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Annual Financial Report

30th May 2017 10:56

CG Power and Industrial Solutions Ltd - Annual Financial Report

PR Newswire

London, May 30

PART I
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
						(' in crore)
Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
		Audited	Unaudited	Audited	Audited	Audited
1	Income from operations
	Revenue from operations	1284.49	1160.12	1205.29	4761.43	4224.84
	Other income	35.02	58.50	71.03	200.41	226.33
	Total Income	1319.51	1218.62	1276.32	4961.84	4451.17
2	Expenses
	(a) Cost of materials consumed	877.34	747.58	762.14	3144.71	2767.09
	(b) Purchases of stock-in-trade	107.44	26.91	44.70	225.12	118.29
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(109.65)	(0.22)	(15.45)	(168.12)	(63.59)
	(d) Employee benefits expense	85.67	88.08	94.43	358.32	362.69
	(e) Finance Costs	55.82	47.09	19.10	163.83	39.77
	(f) Depreciation and amortisation expense	21.73	23.53	21.37	91.74	98.63
	(g) Other expenses	242.33	213.98	241.11	889.41	815.39
	Total Expenses	1280.68	1146.95	1167.40	4705.01	4138.27
3	Profit before exceptional items and tax	38.83	71.67	108.92	256.83	312.90
4	Exceptional items (net)	(57.88)	(35.94)	(1426.01)	(99.80)	(1451.71)
5	Profit / (loss) before tax	(19.05)	35.73	(1317.09)	157.03	(1138.81)
6	Tax Expenses	(10.09)	(10.31)	5.81	(0.70)	45.30
7	Profit / (loss) from continuing operations after tax	(8.96)	46.04	(1322.90)	157.73	(1184.11)
8	Profit / (loss) from discontinued operations before tax	(3.21)	(29.87)	(1.22)	(33.27)	146.70
9	Tax expense on discontinued operations	-	-	-	-	61.31
10	Profit / (loss) from discontinued operations after tax	(3.21)	(29.87)	(1.22)	(33.27)	85.39
11	Profit / (loss) for the period / year	(12.17)	16.17	(1324.12)	124.46	(1098.72)
12	Other comprehensive income:
	(i) Items that will not be reclassified to profit or loss	4.32	(50.98)	(35.26)	(54.95)	(47.88)
	(ii) Income tax relating to items that will not be reclassified to profit or loss	(0.93)	0.89	2.38	1.73	6.75
13	Total comprehensive income after tax	(8.78)	(33.92)	(1357.00)	71.24	(1139.85)
14	Paid-up equity share capital	125.35	125.35	125.35	125.35	125.35
	(Face value of equity share of ` 2 each)
15	Reserves excluding Revaluation Reserve as per balance sheet				4073.94	4002.70
16	Earnings Per Share (for continuing operations) (of ? 2 each)
	(a) Basic	(0.14)	0.74	(21.11)	2.52	(18.89)
	(b) Diluted	(0.14)	0.74	(21.11)	2.52	(18.89)
	Earnings Per Share (for discontinued operations) (of ` 2 each)
	(a) Basic	(0.05)	(0.48)	(0.02)	(0.53)	1.36
	(b) Diluted	(0.05)	(0.48)	(0.02)	(0.53)	1.36
	Earnings Per Share (for continuing operations and discontinued operations) (of ` 2 each)
	(a) Basic	(0.19)	0.26	(21.13)	1.99	(17.53)
	(b) Diluted	(0.19)	0.26	(21.13)	1.99	(17.53)

