‘Summit Power Limited Un-audited financial statements as at and for the period ended 30 September 2017‘Summit Power Limited Consolidated & Separate statement of financial position Consaidated Separate In Taka Note__30Sep2017___30 June 2017_30Sep 2017 ___30 June 2017 Assets Property, plant and equipment 4 20,790,015,164 20,856,702,751 12,621,586,47012,742,506,784 Intangible assets 5 37,863,762 37,947,095 7,083,345 7.166.678, Capital work in progress 6 1/065,054,400 946,236,882 - - Investment in subsidiaries 7 - - 1,336,981,381 1,156,981,381 Investment in associates @ —5.228,705.947 4.945.646,874 —3,901,772.452 3,801,772.452 Avaliabo-fr-sale financial assets 9 4)049\908.751__3,786,733,685 _4,049,808,751__3.786,733,685 Non-current assets 31,171,528 024 30,573,267,287 __21,917,232,399 21,495, 160,980 Inventories 10 50,996,627 51,956,482 26,756,075 36,926,038 “Trade receivables 11 8,807,994,381 6,863,528,738 —§,988,012,501 4,952,812,172 Other receivables 2 99,327,502 100,760,659, 93,876,130 95,309,287 Inter company receivables 13 24,604,208 : 153,788,973 182,083,933, ‘Advances, deposits and prepayments, 14 266,951,118 271,114,968 151,998,337 178,723,919 Cash and cash equivalents 15 __,217,251,322 4913073317 _3,906,358,442 _3,530,471,298, ‘Current assets 74,167,124,055 11,900,433,559 10,330,786,458 _6,976,226,647 Total assets -45,538,662,078 42.473,700,046_32,240,010,057 _30,471,307,627 Equity ‘Share capital 16 10,678,772,290 10,678,772,390 10,678,772,.990 10,678,772,390 Share premium 17 6,479,097,639 6,479,097,639 6 479,097,639 6,479,097,639 Revaluation reserve 18 997,308,022 1,002,088,449 997,308,026 1,002,086,453, Fair value reserve 416212448 153,137,382 416,212,448 153,137,382 Capital reserve 41,668,093,208 _1,668,093,205_1,668,093,208_1,668,093,205, Retained earnings 12,154,821,007__14,011,327,651__10,193,660,649__9,367,535,318 Equity atributable to owners of he company '32,394,302,800 30,982,514,716 30,433,142,387 _29,348,722,387 Non-contvolling interests 49 41833,890,289 1.752.360.1857 - - “Total equi 34,228 103,040 $2,744,874,873 30,498,142,367 _29,348,720,387 Liabilities Project loan - non-current 20 5,661,696,972 _5,647,524,050 : Redeemable preference shares -non-current 21 ‘983,677,920 ‘983,677,920 : : Deferred labiites 22 220.560.7258 212,824,787 203,907,448 197,688,379, Non-current liabilities 3,865,935 618 6 044,028,757 203,907,446 197,688,379, Unclaimed dividends 23 43,246,537 43,380,882 43,246,537 43,380,882 Trade payables 24 3,490,688,210 2,082,327,136 1,473,427.214 799,400,063 ther payables and ace-vals 25° 225,222,313 "203,365,423, 194,298,303 82,215,916 Labilty for deferred LCs 26 103,626,868 103,626,868 - Project loan -curent 20____437,667,684 472,108,909, : - Current liabilities 4,300,419,620_2,884,790,216 1,610,963,054 924,006,061 Total labiities 71,166,355,237 0,728,825,973 _1,814,876,500 7,122,665 240 Total equity and Wabiities "45,394,588,267 42,473,700,846 32,248,016,857 30,471,387,627 Net asset valuo per share (NAVPS) 30.34 20.02 28.50 2748 The annexed notes 1 to 34 form an integrsl part of these financial statements. _ C. irs acer 09 Nov 2017 Director ‘Company Secretary‘Summit Power Limited Separate statement of profit or loss and other comprehensive income Tote Forte iat quater onde July Sop 2097 uly B9p 2016 ntoxe Consolidated Separate __Consoldated__Separato Revenue 27 4815077975 2.308;42.0014.306,266,198 _2,289,16,660 Gost of sakes 25 (364148%,202) | (1496,712,997) _(3,228,556,808) __(,473,066,000) ‘Gross prot ——ir3.36,508 670.69, 088 —1,169697,300 070,747,961 Other ncame w rT Ta5eTe 6 2265,036 200,716 General and adrinisativ 20___(108,728678) (89,139,297) (105.242883) __—_(08.932,631) Operating prof 1,005.506341 _771825,4t1 —7,080,670400 719,894,040 Net france ineom(eona) Bi tea.07, 512) «8 519,48 (07 553,600) Profit botore tax 361,207,829 Gei.a44 905 949,125,595 76.606,604 Income taxerpenses : : : Profit after income tar ECA EC Cher comprehensive income ‘Shesare of Prof rom associate investe 103,189,073, 245,680,757 : Profit afer income tax 7164,346,902 027,344,903 _7,194,006,952 775,55 658 Items that will not be reclassified to profit or loss Avalablefor-sale financial assets-net change in fairvalue 9 ——283,075,066 263,075,060 (62,892,752) (22,882,762) ‘Other comprehensive income 765,076,068 269,076,068 (82,892,762) (62,882,762) “Total comprehensive income TARTAR, SO_70084,470,909 1,117. 979,680 692,708,082 Profit attdbutable to: Ouners ofthe company 41,138,713,018 4,148,539,705 715,696,608 Non-eontaling interests 25,633,004 46,272,627 164,348,502 104 06 352 THE BGG 5B ‘Total comprehensive income attributable to: Ouners ofthe company 14013 1,085,640,953 632,709,042 Non-contoling Interests 25,633,884 46.272,627 Total comprehensive income TART AR. 868 7177 873,580 B2753,882 Earnings per shar Basic earings per share (fae value Taka 10) 2 107 or 1.08. 0.70 ‘Te annexegnotes 1 to 4 form an integral pat ofthese financial stetemants > mn ‘Managitg Director Director ‘Company Secretar 09 Nov 2017 Dhaka,TERE RET RST ST aera (ores) ‘earver') arreen SEIS eso emotes fe ERT TE TER BERT FRAT TT: UTE TERETE ARETE TS — SWINE ETT SP TTET ae TT TES EPP eer VATE — STI — TIMER TERE ELT ST SRST STE BEIT TET RRS TETRIS A PRI TOE TIT ‘ano u saBueyo jo wowsyes porepnosuoD ay Jemog ymsungPEALE SS SORT ES RT ATED T OTE TREC TERS (errors saver Tearvor eT ‘Garver Teacvor ey 9 esvese'sy csreszon) sBoweo gourras avers, uoHerers! WOH mISEIL ‘bs us Anpaippastubo%essuonseeuest warserareTT wORTaET [eGUGS HJ SHUN WN STORSESTEN OT ‘wor sav'si6) oer sevate TOHPLIGBUD Uo sTeus Geus J 953] Juedoo 2 sioumo aye uonesuesy eoSSSheeT _ varORVERTT weosee se) saroerssee sevoevese's Sus SRTSSUSS =O CTF OCR CATS HSTRPET OT CHET CP TaTES TERTHTT SSOP OTT OLT BIRR NAF TST T_T SRT a TSO TERRI TET EPO TEFRTD) So KGSSAS BOWES SOSTSESTET BT sevose's wxveae Robe kane pejuooos suonereveL ears were —— woseTse SE AIOE soos TERRE OTST sete BELVO ETDOT SST ES ON ELTLOT Troe Kr Pw SSeS THRE Seas — sare Sa) se ana eer ot poulewy fede uo ponss}—anrensieg—uonemensy seus, aieus oot sareus Tae RTS OE PTS TE ‘Amba uy saGueyo jo wowares tesedesSummit Power Limited Consolidated statement of financial position For the quarter ended 30 For the quarter ended 30 September 2017 September 2016 In Taka Consolidate Separate Consolidate __Separato Cash flows from operating activities Cash receipts from customers 2,870,612,332 1,270,141,702 —1,673,001,485 874,931,797 Cash paid to suppliers and employees (2,044,929,471) (640,907,317) _(1,162,538,032) (538,810,750) Receipts from other sources 39,500,298 $5,804,377 | 24,022,781 18,762,727 Interest and other charges paid (121,766,918) _(4,616,114)__ (103,232,724) (13,668,877) Net cash from operating activities 743,416,299 780,622,647 491,269,480 340,624,807 Cash flows from Investing activitios ‘Acquisition of property, plant and equipment (131,702,214) (152,800,121) (44,060,031) (1,818,983) Payment for capital work in progress (162,529,474) - (43,878) - Investment in subsidiary (180,000,000) . (10,000,000) Investment in associates (100,000,000) _(100,000,000) : Not cash used in investing activities (394,231,388) (432,800,121) (44,093,606) (17,678,983) Cash flows from financing activities Recelot/(payment) of project loan (20,268,293) - : - Receipt/(payment) of redeemable preference shares : : (812,207,380) (312.254.100) (Payment)/receit of short term project loan : - 56,468,531 - Financing (tofrom inter company (24,604,208) 28,294,960 (117,344,128) (117,344,129) Payment of cash dividend (134;348) (1341345) __(97.113,868)__ (07,113,868) Net cash used in financing activities (45,006,646) 28,160,615 (471,286,846) (626,712,097) Net changes in cash and cash equivalents 304,178,005 376,889,141 (84,126,972) (197,005, 183) Opening cash and cash equivalents 4,913,073,317 __3,830,471,298__1,896,500,595 _1,454,935,674 losing cash and cash equivalents 6.217,251,322 3,006,354,439 _1,812,981,563__ 1,257,029.491, Not operting cash flow per share (NOCFPS) 0.70 0.40 32 The annexed notes 1 to 34 form an integral part ofthese financial statements,14 12 Notes to the financial statements Reporting entity Company profile Summit Power Limited (nereinater referred to as “the Company") was incorporated in Bangladesh 30 March 1997 a9 a ptvale limites company under the Companies Act 1994 under registration no. C 32630(1751)/97 with is registered office at Summit Centre, 18 Kawran Bazar, Dhaka 1215, The Company was subsequently converted inlo a public limited company on 7 June 2004, During October November 2006, the Company iste is shares with both Ohake and Chittagong Stock Exchanges. The Company took marty interest of Summit Purbanchol Power Company Limited (SPPCL) in 2007, af Summit Uttaranchol Power Company Limited (SUPCL in 2007 and (of Summit Narayangan] Power Limited (SNPL) in 2010. The Company also took majorly intrest of Ace Alliance Power Limited (AAPL) In 2016, SPPCL, SUPCL and SNPL have been amalgamated with theie parent company Summit Power Limited wih effect fom 31 December 2016. Profles of al rensferee companies and subsidiany/associate are as under. ‘Summit Purbanchel Power Company Limited (SPPCL) vas incorporated in Bangladesh