30 September 2022

 

OPG Power Ventures plc

("OPG", the "Group" or the "Company")

 

Final results for the year ended 31 March 2022

OPG (AIM: OPG), the developer and operator of power generation assets in India, announces its final results for the year ended 31 March 2022 ("FY22").

FY22 Summary:

 

·      FY22 revenue decreased by 14.66 per cent to £80.1 million from £93.8 million in FY21 primarily due to Covid-19 related disruptions and increased coal prices in second half of FY22 due to ongoing global conflict.

·      Total generation (including deemed) in FY22 was nearly 1.9 billion kWh, 11.0 per cent lower than last year's generation of nearly 2.1 billion kWh.

·      Adjusted EBITDA of £21.6 million (27.0 per cent margin) as compared with £33.7 million (36.0 per cent margin) in FY21.

·      Profit before tax from continued operations was £13.0 million as compared to £21.6 million in FY21.

·      Basic earnings per share 1.5 pence in FY22 as compared to 3.5 pence in FY21.

·      Net debt reduced from £16.24 million in FY21 to £6.9 million in FY22.

 

Unless specified, all figures in £ million	FY22	FY21
Revenue	80.1	93.8
Other Operating Income	-	9.4
Adjusted EBITDA	21.6	33.7
Profit before tax from continuing operations	13.0	21.6
Profit/(Loss) from discontinued operations, incl. NCI	(2.9)	1
Profit for the year	6.0	14.1
Earnings per share (pence)	1.5	3.5
Net debt	6.9	16.2
Net debt to Adjusted EBITDA (ratio)	0.3	0.5
Total generation (including deemed) (billion kWh)	1.9	2.1

 

Current developments and highlights

·      Plant Load Factor ("PLF") including 'deemed' for the five-month period to 31 August 2022 was low at 28.6 per cent as OPG continues to focus on profitability and an optimising Plant Load Factor (PLF) with a mix of long term and short term Power Purchase Agreements (PPA) with the State Utility, supply to captive shareholders and supply through Exchange and coal sales. 

·      Due to prevalent high coal prices, State Utility has approved the pass through of the fuel prices until  December 2022, under long term PPA.

·      Average tariff for the five months period to 31 August 2022 was Rs. 9.15, up 69 per cent (FY21: Rs. 5.42) due to pass through of high coal prices by the State Utility and short-term supply contract awarded by State Utility.

·      International coal prices continue to be high due to the ongoing global conflict coupled with demand from China and Europe.

 

Indian Economy update

·      According to the World Economic Report, the Indian Economy is expected to grow by 8.2 per cent in FY23.

·      The power demand in the country is expected to grow at 6.5 per cent between FY22 and FY24 according to the Central Electricity Authority

·      The deadline for meeting emission norms for the majority of coal-based power plants in India, has been extended from December 2024 to December 2026.

 

Mr. Kumar, Non-Executive Chairman said:

"We are proud to report that, despite the challenges of Covid 19 and the global supply disruption due to Russia Ukraine conflict, OPG has demonstrated an excellent performance which was comfortably in line with FY22 market expectations and has also delivered a significant reduction in net debt during the year."

The Company's annual report and accounts for the year ended 31 March 2022 is available on the Company's website at www.opgpower.com/and will be sent to shareholders shortly.

For further information, please visit www.opgpower.com or contact:

 

OPG Power Ventures PLC	Via Tavistock below
Ajit Pratap Singh
Cenkos Securities plc (Nominated Adviser & Broker)	+44 (0) 20 7397 8900
Stephen Keys / Katy Birkin
Tavistock (Financial PR) Simon Hudson / Nick Elwes	+44 (0) 20 7920 3150

 

 

 

 

 

Chairman's Statement

 

Resilience, robust profitability and strong cash generation

FY22 has been a challenging year. As the world and the global economy was recovering from Covid-19, the war in Ukraine dented sentiment with a sharp increase in global energy prices. Despite a challenging year, OPG has continued to deliver strong cash generation, robust profitability and achieve a significant reduction in net debt.

The unprecedented health crisis, caused by Covid-19, took an immense human and economic toll globally. At OPG, we responded immediately with a comprehensive Covid-19 response plan - putting in place health and safety measures to protect our employees, continuing to run our plant operations smoothly to ensure supply of electricity to our consumers, and providing essential support and assistance to our local communities in need. Yet, even in such critical circumstances, our Group has emerged strong, reporting solid set of financial results and paving pathways for accelerated and sustainable future growth.