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
						(' in crore)
Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
		Audited	Unaudited	Audited	Audited	Audited
1.	Segment Revenue:
	(a) Power Systems	704.16	636.30	708.80	2684.05	2424.68
	(b) Industrial Systems	580.66	523.85	496.75	2078.00	1800.54
	Total	1284.82	1160.15	1205.55	4762.05	4225.22
	Less: Inter-Segment Revenue	0.33	0.03	0.26	0.62	0.38
	Total income from operations	1284.49	1160.12	1205.29	4761.43	4224.84
2.	Segment Results:
	[Profit / (loss) before tax and finance
	costs from each segment]
	(a) Power Systems	54.38	64.11	49.49	208.00	116.98
	(b) Industrial Systems	36.89	54.26	55.73	190.04	174.28
	Total	91.27	118.37	105.22	398.04	291.26
	Less:
	(i) Finance costs	55.82	47.09	19.10	163.83	39.77
	(ii) Other un-allocable expenditure
	net of un-allocable income	(3.38)	(0.39)	(22.80)	(22.62)	(61.41)
	Add:
	(i) Exceptional items (net)	(57.88)	(35.94)	(1426.01)	(99.80)	(1451.71)
	Profit / (loss) from ordinary activities before tax	(19.05)	35.73	(1317.09)	157.03	(1138.81)
3.	Segment Assets:
	(a) Power Systems	2265.25	2148.13	2192.02	2265.25	2192.02
	(b) Industrial Systems	965.13	886.28	823.02	965.13	823.02
	(c) Unallocable	4000.12	4340.76	3289.85	4000.12	3289.85
	(d) Discontinued Operations	160.63	248.97	320.32	160.63	320.32
	Total segment assets	7391.13	7624.14	6625.21	7391.13	6625.21
4.	Segment Liabilities:
	(a) Power Systems	949.08	926.54	1047.91	949.08	1047.91
	(b) Industrial Systems	405.64	395.71	328.83	405.64	328.83
	(c) Unallocable	287.70	401.33	213.41	287.70	213.41
	(d) Discontinued Operations	0.98	12.20	80.59	0.98	80.59
	Total segment liabilities	1643.40	1735.78	1670.74	1643.40	1670.74

STANDALONE STATEMENT OF ASSETS AND LIABILITIES
					(' in crore)
Particulars				As at 31.03.2017	As at 31.03.2016
Particulars				Audited	Audited

A	ASSETS

1	Non-current Assets:
	(a) Property, plant and equipment			1232.78	1296.04
	(b) Capital work-in-progress			8.23	2.00
	(c) Investment property			-	-
	(d) Other intangible assets			46.23	50.53
	(e) Intangible assets under development			28.01	37.95
	(f) Financials assets
	(i) Investments			440.65	481.69
	(ii) Loans			6.64	9.44
	(iii) Others			46.89	44.57
	(g) Other non-current assets			3.18	0.64
			Sub-total Non-current Assets	1812.61	1922.86
2	Current Assets:
	(a) Inventories			750.76	407.17
	(b) Financials assets
	(i)	Investments		5.22	0.95
	(ii)	Trade receivables		1480.37	1642.99
	(iii)	Cash and cash equivalents		554.48	510.41
	(iv)	Bank balances other than (iii) above		1.27	1.62
	(v)	Loans		1466.97	1051.05
	(vi)	Others		204.27	287.42
	(c) Current tax assets (net)			51.86	26.46
	(d) Other current assets			902.69	522.68
			Sub-total Current Assets	5417.89	4450.75

3	Assets classified as held for sale and discontinued operations			160.63	251.60
	TOTAL - ASSETS			7391.13	6625.21
B	EQUITY AND LIABILITIES

	Equity
	(a) Equity Share capital			125.35	125.35
	(b) Other equity			4073.94	4002.70
			Sub-total Equity	4199.29	4128.05
	Liabilities
1	Non-current Liabilities:
	(a) Financials liabilities
	(i)	Borrowings		503.60	4.15
	(ii)	Other financial liabilities		1.10	1.21
	(b) Provisions			59.77	52.70
	(c) Deferred tax liabilities (net)			214.75	240.25
			Sub-total Non-current Liabilities	779.22	298.31
2	Current Liabilities:
	(a) Financials liabilities
	(i)	Borrowings		710.23	578.18
	(ii)	Trade payables		1091.33	1047.40
	(iii)	Other financial liabilities		255.36	148.40
	(b) Other current liabilities			285.97	319.15
	(c) Provisions			68.75	75.62
			Sub-total Current Liabilities	2411.64	2168.75

