For The Year Ended 30 June 2018 Power Grid Company of Bangladesh Ltd. We have audited the accompanying financial statements of Power Grid Company of Bangladesh Ltd. (the Company), which comprise the statement of financial position (balance sheet) as at 30 June2018, and the statement of profit or loss and other comprehensive income (profit and loss statement), statement of changes in equity, and statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management is responsible for the preparation and fair presentation of these financial statements in accordance with Bangladesh Financial Reporting Standards (BFRS), the Companies Act 1994, Bangladesh Securities and Exchange Rules 1987 and other applicable laws and regulations and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on these financial statements based on our audit, We conducted our audit in accordance with Bangladesh Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error, In making those risk assessments, we consider internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion. 1. As disclosed in Note # 4, the carrying amount of property, plant and equipment (PPE) was reported at BDT 115,120,606,842. No fixed asset register with the required information was available. Some items of PPE have been received from Bangladesh Power Development Board (BPDB) and Dhaka Power Distribution Company (DPDC) by Power Grid Company of Bangladesh Ltd. (PGCB) without conducting physical verification and valuation thereon. It is also noted that, no physical verification of PPE was conducted either at the year-end or any time during the period under audit, as we are unable to confirm the authenticity of the physical existence of PPE as of 30 June 2018. Out of total assets of the Company, PPE is 57.52% which remained unverified as to its quantity. Moreover, the Company has never performed impairment test of its PPE which is also a non-compliance with BAS 36 paragraph 9. 2. As disclosed in Note # 7, the Company has reported an amount of BOT 1,011,360,681 as inventories. There are 31 offices and we have visited 20 Grid Maintenance Division (GMD) offices involving inventories amounting to BDT 1,591,043,489 where we found that inventories amounting to BDT 579,682,808 were not 20 1 7.2011 98 ,fE(;lD0!N 0- 3ANLAiSH LTD recorded in the books of account, which indicated incomplete reporting in the financial statements. We also found that inventory register was not maintained properly. As a result, we are unable to confirm the physical existence of the items of inventories and its value as on 30 June 2018. 3. As disclosed in Note # 8, the Company has reported an amount of BDT 3,235,740,095 as receivable from transmission/wheeling and optical fiber charges. It includes receivables from DPDC, DESCO, RPC, PBS Munshigonj, PBS Gazipur, M/S AbulKhair Steel Products, PBS- 1,Natore and BWDB GK Project (Bheramara, Kushtia) amounting to BDT 744,404,649, 276,067,172, 5,439,000,1,282,548. 4,172,361, 6,433,733, 3,755,757 and 1,560,621 respectively. The amount of BDT 5,439,000, receivable from RPC is being carried forward since FY 2004-05. The above stated amounts are increasing year by year till to date. It includes disputed amounts with DPDC, RPC, DESCO, PBS - Munshigonj, PBS Gazipur, M/S AbulKhair Steel Products. PBS - 1 Natore and BWDB GK Project (Bheramara, Kushtia) amounting to BDT 531,785,735 5,439,000; 3,106,230; 1,282,548; 4,172,361; 6,433,733; 3,755,757 and 1,560,621 respectively. In our opinion, the Company is very unlikely to recover the amounts in full. If provisions were made for the above, the earnings per share (EPS) and net asset value (NAV) for the year 2017-2018 would have adversely been affected to that extent. 4. As disclosed in Note # 2.1, the Company has reported an amount of BDT 2,027,402,595 as addition to PPE resulted from exchange rate fluctuation related with the outstanding principal amount of loan for the year ended 30 June 2018. As per Para 28 of BAS 21: Effects of Changes in Foreign Exchange Rates, the said amount should be recognized as a loss in the Statement of Profit or Loss and Other Comprehensive Income. However, this exchange loss is capitalized with the relevant assets in line with the Companies Act, 1994 as the said loan was obtained for those assets. 