The plants' generation, including deemed generation, during FY22 was 1.9 billion units which is an 11.0 per cent reduction in generation in comparison with FY21 primarily due to the increase in coal prices. The average Plant Load Factor ("PLF") in FY22 (including deemed) was at 52 per cent (FY21: 58 per cent) and the average realised tariff was Rs. 5.82 (FY21: Rs.5.72) per kilowatt hour.

In FY22, the Group's revenue was £80.1 million (FY21: £93.8 million) and Adjusted EBITDA was £21.6 million (FY21: £33.7 million) and profit for the year was £6.0 million (FY21: £14.1 million).

We are glad to report that OPG was comfortably in line with FY22 market expectations despite the difficult market conditions.

Creating shareholder value through deleveraging

In 2018, the Board took the decision to focus on our profitable, long-life assets in Chennai, and to prioritise deleveraging as a method to grow shareholders' equity. This strategy, we believe, will deliver value to shareholders with free cash flows providing significant returns to our shareholders and further opportunities to grow the business.

 During the period FY20 - FY22 net debt reduced significantly from £53.4 million to £16.2 million and then to £6.9 million. Net debt to Adjusted EBITDA ratio reduced from 1.7x to 0.5x and further to 0.3x demonstrating the robustness of OPG's financial position. The Group remains amongst the least leveraged power companies in India.

The Board remains convinced, especially in light of the Covid-19 challenges, that our strategy of maintaining operational excellence and paying down expensive borrowings is the right one to pursue for all our stakeholders.

Maximising stakeholders' long-term value

One of OPG's paramount objective is to maximise stakeholders' long-term value. In light of disruptions and uncertainty caused by Covid-19 and extraordinary volatility in coal prices and freight over the past year and a half, the Board believes that it is in the best interest of the Group and its stakeholders to conserve cash. The cash thus conserved will be utilized for repaying debt, growing ESG focused projects and maintaining a strong and resilient balance sheet to withstand the turbulent times.

Building a sustainable future

Rapid growth in urbanisation, universal electrification, and a renewable energy transition driven by climate change, mean that India's incremental power needs is targeted to largely be met by renewable energy. Our business strategy is aligned with this, offering us an opportunity to unlock value for all our stakeholders in the years to come. OPG has developed its ESG strategy, which, among other matters, includes objectives to reduce its carbon footprint. As part of this strategy, the Group is evaluating various options to increase its renewable energy asset base and to establish joint ventures to roll out various energy transition technologies. These initiatives will ensure that OPG delivers year-on-year improvements to reach the Group's emissions reduction targets in the medium and longer-term.

We are pleased to present our second standalone ESG report which pertains to FY22 and summarises the objectives, activities, and the performance of the Group from an ESG perspective. This report includes examples of how we have demonstrated our commitments and applied our management approach on a range of ESG topics, including environmental stewardship, health & safety, relationship with local community, and governance.

Indian Economy and Power Sector Update

India is the third largest producer and third largest consumer of electricity in the world with installed power capacity reaching 400 GW as at March 2022. In FY22, even amidst a relatively weaker macroeconomic scenario, peak power demand hit an all-time high of 200.5 GW. On account of a record-breaking heat wave in North India, the peak power demand has already touched 210.8 GW in the current financial year.

In June 2022, the World Bank's Global Economic Outlook projected India's FY23 (CY22) economic growth forecast at 7.5 per cent, supported by plans for higher spending on infrastructure, rural development and health services as well as stronger-than-expected recovery in services. FY24 (CY23) is forecasted at 7.1 per cent, amongst the highest growth rates.

During FY22, power consumption increased by 9.5 per cent to 1,392.1 BU from 1,271.5 BU. ICRA, which is a leading ratings agency in India estimates that India's electricity demand is expected to grow up to 6.5 per cent in FY23 on a year-on-year basis.

Over the last several months the prices of thermal coal and freight have surged sharply primarily due to increased imports of coal and other goods by China and other Asian countries on the back of post Covid-19 economic recovery. Whilst OPG is partially covered from increases in prices with fixed price agreements for coal and freight, the Group remains exposed to market fluctuations for   the   unhedged portion  of  coal consumption and freight. The Group continues to explore various options including sourcing the coal from other geographies (including domestic sources) to reduce the per unit cost of electricity.

Outlook

Since April 2022, the prices of thermal coal and freight have increased significantly due to geo-political tensions. Coal prices may not reduce significantly in the short term.