3	Liabilities associated with group of assets classified as held for sale and discontinued operations			0.98	30.10
	TOTAL EQUITY AND LIABILITIES			7391.13	6625.21

Notes on standalone financial results:

1. The above audited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 26th May, 2017.

2. Exceptional items include the following:

					(' crore)
Particulars	Quarter ended			Year ended
Particulars	31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
Amount paid towards Sales tax Amnesty scheme	(5.73)	(3.39)	-	(9.12)	-
Amount paid towards final settlement of Litigation claims	(20.00)	-	-	(20.00)	-
Unrealised exchange gain / (loss) on loans and advances	(32.15)	(32.55)	(11.07)	(70.68)	57.02
Profit on sale of portion of land at Kanjurmarg, Mumbai	-	-	-	-	246.30
Liquidation of investment in subsidiary company - Crompton Greaves Holdings Mauritius Limited	-	-	-	-	31.63
Profit on sale of investment in joint venture - CG Lucy Switchgear Limited	-	-	-	-	39.51
Provision made against loan given to subsidiaries net of exchange gain	-	-	(862.90)	-	(1272.90)
Provision made against investment in subsidiaries	-	-	(545.86)	-	(545.86)
Compensation to employees pursuant to voluntary retirement scheme	-	-	-	-	(1.23)
One-time payment to former CEO & Managing Director	-	-	(6.18)	-	(6.18)
Total	(57.88)	(35.94)	(1426.01)	(99.80)	(1451.71)

3. Other comprehensive income is in respect of fair valuation of other investment and employee benefits.

4. Discontinued businesses:

a. In respect of discontinued Distribution Franchise business (Jalgaon), the Company and Maharashtra State Electricity Distribution Company Limited (MSEDCL) have raised demand on each other and the matter is under dispute. The Company and MSEDCL are in the process of constituting a Permanent Dispute Resolution Body (PDRB) to arrive at a solution in near future. The Company does not expect any adverse impact with respect to above.

b. The Company has concluded the sale transaction of its B2B Automation business, which was transferred under slump sale transaction agreement to ZIV automation India Limited (a wholly owned subsidiary) to Alfanar on 6th March, 2017. Consequently, the company has recorded the loss of ` 7.15 crore which is disclosed under the Discontinued Operation.

c. Details of the discontinued businesses as on 31st March, 2017 included therein are given below in terms of the requirement of Indian Accounting Standard (Ind AS) 105:

					` crore
Particulars	Quarter			Year ended
Particulars	31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
Gross Sales / Income from Operations	-	17.12	34.61	51.01	2071.13
Profit / (Loss) before Tax	(3.21)	(29.87)	(1.22)	(33.27)	146.70
Net Profit / (Loss) after Tax	(3.21)	(29.87)	(1.22)	(33.27)	85.39

5. The Company has changed its name from Crompton Greaves Limited to CG Power and Industrial Solutions Limited with effect from 27th February, 2017.

6. Figures of the previous quarters / year have been regrouped, wherever necessary to correspond with the current quarter / year. Hence, the corresponding component figures are comparable with all respective quarters / year financial results.

For CG Power and Industrial Solutions Limited

Place: New Delhi	K.N. Neelkant
Date: 26th May, 2017	CEO & Managing Director DIN: 05122610