on 16 August 2007 as a private ited company Under Companies Act 1994 under registration no: C 68123(674V07 ana subsequently converted ilo a Publ Limited Company on 3 May 2010 with its registered office at Summit Centre, 18 Kawran Bazar, Dhake 1215, Bangladesh The shares of the Company were ‘approved for isting by Dhaka and Chittagong Stock Exchanges in January 2013. The shares started to trade from 4 February 2013 in bot he stock exchange ‘Summit Utaranchal Power Company Limited (SUPCL) was incorporated in Bangladesh on 15 August 2007 as a Private Limted ‘Company under Companies Act 1994 under registration no: C 68122(673)07 and subsequently converied into a Public Limited Compary on 14 November 2010 with its registered offiee at Summit Cente, 18 Kewran Gazar, Dhaka 1215, Bengladesh ‘Summit Narayangen) Power Limited (SNPL) wos incorporated in Bangladesh on 4 May 2010 9s @ Private Limited Company under Companies Act 1994 under registration no: C 8442/10 wn its registered office at Summit Centre, 18 Kawran Bazar, Dhaka 1215, Bangladesh ‘Summit Barisal Power Limited (SBPL) was incorporated in Bangladesh on 10 February 2011 as @ Private Limited Company under the Companies Act 1994 vith is regstered office locales at Summit Centre, 18 Kavran Bazar, Dhaka 1215, Bangladesh as Summit Saidpur Power Limited. On 18 November 2013 the name of Summit Saidpur Power Limited was changed as Summit Barisal Power Limited, ‘Summit Nerayengan) Power Unit II Limited (SNPL Il) was incorporated in Bangladesh on 10 February 2011 as a Private Limited Company under Companies Act 1994 with ls registered office el Summit Centre, 18 Kewran Bazar, Ohaka 1216, Bangladesh as Summit ‘Shantahat Power Limited. On 18 November 2013 the name of Summit Shantatar Power Limited was changed as Summa Narayangan) Power Unt it Lite. ‘Summit Chittagong Power Limted (SCPL) was incorporated in Bangladesh on 27 October 2016 as a Private Limited Company under Companies Act 1994 wit ts registered ofce located al Summit Centre, 18 Kanran Bazar, Dhaks-1215, Bangladesh, ‘Ace Allance Power Limited (AAPL) was incorporated on 8 September 2011 as a pivat inited company under the Companies Act 1994 wih its registered offce at The Allance Building, 6A Pragati Saran, Baridhare, Dhaks-1212. Intaly, 64% of ts shares were owned by Aken Spence Plc, Sh Lanka and 36% by Allance Holdings Limted, Bangladesh. In June 2076, Summit Power Limited took 64% of shares from aitken Spence Pi, Sr Lanka ‘Summit Gazipur Il Power Limited was incorporated on 3 July 2017 as a private limited company under the Companies Act 1994 with its registered office at Summit Cente, 18, Kawran Bazar, Chaka-121, Rangladesh, Nature of business ‘The principal activity of the ComparyiGroup is to generate and supply of eecticty. Operational deals of the Company including its subsidiary ae as under Plant ‘Operation Patlod Name of Company Name of plant Location capacity starting dato of PPA aw (Year) ‘Som Powar Umned “ahulla Power Pant (Unt) (Gas) Savar, Dhaka 11 7 Sep 2008 75 ‘Ashulia Power Plant (Unit2)(Gas) Savar, Dhaka 93.75 Dec 2007 6 Machabal Power Pint (Uni) (Gas) Narsingé! " 1 Sep 2003, 15 Madhabol Power Plat (Unit.2) (Gas) Narsingdi 243 18 Dec 2008 18 CChendina Power Plant (Unit-1} (Gas) Comila 1 11 Sep 2003 15 CGhandina Power Pant (Unit2} (Gas) Comila Bs 15 Nov 2008 15 643 Notes to the financial statements Rupgarj Power Plant (Gas) Norayanganj 33 sun 2009 18 Jangata Power Plant (G25) Coma 3 25 Jun 2009 18 Maona Power Pant (Gas) Gazipur 33 s2May209 15 Ulepara Power Pant (Gas) Sieve} n 3 Mar 2009 18 Madanganj PowerPlant (HFO) —Narayanganj 102 41 Ap¢ 2011 5 ‘Ace Alionce Power Liniled -GazipurPower Plant UslI(HFO) Gazipur 149 Under development tn progress ‘Summit Barisal Power Limited Rupatol Power Plant (HFO) Barisal 110 5 Apr 2016 15 Summit Narayangan| Unt iI Madanganj Power Plantil FO) Narayenganj 85 29Feb 2016, 15 Power Limited ‘Summit Gaziuril Power Limited Gazipur Power Plant U-I(HFO) Gazipur 300 Under development tn progress Critegong ‘Summit Chittagong Power Limited Chittagong Power Pant Under development In progress Formerly, Rupgan) Power Plant, Narayangan) and Jangala Power Plant, Comila were owned, operated and maintained by Summit Putbanchol Power Company Limited. Maona Power Plan, Gaziour and Ulapara Power Plan\, Siajgan) were onned, operated and ‘maintained by Summit Ultarancho! Power Company Limited and Madangan) Power Plant, Narayangan) was owned, operated and maintained by Summit Narayangan) Power Limited. Ate the amalgamation ofall these companies with Summit Power Limited (SPL) effective from 31 December 2015, electrcy is now being generated at these plants under the management of SPL, Amalgamation of Summit Purbanchol Power Company Limited, Summit Uttaranchol Power Company Limited and Summit Narayanganj Power Limited with Summit Powor Limited ‘On 14 July 2016, the High Court Division ofthe Honourable Supreme Court of Bangladesh issued an order giving effect to a Scheme of ‘Amalgamation (the Scheme’) under Company Matter No. 68 of 2016. The High Cour ordered that under the Scheme, the enike Undertakings of Summit Purbanchol Power Company Limited, Summit Uttaranchal Power Company Limited ang Sumit Narayangan) Power Limited (the Transferor Companies’) as going concems wil be transferred to and vested In Summit Power Limited (the ‘ransteree Company’) and wil be continued under the name and tile ofthe Transferee Company. The appoinie date mentioned in the ‘Scheme ie 31 December 2015 though the scheme became effective from 23 August 2016 upan fig the carted Copy ofthe High Court (Order to Registrar of Joint Stock Companies and Fims (RSCSF). Eadie, contemplating to merge together Summit Power Limited along with ts subsidiaries, Summit Purbanchol Power Company Limited, ‘Summ Uttaranchol Power Company Limited and Summit Narayangan) Power Limite, fled an application befor the High Court Division of the Hongurable Supreme Court of Bangladesh under Section 228 being read with Section 229 of the Companies Act 1994 for amalgamation of the companies and submitted the Scheme of Amalgamation for consideration of the Cour. Subsequently upon the Court's order, the Scheme of Amalgamation, duly approved by the shareholders of all the four companies in thei respecive Extraordinary General Meeting held on 27 Apri 2016, was submited before the Court. Thereafer the Hor'ble High Court heard the application and issued an order dated 14 July 20168 approving the Scheme. Cetifed copy ofthe Court order was received on 25 July 2016 and on ling ofthe sald certified copy ofthe Order with Registar of Jont Stock Companies and Firms (RISCBF), Ohaka, Gangladesh on 29 August 2016, SPPCL, SUPCL and SNPL automaticaly stood Aissolved fom 24 August 2016 and were amalgamated wth Summit Power Limited ‘Thus, although the Scheme of Amalgamation became effective on the date Le. 23 August 2016 when the certified copy of the order ‘made by the High Cour Is flee with RISCAF, for financial reporting purposes the recording of assets and labities on an amalgamated basis Is deemed to be rettoacve from 31 December 2015 which is the appointed date. Extemal legal opinion has been obtained confirming tha itis from the appointed date that all the assets and lables of the Transferor Companies are vested Inthe Transferee ‘Company. The financial statements of Summit Power Limited have been prepared considering the impact of merger. ‘The audied financial statements of the Trensferor Companies as at 31 December 2015 will be used to account forthe assets and lables of the Transferor Companies inthe books ofthe Transferee Company. The Transferor Companies wil rot continue as separate entities as a result of the amalgamation, cather all the undertakings wil entirely be transferred lo the Transferee Company at its continuing valve, The consideration to be paid tothe minorty shareholders of the Transfer: Companies have already been fee based jon the nel asset value per share a8 per aued financial statemens ofthe Transeror Companies as at 31 December 2015, ‘The High Court Order also includes the folowing |. allthe licenses, permits, quotas, approvals, permissions, incentives, loans, subsidies, concessions, grant, rghls, claims, leases, tenancies, exemptions fom income tax or other taxes, beni, rights and pivleges and ight 1 extension under the Contract forNotes to the financial statements Supply of Electrioty as per the terms of the Power Purchase Agreement executed with Bangladesh Power Development Board (GPDE) and Bangladesh Rural Electificaton Board (BREB) vide IPP Contracts dated 11 October 2007 (for Summit Purbanctol Power Company Limited) and with Bangladesh Rural Electiicalion Board vide IPP Contracts dated 11 Oclober 2007 (For Summit Uttarancho! Power Company Limited) and Rental Contract No. 09752 dated 23 June 2010 (for Summit Narayangan) Power LUmited) shall be transfer to and vested into the Transferee Company an shall femain vald, effective and enforceable on the Same leans and conditions to the extent permisslble under lw All inter-paty transactions between anylor al ofthe Transferor Companies and the Transferee Company shall be considered