While challenges to the economy will continue in FY23, the Group has strong foundations, allowing us both to manage the ongoing Covid-19 situation and to pursue growth sustainably. The Group's medium and long-term fundamentals remain unchanged. We have strong cash flows which will enable OPG to continue to reduce and deliver our long-term profitable business model of responsible growth and sustainable returns to shareholders. We will also continue to focus on advancing our ESG agenda.

I would like to extend my gratitude to all our employees who overcame challenges posed by the pandemic, as well as vendors, banks and all stakeholders, especially our shareholders, for the incredible support we have received during these unprecedented and extraordinary times.

 

 

N. Kumar

Chairman

28 September 2022

 

 

Financial Review

 

The following is a commentary on the Group's financial performance for the year.

 

Income statement

 

Year ended 31 March	2022 £m	%  of  revenue	2021 £m	%  of  revenue
Revenue	£80.1		£93.8
Cost of revenue (excluding depreciation)	(£56.5)		(£56.9)
Gross profit	£23.6	29.4	£36.9	39.4
Other operating income	£0.0		£9.4
Other income	£8.1		£1.9
Distribution, General and Administrative expenses, ECL (excluding depreciation, employee stock option charge)	(£10.0)		(£14.5)
Adjusted EBITDA	£21.6	27.0	£33.7	36.0
Share based compensation	(£0.2)		(£0.5)
Depreciation	(£5.3)		(£5.7)
Net finance costs	(£3.1)		(£5.9)
Profit before tax from continuing operations	£13.0	16.2	£21.6	23.0
Taxation	(£4.1)		(£8.4)
Profit after tax from continuing operations	£8.9	11.1	£13.1	14.0
(Loss)/Profit from discontinued operations, including Non-Controlling Interest	(£2.9)		£1.0
Profit for the year	£6.0	7.5	£14.1	15.0

Note: Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Revenue

FY22 has been a tough year for OPG. The Group's revenues decreased by £13.8 million (a 14.7 per cent decline) in FY22 primarily driven by the impact of Covid-19 in the first half and high coal prices in the second half of FY22. The Group decreased generation and consequently sales to captive power users because of the unprecedented increase in costs. Adjusted EBITDA in FY22 at £21.6 million was 27.0 per cent of revenues as compared to 36 per cent last year.

The average tariff realized in FY22 was Rs. 5.60/kWh, marginally higher than previous year's Rs. 5.52/kWh. Total generation including deemed was 1.87 Bn units, a decline of 11.3 per cent over last year's 2.1 Bn units. This reduction was primarily because of the second Covid-19 wave that affected India and the high coal prices in the second half. The increase in coal prices was due to higher demand for coal from China, Europe, excessive rains in the Q3FY22 and later on, the export ban on coal in Q4FY22 in Indonesia.

The production and output levels from the Group's operating power plants compared to the prior years were as follows:

	FY22	FY21
Total generation, incl. "deemed" generation (million units)	1,868	2,107
Plant Load Factor (PLF) (%)*	52	58
Average tariff (INR/unit)	5.60	5.52

* Unit 3: "Deemed" PLF (%) has been included.

Gross Profit

The Gross Profit (GP) for the year was £23.6 million (29.4 per cent of revenue). On y-o-y basis (FY21 - £36.9 million (39.4 per cent of revenue)), the gross profit declined by 36 per cent reflecting the impact of high Indonesian coal prices.

The cost of revenue represents fuel costs. The table below shows average price of coal consumed in FY22 and FY21.

Average price of coal consumed	FY22	FY21
Average price of coal consumed (₹/mt)	₹ 5,460	₹ 4,127
Average price of coal consumed (₹ / mKCal)	₹1,328	₹991
Per cent change in average price of coal consumed (₹/mt)	32.3	(4.1)
Per cent change in the average price of coal consumed (₹ / mKCal)	34.0	(3.6)

Adjusted EBITDA

Adjusted earnings before interest, taxation, depreciation and amortisation ('Adjusted EBITDA') is a measure of a business' cash generation from operations before depreciation, interest and exceptional and non-standard or non- operational charges, e.g. share based compensation, etc. Adjusted EBITDA is useful to analyse and compare profitability among periods and companies, as it eliminates the effects of financing and capital expenditures.

Adjusted EBITDA for FY22 was £21.6 million, a decrease of 36 per cent from £33.7 million in FY21 primarily because of increase in international coal prices.

Profit from continuing operations before tax was £13.0 million (16.2 per cent of revenue) as compared to £21.6 million (23.0 per cent of revenue) in FY21 primarily because of increase in international coal prices.

