CEO and MD of
Greenko, said:
"Our portfolio approach continues to deliver a good operational
performance and, during the six month period to 30 June 2015, we
have added 123 MW of operational capacity.
As the Indian energy market becomes increasingly favourable
towards hydro and wind power, especially with the Government's
recent announcement increasing its target for renewable generation
to 175 GW by 2022, we remain very optimistic about the strong
sustainability of our operational and financial performance. We are
on track to beat our milestone target of owning and operating 1,000
MW of generating capacity by the end of 2015."
Enquiries:
+44 (0) 20 7920
Greenko Group plc 3150
Keith Henry/Mahesh Kolli/Anil
Chalamalasetty
Arden Partners plc +44 (0)20 7614 5917
Jonathan Keeling/Steve Douglas/James
Felix
Investec Bank plc +44 (0)20 7597 4000
Jeremy Ellis/Nigel Robinson
Tavistock Communications +44 (0)20 7920 3150
Matt Ridsdale/Mike Bartlett/Niall
Walsh
About Greenko
Greenko is a mainstream participant in the growing Indian energy
industry and a market leading owner and operator of clean energy
projects in India utilising a de-risked portfolio of wind,
run-of-river hydropower, natural gas and biomass assets. The Group
is now focused on building new utility scale wind farms and
hydropower projects across India. Greenko intends to increase the
installed capacity it operates by winning concessions to develop
and build new greenfield assets, as well as making selective
acquisitions which enhance shareholder value. Greenko's portfolio
is carefully planned and managed to ensure it offers investors
diversification and spreads its risk across a number of projects
that utilise various well-proven environmental technologies.
The Company's goal is to reach 1,000 MW of operational capacity
in 2015. With a core belief in sustainability both operationally
and environmentally, Greenko endeavours to be a responsible
business playing an important role in the community beyond its role
in the power generation industry. The Company maintains a
continuous involvement in localised projects and community
programmes which centre on education, health and wellbeing,
environmental stewardship and improving rural infrastructure.
Greenko Group plc was admitted to trading on the AIM market of the
London Stock Exchange (LSE: GKO) in November 2007.
Chairman's Statement
I am pleased to report Greenko's interim unaudited results for
the six month period ended 30 June 2015. The Company's operations
have generally performed well during the period and our available
funds and capital resources will allow us to meet our target of
having 1,000 MW of generating assets by the end of 2015.
Growth in our generating portfolio was good, with two new wind
projects being commissioned during the period, taking our operating
wind portfolio to 502 MW. Our operating hydro portfolio increased
to 258 MW with the acquisition of the Swasti Hydro 22.5 MW asset in
our Northern cluster. Our total operating portfolio, including
legacy biomass and other assets, was 838 MW at the period end, a
17.2% increase since the end of December 2014. Including our
on-going construction work, this resulted in US$171.7 million of
net assets being added to the balance sheet during the period.
A number of additional wind projects are under advanced stages
of construction and scheduled to be commissioned later this year,
and our hydro projects currently under construction are expected to
become operational in 2015 and 2016.
Update on proposed sale of the Company's shares in Greenko
Mauritius
The Company announced on 14 August 2015 that it had signed
non-binding heads of terms with GIC for the sale of all of the
Company's shares in GM for a gross cash consideration of GBP162.8
million. The transaction documentation is at an advanced stage and
the Company expects to present the sale proposal to shareholders
for approval in the near future.
Keith Henry
Chairman
Chief Executive Officer's Statement
Introduction
I am pleased to present Greenko's interim unaudited financial
results for the six month period ended 30 June 2015 which, as a
result of the change in our financial year end to 31 December, is
the first occasion we have reported for this period.
Operational Review
Generation during the period was 904 GWh, an increase of 49%
from 606 GWh in the same six month period last year. Installed
capacity increased to 838 MW, compared to 715 MW as at the end of
December 2014, giving a growth of 17.2%.
The acquisition of the 22.5 MW Swasti Hydro project in the
Northern Cluster increased our operating hydro assets to 258 MW,
and the completion of 100 MW of two new wind projects increased our
operating wind portfolio to 502 MW. We have retained our 78 MW of
fuel and biomass plants but, as the scale of our renewable projects
increases, we are considering the future of these plants.