as Inter party transactions fr all purpose from the Appoinied Date i.e. 31 December 2015,24 23 24 28 Notes to the financial statements According tothe existing Rental Contract No, 09762 dated 23 June 2010 with BPDS pertaining tothe Magangan) Power Pian (or ‘Summit Narayanganj Power Limited), BPDB Is responsibie or payment of income taxes, otter taxes, VAT. dues, eves, al other charges imposed or incuted inside Bangladesh on ary payments made by BPDB to Summit Narayanganj Power Limited and for the importaton of any plantvequipment (excluding consumables) andlor spare parts before Commercial Operation Date andlor replacement equipment and spare pats of operation throughout the conract period. In case of any extension ofthis Contract his provision shal be incorporated duly and without any change |v. The employees and personnel of the Transferor Companies in service on the Effective Dale shall become the employees of he ‘Transferee Company on such date without any breach or inttupion in service and on such terms and conditions thal were agreed between employees and the Transferor Companses The existing provident, gratuity r other employee related funds created and administered by the Transferor Companies shall duly ‘and expeditiously be ransferred tothe relevant funde ofthe Trans{eree Company. Vi. The costs, charges and expenses, including any taxes, duties ele, arising in connection with the Scheme and incidental to the completion of the amalgamation as envisaged therein, including those related to iis appcaton, shall be borne and paid for by the Peliioner Transferee Company, SPL. vil. Any egal proceedings, claims, demands et., pending by or against the Transleror Companies shall be continued and be enforced by or against he Transferee Compary. Basis of accounting ‘Statement of compliance ‘The financial statements (consolidated and separate financial statements) have been prepared in accordance with Bangladesh Financial Reporting Standards (8FRS), Companies Act 1994, the Secures and Exchange Rules 1987 and other applicable laws and regulatons. “The tiles and format of these financial statements folow the requirements of BFRS which are to some extent diferent from the requirement ofthe Companies Aci 1904, However, such diferences are not material and in the vw of menagement FRE tiles ang format gve better presentation tothe shareholders ‘Authorisation for issue ‘The Mancial statements (both consolidated nd separate financial statements) were auahorsed by the Board of Directors on §-$-NOV~ $94P-~ or oubleaton Basie of measurement ‘The financial statements have been prepared on historical cost basis excepl for certain assels which are slated either at revalued ‘amount o fair market value a explained inthe accompanying notes. Functional and presentational currency and lovel of precision “These financial slatements are presented in Bangladeshi Taka (Taka/TK/SDT) which is both functonal currency and presentation currency of the Group/Company. All amounts have been rounded tothe nearest integer, unless otherwise incited Reporting period ‘These financial slatements cover a three month period from 1 July to 30 September 2017 with tis comparative figures and related notes ‘ate 26 0n 30 June 2017 for statement of nancial poston and on 30 September 2016 for income statement. Details ofthe Groups accountng policies are Included in note 3. Use of estimates and judgements In preparing these financial statements, management has made judgments, estates and assumptions that affect the application of accounting poles and the reported amounts of asses, liabiltes, income and expenses. Aciual resus may differ rom these estimates. Estimates and underying assumptions are reviewed on an ongoing basis. Revisioné to accounting estimates are recognised in the Peri in wrich ihe estimates are revised and in any future periods afte. 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Loz 2unr OF Liz des of L102 2unr OF Loz des OF Bye] Uy) ‘oyeredog PevepIIOSUOD winureid aeyg Lb PSNUUOD) s}uSWE}E}s [e|OUEUY yy 0} SAIONw ZSVOSECLY O96 EET SOP Oc OPO'S Sorbirear cov vsse8s ‘000'000'07 _o00'000'0RF - voneurue dno6-enu) S307 esvosezist _o9ee6s'sez oct OPS Serviveey cor 1as'ese TON OF s1geINGUNE s}95Se TON sev'euP eee noses zis oor Lye eer ver'eastT Usz'ees' loz) (Wos'ezr Teo'zsz00s) __(see'ezr'zor'y) (eze'eac'ors's)- : (oes‘zao'oer'z) (zve'0z9'siz'r) serzer'szt —zzs'ess'ob ors'ezo'ses -sg9'908't6'L soe'zev'ogo’s _ove'eae'eps _saz‘ete ere'see'ze8'2_pre'6zy's22'5 sjesse yueuino-UON Yat 20018 20015 %00°18 ‘962020300 ION TOL Taw 708 THun Tans 7485 eel a 2102 sunr o¢ GPCOSTCEST —_ONSEETSOP Oe OPO'S eve BOR BOS OSLO NS (00000782 ‘o0o'00z's2 = - Toneuraiye dnos6-eq0) S597 oscoss'es2t ose'cer'oce oct OrO'S Gre 80e'SOS _—OLSZYY' PVE TON OF a1qeInGUNE SIe8Se EN Lestve'ste 000%S216 _o00%ese's osv'ese'l66 _OfS'PE06/T OSSE ION (soris'evez) _(eee'ser'ozz) (o0e'or) (zr'vss'es2) _(e69"06.'6z/') V'ez0'Z90'9)- - (oes'tor'een'z) — (uee'sz0'zz: zee'zes'gg6'e —Lee'6Sz'ab} —sto'eos's oss'szi'eaz's —_oze'6z0'ers'z ses'eiz'eez’s __9si'zab'sa0'r _saz‘oze e9B'6ah'LI6'%___Ove'tzv‘she's sjosse yuouino-LON OE ‘KOS %00VS %O0S ‘oBeus010d ION ToL Taw 798 Taun TANS 728s eel L102 dos of ‘sys919}u 6uyj013U02-UON cy (penuyuod) sjueweleys jeoUeUy Su) OF SaIONNotes to the financial statements (Continued) 20 Projectioan ConsoTaated ‘Separate Take B0Sep 2017 30 June 2017 __30Sep 2017 __30 June 2017 pening valance 6,119.632,958 . : - Infrastructure Development Company Limited (IOCOL) = 3,850,500,000 : : Islamic Cor forthe Dev of the Private Sectar((CD) = 44878,000,000, : : ‘OPEC Fund for Intemational Development (OFID) 987,236,000 : : ‘Amorisation of aneaetion costs 4.216507 : : i 6120 46,486 6 128,796,000 > Repayment during the period (4,050,000) : “Taneaction cost, nel of vansacton costs (197,762,841) : Exchange fate yctuaton effect 16,586,200 131,800,800 : 5(090,364.666 —6,110,632,960 ~ Non-curent 5.661.696.0972 5,647,524,050 - Curent 437,887,694 47210809, - : 5,090.964,566 —6,110,692.960 : Infrastructure Development Company Limited (COL) provided USD 20,000,000 as long term project loan @ 4.25% per ‘annum plus 3 months LIBOR for a period of 12 years including 1 yoar grace period, repayable quarterly staring on 15 Match 2018. Islamic Corpeaton forthe Development ofthe Private Sector (ICO) also provided USD 20,000,000 as lang term project ian @ 425% per annum plus 3 month LIBOR for a period of 10.5 years nclusing 6 months grace pered, repayable quarery sartng on 15 September 2017 for Summit Barisal Power Linted. On reoeit ofthe loan the Group/Company had cured an ‘amount of Taka 82,978,510 as transaction cost, Further, the Group/Company had decided to capitalise such costs and to ‘amortse the same ove: the years of loan repayment, Fied and floating charges have been created on all asses of the borrowing company. The sponsor company, Summit Pwo: Limted, has aso given sponsor and corporate guarantee on such bocrowings fo the lenders to pay all money fine to time, i Heres any Sue Infestucture Development Company Limited (IDCOL) provided USO 15,000,000 a¢ long torm project loan @ 425% per annum plus 3 months LIBOR for a period of 12 years incuding 1 year grace period, repayable quartery starting on 15 March 2018. OPEC Fund fr Intemational Development (OFID) aso provided USO 12,640,000 as long term projet loan @ 4.25% por annum plus 3 months LIBOR fora period of 12 years including 1 year grace period, repayable quarterly slarting on 15 March 2018 for Summit Narayanganj Power Unit Linted. On receipt o the loan the Group/Company ha incurred an amount of oka 60,961 468 as Vansaction costs. Futhe, the Group/Company had decided to capitalise such costs and lo amortse the same over the years of oan repayment. Fixed and fating charges nave been created on all asses of te Dorowing company. ‘The sponsor company, Summit Power Limite, has als given sponsor and corporate quaraniee on such borrowings 10 the lenders o pay all money time to ime if here is any due. 2Notes to the financial statements (Continued) 21 Redoomable preforonce shares Consotiated ‘Separate lo Taka OSep 2017 30 June 7A —_20 Sep 2017 30 June 2017 ‘Opening balanos oFsPL 963,677,920 1,301,682,020 = 312,264,100 Of SPPCL, SUPCL ana SNPL : - : ‘Adaon during the period +,000,000,000 Transaction costs - (6,780,000), ‘eR RTT 920 786,932,020 > SR 264,100 Repaymenvsetvement of installment (1312,264,100), 312,258,100) BEEBTT A 985,577 920 = Curent : Non.curront 983,677,920 __ 983,677,920 363,677,820 983,677,920, (Out of total redeemable preference shaves, Tk 222,467,500 has been converted from project loan on 12 August 2010 ana Tk 30,000,000 has bon issued on 30 Soptember 2010 bearing dividend at 10-10.5% per annum payable hal yeary commencing ‘tom Decomber 2010, Preference shares ae being redeemed Ove 6 yoars ox by 7 installments payable atthe end ofeach yeat ‘commencing from December 2010 forthe then Summit Purbancnol Paws: Company Limited and Summit Utaranchal Power Company Limited ‘The preference shares were fuly subscribed and paid up on 18 Api 2016 bearing dividend @ 8.75% per annum payable hall yearly commencing from October 2016. Preference