5. The Company has reported an amount of BDT 2,791,709,375 including addition during the year amounting to BDT 909,116,456 as provision for gratuity (Note # 16). The Company carries an unfunded gratuity scheme for its employees and provision is being made as per the Company's gratuity policy for which no actuarial valuation was doneas required by BAS 19. In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion paragraph, the financial statements give a true and fair view of the financial position of the Company as at 30 June 2018. and of its financial performance and its cash flows for the year then ended in accordance with Bangladesh Financial Reporting Standards (BFRSs)and comply with the requirements of the Companies Act 1994, Bangladesh Securities and Exchange Rules 1987 and other applicable laws and regulations. (i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit and made due verification thereof; (ii) in our opinion, proper books of account as required by law have been kept by the Company so far as it appeared from our examination of those books; (iii) the statement of financial position (balance sheet) and statement of profit or loss and other comprehensive income (profit and loss statement) dealt with by this report are in agreement with the books of account and returns; and (iv) the expenditure incurred and payments made were for the purpose of the business of the company. A. Qasem& Co. S. F. Ahmed & Co. Chartered Accountants Chartered Accountants (A Member Firm of Ernst & Young Global Limited) Dhaka, Bangadosh Dated, 01 November 2018 99 Statement of Financial Position (Balance Sheet) As at 30 June 2018 Notes 2018 2017 BDT BDT Assets Non-current assets Property, plant and equipment 04 115,120,606,842 113,398,236,005 Capital works-in-progress 05 63,269.033,237 25,353,438,671 Total non-current assets 178,389,640,079 138,751,674,676 Current assets Investment in FDR 06 110,000,000 1,320,000,000 Inventories 07 1,011,360,681 807,347,816 Accounts and other receivables (re-arranged) 08 3,240,307,900 2,751,976,018 Advances, deposits and prepayments 09 9,901,480,568 8,997,468,023 Cash and cash equivalents 10 7,481.236,802 5,434,654,620 Total current assets 21,744,385,951 19,311,446,477 Total assets 200,134,026,030 158,063,121,153 Equity and liabilities Equity Share capital 11 4,609,129,910 4,609,129,910 Deposit for shares 12 37,348,943,886 30,394,658,990 Retained earnings 13 7,875,722,492 6,380,288,420 Total equity 49,833,796,288 41,384,077,320 Non-current liabilities Term loan-interest bearing 14 129,395.518,629 101,732.309,363 Grant from SIDA & KFW 15 1,048,053,605 176,313,662 Deferred liability-gratuity 16 2,791,709,375 1,963,994,600 Deferred tax liabilities 17 6,240,241,542 5,853,283,410 Total non-current liabilities 139,475,523,151 109,725,901,035 Current liabilities Term loan-interest bearing 18 840,005,104 752.767,223 Interest payable 19 410,713,009 410,174,051 Liabilities for expenses 20 2,030,713,925 642,848,355 Liabilities for other finance (re-arranged) 21 7,178,242,571 4,878,091,086 Provision for taxation 22 365.031,982 269,262,084 Total current liabilities 10,824,706,591 6,953,142,799 Total liabilities 150,300,229,742 116,679,043,834 Total equity and liabilities 200,134,026,030 158,063,121,153 The accounting policies and explanatory notes (1 to 36) form an integral part of these Financial Statements For and on behalf of Board of Directors of Power Grid Company of Bangladesh Ltd. Company Secretary Managing Director Director See annexed report of the date A. Qasem& Co. S. F. Ahmed & Co. Chartered Accountants Chartered Accountants (A Momber Firm of Ermst & Young Global Limted) Dbak, Bangladesh Dated, 01 November 2018 20172018 100 FQA'R j;410O ~NWIQ BAINUL~AUH LTD Statement of Profit or Loss and Other Comprehensive Income (Profit and Loss Statement) For the year ended 30 June 2018 Notes 2018 2017 BDT BDT Revenue 23 15,590,059,498 14,368,352,412 Transmission expenses 24 (9,173,357.578) (8,034,338,552) Gross profit 6,416,701,920 6,334,013,860 Administrative expenses 25 (709,360,702) (620.367,719) Profit from operating activities 5,707,341,218 5,713,646,141 Finance income 26 174,157,620 237,905,100 Other income 27 197,432.549 128.817,499 Finance expenses 28 (3,282,789,446) (3,060,516,691) Profit before contribution to WPPF 2,796,141,941 3,019,852,049 Contribution to WPPF (133,149,616) (143,802,479) Profit before income tax 2,662,992,325 2,876,049,570 Income tax expense 29 (482,728,030) (880.360,299) Current tax (95,769,898) (88,410,450) Deferred tax (386,958,132 (791,949,849) Profit after tax 2,180,264,295 1,995,689,271 Other comprehensive income - - Total comprehensive income 2,180,264,295 1,995,689,271 Earnings per share (EPS)- basic 30 4.73 4.33 The accounting policies and explanatory notes (1 to 36) form an integral part of these Financial Statements For and on behalf of Board of Directors of Power Grid Company of Bangladesh Ltd. Company Secretary Managing Director Director See annexed report of the date A. Qasem& Co. S. F. Ahmed & Co. Chartered Accountants Chartered Accountants (A Member Firm of Err5t & Young Global Limited) Dhaka, Barngladushi Dated, 01 November 2018 101 г °м ����c�iг�-omi°м и° ®и�ссэимаа �i r5 ау rn с� onaGt м аз с� v� сл оз �v � м м cv ai и�а с� �t �ч - � г.