Construction progress
We have continued with our extensive investment programme by
adding US$171.7 million to our capital assets during the period,
and Greenko now has US$1,316.6 million invested in fixed and
intangible assets (arising from acquisitions), making the Company
one of India's leading renewable power companies.
Our construction of utility scale on-shore wind farms has
continued apace. By taking advantage of the substantial grid
connection capacity established for our initial developments,
subsequent phases have been able to come on stream more rapidly.
The construction of a further 300 MW of wind farms spread over
three locations is well under way. The 60 MW Tanot Phase 2 and 100
MW Vyshali projects are progressing well and are expected to be
operational by December 2015.
We also have 178 MW of hydro assets under construction. By their
nature, these are longer term construction projects, but
potentially offer longer life cycles and higher load factors. Our
large 96 MW project at Dikchu in Sikkim is nearing completion and
is expected to be operational by end of the year. Our other hydro
investments are smaller in scale and are due to become operational
in 2016.
Convertibles
In 2013 we were pleased to welcome GIC as a new investor in our
subsidiary holding company GM with an investment of GBP100 million
in exchangeable shares. Both GIC and Global Environment Emerging
Markets, who invested in 2009, have the opportunity to exchange
their investment in GM for shares in the Company in the period from
mid-2015 to 2017 which, when exchanged, would significantly
increase the equity capital base of the Company. The first occasion
these shares could be exchanged was 1 July 2015. In view of the
significant fall in the share price, the Company has had to take a
non-cash charge in its profit and loss account for the potential
increase in dilution of equity if exchanged by these two
institutions, based on the guaranteed protective returns to them.
This has resulted in a provision of US$98 million as an exceptional
item.
Financial Review
Unfortunately our good operational performance has not resulted
in similarly strong financial results due to several factors,
including a late start and below average monsoon season, which
impacted our southern based wind and hydro projects in particular,
plus lower price realisation in the open market for energy
generation by Budhil Hydro. In the period, we delivered overall
revenues of US$56.1 million, EBITDA of US$34.9 million, and a
pre-exceptional loss before tax of US$20.6 million.
At the end of 30 June 2015, Greenko had US$95.2 million of net
cash resources, and US$191.9 million of undrawn facilities
available for investment and growth. In addition, as we complete
the present portfolio of assets under construction and they become
operational for a full year, we can expect a significant increase
in the internally generated free cash flow to contribute to further
growth.
Outlook
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The six month period from January to June is before the main
monsoon season, which is typically June to September, and hence
generation from our wind and hydro projects is considerably lower
in this period than is expected in the second half of the year.
These seasonal factors, coupled with the Company's depreciation and
finance costs being period/time based costs and not proportionate
to revenue split, create a considerable seasonal variation in our
results for each half of the year. Furthermore, as outlined above,
we will have 256 MW of additional assets operational before the
year end, taking us past our 1,000 MW target and significantly
increasing the amount of generation we will produce during
2016.