 

 

Profit before Tax (PBT) reconciliation for FY22 (£m)

PBT FY22	£13.0
PBT FY21	£21.6
Increase (Decrease) in PBT	(£8.6)
Decrease in GP	(£13.4)
Decrease in Other Operating Income	(£9.4)
Increase in Other Income	£6.1
Decrease in Distribution, General & Administrative Expenses, Expected Credit Loss	£4.9
Decrease in Net Finance Costs	£2.9
Decrease in Depreciation and Amortisation	£0.4
Increase (Decrease) in PBT	(£8.6)

Taxation

The Company's operating subsidiaries are under a tax holiday period but are subject to Minimum Alternate Tax ('MAT') on their accounting profits. Taxes paid under MAT can be offset against future tax liabilities arising after the tax holiday period. The tax expense during the year was £4.1 million.

Profits after tax from continuing operations

Profits after tax from continuing operations has decreased by 32.1 per cent or £4.2 million from £13.1 million to £8.9 million. The decrease was in line with H1FY22 forecasts.

Assets held for sale and loss from discontinued operations - 62 MW Karnataka solar projects

In FY18, four Karnataka solar projects (62 MW) were commissioned. OPG has a 31 per cent equity interest in these projects.

During FY19, the Group obtained a right to exercise an option to buy an additional 30 per cent equity interest in solar companies. Effective from FY20 this right was assigned to a third party and from FY21 the remaining related obligations and the results of the operations of the solar companies are not consolidated in the Group's consolidated financial statements due to loss of control. As previously reported, after evaluation of all options, the Group decided that the most efficient way to maximise shareholders' value from the solar operations was to divest its' stake in the solar companies. The process of disposing the assets satisfy all conditions of IFRS 5. Therefore, the solar assets have been classified as "Assets held for sale" as on 31 March 2022. The completion of the disposal process was impacted by Covid-19.

 OPG in its endeavour to sell the solar assets continues to identify potential buyers. Based on the term sheet received from potential buyer, the Group's investment in the solar companies was valued at £13.5 million as compared to OPG's initial investment of £16.4 million. This loss of £2.9 million is recognized as loss from discontinued operations on account of the diminution in the value of investment. The management is evaluating and actively considering the offer received from the potential buyer.

Earnings per Share (EPS)

The group's total reported EPS decreased from 3.5 pence in FY21 to 1.5 pence in FY22.

Dividend policy

One of OPG's paramount objectives is to maximise stakeholders' long-term value. Keeping in mind, the disruptions and uncertainty caused by Covid-19 and extraordinary volatility in coal prices and freight, the Board believes that it is in the best interests of the Group and its stakeholders to conserve cash. The cash thus accumulated will be used to repay debt, to fund growth in relation to ESG focused projects and to maintain a strong and resilient balance sheet to withstand turbulent times. Therefore, the Board decided not to declare a dividend for FY22. The Board will revisit the Group's dividend policy in due course.

Foreign exchange gain/loss on translation

The British Pound to Indian Rupee exchange rate appreciated to a closing rate of £1= Rs. 99.37 on 31 March 2022 from a rate of £1= Rs. 100.81 on 31 March 2021 thereby resulting in a gain of £2.3 million. The same has been recognized under "Exchange differences on translating foreign operations".

Property, plant and equipment

The increase in net book value of our property, plant and equipment to £173.4 million principally relates to additions during the year offset by depreciation and foreign exchange impact during the year.

Other non-current assets

Other non-current assets (excluding property, plant and equipment & intangible assets) have increased by £4.3 million. The major components of this increase was in the non-current portion of restricted cash (up £2.2 million) represented by investments in mutual funds and fixed deposits maturing after twelve months of £10.4 million (2021: £8.2 million) allocated to debenture redemption fund and OPG's strategic investment in Atsuya Technologies Private Limited totalling to £2.1 million (Rs. 210.0 million). The debenture redemption fund was created to repay the non-convertible debentures of £20.1 million (Rs. 2.0 billion) which are repayable in FY24.

Current assets

Current assets have decreased by £4.4 million from £74.5 million to £70.1 million year on year primarily as a result of the following:

•     decrease in Assets held for sale by £2.9 million due to diminution in the value of investments in the solar companies.

•     decrease in trade receivables by £6.2 million as a result of strong collections from the Group's captive power users and customers, including old receivable balances.

•     decrease in inventories by £1.7 million on account of consumption and sale of coal.