о о�`ц+.�уо с� �tт � о`�i r� h�. �� е�- c�i ц� �� ы г,g Е- „ �r м�о с� и r,� о о с sc r+� cv r� м .� ра rn c�i�i��аetunмet � ct,� о�сэ�м ;� � F т м ц? С} SY 6! 1n 00 Af GO CTi м -- � �!' N т h- iS� tC� с�'! 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О �� й�� v� с и� С7 и �°} R� �•� }г а. а� а-' а� т Q `� �� 6Z � r-� SU а м -L1 С t`� 2 м Q� и а�л ���` � о м�� а�г ,� �� ш ё о � о. � с� �.._.'и �в ш� Е а_�и � и"sлвв� � сс�.� и Е �v � � !�"'G �fi � tл, �рΡ и � '� п7 �у �i t�Я .�: +.4�� -�уΡ й � .� Ri Q т :% С д? д} <ц ++ N Q,} Q .�' cL1 С tU а со t6 � а рΡ .> Ш V а в ` а L ьгN '�� а`^+ в а G1 �`"", �" t@ � U в U Rt !� а в ш гз `� :,:. � а� �� а`т ш и'ь. � т саа � � i�б�tx�t�'i�� з°'- таСэСз�С��°-ii о ггьi �•ас�1в � 1QZ � i�."r�YER Сч�1р �ц5tндцУ 7Р 3���LЧрг5Н Lf р Statement of Cash Flows For the year ended 30 June 2018 2018 2017 BDT BDT tA - Cash receipts from customers 15,068,404,130 14,123,453,749 Cash paid to suppliers, contractors and employeesetc. (1,775,858,080) (3,590,944,786) Cash generated from operating activities 13,292,546,050 10,532,508,963 Interest paid (612,652,322) (568,627,208) Net cash from operating activities (note 31.1) 12,679,893,728 9,963,881,755 1 $1, t' , Pl' - 14' I Interest received 202,920,106 265,179,490 Cash receipts from sale of transmission line and scraps 207,432,549 139,723,740 Addition to property, plant and equipment and capital works-in-progress (43,465,058,067) (22,939,233,436) Investment in fixed deposit 1,210,000,000 1,240,000,000 Not cash used In investing activities (41,844,705,412) .. R1,294,330,206) Share capital and deposit for shares 7,832,564,103 4,531,302,149 Long term loan 24,070,199,251 8.693,140,135 Dividend paid (691,369,487) (553,094,196) Net cash from financing activities 31,211,393,867 12,671,348,088 2,046,582,182 1,340,899,637 5,434,654,620 4.093,754,983 7,481,236,802 5,434,664,620 Cash and cash equivalents comprise: Cash in hand 711,389 694,462 Balances with banks, Current deposit accounts 933,017,2 2 1,305,049,940 Short term deposit accounts 6,547,508,151 4,128,910,218 7,480,525,413 5,433,960,158 7,481,236,802 5,434,654,620 For and on behalf of Board of Directors of Power Grid Company of Bangladesh Ltd. Company Secretary ManagIn6 nlrector Director See annexed report of the date Dhaka. Bangladosh Dated, 01 November 2018 103 W FUMERG410CM.PWO 6V,*LAVz5H0L 2017 20-18 Notes to the financial statements For the year ended 30 June 2018 Power Grid Company of Bangladesh Ltd. (the Company) is a listed public limited Company. The Company was incorporated on 21 November 1996 having registration no. C-31820 (941)196 under the Companies Act, 1994 as a private limited company by share which was subsequently converted to a public limited company on 05 March 2000. The Company is listed with both Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE). The Company's principal activities are planning, promoting, developing, operating and maintaining of an integrated and efficient power transmission systeminetwork throughout Bangladesh. As the sole power transmission Company in Bangladesh, the Company is responsible in all aspects, regarding transmission lines, sub-stations, load dispatch centres, communication facilities etc. The scope of work of the Company also includes co-ordination of integrated operations of regional, national and international grid systems. It also provides consultancy services in power systems and execution turnkey jobs for other organisations. The registered office of the Company is located at Red Crescent Concord Tower, 17 Mohakhali C/A, 6th Floor, Dhaka 1212. Corporate head office of the Company is located at Institution of Engineers, Bangladesh (IE) Bhaban (New), 4th, 11th, 12th and 13th floors, Ramna, Dhaka-1000. Except as detailed below, the financial statements have been prepared in accordance with Bangladesh Accounting Standards (BAS) and Bangladesh Financial Reporting Standards (SFRS), the Companies Act, 1994 and other applicable laws and regulations. Foreign currency exchange difference of SDT 2,027,402,595.36 arising from foreign currency denominated loans and borrowings taken by the Company for acquisition of property, plant and equipment has been added with the carrying amount of capital works-in-progress and property, plant and equipment as required under the provision of Section 