Anil Kumar Chalamalasetty
Chief Executive Officer and Managing Director
Interim condensed consolidated statement of financial
position
US$ 30 June 2015 31 December
2014
(Un audited) (Audited)
------------- -------------
Assets
Non-current assets
Intangible assets 144,197,515 142,649,773
Property, plant and equipment 1,172,387,589 1,002,281,404
Bank deposits 32,356,463 29,115,837
Trade and other receivables 8,679,837 7,140,919
Other non-current financial
assets 7,874,813 12,911,549
------------- -------------
1,365,496,217 1,194,099,482
------------- -------------
Current assets
Inventories 7,783,479 9,718,485
Trade and other receivables 78,868,451 78,442,400
Available-for-sale financial
assets 99,687 100,965
Bank deposits 6,157,962 8,201,710
Current tax assets 841,172 740,445
Cash and cash equivalents 56,645,061 109,852,216
------------- -------------
150,395,812 207,056,221
Assets of disposal group
classified as held for sale 11,991,236 12,737,960
------------- -------------
Total assets 1,527,883,265 1,413,893,663
------------- -------------
Equity and liabilities
Equity
Ordinary shares 1,078,994 1,078,994
Share premium 290,799,067 290,799,067
Other components of equity (92,794,115) (88,003,290)
Retained earnings (30,813,881) 50,825,968
------------- -------------
Equity attributable to owners
of the Company 168,270,065 254,700,739
Non-controlling interests 138,166,577 173,021,988
------------- -------------
Total equity 306,436,642 427,722,727
------------- -------------
Liabilities
Non-current liabilities
Retirement benefit obligations 934,753 794,255
Borrowings 924,526,992 790,800,851
Other financial liabilities 51,296,712 52,379,735
Deferred tax liabilities 48,228,948 48,669,248
Trade and other payables 10,592,466 4,554,745
-------------
1,035,579,871 897,198,834
------------- -------------
Current liabilities
Trade and other payables 60,660,007 71,850,115
Current tax liabilities 1,937,024 1,590,898
Borrowings 22,289,278 12,736,358
Other financial liabilities 98,579,728 -
-------------
183,466,037 86,177,371
Liabilities of disposal group
classified as held for sale 2,400,715 2,794,731
------------- -------------
Total liabilities 1,221,446,623 986,170,936
------------- -------------
Total equity and liabilities 1,527,883,265 1,413,893,663
------------- -------------
Interim condensed consolidated income statement
US$ Six months Nine months
ended 30 ended 31
June 2015 December
2014
(Un audited) (Audited)
------------- ------------
Revenue 56,082,978 100,206,933
Other operating income 160,365 143,105
Cost of material and power
generation expenses (8,822,054) (10,029,831)
Employee benefits expense (4,503,978) (5,652,582)
Other operating expenses (7,967,370) (6,122,021)
Excess of group's interest
in the fair value of acquiree's
assets and liabilities over
cost - 2,036,236
------------- ------------
Earnings before interest,
taxes, depreciation and
amortization (EBITDA) 34,949,941 80,581,840
Depreciation, amortization
and impairment (15,717,762) (21,435,766)
Employee share based payments (620,174) (1,502,599)
------------- ------------
Operating profit before
exceptional items 18,612,005 57,643,475
Exceptional items (net)
(Refer Note 8) (94,093,768) 6,177,759
------------- ------------
Operating profit (75,481,763) 63,821,234
Finance income 1,177,479 1,950,130
Finance cost (40,405,544) (41,876,903)
------------- ------------
Profit before tax (114,709,828) 23,894,461
Income tax expense (786,803) (7,978,254)
------------- ------------
Profit for the period (115,496,631) 15,916,207
------------- ------------
Attributable to:
Owners of the Company (81,639,849) 9,264,877
Non - controlling interests (33,856,782) 6,651,330
------------- ------------
(115,496,631) 15,916,207
------------- ------------
Earnings per share for profit
attributable to the equity
holders of the Company during
the period
* Basic (in cents) (52.41) 6.07
* Diluted (in cents) (52.41) 5.84
Interim condensed consolidated statement of comprehensive
income
US$ Six months ended 30 June 2015 Nine months ended 31 December 2014 (Audited)
(Un audited)
----------------------------- --------------------------------------------
Profit for the period (115,496,631) 15,916,207
Other comprehensive income
Items that will not be reclassified
subsequently to profit or loss
Exchange differences on translating
foreign operations (998,629) (8,812,518)
Items that will be reclassified
subsequently to profit or loss
Unrealised losses on available-for-sale
financial assets 127 (1,748)
Exchange differences on translating
foreign operations (5,990,102) (44,551,280)
----------------------------- --------------------------------------------
Total other comprehensive income (6,988,604) (53,365,546)
----------------------------- --------------------------------------------
Total comprehensive income (122,485,235) (37,449,339)
-----------------------------
Total comprehensive income attributable
to:
Owners of the Company (87,629,824) (35,288,151)
Non-controlling interest (34,855,411) (2,161,188)
----------------------------- --------------------------------------------
(122,485,235) (37,449,339)
----------------------------- --------------------------------------------
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Interim condensed consolidated statement of changes in equity