shares were to be redeemed over 6 years 0° by 6 instalment payable at the end of each year commencing from Api 2017 for Summit Barisal Power Limited and Summit Nerayergan) Power Unt i Limieed Subsequent, after making the fst instalment, rest ofthe amount was fuly repad in earler by replacement of Issuance ofnew redeemable preference shares. ‘The new redeemable preference shares are fuly subscribed and paid up on 29 June 2017 bearing dividend @ 825% por ‘annum payeble yearty commencing from Jane 2018 for Summit Baisl Powe Limited and Summit Narayangan| Power Uni I Limieed. Preference shates wil be redeamed over 7 years or by 6 insaiments payable at the end ofeach year commencing fom June 2019 22 Deferred abilities Tonsoiaated Separate In Taka BOSep2017 30 June 7017 30 Sep 7017 30 June 2077 (Gratuity fund 410,56049 115,462,098 100,257,399 105,514,299 Other dered abies 102010290 ___97,664,892__95,850.113, 220,560,725 212,824,787 203.907 446, 224 Gratalytond Consoliated ‘Separate fn Take GSep2017 30 June 7017 90 Sep 2017 30 June 2017 Opening balance ‘ors 115,162895 87,485,817 105,514,203 84,161,276, Of SPPCL, SUPCL and SNPL ‘Addon curing the yearperiog 3s7a2s0 27877078 2.938.750 24,853,017 Payment dung the yearperiod (190,710) (100,710) z losing balance 7ia,s60.435 716,162,806 700.297.3309 10s 514205 ‘The Company, for te posentelgioe local employees, operate a gratuly echeme, Ths gratuty scheme ie no ecognised by the National Boar of Revenue, Every eligible employee covered by this scheme is enitled To gel benefit equa o one last basic salary fr every year of sevice. Valuation of the gratulty fund of Sumit Power Limited and its subsites were being done by n independent valur ut not completed by te reporting date. However, management belleves tha the amount of galily fund tobe provided for upon the report of independent valuer would nol matenaly fer rom whal have actly Been prowded for. 222 Other deferced labile ConsoTdated ‘Separate 2017 30.June 2017 30 Sep 7017 30 June 207 61,168,060 50512270 65,851,084 36,503,002 97,137,843 5,802 05, naka Llabity Tor carnedToave Liability for assets roirement obligation PyNotes to the financial statements (Continued) 2224 Liability for earned leave Consotaated ‘Soparate In Toke BOSep2017 30 June 2017 30 Sop 2017 10 June 2047 ‘Opening balance OF SPL 61,158,850 46,143,881 55,551,046 48,028,138 (OF SPRCL, SUPCL and SNL - - Provision made during the veaperon 4.087.353 16,189,410 9.184982 12,779,928, Payment during the yealparod (333756) __(1.tTaaan) (353,756) __ 1,183,022 ‘Gosing balance Ga,n72.447 61,168,880 60,512,270 56,661,084 22.2.2 Liability for assotsretromont obligation (ARO) Consolidated ‘Separate fn Toke 30Sep2017 30 June 2017 50 Sep017 30 June 2077 ‘Opening balance ‘OF sPL 35,503,042 34,088,921 96,503,042 34,050,021 01 SPPCL, SUPCL ane SNPL - i Prousion made during the yearperoe 63401 2444121 eseeot 484,121 ‘Augustment/paymant made Gung the yealperiod losing balance TATOO STOTT 3 SOU AE 23 Unelaimed dividends Consolidated Saparate fn Take oSep 207 30 June 7017 30 Sep 7017 _ 30 June 2077 Gpening balance oFseL 49,380,882 185,051,305 43,380,882 105,051,306, Of SPPCL, SUPCL and SNPL : Ccash cvidend detared curing he periodlyeer - : Proceeds fom sale of factional shaves : 199,498 . 199,498 ‘Gash cvidend paid uring the periodiyoar 134948) (14,888,918) 194945) _ (141,969,818) ‘Gosing balance B.200,557 43,300,082 79.246,557 43,300,002, ‘These amounts represent dividends that remained unclaimed by the shareholders as at 30 June 2018. These amounts are Aepasited in a Bank account and ace payable on demand. 24 Trade payables Consolidated ie Tose 30Sep 2017 30June 2017 30Sep2017 30 June 2017 Gas br ‘Ashula Power Plant 4,558,398 5,199,540 4.556.309 6,199,840 ‘Ashula Power Plat (Expansion) wazezts 1431202219282 13414 312002, Narsingd Power Plant 4,236,187 5907192 4,236,187 5,087,192 Nareingck Power Pant (Expansion) 1o738018 9,787,806 10,738018 8,767,506, CChandina Power Pint 50,218 5.386.261 5.440.218 5,986,261, CChandina Pomes Pat (Expansion) 6222869 © 6260469 6,287,869, Bakhvabad Gas Transmission and Dist. Co, Lt, 2es21786 38,700.85 26,321,286, Titas Gas Transmission and Dit Co. Li TrsT3398 777508 77STBI8—TH7TE AD Pasichimanchal Gas Co. Lis 5967;570 10)626,862 «5.967670 10,826,662 Heavy turace ol it “Madanganj Power Plant 1,304,088,400 632,853,788 1,904,008,400 632,863,787 Rupatot Power Pian 11306,502.448 991,568,824 . Madangan}l Power Pint Gis73848 363,448,264 : : ‘Navana Petroloum Limited - 6,708,000 : 5,704,000 Mobile Jamuna Lubricants Bangladesh Limited 2.562560 672,152 2.862.560 6,298,945 RRangs Petroleum Limited 4972,704___7,231 680 '3490,956.210 —2062,327,136 —TATSADT.ZT8 799,600,065 26Notes to the financial statements (Continued) 6 26 thor payablos and accruals Console’ Sei taxa 30Sep2017 30June 2017 30S80p2017 30 June 2017 Provision foricome We BERG ABD WE TORIES SUH SOB T0D ITE Uae for witroiing tax and VAT 35275966 43,205028 © 4796,763 2,710,600 ‘ity Bis (G86, en, rate na others) 9,076,695, 5470689 © 022.1778 418 974 “Taxon cirectors remuneration 8.970.393, : 8.970;303, : Refundable IPO subscription of SPPCL "156,686 156, ‘66,366 185,568 ‘Summit Oi and Shipping Limited 16488,288 18,307,280 2.433258 2,400,000 Provision fr C &F agents 97,168 67.148. 67148 67,148 Wantsia Bangladesh Limited 10.298632 so28'582 10,208,832 ‘Aken Spence Pe, $e Lanka 16,979,308 : : ‘985 International 2:260,122 : ‘ot Enterprise "426670 : : ‘Secutty deposit money from suppers 23882903 23,520,775 : : Preference iesue management fees ‘4,250,000 : Divisend payable on preference shares 24,083,393 1,760,000 : : Interest payabieon loan 16 087,361, : : Energypac Engineering 542,800 642,800 Resouces and Soluions Lid. 246,100 : Deloot Limited 1600518, ‘Green Dot Limited +1108,900 - : Corona InernatinalBalte Control Lid. : ‘74.125 : : ‘Aur and certification fees 2272400 2,346,675 1,409,900 1,409,900 Secuty service expenses or7440 4204708 1017440 ,204,706 Borg Trac Lid. 332,880 332,860 3921869 ‘392,860 Secu deposit rom employees 275,000 216,000, 275,000 218,000, Others 4743290 __5067,349, 205,341 1,208,400, Was. 722,13 Wa. a66403 94,205,203 wa 216 6 Liab for fe ‘Consolidated Separate In Yaka BOSep2017 30 June 2017 30 Sep2017 30 June 2017 Opening balance ‘Addon during he period, net of ropayment “Transteragusiment during he period {losing Balance, 103,626,008 a74,972,119 103,526,886 (374,372,118) TDR EPEBES 108,526,966 28ar Notes to the financial statements (Continued) Revenue For the tet quarter ended July-Sep 2017 July-Sep 2016 In Taka Consolidated Separate Consolidated Separate Fehula Power Plant 45,478,960 45,470,900 46,646,306 45,644,366 ‘Ashulia Power Plant (expansion) 237,207,268 237,207,258 234,746,944 234,746,944, Madhabdi Power Plant 50,168,671 90,158,571 44,904,666 44,904,666 Madhabdi Power Plant (expansion) 168,270,816 168,270,816 148,262,691 148,262,591 Chandina Power Plant 48,770,390 48,770,390 46,656,105 46,656,105 Chandina Power Plant (expansion) 99,499,787 99,400,787 97,644,719 97,681,719 Jangalia Power Plant 183,745,597 183,745,597 185,648,449 186,645,449, Rupganj Power Plant 201,939,936 207,930,936 167,644,601 167,844,501 ‘Maona Power Plant 196,242,954 198,242,054 186,826,744 186,825,744, Utlapara Power Plant 86,078,614 66,078,514 61,307,737 61,307,737 Madanganj Power Plant 1,007,949,258 1,007,949,258 1,064,834,838 1,064,834,898 Rupatoli Power Plant 1,723,816,887 ~~ 1,467,180,645 - Madanganj Power Plant (Unit I) "786,919,047 = 866,286,803 : 816,077,975 2,305,342,031 4,386,254,108 2,283,816,660Notes to the financial statements (Continued) 28 Costof sales For the fst quarter ended July-Sep 2017 July-Sep 2018 In Taka Consolidated Separate Consolidated Separate Gas consumption ‘Ashulia Power Plant 14,570,170 14,570,170 14,845,955 (14,346,955 ‘Ashulia Power Plant (expansion) 44,203,888 37,450,973 37,460,973 Madhabdi Power Plan 16,678,016 16.678.016 13,614,919 13,811,919, Madhabdi Power Plant (expansion) 34,295,919 34,205.99 28,607,422 25,807,422 Chandina Power Plant 16,251,637 16,251,637 «18,049,938 15,049,939 Chandina Power Plant (expansion) 18,892,138 18,832,138 «16,381,920 16,381,920 Jangalia Power Plant 49,295,575 49,205,575 43,113,947 43,113 947 Rupgenj Power Plant 58,163,679 $8,163,579 42,797,143 42,797,149. Maona Power Plant 57,544,184 57,544,184 52,755,674 82,755,674 Ullapara Power Plant 19,127,063 19,127,083 16,486,842 16,466,942 HFO consumption Madanganj Power Plant 671,444,603 671,444,603 702,163,021 702,163,021 Rupatoli Power Plant 1,396,582,446 ~ 1,125,008,520 : Madanganj Power Plaat (Unit) 616,773,846 {487,727,768 : TTankage handling charge 18,602,408 7,323,684 16,673,687 7,289,776 Tools and spare consumption 110,254,033 93,655,349 186,855,620 148,609,742 Lube and other oll expenses 92,922,132 30,340,242 «89,992,838 82,868,625. Lube oil ang testing expenses 275,625 275,625 2,608,647 1,963,672 Salaries and allowances 78,125,489 61,468,017 «61,524,799 50,842,616 Insurance premium 17,273,769 8271910 13,384,665 8,314,942 Dally labor charges 5,562,810 4,114,557 4,844,303 3,448,009 Lease land rental 917,918 917.918 1,200,935 1,249,938. Securly service expenses 6,062,060 2,887,740 