•     increase in other short-term assets by £8.4 million primarily due to increase in investments in mutual funds to £18.2 million (2021: £13.3 million) and advances to vendors of £6.2 million (2021: £2.4 million).

•     decrease in cash balances (including restricted cash) by £2.1 million.

 

Liabilities

Current liabilities have marginally increased by £0.2 million from £38.2 million to £38.4 million year on year. Bank borrowings increased by £8.9 million from £4.5 million to £13.4 million. Trade payables decreased by £8.1 million from £32.5 to £24.4 million.

Non-current liabilities have decreased by £8.1 million primarily due to decrease in the non-current portion of borrowings by £12.5 million from £22.3 million to £9.8 million. Deferred Tax liabilities have increased from £13.0 million to £17.0 million.

Financial position, debt, gearing and finance costs

As at 31 March 2022, total borrowings were £43.3 million (31 March 2021: £46.6 million). The gearing ratio, net debt (i.e. total borrowings minus cash and current and non-current investments in mutual funds)/(equity plus net debt), was 3.9 per cent (31 March 2021: 9.1 per cent). The gearing ratio is a useful measure to identify the financial risk of a company.

 OPG's NCDs are repayable in June 2023 and have an interest coupon of 9.85 per cent. The issue of the NCDs had a material positive impact upon the Group's cash flow during the uncertain Covid-19 impacted period, through a significant deferment of principal payments and the NCDs' interest coupon being lower by c.1 per cent in comparison with the existing term loans interest rate.

During FY22 net debt (total borrowings minus cash and current and non-current investments in mutual funds) reduced from £16.3 million to £6.9 million and net debt to Adjusted EBITDA ratio reduced from 0.5x to 0.3x as a result of the repayment of term loans and working capital loans as well as strong cash collections achieved during the year. This demonstrates the robustness of OPG's financial position. The Group remains amongst the least leveraged power companies in India.

Based on the present term loans repayment schedule, the Group is expected to be term loan free during June 2024.

Finance costs have decreased by £1.4 million from £6.8 million in FY21 to £5.4 million in FY22. This was primarily due to the impact of decrease in foreign exchange losses and reduction in interest expenses following scheduled repayments of the term loans and the issuance of the NCDs.

Finance income increased from £0.9 million in FY21 to £2.3 million in FY22. This has resulted in a decrease of £2.8 million in Net Finance Costs from £5.9 million in FY21 to £3.1 million in FY22.

Current restricted cash representing deposits maturing between three to twelve months amounted to £2.4 million (FY21: £3.2 million) which have been pledged as security for Letters of Credit.

Non-current restricted cash represents investments in mutual funds of £8.8 million (31 March 2021: £8.2 million) and fixed deposits of £1.6 million (31 March 2021: £0.01 million). These non-current investments have a maturity period in excess of twelve months and are allocated to the debenture redemption fund which is earmarked towards the redemption of non-convertible debentures scheduled during FY24 of £20.1 million (`2.0 billion).

Cash flow

Cash flow from continuing operations before and after changes in working capital were £21.6 million (FY21: £36.8 million) and £16.3 million (FY21: £40.2 million) respectively. Net cash flow from operating activities decreased from

£40.2 million in FY21 to £16.3 million in FY22, a decrease of £23.8 million, primarily due to decrease in trade payables and other liabilities.

 

 

Movements (£m)	FY22	FY21
Operating cash flows from continuing operations before changes in
working capital	£21.6	£36.8
Tax paid	(£0.0)	(£0.7)
Change in working capital assets and liabilities	(£5.2)	£4.1
Net cash generated by operating activities from continuing operations	£16.3	£40.2
Purchase of property, plant and equipment (net of disposals)	(£3.5)	(£0.5)
Investments (purchased)/sold, incl. in solar projects, shipping JV, market securities, movement in restricted cash and interest received#	(£5.7)	(£29.0)
Net cash (used in)/from continuing investing activities	(£9.2)	(£29.5)
Finance costs paid, incl. foreign exchange losses	(£4.5)	(£5.8)
Dividend paid	-	-
Total cash change from continuing operations before net borrowings	£2.6	£4.9

^# Includes purchase of investments in mutual funds and other market securities of £10 million included in restricted cash and other short term assets in the statement of financial position.