185, read with, Part-1, Schedule XI of the Companies Act, 1994 since the loans were used in the projects that were accounted for in capital works in progress. The difference arising from capitalisation of foreign exchange loss/(gain) has been recognised in accordance with the requirements of the Companies Act, 1994, The Company is also required to comply with the following major laws and regulations in addition to the Companies Act 1994: The Securities & Exchange Ordinance, 1969 The Securities & Exchange Rules, 1987 The Income Tax Ordinance, 1984 The Income Tax Rules, 1984 The Value Added Tax Act, 1991 The Value Added Tax Rules, 1991 The Customs Act, 1969 The presentation of these financial statements is in accordance with the guidelines provided by BAS 1: Presentation of financial statements. 20172018FWER CA D 10OWFANY OI BANGLADESH LD These financial statements have been measured under historical cost convention. These financial statements are presented in Bangladesh Taka (BDT) which is both functional and presentational currency. The figures of financial statements presented in BDT which have been rounded off to the nearest integer. The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and the associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which forms the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates is recognised in the period in which the estimates are revised and in any future periods affected. To be precise, information about significant areas of estimation uncertainty and critical judgment in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in the following notes: Note Ref. Depreciation and amortisation 4 Deferred liability for gratuity 16 Deferred tax liabilities 17 Foreign currency denominated loans and borrowings 14-15 and 18-19 2 oin concern The Company has adequate resources to continue in operation for the foreseeable future. For this reason the directors continue to adopt going concern basis in preparing the financial statements. The current resources of the Company provide sufficient fund to meet the present requirements of the existing business. The following BASs are applicable for the financial statements for the year under review: BAS - 1 Presentation of Financial Statements BAS - 2 Inventories BAS - 7 Statements of Cash Flows BAS - 8 Accounting Policies. Changes in Accounting Estimates and Errors BAS - 10 Events after the Reporting Period BAS - 12 Income Taxes BAS - 16 Property, Plant and Equipment BAS - 18 Revenue BAS - 19 Employee Benefits BAS - 20 Accounting for Government Grants and Disclosure of Government Assistance BAS - 21 The Effects of Changes in Foreign Exchange Rates BAS - 23 Borrowing Costs BAS - 24 Related Party Disclosures BAS - 32 Financial Instruments: Presentation BAS - 33 Earnings per Share BAS - 34 Interim Financial Reporting FMI C,1 O5XYO VAL`69H I V105 201 7,201~8 BAS - 36 Impairment of Assets BAS - 37 Provisions, Contingent Liabilities and Contingent Assets BAS - 39 Financial Instruments: Recognition and Measurement BFRS -7 Financial Instruments Disclosures BFRS -13 Fair Value Measurement The financial statements of the Company cover one year from 01 July 2017 to 30 June 2018 and followed consistently, The accounting policies set out below have been applied consistently to all periods presented in these financial statements. Bangladesh Accounting Standards 21: The Effect of changes in Foreign Exchange Rates requires balances resulting from transactions denominated in a foreign currency to be converted into BDT at the rate prevailing on the date of transaction. All monetary assets and liabilities at balance sheet date, denominated in foreign currencies, are to be retranslated at the exchange rates prevailing on balance sheet date. While recognising foreign exchange gainloss, on foreign currency denominated loans for acquisition of property, plant and equipment the Company consistently follows the Companies Act 1994. Details are given in note 2.1. Items of property, plant and equipment excluding land are measured at cost less accumulated depreciation in compliance with the requirement of BAS 16: Property, Plant and Equipment. The cost of an item of property, plant and equipment comprises its purchase price, import duties and non refundable taxes, after deducting trade discount and rebates and any costs directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the intended manner. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss and other comprehensive income as incurred. No depreciation is charged on land and capital work in progress. Depreciation on other items of property, plant and equipment is provided on a straight line basis over the estimated useful lives of each item. For addition to property, plant and equipment, depreciation is charged from the month of capitalisation up to the month immediately preceding the month of disposal. Considering the estimated useful life of the assets, the rates of depreciation stand as follows: Category of asset Rate of depreciation (%) Building 5 Plant and machinery (substations and transmission lines) 35 Motor vehicle 20 Office equipment 10 Computer and accessories 10 Signboard 25 Furniture and fixtures 10 PAT0R CAD CCPANY OF 4CLADESH LtD Capital works-in-progress consists of all costs related to projects including civil construction, land development, consultancy, interest, exchange lossl(gaih), line in progress, import duties and non refundable taxes and VAT. Property, plant and equipment that is being under constructiont acquisition is also accounted for as capital works-in-progress until constructionlacquisition is completed and measured at cost. And the cost does not include the retention money kept by the donors by the instruction of PGCBL. An item of property, plant and equipment is derecognised on disposal or when no further economic benefits are expected from its use, whichever comes earlier Gains or losses arising from the retirement or disposal of property, plant and equipment are determined by comparing the proceeds from disposal with the carrying amount of the same, and are recognised the net with 'other income' in the statement of profit or loss and other comprehensive income. Inventories consisting of spare parts at Grid Maintenance Divisions (GMD) offices are valued at lower of cost and net realisable value in accordance with provisions of BAS 2: Inventories. Cost of inventories includes expenditure incurred in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost of inventories is determined by using the weighted average cost formula. Net realisable value is based on estimated selling price less estimated cost to sale. Non derivative financial instruments comprise of cash and cash equivalents, accounts and other receivables, loans and borrowings and other payable. Cash and cash equivalents comprise of cash on hand and cash at bank including fixed deposits having maturity of three months to one year which are available for use by the Company without any restriction. Accounts and other receivables are initially recognised at cost which is the fair value of the consideration given in return. After initial recognition these are carried at cost less impairment losses due to collectability of any amount so recognised. Paid up capital represents total amount contributed by the shareholders and bonus shares issued by the Company to the ordinary shareholders. Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to vote at shareholders' meetings. In the event of a winding up of the Company, ordinary shareholders rank after all other shareholders and creditors are fully entitled to any residual proceeds of liquidation. 3. Prov sons A provision is recognised in the balance sheet when the Company has a legal or constructive obligation as a result of past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of an amount of the obligation. Provision is ordinarily measured at the best estimate of the expenditure required to settle the present obligation at the balance sheet date. Income tax expense comprises current and deferred tax, Income tax expense is recognised in the statement of profit or loss and other comprehensive income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity in accordance with the requirements of BAS 12: Income Taxes, Current tax is the expected tax payable on the taxable income for the year, using tax rate enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. The effective rate of tax is 25% . Provision for tax has been made on the basis of income tax laws. FrJ,rR C91D(;!VA4VQ OF60LAV'SHLV 107 2017-20181 Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they are reversed, based on income tax, the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the deductible temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that It is no longer probable that the related tax benefit will be realised. Revenue comprises transmission/wheeling charge and rental income which is recognised in the statement of profit or loss and other comprehensive income after meeting the recognition criteria in accordance with the requirements of BAS 18: Revenue, Revenues are measured at fair value of the consideration received or receivable, net off sale related taxes (VAT). Transmission