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
						(' in crore)
Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
		Audited	Unaudited	Audited	Audited	Audited
1	Income from operations
	Revenue from operations	1710.06	1428.05	1850.67	6119.75	5594.95
	Other income	23.24	6.16	33.52	68.70	111.49
	Total income	1733.30	1434.21	1884.19	6188.45	5706.44
2	Expenses
	(a) Cost of materials consumed	1091.44	911.69	1177.46	3945.88	3476.67
	(b) Purchases of stock-in-trade	118.72	26.90	40.66	236.41	118.16
	(c) Changes in inventories of finished goods,
	work-in-progress and stock-in-trade	(61.43)	(28.06)	54.50	168.17)	16.78
	(d) Employee benefits expense	125.78	131.65	147.86	537.10	559.01
	(e) Finance costs	62.48	51.08	28.96	188.03	79.97
	(f) Depreciation and amortisation expense	43.77	34.10	45.13	149.99	171.65
	(g) Other expenses	317.41	262.70	275.34	1098.32	994.13
	Total expenses	1698.17	1390.06	1769.91	5987.56	5416.37
3	Profit before share of profit / (loss) in associates and joint venture, exceptional items and tax	35.13	44.15	114.28	200.89	290.07
4	Share of profit / (loss) in associates and joint venture	(0.63)	(0.34)	(0.40)	(1.57)	1.20
5	Exceptional items (net)	(69.34)	(3.39)	39.74	(72.73)	(111.26)
6	Profit/ (loss) before tax	(34.84)	40.42	153.62	126.59	180.01
7	Tax expense	(3.09)	(8.01)	8.26	16.60	66.73
8	Net profit / (loss) from continuing operations after tax	(31.75)	48.43	145.36	109.99	113.28
9	Loss from discontinued operations before tax	(417.31)	(74.23)	(195.48)	(611.47)	(491.50)
10	Tax expense/ (credits) on discontinued operations	(5.06)	(0.69)	42.78	(10.85)	82.40
11	Loss from discontinued operations after tax	(412.25)	(73.54)	(238.26)	(600.62)	(573.90)
12	Net loss for the period / year	(444.00)	(25.11)	(92.90)	(490.63)	(460.62)
13	Other comprehensive income:
	(a) (i) Items that will not be reclassified to profit or loss	1.50	(50.98)	(33.21)	(57.77)	(45.83)
	(ii) Income tax relating to items that will not be reclassified to profit or loss	(0.22)	0.89	2.38	2.44	6.75
	(b) (i) Items that will be reclassified to profit or loss	(26.48)	(53.37)	21.87	58.86	136.56
14	Total comprehensive income after tax	(469.20)	(128.57)	(101.86)	(487.10)	(363.14)
15	Total comprehensive income attributable to:
	(a) Equity holders of the parent	(469.21)	(128.62)	(102.43)	(487.33)	(361.81)
	(b) Non-controlling interests	(0.01)	(0.05)	(0.57)	(0.23)	1.33
16	Paid-up equity share capital	125.35	125.35	125.35	125.35	125.35
	(Face value of equity share of ` 2 each)
17	Reserves excluding Revaluation Reserve as per the balance sheet				3985.74	4471.81
18	Earnings Per Equity Share (for continuing operation) (of ` 2 each)
	(a) Basic	(0.50)	0.77	2.31	1.75	1.83
	(b) Diluted	(0.50)	0.77	2.31	1.75	1.83
	Earnings Per Equity Share (for discontinued operations) (of ` 2 each)
	(a) Basic	(6.58)	(1.17)	(3.80)	(9.58)	(9.16)
	(b) Diluted	(6.58)	(1.17)	(3.80)	(9.58)	(9.16)
	Earnings Per Equity Share (for continuing and discontinued operations) (of ` 2 each)
	(a) Basic	(7.08)	(0.40)	(1.49)	(7.83)	(7.33)
	(b) Diluted	(7.08)	(0.40)	(1.49)	(7.83)	(7.33)