(Un-audited)
US$ Ordinary Share Other Retained Total Non-controlling Total equity
shares premium components earnings attributable interests
of equity to owners of
Parent
---------- ------------ ------------- ------------- ------------- ---------------- --------------
At 1 April 2014
(Restated) 1,045,976 280,494,895 (44,765,693) 41,561,091 278,336,269 175,165,825 453,502,094
Transfer from
revaluation
reserve - - (17,351) - (17,351) 17,351 -
Issue of shares
under employee
share option plan 33,018 10,304,172 (10,304,172) - 33,018 - 33,018
Employee share
based payments - - 11,152,970 - 11,152,970 - 11,152,970
Government grants - - 483,984 - 483,984 - 483,984
Transaction with
owners 33,018 10,304,172 1,315,431 - 11,652,621 17,351 11,669,972
---------- ------------ ------------- ------------- ------------- ---------------- --------------
Profit for the
period - - - 9,264,877 9,264,877 6,651,330 15,916,207
Other comprehensive
income
Unrealised loss on
available-for-sale
financial assets - - (1,748) - (1,748) - (1,748)
Exchange
differences on
translating
foreign operations - - (44,551,280) - (44,551,280) (8,812,518) (53,363,798)
---------- ------------ ------------- ------------- ------------- ---------------- --------------
Total comprehensive
income - - (44,553,028) 9,264,877 (35,288,151) (2,161,188) (37,449,339)
At 31 December 2014 1,078,994 290,799,067 (88,003,290) 50,825,968 254,700,739 173,021,988 427,722,727
Employee share
based payments - - 1,199,150 - 1,199,150 - 1,199,150
---------- ------------ ------------- ------------- ------------- ---------------- --------------
Transaction with
owners - - 1,199,150 - 1,199,150 - 1,199,150
---------- ------------ ------------- ------------- ------------- ---------------- --------------
Profit for the
period - - - (81,639,849) (81,639,849) (33,856,782) (115,496,631)
Other comprehensive
income
Unrealised loss on
available-for-sale
financial assets - - 127 - 127 - 127
Exchange
differences on
translating
foreign operations - - (5,990,102) - (5,990,102) (998,629) (6,988,731)
---------- ------------ ------------- ------------- ------------- ---------------- --------------
Total comprehensive
income - - (5,989,975) (81,639,849) (87,629,824) (34,855,411) (122,485,235)
---------- ------------ ------------- ------------- ------------- ---------------- --------------
At 30 June 2015 1,078,994 290,799,067 (92,794,115) (30,813,881) 168,270,065 138,166,577 306,436,642
---------- ------------ ------------- ------------- ------------- ---------------- --------------
Interim condensed consolidated statement of cash flow
US$ 30 June 2015 31 December 2014
(Un audited) (Audited)
------------- ----------------
A. Cash flows from operating activities
Profit before income tax (114,709,828) 23,894,461
Adjustments for
Depreciation, amortization and impairment 15,717,762 21,435,766
Employee share based payments 620,174 1,502,599
Finance income (1,177,479) (1,950,130)
Finance cost 40,405,544 41,876,903
Exceptional items 94,093,768 (6,177,759)
Excess of Group's interest in the fair value of acquiree's assets and
liabilities over cost - (2,036,236)
Changes in working capital
Inventories 2,299,388 (610,225)
Trade and other receivables (2,722,690) (11,632,587)
Trade and other payables 2,736,023 (7,495,511)
------------- ----------------
Cash generated from operations 37,262,662 58,807,281
Taxes paid (2,712,923) (4,726,311)
-------------
Net cash from operating activities 34,549,739 54,080,970
------------- ----------------
B. Cash flows from investing activities
Purchase of property, plant and equipment and capital expenditure (160,745,614) (175,339,659)
Acquisition of business, net of cash acquired (12,603,162) (17,854,375)
Investment in mutual funds - (16,455)
Advance given for purchase of equity - (1,151,884)
Payment for acquisitions relating to earlier years - (192,250)
Bank deposits (1,618,391) (1,089,475)
Interest received 934,228 930,045
Dividends received from mutual funds 161 45,615
------------- ----------------
Net cash used in investing activities (174,032,778) (194,668,438)
------------- ----------------
C. Cash flows from financing activities
Proceeds from issue of shares - 33,018
Proceeds from borrowings (net of costs) 126,980,364 786,515,640
Repayment of borrowings (2,259,633) (523,926,105)
Interest paid (39,466,791) (56,346,938)
-------------
Net cash from financing activities 85,253,940 206,275,615
------------- ----------------
Net increase in cash and cash equivalents (54,229,099) 65,688,147
Cash and cash equivalents at the beginning of the period 109,852,216 44,322,712
Exchange losses on cash and cash equivalents 1,021,944 (158,643)
------------- ----------------
Cash and cash equivalents at the end of the period 56,645,061 109,852,216
------------- ----------------
1. General information
Greenko Group plc ("the Company" or "the Parent") is a company
domiciled in the Isle of Man and registered as a company limited by
shares under the provisions of Part XI of the Isle of Man Companies
Act 2006. The registered office of the Company is at Merchants
House, 24 North Quay, Douglas, Isle of Man, IM1 4LE. The Company is
listed on the Alternative Investment Market ("AIM") of the London
Stock Exchange.