3,134,589 2,258,025, BERC licence fees, 871,308, 305,508 4,871,694 1,181,604 Plant maintenance expenses 44,067,114 38003918 24,752,692 23,406,627 Depreciation on plant and machineries 246,749,564 177,971,699 __ 267,912,686 __191,946,182 29 Other income, net 3,641,441,292 1,434,712,937 __9,226,556,898 _1,473,06,099 0.7563 0.62 0.7356 For the 1st quarter ended July-Sep 2017 ‘July-Sep 2016 in Taka Consolidated Separate __Consolidated__ Separate ‘Sale of emply ube of drums 262,119, > 906,320, Miscellaneous, net of expenses 335,014 335.614 2318,716 2,018,716 597,733, 335,614, 3,225,036 2,018,716Notes to the financial statements (Continued) General and administrative expenses For the fst quarter ended July-Sop 2017 July-Sep 2016 In Taka Consolidated Separate Consolidated __Separate Galares and allowances 27,528,541 26,506,179 26,523,375 25,804,920 Gratuity 3,578,250 2,933,750 8,000,682 7,675,381 Directors and CEO's remuneration 10,776,153 10,776,153 9,941,250 9,941,250 ‘Tax on directors remuneration 7,200,618 7,280,518 4,026,000 4,026,000 Security service and contractual workers 423,730 416,000 "393,184 885,094 Education and training 133,285 433,265, 2,285,715 2,268,465 Employee welfare 99,461 92,972 182,069, 109,278 Board meeting attendance foes 740,491 589,411 194,395 194,395 ‘Audit committee attendance fees 80,000 80,000 30,000 30,000 Communication 2,833,070 2,037,175 2,224,956 1,924,484 ‘Travelling and conveyance 4,483,627 1,013,066 1,611,007 4,159,746 Vehicle fuel and maintenance 3,759,661 3576,038 3,294,635 3,271,713 Entertainment 4,048,341 3,128,168 3,436,534 2,807,726 Food and lodging 204,192 "204,192 211,058, 211,088 Printing and stationery 824,074 659,365 633,305, 492,811 Office expenses 373,200 284,824 211,513 164,640 General repair and maintenance 2,298,578 1,615,752 4,712,466 1,258,328 Rent, rales and taxes 4,392,459 4(530,925 5,774,527 6,186,861 Utility expenses 4,774,924 2,261,848 2,373,853 1,782,534 Insurance premium 298,792 298,792 302,022 302,022 ‘Advertisement and publicity 1,102,612 1,102,512 1,027,000, 927,000 Gift and compliments 247,212 197.212 340,268 310,268 Donation and subscription 12,506,108 12,428,108 6,758,760 6,690,500 Legal and professional consultancy fees 6,803,188 3,957,960 5,284,460 3,621,550 Uniform and liveries 2,444,230 © 2,444,230 2,428,090 2,422,010 Aut fees : - 862,500 862,500 Credit rating foes - - 71,328 - Environmental compliance: 294,990 275,670 206,894 206,894 80 certification : : 134,550 134,550 ‘Annual General Meeting expenses 167,750 167,750 876,742 576,742 Extra ordinary General Meeting expenses - : 701,470 701,470 Depreciation 7,080,082 5,300,104 9,647,078 9,429,344 ‘Amortsation 93,333, 83,333 83,393, 83,333 Tender document expenses - - 904,730 904,730 Annual fees 1,022,738 696,234 3,215,204 (2,842,047 Business Development expenses 4,278,308 3.591.491 516,022 239,822 Bad debts expenses, . Miscellaneous. 217,300 217300 45,180 4,200 708,729,075 00,139,207 106,242,853 992,631 29Notes to the financial statements (Continued 31 Netfinance costs For the Tet quarter ended July-Sep 2017 July. In Taka Consolidated __Separate__Consolidated__Separate Finance Income Interest on FORS. 56,679,381 96,679,341 17,687,082 18,811,525 Foreign exchange gain/loss) (19,209,935) (2.643.735) - - 37,469,406 54,035,608 17,607,092 16,611,525 Finance expenses. Interest on loan Bank Asia Limited 100,000 100,000 2,261,111, 2,264,111 Liquidated damage : - 18,870 18,870 Dividend on redeemable preference shares 2,083,339, . 30,448,632 «8,827,476 Interest on term loan 188,967,800 - 188,941,042 : United Finance Limited - - : : HO T1133 700,000 127,666,555 10,607,457 Others Bank charges and others 624,485 44,607 650,973 127,988 Bank guarantee commission/SBLC 3,069,359 3,089,369 433,742 439,742 ‘Amorisation on ARO 694,801 634,801 672,363, 672,363 ‘Operation and insurance bond commission 667,347 667,347 667,347 867,347 ‘Amortsation of transaction costs 4,499,280, : - - Annual foes 2,220,613, - 4,150,000 __ 1,150,000 71,615,785 Ta6114 3,574,425 3,081,420 Finance expenses 121,766,918. 4,516,114 126,240,880___13,658,877 (64,297,512) 19.402 (107,553,688) 852,648) 32, Earnings per share (EPS) For the tt quarter ended July-Sop 2017 July-Sep 2016 In Taka Consolidated Separate Consolidated __ Separate Basic earnings per share Profit attributable to ordinary shareholders __1,082,816,810 821,344,903 1,075,752,402 742,479,859 Weighted average number of shares outstanding (diluted)/(re-statod) ‘number of shares outstanding 4,067,877,238 _4,067,877,239__1,067,877,299 _4,067,877,239 7,067,877,2381,067,877,238 _1,067,877,238 1,067,877,239 Eamings per share (EPS)(Re-stated) 04 a7 To 70 30Notes to the financial statements (Continued) other asclosures Signiticant accounting policies The accounting plies stout below have been appa consistently oa perods presented in hese financial statements Sel out below i an index of te sigaicant sccounting polis, the dete of which are avaiable on the cument and flowing poges: 38.1 sis of consolidate and soparate francial slatements 392 Proper, plant onc equpment 33.3 nlangbie assets 58.4 Leased assets 395 Invenioies 338 Provsione 337 Conlingencies 338 Employee benetis, 329 Revenue 3210 Taxation 83.41 Foreign curency ransation 3212 nance ncome ang expences 3312 Fnancialinsuments 35.14 Imparment 88.18 Earnings per share (EPS) 3216 Onidense 39.7 Sistement of cash ows 38.18 Matorality ana aggregaton 39.40 Events flr he reporting pesoa 39.20 Slandards asued but not et eflectve ”Notes to the financial statements (Continued) ‘Basis of consolidated and seperate financial statements Subsitartes ‘Subsidaries are ents contoed by the Group. Te enisence and efecto potential voting rights thal ae currently exercisable or converible ore considered when assessing whee” the Gcup contals another en. Subsidies are fly conschéated em Gale on whi contalsWanaterred to he Group. They ar 3e-conschdsos Wom the date cn whch conl ceases ‘ar Watnen= Name of Subsidiaries controting contating Interest Inerosts Sommt Baresi Power Une ‘0 3 ‘Summit Narayangan)Pover Und! Lites “6 51 ‘Sument Chittagong Power Lines “ 3 ‘ee Aliance Power Lines ea 38 ‘Summit Power Lite held 71.05% shares in Summit Purbanchol Pomer Company Limited, 51.40% shares in Summit Uttaranchal Power Company Limited and 88% shares in Summit Narayanganj Power Limiea. Summit Purbanchot Power Company Limited held 20% shares In Sunsmt Nerayangan) Power Limited. On account of oss-hoaing, Summit Powe Lines eftectvely held (69.21% snares m Summit Narayangan| Power Limes. Dve Wo amalgamation elective fom 1 January 2076, cre tere ino ‘estence of thee tree subeidaree ‘Also, Summit Power Lived (SPL) olds 49% shares in each of Sumit Basal Power Limited (SBPL), Summit Naryangen) Power Unt! Lint (SNPL I) and Surv Chatagang Power Lines (SCPL). However, accorcing fo canal prosadures cutned In BFRS 10: Consobdeted Financial Statemerts, SBPL, SNPL-I and SCPL are under the contol of SPL because SPL det manages the actintesioperaons of those ene since ther commercial operation date (COD) treugh common corporate ‘management and thus thas the power over these thre ents ane has etabened bon exposure snd igh fo scan alecl Fetuns ofthe iwestee companies, Teretore. on his ground SPL Weaes these enites as is Subsidies ang conechiates tes nite nancial tsterente oe nancial taiomonts, ‘Te accounting policies of subsataries nave been changed when necessary o align them with the polices ssoped by he Group. Losses applicable to the non-conkoling interests 9 subsidiary ae alocates to the non-contoling interes even # dong £0 causes the non-contoting lees io have a defi balance 1p Transactions eliminated on consestdation The financial statements othe subsidies have been consolidate wth those of Summit Power Lime in accordance with BFRS 10: Consolidated Financial Statements. Ina-grup balances and transacions, and any unreaksed income and expenses ring from inta-goup Wansactons are elminsted in prepanng consoldated tnancal slalemen's, Unveatsea gains ansing fam transactions wit equty accountodivesteos (hat means in ary company wherein Sumrst Power Lnild has made invostents, any) ae eliminated against he investment ote exert oft Groups inert nthe nvesie. Unrealsed losses are elinated in the same way ae unread gains, bul ony to the extent tal here no evidence of imparmen. However, on 30 June 2097, Ie ‘Company has no such invesimenis mp Basis of preparation of seperate financial statements ‘The Group has presented separate nancial sltement in aden lo consolidate nancial stslements yj Disclosure of interests in other ene [As 9 result of BFRS 12: Dislosure of inerests in Other Enttes, the Group hes extended is dlcicaures about Ms nests in ‘susiries and equiyaccovntedivestees Y Business combination of subsioarie with the Group entty nen any of te subsidlares of Summit Power Limed (SPL) 18 amalgamated wh the Group ently, tis imples tat the ‘amalgamating company ulimately controled by the same party (.e. SPL) both Before and afer he amalgamaton. According BBFRS 3. Business Combinations, ths Isa Common cone! ansackon where conto isnot Kansitry. BFRS fs sent case of commen control vaneacton. Thelen