 

Ajit Pratap Singh

Chief Financial Officer,

28 September 2022

 

Consolidated statement of financial position As at 31 March 2022 (All amount in £, unless otherwise stated)
		As at	As at
	Notes	31 March 2022	31 March 2021
Assets
Non-current assets
Intangible assets	14	11,810	2,394
Property, plant and equipment	15	173,369,128	172,716,040
Right-of-use assets	15	36,548	-
Investments		2,113,307	-
Other long-term assets	16	12,140	69,853
Restricted cash	19	10,427,847	8,194,412
		185,970,780	180,982,699
Current assets
Inventories	18	10,465,820	12,186,644
Trade and other receivables	17	8,607,935	14,829,989
Other short-term assets	16	26,182,923	17,805,554
Current tax assets (net)		1,250,086	1,131,342
Restricted cash	19(b)	2,392,104	3,219,356
Cash and cash equivalents	19(a)	7,691,392	8,920,952
Assets held for sale	7(a), 7(b)	13,497,027	16,425,368
		70,087,287	74,519,205
Total assets		256,058,067	255,501,904
Equity and liabilities
Equity
Share capital	20	58,909	58,909
Share premium	20	131,451,482	131,451,482
Other components of equity		(10,221,248)	(12,735,470)
Retained earnings		47,904,448	41,910,280
Equity attributable to owners of the Company		169,193,591	160,685,201
Non-controlling interests		872,663	881,869
Total equity		170,066,254	161,567,070
Liabilities
Non-current liabilities
Borrowings	22	9,759,610	22,260,206
Non-Convertible Debentures	22	20,126,738	19,840,089
Trade and other payables	23	630,358	607,702
Other liabilities		36,228	-
Deferred tax liabilities (net)	13	17,029,927	12,994,371
		47,582,861	55,702,368
Current liabilities
Borrowings	22	13,399,429	4,510,358
Trade and other payables	23	24,440,324	32,495,799
Other liabilities		569,199	1,226,309
Liabilities classified as held for sale                                                                         7(b)                                           -                                        -
		38,408,952	38,232,466
Total liabilities		85,991,813	93,934,834
Total equity and liabilities		256,058,067	255,501,904
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the board of directors on 28 September 2022 and were signed on its behalf by:

 

N Kumar Non-Executive Chairman1

Arvind Gupta Chairman1

Dmitri Tsvetkov Chief Financial Officer2

Ajit Pratap Singh Chief Financial Officer2

1 Effective 4 April 2022. Mr Arvind Gupta step down from the Board and Mr N. Kumar appointed as Non-executive Chairman

2 Effective 31 May 2022. Mr Dmitri Tsvetkov step down from the Board and Mr Ajit Pratap Singh appointed as Chief Financial Officer

 

Consolidated statement of Comprehensive Income for the Year ended 31 March 2022 (All amount in £, unless otherwise stated)
	Notes	Year ended 31 March 2022	Year ended 31 March 2021
Revenue	8	80,067,032	93,823,933
Cost of revenue	9	(56,500,964)	(56,893,065)
Gross profit		23,566,068	36,930,868
Other Operating income	10(a)	-	9,420,712
Other income	10(b)	8,054,865	1,921,546
Distribution cost		(3,894,563)	(4,791,056)
General and administrative expenses		(6,316,484)	(7,256,153)
Expected credit loss on trade receivables	28	-	(3,025,055)
Depreciation and amortization		(5,333,531)	(5,705,538)
Operating profit		16,076,355	27,495,324
Finance costs	11	(5,356,089)	(6,803,137)
Finance income	12	2,285,364	868,439
Profit before tax		13,005,630	21,560,626
Tax expense	13	(4,097,184)	(8,447,699)
Profit for the year from continued operations		8,908,446	13,112,927
(Loss)/Gain from discontinued operations, including Non-Controlling Interest	7	(2,928,341)	999,398
Profit for the year		5,980,105	14,112,325
Profit for the year attributable to: Owners of the Company		5,994,168	14,091,807
Non - controlling interests		(14,063)	20,518
		5,980,105	14,112,325
Earnings per share from continued operations Basic earnings per share (in pence)	25	2.23	3.27
Diluted earnings per share (in pence)		2.23	3.25
Earnings/(Loss) per share from discontinued operations Basic (Loss)/Earnings per share (in pence)	25	(0.73)	0.25
Diluted (Loss)/Earnings per share (in pence)		(0.73)	0.25
Earnings per share -Basic (in pence)	25	1.50	3.52
-Diluted (in pence)		1.50	3.50
Other comprehensive income / (loss) Items that will be reclassified subsequently to profit or loss Exchange differences on translating foreign operations		2,319,444	(12,860,261)