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The Company together with its subsidiaries ("the Group") is in
the business of owning and operating clean energy facilities in
India. All the energy generated from these plants is sold to state
utilities and other electricity transmission and trading companies
in India through power purchase agreements ("PPA"). The Group holds
a licence to trade up to 100 million units of electricity per annum
in the whole of India except the state of Jammu and Kashmir. The
Group is also a part of the Clean Development Mechanism ("CDM")
process and generates and sells Certified Emission Reductions
("CER") and Voluntary Emission Reductions ("VER") and Renewable
Energy Certificates ("REC").
These financial statements are the un-audited interim condensed
consolidated financial statements ("Interim Financial Statements")
for the six month period ended 30 June 2015 (hereafter 'the interim
period'). The interim financial statements have been approved for
issue by the Board of Directors on 29 September 2015. .
2. Basis of preparation
The condensed interim consolidated financial statements ("the
interim financial statements") are for the six months ended 30 June
2015 and are presented in US Dollars. The interim financial
statements have been prepared in accordance with International
Accounting Standard 34 (IAS 34) Interim Financial Reporting and do
not include all of the information required in annual financial
statements in accordance with International Financial Reporting
Standards and should be read in conjunction with the consolidated
financial statements of the Group for the year ended 31 December
2014.
3. Significant accounting policies
The interim financial statements have been prepared in
accordance with the accounting policies adopted in the Group's last
annual financial statements for the year ended 31 December 2014.
The presentation of the Interim Financial Statements is consistent
with the audited Annual Financial Statements. Where necessary,
comparative information has been reclassified or expanded from the
previously reported Annual Financial Statements.
Presentation of 'Exceptional items' on the statement of profit
or loss
During the period ended December 2014, the Group has included a
new line item 'Exceptional items' in the consolidated statement of
profit or loss. Exceptional items are material items which
individually, or of a similar type, in aggregate, need to be
disclosed separately by virtue of their size, nature or incidence
in order to better understand the Group's financial performance.
Management believes that 'exceptional items' is meaningful for
users of the consolidated financial statements as it helps the
investors in analysing operating results and profitability.
4. Estimates
The preparation of the Interim Financial Statements requires
management to make estimates and assumptions that affect the
reported amounts of revenues, expenses, assets, liabilities and the
disclosure of contingent liabilities at the date of the Interim
Financial Statements. If in the future such estimates and
assumptions, which are based on management's best judgments at the
date of the Interim Financial Statements, deviate from the actual
circumstances, the original estimates and assumptions will be
modified as appropriate in the period in which the circumstances
change.
5. Earnings per share
Both the basic and diluted earnings per share have been
calculated using the profit attributable to the shareholders of the
parent company as the numerator, i.e. no adjustments to profits
were necessary during the six months period ended 30 June 2015 and
nine months period ended 31 December 2014.