guch cases, al asta an labios om the amalgavaing compacy ae Wane to th books of the Group entity applying bock value (carry-over bass) accounting inslead of fa value under acquisition accounting ‘Spproach as ceserbed in BFRS.2. Any ciference Between the consirston paid and eres soguled is resognese det eau. 2Notes to the financial statements (Continued) Property plant and equipment 1) Recognition and measurement tems of property, pln! and eqspment are measvced at cost ss accumdaled depcecation and accumulated impaiment ose, ‘ny. The cost ofan lem Of oper, plant an equipment compsees is purchase pee impOr dias and non-refundable faxes, siler deducing rage dscaunt and rates, and any costs dec atsbutable to bingy the eset fo the locaton and condiion fecessary frit be capable of operating ste mtendes manner. ‘Appling the requrement of Bangladesh Financial Repering Interpretation (BFR) 4 Delamning whether an Avrongemont contains a Leaso, the Power Purchase Agreement (PPA) belweer the Company/Group units and BPOBIBREB can be sa 0 Contain lease sirangerent. This could be interoreted as resuting in the Vansfer of subsiandally al of he rsks and rewards Ineteetal to the ownersip to the undying assets (poner pert) tothe of taker (BPOBIBREB) wo would efetvaly be the lessee. However, maragemertconciuted thatthe PPA does not Versfer substantia al sks indent to arership a3 pe the ‘eeuivenent of paragraph 47 o! BAS 17-Ae auch al ese lease srengements are considered ee an opeaing lease 1 Captaisatin of borrowing cost Finance costs that are cect altibutabe fo he constuction of pants are Incuted inthe cost of those plants in compliance wih BAS 25. Borowing Coss. Capitaisaon of beroning costs ceases usen receipt of independent engineers report which, In ‘cordance with Power Purchase Agreement, contms he avaiadily of plans fr use ) Subsequent costs “The cost of replacing pat ofan ter of property. plant and equipment is recognised Inthe carrying amount of the Hem fs probable hat the flue economic Benefits embodied wan tne part wil flow to the CompanyiGroup and ts cost can be measured Fetably. The carving amount of the replaced par is drecognised. The costs ofthe day-to-day Servicing of propery, plant and {auiprent are recognised o the pro or oss as cares. Spare pans whose estimates usel We is mere than Wo years are ‘aptaised and depreciated using the agntline method over the eslnated vel of between 2 0 10 years when used in ‘major repa anc maintenance processes, The spare pare which are replaced by a major overhaul wl be removed from the costo propery plant and eAuipment ‘Revaluation of lane ana plant and machinery ‘ne Company and he Group unts have evalu he plant anc machinery, ell works an! and ol her own unison vanes es ‘The CompanyiGroup ranslers te excess Gepreiaton on valued asses lo elaine earings. Detals areas flows ‘Name of Compar Teme valued Name of Valuer ‘Ashule(Saven, Madheba(Nacsingd) ond Pla, machineries and cv works. 8. F. Ahmed & Co, Cherteres Accountants CChancina(Comila} Power Pans (under _Land.angland devetopment—_-S.F. Ahmed & Co. Chareres Accounants Sumit Power Linked) ‘Rupgeni (Nerayangant) and Jangate (Conia) Land andland development 8. F. Ahmed 8 Co, Chanered Accountants Powee Plants (omery unaet Sumnrt Purbanchol Power Company Limited) Madangan|(Narayengan) Power Pisnl Land andlanddeveloement__ACNASIN, Chartered Accountans (toomery under Summit Narayangan, Power Land andlanddevelopment _S, F, Aled 8 Co, Chartered Recountans Limdeg) Depreciation Depresaton ecognisedin ine prot o 18s ona srigh-ne basis over the estimated useful ves ofeach tem of propery, plant ‘and equipment eluding ested a8cets excep and and ona developments, Land aed lan developments ae nel depreciated Pant and machinery are depressed frm the month in which the asset comes nto use oi capitalised othr than revalued plant ‘and machinery when are deprecated fram the calendar yea folowing the year of valuation. According Io the Power Purchase ‘Agreement independent engineers report confms the avatabily of plans ler use. Ofer los of prepay, pint and eculpent continue fo be depreciated frm tne month immediately folowing the month on whch the asset comes ilo use orf aptalsed, Incase of isposas, depreciation is charged oul mont in he month of disposal Depreciation of powerplant has been charged considering 30 years useful fe and resial value cf 18% of eriginal cost, on ‘aight ine basis onthe groans that management inends Io canine wih operation alter completion of 51 15 years as salen {he Power Purctase Agreement (PPA). Aocraing lo PPA the management can apply for extension ofthe agreement two years before the exocy ofthe agreement and management has deciaed to exerise ths opton ures it would Geary et In Ihe intrest othe CompanyiGrou at tal sage except Masangan power plantNotes to the financial statements (Continued) ‘The estimstedusetl ives of property, plant and equipment as detemined have been shown below ea ris re Faxntre snd 70 70 Dee and elecircal equipment 5 5 fee decoration 5 5 olor vehicles 5 5 aietonance equipment 5 6 Civt works ang ners 5 6 Plant and machinery: Man wansteemer 20 20 Electrcl suostaton 2 20 Mechanica pars 30 20 Balance of pant (BOP) 20 30 rial and capil spare pans 21030 21030 0 Retirements and alsposats ‘An assets derecognised upon cipal or when n fulie economic beni ore expected rom its use and subsequent posal Gains or losses arising from the felrerrent or cisposal of an asset is deterrined as te diference between the net dsposal [proceeds and the earring amount of tne asset and is recognised 35 gain or loss fom deposal of abset uncer other aceme 'Salement of profit a oes and lhe comprehensive income, vip Asset retirement obligations ‘Asset retrement obligations are recognised when theres legal or consruivecbigeton as a result of pest event fr csmanting {and removing an lem of property, plant and equipment and restoring the site on which te tems ocaled and ts probaie that an futon ef resaurces wil be requed to sete Ine obligation, and 2 reliable eshte ofthe amount of obigaton can be made. A ‘corresponding amount equvalent to the provision is aso recognised a pat of the cost ofthe related propery, lant and ‘equoment, The amount recoonised ie the estmaled cost of decommissioning, discounted tots preset valve, Changes in the estimated timing of decommissionng or decommissioning cet estimates are cea wih prospectively by recording an agustent to the provision, and corresponding adjustment fo propery, plant and equipment. The periodic unvixsng of the GScoUnt Ie recogrised in statement of proilor loss and cher compreensive income asa france cos 2s Roce ‘uy Capital work n progress ‘Captal workin progress consists of acausiton cots of plant and machinery, capital components ard related insaltion cost unt ‘he dale placed in service Ir case of impor. of cemponens, capital work In progress Is recognised when sks and rena ‘associaled wih such aesets are transfered lo he Company/Group, ie al he te shipments confmed bythe supp. 1) Spare ports Spare parts const of elcal an capt! epare pats and coneumable spare pats. Citic and captalepare parts ae those which ae used pariculany for scheduled mainlenance an overhaulng. These are deprecated over her estimaled usel Wes, On the father hand. consumable spare pals ave Greet recognised insiaement of YOR or loge and other comprehensive mcome A= consutned Intanghole assets 1) Recognition and measurement Intangible asses hat are scquied by the CompanyiGrovp ard have fine sell les are measured al cost less accumulated ‘amorsation and sozumulaea inparmont ss, # ary, langue assets are recognised whan al te condone for recognition a Ber BAS 36: tango assets are ret. The cost ofan lange asset compases is puchase gee impod dues 2nd nom ‘otundable aves and sy dec attributable cost of preparing the asset ori tended use, 1p Subsequent costs ‘subsequent expendture fe capitalised only when itinerant the future economic Benes emesis inthe spacite asta 10 which iralates. All other expenditures are recognised nsltement of profit loss and olber comprehensive income as incured {iy Amordsaion FT sofware and brand are amorised over 5 and 30 years respectively fom the year of fst ulisalon. The brand represents @ [payment mace by the Summ Powe Lmed In 2008 fo Summa Coporaten Limited fo use name and ane nilecual properties (6f Suneit Corporation Limites ‘Amotieton of inlangibleaselsscharge fram the year of acquisition and are amortized under sraight ne melnesans 3342 a6 Notes to the financial statements (Continued) Lensod assets Finance tease LLeates i terms of whic the ently assumes substantial al he risks and rewards of ounership ate Gassiied as fnance leases ‘Upon inal rosogion tne leased nesel © measured stan smount equal othe lower of te fr valve and the present value of minimum lease payments. Subsequent tinal recognition, the assets accounid for In aocoraance win the accouning polcy ‘2pplcable fo thal asset. Each lease payment is aloeated othe principal amount and fo the finance charges in a suena way 10 ‘Sehiave a constant rat on he tnanes balance ovitanding. 