CONSOLIDATED SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2017
						(' in crore)
Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
		Audited	Unaudited	Audited	Audited	Audited
1.	Segment Revenue:
	(a) Power Systems	1057.84	846.19	1270.27	3739.40	3474.22
	(b) Industrial Systems	646.21	578.73	578.99	2360.61	2118.80
	(c) Others	6.34	3.16	1.84	20.36	13.60
	Total	1710.39	1428.08	1851.10	6120.37	5606.62
	Less: Inter-Segment Revenue	0.33	0.03	0.43	0.62	11.67
	Total income from operations	1710.06	1428.05	1850.67	6119.75	5594.95
2.	Segment Results:
	[Profit / (loss) before tax and finance
	costs from each segment]
	(a) Power Systems	90.78	109.68	121.38	384.36	328.63
	(b) Industrial Systems	28.84	43.04	43.31	156.49	138.87
	(c) Others	(0.30)	0.48	2.33	0.08	(1.00)
	Total	119.32	153.20	167.02	540.93	466.50
	Less:
	(i) Finance costs	62.48	51.08	28.96	188.03	79.97
	(ii) Other un-allocable expenditure
	net of un-allocable income	21.71	57.97	23.78	152.01	96.46
	Add:

	(i) Share of profit / (loss) in associates and joint venture	(0.63)	(0.34)	(0.40)	(1.57)	1.20
	(ii) Exceptional items (net)	(69.34)	(3.39)	39.74	(72.73)	(111.26)
	Profit/ (loss) from ordinary activities before tax	(34.84)	40.42	153.62	126.59	180.01
3.	Segment Assets:
	(a) Power Systems	3321.21	3232.47	3218.17	3321.21	3218.17
	(b) Industrial Systems	1437.71	1390.86	1385.33	1437.71	1385.33
	(c) Others	34.11	32.50	33.03	34.11	33.03
	(d) Unallocable	2244.61	2598.11	1928.38	2244.61	1928.38
	(e) Discontinued Operations	3017.08	4057.58	4276.85	3017.08	4276.85
	Total segment assets	10054.72	11311.52	10841.76	10054.72	10841.76
4.	Segment Liabilities:
	(a) Power Systems	1514.64	1447.62	1475.01	1514.64	1475.01
	(b) Industrial Systems	482.27	480.54	408.78	482.27	408.78
	(c) Others	6.84	8.23	6.01	6.84	6.01
	(d) Unallocable	209.72	255.66	119.78	209.72	119.78
	(e) Discontinued Operations	1151.53	1444.84	1725.72	1151.53	1725.72
	Total segment liabilities	3365.00	3636.89	3735.30	3365.00	3735.30

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
									(' in crore)
	Particulars							As at 31.03.2017	As at 31.03.2016
								Audited	Audited
A	ASSETS
1	Non-current Assets:
	(a)	Property, plant and equipment						1376.29	1500.74
	(b)	Capital work-in-progress						28.18	14.23
	(c)	Investment property						-	-
	(d)	Goodwill						143.54	468.41
	(e)	Other intangible assets						184.79	618.51
	(f)	Intangible assets under development						33.30	75.47
	(g)	Financial assets
		(i)	Investments					203.92	230.32
		(ii)	Loans					6.65	9.44
	(h)	Deferred tax assets						26.62	89.87
	(i)	Other non-current assets						3.21	0.97
					Sub-total Non-current assets			2006.50	3007.96
2	Current Assets:
	(a)	Inventories						882.10	585.01
	(b)	Financial assets
		(i)	Investments					5.22	0.95
		(ii)	Trade receivables					1877.15	2077.01
		(iii)	Cash and cash equivalents					724.49	792.41
		(iv)	Bank balances other than (iii) above					36.22	4.48
		(v)	Loans					76.25	31.95
		(vi)	Others					173.28	238.37
	(c)	Current tax assets (net)						70.57	38.31
	(d)	Other current assets						1212.48	571.09
						Sub-total Current assets		5057.76	4339.58
3	Assets classified as held for sale and discontinued operations							3123.84	3690.88
	TOTAL - ASSETS							10188.10	11038.42
B	EQUITY AND LIABILITIES

	Equity
	(a)	Equity Share capital						125.35	125.35
	(b)	Other equity						3985.74	4471.81
							Sub-total Equity	4111.09	4597.16