The weighted average number of shares for the purposes of the
calculation of diluted earnings per share can be reconciled to the
weighted average number of ordinary shares used in the calculation
of basic earnings per share as follows:
30 June 31 December
2015 2014
Weighted average number
of ordinary shares used
in basic earnings per share 155,761,606 152,608,879
Shares deemed to be issued
for no consideration in
respect of share based
payments 149,992 149,995
Shares deemed to be issued
for no consideration to
preference shareholders
of subsidiary company 29,124,371 16,984,771
Adjustment for assumed
conversion of A Exchangeable
Shares 44,861,538 44,861,538
Weighted average number
of ordinary shares used
in diluted earnings per
share 229,897,507 214,605,183
------------ ------------
6. Intangible assets
US$ Licences Electricity Goodwill Total
PPAs
------------ ------------ ------------ ------------
Cost
At 1 January 2015 121,444,443 12,569,335 19,185,422 153,199,200
Acquisition through
business combination 1,809,846 - 2,041,423 3,851,269
Exchange differences (845,245) (82,810) (177,314) (1,105,369)
------------ ------------ ------------ ------------
At 30 June 2015 122,409,044 12,486,525 21,049,531 155,945,100
------------ ------------ ------------ ------------
At 1 April 2014 122,147,697 14,704,093 20,216,519 157,068,309
Acquisition through
business combination 5,832,361 - - 5,832,361
Adjustments - (1,459,235) - (1,459,235)
Exchange differences (6,535,615) (675,523) (1,031,097) (8,242,235)
------------ ------------ ------------ ------------
At 31 December
2014 121,444,443 12,569,335 19,185,422 153,199,200
------------ ------------ ------------ ------------
Accumulated amortization
and impairment
At 1 January 2015 2,880,280 7,669,147 - 10,549,427
Charge for the
period 628,215 657,188 - 1,285,403
Exchange differences (27,647) (59,598) - (87,245)
------------ ------------ ------------ ------------
At 30 June 2015 3,480,848 8,266,737 - 11,747,585
------------ ------------ ------------ ------------
At 1 April 2014 2,088,965 8,374,069 - 10,463,034
Charge for the
period 934375 1,139,997 - 2,074,372
Adjustments - (1,459,235) - (1,459,235)
Exchange differences (143,060) (385,684) - (528,744)
------------ ------------ ------------ ------------
At 31 December
2014 2,880,280 7,669,147 - 10,549,427
------------ ------------ ------------ ------------
Net book value
At 30 June 2015 118,928,196 4,219,788 21,049,531 144,197,515
At 31 December
2014 118,564,163 4,900,188 19,185,422 142,649,773
------------ ------------ ------------ ------------
7. Property, plant and equipment
US$ Land Buildings Plant and Furniture, Vehicles Capital Total
machinery fixtures & work-in-progress
equipment
----------- ------------ ------------- ----------- ---------- ----------------- --------------
Cost
At 1 January 2015 14,762,034 124,702,954 574,903,031 3,040,122 1,653,066 331,766,783 1,050,827,990
Additions 1,880,114 5,936,174 66,393,009 592,499 121,506 164,013,685 238,936,987
Acquisition through
business combination 204,509 3,098,456 23,524,292 34,307 33,639 - 26,895,203
Capitalisation/Disposals - - - - - (72,829,026) (72,829,026)
Exchange differences (128,310) (980,795) (5,169,085) (31,730) (13,408) (3,122,105) (9,445,433)
----------- ------------ ------------- ----------- ---------- ----------------- --------------
At 30 June 2015 16,718,347 132,756,789 659,651,247 3,635,198 1,794,803 419,829,337 1,234,385,721
----------- ------------ ------------- ----------- ---------- ----------------- --------------
At 1 April 2014 10,720,559 120,317,789 361,919,263 2,675,889 1,652,561 292,185,978 789,472,039
Additions 4,653,241 1,629,360 144,199,043 375,748 110,655 199,293,677 350,261,724
Acquisition through
business combination 130,295 9,458,007 97,909,932 102,483 33,328 - 107,634,045
Capitalisation/Disposals - - - - - (141,242,819) (141,242,819)
Exchange differences (742,061) (6,702,202) (29,125,207) (113,998) (143,478) (18,470,053) (55,296,999)
----------- ------------ ------------- ----------- ---------- ----------------- --------------
At 31 December 2014 14,762,034 124,702,954 574,903,031 3,040,122 1,653,066 331,766,783 1,050,827,990
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