1) Recognition and measurement Finance leases hove been recognised as assels and lblies in the slatoment of francil peslon at amouns eqvsl atthe inception of ease Io the lower of tal value o eased property a present valve of minimum lease payments The inert imp inthe lease as been spread equal ver the lease term. 19 Depreciation Finance leases ve rise to dopreciaton expense for a depreciable asset as wel 2s a finance expense foreach accounting "The cepreciation poy for deprecabe asset's conseten wi hat for deprecsble assate ule are owned Operating lease [At esses oer than tose which meet the deinen of tance lease are rested as operaing lease and are nol recognised nthe statement of francial postion. Payments made under operating leases ate charged to the statement of profit or loss and other comprenensive income, Inventories Inventories consist of lube all and fuel. These are fo use In the operaton and mainienance of power plan's Inenoves are measured al lower of cot and nel easable valueless allowance fr obsolescence. Coste calculated on Fist In Fist Out (FIFO) basi Provision ‘A provision is recognised on te date of statement of fnancial postion If 2s 2 result of past events, the Company/Group has a present iegal or constructive cbigaton tal canbe estmatod etaby, and its probate that an cut of eccnome beri wil be Feauived ose the obigaton except the emcunt payable fete of ere contingencies 1 Contingent rabity ‘Contingent Kabily Is a posite cbgaton that arses from past avons, the existence of which can be canted only by the ‘occurrence or nen-orcurtence of ene or more uncertain (sre evens net whaly wit te contol the enafGrcup. Contingent Habilly shoud not be recognise In the financial slatemens, But may reque dscleeure, A grovslen ehoula be recognised in the period in which ie recogiton eres of provision have Dsen mel 19 Contingent asset Contingent essets a posse asset ha arses fom past events, the existence of which canbe confirmed ent by the occurence ‘or nen-occuitence of ere or more unevai fur events not whaly within fe convo ol he CompanytGroup | comngent asset must col be recognised. Only when the reason ofthe related economic Benet i vitualy certain shoud ‘reeognden lake place provided halt can be measured relably because ha poi the sets no ong coningent398 sa10 Notes to the financial statements (Continued) Employee benefits ‘Te CompanyiGroup maintains both defined sensi plan (grtuly, dened benef plan (eave encashment) and detines contabuton plan (Centibvory Provident Fund) plan for elgble permanent employees. The ebgibity Is Getemined according 0 the terms ana conden set ort inthe respective employee Benet polis. 1 Detinea benett plan gratulty) ‘A getined benefit plan i 9 post-employment bene plan other than @ defined contibution plan. The CompanyiGroup operates an lurfunded grauly scheme which 's a defned benefl scheme. A provison in respect of ts Is made pevecicaly covering al permanent empojees by applying year of employment tlntest base salary. Alnough no actuarial vatstion was cone to quant ‘Setuaral fabiites a8 per BAS 19: Employment Banofis, ch valunton ot ily yield a result inca ferent rom the ‘currant provision as the number of prmanent emeiayee wh fal uncer his plan Ie aly two hundred and eighty nine. Graaly Scheme s rot ecoansed bythe Natonal Board of Revenue 19 Detined bene plan (leave encashment) ‘Tne Compary accrues annual leave fe each permanent employee, fone doesnot avathe leave al 1.5 tmes of basic salary. The Upper ims 15 cays accrual per year per empeyee |p Detned contribution pan (provident fund) “The CompanyiGroup operates Contributory Provident Fund (CPF) fo alts permanent employees, which ita defines contbuton plan, The provident fund i administered by he Soard of Trustee and is funded by carbons from employees ana rom the ‘Company al 10% of the basi pay, Those contibutons are vested separately om the Company/Group business. This hinds ‘ecognised by National Board of Revenue |v) Workers'Proft Participation Fund (WPPF) ‘According tothe Labour Act 2008 (amended in 2013) (the Act), ary company that ful the prescribed criterion of tis Acts ‘equied to cet up a workers prot partcipaon ara wolfe fund. With eet from 1 January 2014 tbe management of te Companyiroup underwent an interna Han Resource resctring exercise, The Company/Group emeioys ony managers and ‘allo ee employees are pan of the management authorty envusted with manageralresporibies and al oher services are ‘utsourced. As sue, the Company/Group does not ave any “beneficiary” fre purpose fhe Act and heelore no Si urd Is requred be ereaied. This suppote by opinion abained bythe Company tom extemal egal counsal Revenue Revenve is recognised inthe prott or ese upon supely of elect, quantum of whichis determined by survey of mele adn. ‘Revenue is meatured alfa value of conseraton received or recelvablo Rovenve under Power Purchase Agreement (PPA) comprises capeciy payments and enetay payments, Capecy payments are recognised accorcing toe es stout inte PPA Energy payments ae eleulted bated on electra cetvere, ‘Txation 9 Curront tax No provision is requlted for income tax onthe Company/Group’ profs asthe CompanyiGroup has received exemption rom a buch anos from te Government of Bangladesh under the Phvato Sector Powor Gaveraton Poly fora pened of 18 years fom Star of fs commerce operation. Such exemptions applicble or the power ans athe period 98 sald below Tax axonption Name of plants expires on Ashuta (Saver), Machabdl(Narsings) and Chandina (Comile) Powe: Panis ‘August 2018 and (under Summit Power Lime) and al os expansion nis ‘Dee 2021 -Rupgani(Narayangar) and Jangatis (Cons) Power Pants {ormery under Suri Purbanchal Power Company Lined) tune 2024 Maona (Gazipur) and Utapar (Srajgan) Power Plans {tormery uncer Summ Maran Power Company Lined) arch 2024 In caso of Masonganj (Norayangan) Power Pian no provision is requted for income tax on the Company's profis as the Bangladesh Pones Development Board (BPD) i esponsibe for payment of income taxes other laxes, VAT, de, levies and all cer charges imposed inside Bangladesh on any payments made by SPDB tothe Company fora perod ofS years rom sat of 1s canmercal operationaaaz a343 asso Notes to the financial statements (Continued) 1 Deferred tox ‘As tore ls considerable uncertainty wth regard to the taxation of such compares afr the expiry ofthe tax exemption prod, he management feel tis pol pose a make 0 reasonable estimate of delered tax suseelabiies ot Wis sage, Foreign currency translation Forelgn curency ransaction ar ansiaas ito Bangladesh Taka a he las ruing on the vansacton date. Al monetary assets fand ladies atthe slalement of financial pesiton date are revansaied using rates prevaiing on that day, Foregn carency Giferences arsing on retansiaton ae recognise onthe statment prot or bss and one compreheneive income. Finance income and expenses Finance income comprises ilerest aeons on funds invested, tees income is recognised on accrual bass Finance expenses comprise interest expense on loan, overdrat,fnance lease, forex gaiv{aes) and berk charges. All borowing costs are recognised in proft or lose using fect Interest mthad except fo the extent that they are eaptalied dung constuction perio ofthe plans in accordance wth BAS 25: Booming costs ‘financial struments any contract hat gives rise fo a financial ase of one ently anda financial labily or equy instrument of another entty Accounting polices retin a arent ype of inancal Instruments are described below Financia assets “The CompanyiGroupinialy recognises receivables on te date tal hey are orignal. Al other hancial assets ae recognises Intialy on he date at wncn the CompanyiGrovp bebomes party ote canractualproviane of raneaction ‘The CompanyiGroup derecogsises a tnancal asset when the contractual oh or probabilies of reeivng he cash Nows tom the asset exe, oF vansters the rohls 1 receive the convactal ash flows on te nancial asset ina Wansacton in which ‘substan sl th sks and rewards of ownersvp othe nancial asel are Wansteres. Financial assets include cash and cash equivalents except cash in hand, ade recevabes, cher recsvabes, avalabe-fe-sle financial assets ana deposi 0 Cash and cash equivalents ‘cath and cash equivalens inoue cash in hand, cash at banks an fixes Saposts receipt whch ae Nes and avaiable for se by the CompanylGroup without any restrcton. For be purposes of salement of cashflow, cash and cash equvalens comps cosh in nana, daposts held at franca ngtiutons ang shorter high igus vestments wth matures of tee monte a ess om the date of aogusiion. Bank overdrafts hal ae repayable on demand and form an integtl par ofthe CompanysiGroun's cash ‘management ar ineused as a component of cash ana cash equvaients for tbe purpose of he statement of cash Hows, (i) Trade recevabies ‘Trade receivables consis of unpaid bis receivable rom Bangladesh Rul Electrilcaion Boars (BREB) and Bangladesh Power Devecpment osrd (QPDB). Trade recavabes are recognised inayat orignal invoioe amount and subsequenty measuthe at ‘ne remaining amount les alowances fr dol recevebles at re year end (uy omer recevabies Other receivables are sated at amounts which (av Avatabe-or-sateMnancia assets ‘Avalabiefor-sle financial assets ae non-dervatve fnancil asses that are Setignated a avaiable for saleby management ‘Subsequent 10 inal recognien, they are meastred at fa vale and changes therein. ober than impaimment losses, are ‘recognised in other compreneneive incor and presented inte for valve reerve i equty When an vestments derecopnises, the gan or loss accurulated in equy is reassited lo pot orioss. i) Deposits Deposits are measured a payment valve.sasa2 33.33 saa Notes to the financial statements (Continued) Flnanclal bites Financia abites are recogeited italy en the transaction date t which the CompanyiGreup becomes 0 pat tothe contracts! frowslons ofthe labtyexoept the amount payatie for later of etc The Company derecognises a nancitlably when fe ontacialobsgatons ae dscharged or cancelled or expres Financial abies inoue projec loan, redeemable preference ‘abies es, ner company payates, wade creators ang othr euient (0 Projectloan Principal amounts of the loans end borowings are etalod a thoi amortized amount. dovrowings renayable ater weve months from the date of staemet of nancial positon af classified as nor-curretlaoltes whereas the prion of borrowings fepayale wie welve months from the dale of Satement of financial postion, unpaid interest and ole charges re classified as cent Tabaties (0) Trade payabios “Trade cediors consist of unpais bls payabeto ferent pares fr heavy fue ol and lubricant consumption. The CompsnytGroup recognises a rade creditor whon is contracal obigatons arising fom past evens are cata and the seltemert of whichis ‘petted to result in an ouow rom te ently af resources embodying berets, (W Redeemable preference shares Fomedy. Summit Purbanchol Power Company Linled and Sum! Utranchol Power Company Limited (hich have been amlgamaled with Summit Power Leited) nad issued redeemable preference shares in 2010 Later, Summit Basal Power Lites find Suenmst Narayangan) Power Unt I! United aso lssUed redeemable preference shares in 2017. As per BAS 32 Financial Intuments Presentation, tne sutalance of a nancial instument rater thn ie legal farm govern ie asateaion onthe eny’s Franca statement, Accordingly, Ne redoomabie preference shares wren, a subsiance, mest the conditons of a financial laity, have boon casi as lables in these franc statement Offsetting financial asset and financial bitty Fingncla esses and tnancial abies 2 ost and the net amount presented inthe statement of fnancial poston when, and ‘only when the CompanyiGrovp es a legal ght lo ise he emcunlsandintends eer lo stl them on a nel basso realise ‘he ab201 3nd sot ne hablysematanoousy, Impalement 1) Financal assets Receivables are assessed at each epating dale la delermine whalhr there any objective evidence of impamant. Financial aseels ore mpaied i oblecveevidenesinceales halo loss event hes occured alter te mil recognition othe aseel, and hat the fs event ad a negative fect onthe estat flue cash flows of fat asso tal can be estimated etaby. Odjoctve evidence tht financial assels are pared can inclu defeult or delnquency bya debtor, indications thal a debtor or ssuer wl fenter banupty, ee {) Non-Anancla! assets ‘An asset imosived when is carving amoun! exceeds is recoverable amount. The Company/Group assesses al each reporng Gate whother thee is any indcaton that an asso or Cash Ganeraing Unt (CGU) may be mpazed. I any such indcaton exis, {he CompanyiGroup estates Ine recoverable amount othe easel or CGU. The recovers amount ofan asset or 8 CCU fe Ihe tigher of far value less costs to salar ts valve in use. Caryng amount ofthe asset is reduced tos recoverable amount by recognising an impatient of, and ony the recoverable amount of we aeet les than fe caring emunt. Inst oes ' recognised immediately in proto oss and oer compretensive income, unless the assel is cated a evaled amoun. Any impairment oe of 9 revaluod a¢60t shal be Weslo 989 revaluation deorea%o. As a 30 June 2017, Ine ascostmen of estore impairment reveas hal impairment testing is nel required forthe Company/Group. (ay inventories Inventories are mesure al tne lower of coat end net ealiable value. These are for use in he operation and maintanance of ower plants. As iwentorie aro for intra usa, he vale 's vel o amishso18 a4 aaa7 aa48 sa19 Notes to the financial statements (Continued) Earnings por share (EPS) ‘Tee CompanylGroup represents basic earings per share (EPS) data fe ts ordinary shares. Basc EPS i calculated by diving the prot or oss atbutable Wo osinary shareholsers ofthe Company/Group by Ine weighted average number of ersinary shares outstanding ding the year. Diluted EPS ie determines by te ajuting the profi or loss atibuable to ordinary shareholder an the weighed average number of rdinary shares oustandlg forte tec of al luve potential orinary shares Dividends Final dividend cstibuions tothe Company'slGrown's shareholers ave recognised as a ably in the franca statements in the pariodn whch the evidend are approves Oy the Company'tGraup's shareholders at tha Anrual General Mesting, wie ism vidend distibuons are recognised nthe yearin which the dvidends are declared and pa Statement of cash flows (Cash tows trom operating aches have been presened under drect method as per BAS 7: Statement of Cash Flows Material and aggregation ach malarial class of simi ams i¢ presented separa in he inact statements, Noms of eesimiay nature ce functon are presented separately unless they are mata, Events ater the reporting ported ‘Amounts recognised In the franca elements oro sclusied for events alte the reporting period tht provide evidence of ondtlons that exiles atte end of te reporting period, No agjstment ie gluon in the taancal tatements fr events afer be ‘eporing period tha are ncicave of conten thal arose after te reporting period Material ronagjusing events are disclosed a ‘ho franca statements »Po Notes to the financial statements (Continued) Standards lasued but not yt affective ‘The Group has consistent apoted the sccounting potcls 1 al periods presented in thevetiancial statements. The various mencmants fo standards, Inudrg sry consequent! amendments te other standard, wt the date of iia! applcaton ot + January 2015 have been considered. However, these amendments have no maletal inpactcn the fnncil statements of the ‘Group A numberof new standards and amendments fo standards are efactive for annual evade beginning alert January 2018 anc ‘ater applieation ie permits. However, he Group has not eay applied he folowing new slanéarés'n preparing thee Fane ftatemets ( BFRS 9 Financtal Instruments {BERS €, published in uly 2014, copiaces the existing guidance in BAS 38: Financial Insiruments: Recognition and Measurement DBFRS @ includes revised guicance on tne classieton and measurement ol he nancial insruments, a new expected ced oss ‘model fr ealetating impanen of taal aseets, an the new general hedge acccuntng requirements. kalo carries fra the gudance on ecognlion and derecogniton of nancial nsruments fom BAS 99. BFRG 9 is ellacve for annua reporting pevids begining on or afer t Jenusry 2018, with eary adoplon permited. The Group is assessing the potent Impact on financial statements esuig tom the application of OFRS & ( BFRS 18 Rovenue from Contacts with Customers BERS 18 establishes a comprehensive framework or determining wheter, how much and when revenue i recognised. replaces ‘existing recogniion gudaree, incuding BAS 18 Revenue, 8AS 11 Consiucton Conkacs and BFR! 13 Customer Loyaly Programs, BFRS 15 is elfecve for annual reporing periods begining on or afer 1 January 2018, wih eary adoption permite, “The Groups yel'o assess the polental impact of BERS 15 on is nancial satoments, (a BFRS 14 Reguatory Deferral Accounts LBFRS 14 spect the fngrcal reconing raqurement for reguatory deferal account bslances that arse when an eatly provces {0008 or sevies to customers ala price o ate Pats subject orate reguaton. BFRS 14s effective er annual reporting pericas Beginning on or ater 1 January 2016, with eary adoption pemites. However, the Company does net partrm any acy thts sujet rate reguation, (i) BFRS 16 Leases ERS 16 eiminates the current operatngiinancng este dul socountng made oleate. Inteed, here ea single, on-baiance heel accounting made, siniar lo eurent nance lease eecouning, Issued in Januery 2016, ihe new BFRS wil recice the ‘eusting guidance n BAS 17 Leases. BFRS 16 is efecive for anual reporing periods beginning on or ater 1 January 2018. Early ‘optn is permite BERS 15 Revenue fom Contacts with Customers is also adopted. The Groups yoo asse55 the peel impoctof BERS 16 on te nancial tatoment, Name of auditors of the Group companies Tame of he company was Name of auditors ‘Summit Purbanctol Power Company Lined Subsidiary (amalgamstec) : ‘Summit Utarancel Power Company Limited Subsidy (amaigamatec) : ‘Summit Narayangarj Power Limted Subseary(amalgamates) - ‘Summit Barsl Power Listed Subsidiary ‘A. Qasom & Co. ‘Summit Netayangan) Power Unt Limited Subsiary ‘A. asom & Co, Summit Chitaoong Pome Lites Subsiiary MAK A Co. ‘ce Allance Power Lintes Subsidiary Rahman Rahman Hug Summit tieghnaghat Pour Company Linted Assonste Hoda Vasi Cnowahury & Co