1	Non-current Liabilities:
	(a)	Financial liabilities
		(i)	Borrowings					503.80	599.02
		(ii)	Other financial liabilities					1.14	1.25
	(b)	Provisions						71.21	52.77
	(c)	Deferred tax liabilities						262.30	342.71
	(d)	Other non-current liabilities						0.94	6.34
				Sub-total Non-current liabilities				839.39	1002.09

2	Current Liabilities:
	(a)	Financial liabilities
		(i)	Borrowings					710.67	692.21
		(ii)	Trade payables					1383.14	1302.65
		(iii)	Other financial liabilities					404.28	365.93
	(b)	Other current liabilities						556.24	420.14
	(c)	Provisions						84.08	80.43
					Sub-total Current liabilities			3138.41	2861.36
3	Liabilities associated with group of assets classified as held for sale and discontinued operations							2099.21	2577.81
	TOTAL EQUITY AND LIABILITIES							10188.10	11038.42

Notes on consolidated financial results:

1. The above audited consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the meeting held on 26th May, 2017.

2. Exceptional items include the following:

					(' crore)
Particulars	Quarter ended			Year ended
Particulars	31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
Amount paid towards Sales tax Amnesty scheme	(5.73)	(3.39)	-	(9.12)	-
Amount paid towards final settlement of Litigation claims	(20.00)	-	-	(20.00)	-
Profit on sale of portion of land at Kanjurmarg, Mumbai	-	-	-	-	246.30
Profit on sale of investment in joint venture - CG Lucy Switchgear Limited	-	-	-	-	13.93
Provision made against loan given to subsidiaries net of exchange gain	-	-	86.23	-	(323.77)
Compensation to employees pursuant to voluntary retirement scheme	-	-	-	-	(1.23)
One-time payment to former CEO & Managing Director	-	-	(6.18)	-	(6.18)
Impairment of Goodwill	(43.61)	-	(40.31)	(43.61)	(40.31)
Total	(69.34)	(3.39)	39.74	(72.73)	(111.26)

3. Other comprehensive income is in respect of fair valuation of exposure in foreign subsidiaries, other investment and employee benefits.

4. Discontinuing businesses:

b. The Company has concluded the sale transaction of its B2B Automation business, comprising of ZIV Aplicaciones y Technologia, S. L, (Spain), its subsidiaries alongwith the related Automation business in United Kingdom, Ireland, France and India to Alfanar on 6th March, 2017. Consequently, the company has recorded the loss of ` 239.78 crore which is disclosed under the Discontinued Operation.

c. The Company in its Board meeting held on 10th February, 2017

I. Has decided to divest its two Indian subsidiaries namely Crompton Greaves Consumer Products Limited (CGCPL) and CG Power Solutions Limited (CGPSOL) and it’s in the process of identifying prospective buyer. Accordingly, these have been classified as discontinuing business.

II. Has decided to classify PT. CG Power systems Indonesia as continuing operation considering the potential growth opportunities of the business.

However, overseas power T&D business of the Company at Hungary, Ireland, France, US and Belgium will continue to be reflected as discontinuing operations.

d. Details of the discontinued businesses as on 31st March, 2017 included therein are given below in terms of the requirement of Indian Accounting Standard (Ind AS) 105:

					' crore
Particulars	Quarter			Year ended
Particulars	31.03.2017	31.12.2016	31.03.2016	31.03.2017	31.03.2016
Gross Sales / Income from Operations	704.00	827.65	1083.15	3298.43	6130.77
Loss before Tax	(417.31)	(74.23)	(195.48)	(611.47)	(491.50)
Net Loss after Tax	(412.25)	(73.54)	(238.26)	(600.62)	(573.90)

5. The Company has changed its name from Crompton Greaves Limited to CG Power and Industrial Solutions Limited with effect from 27th February, 2017.

For CG Power and Industrial Solutions Limited

Place: New Delhi	K.N. Neelkant
Date: 26th May, 2017	CEO & Managing Director DIN: 05122610

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