charge is recognised when monthly invoices are raised against Bangladesh Power Development Board (BPDB), Dhaka Power Distribution Company (DPDC), Palli Bidyut Samitees (PBSs). West Zone Power Distribution Co. Ltd (WZPDC), Northern Electric Supply Co. Ltd (NESCO) and Dhaka Electric Supply Company Ltd. (DESCO). Amount of invoices is determined by survey of meter reading at cut-off time. Rental income from Optical Fibber Cable Network is recognised when monthly invoices are raised against Grameen Phone Ltd, Bangladesh Telecommunication Company Limited (BTCL), Banglalink, Fibber @ Home, UGC. Robi Axiata Ltd. & Summit Communications Ltd. Quantum of invoices is determined in accordance with the agreement. Particulars Transmission Admin. Total Salary and other employee benefits 89 11 100 Travelling and conveyance 96.2 3.8 100 Functions, games and entertainment 8,67 91.33 100 Rent, rates and taxes 44.9 55.1 100 Postage, telephone and fax 67.66 32.34 100 Recruitment and training 47.4 52.6 100 CPF contribution 92.11 7.89 100 Gratuity 83 17 100 Electricity and power 98.34 1.66 100 Office expenses 35.52 64.48 100 Fuel and lubricants 76.13 23.87 100 Security expense 98.66 1,34 100 Insurance 21.63 78.37 100 Bank charges and commission 98 2 100 Consultancy 17.88 82,12 100 Repair and maintenance 96.87 3.13 100 C & F. carrying and handling 96.01 3,99 100 Miscellaneous expenses 81.55 18.45 100 Depreciation (note 4) 99.62 0.38 100 Note: Based on the above ratios the cost is allocated between transmission and administrative expenses. No particular policy is followed for the allocation of cost. 108 Y 3kNLALI LrD Finance income comprises interest income on funds invested. Interest income is recognised on accrual basis. Finance expense comprises interest expense on loans and foreign exchange loss/(gain) on translation of foreign currency, All finance expenses are recognised in the statement of profit or loss and other comprehensive income The company presents basic and diluted (when dilution is applicable) earnings per share (EPS) data for its ordinary shares in accordance with the requirements of BAS 33: Eamings per Share. Basic EPS is calculated by dividing the net profit for the year attributable to ordinary shareholders (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the year and splitted ordinary shares (BAS 33.10). Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of dilutive options and other dilutive potential ordinary shares (BAS 33.31). Events after the reporting period provide additional Information about the Company's position at the balance sheet date are reflected in the financial statements. Events after the reporting date are not adjusting events are disclosed in the notes when material. The statement of cash flows has been prepared in accordance with requirements of BAS 7: Statement of Cash Flows. The cash generated from operating activities has been prepared using the direct method as prescribed by Securities and Exchange Rules 1987 and as the benchmark treatment of BAS 7. whereby major classes of gross cash receipts and gross cash payments from operating activities are disclosed. Borrowing cost relating to projects already in commercial operations is charged as expenses for the year in accordance with requirements of BAS 23: Borrowing Costs. In respect of projects that have not yet commenced commercial operation, borrowing costs are adjusted with capital works-in-progress. The Company maintains both defined contribution plan and defined benefit plan for its eligible permanent employees in accordance with the requirements of BAS 19: Employees Benefits. The eligibility is determined according to the terms and conditions set forth in the respective deeds. Defined contribution plan is a post-employment benefit plan. The recognised Employees' Provident Fund is considered as defined contribution plan as it meets the recognition criteria specified for this purpose. All permanent employees contribute 10% of their basic salary to the provident fund and the Company also makes equal contribution. The Company recognises contribution to defined contribution plan as an expense when an employee has rendered services in exchange for such contribution. The legal and constructive obligation is limited to the amount it agrees to contribute to the fund, The Company also maintains an unfunded gratuity scheme for permanent employees, provision for which has been made in the statement of profit or loss and other comprehensive income. Employees are entitled to gratuity benefits after completion of minimum 3 years service with the Company but provision has been made for persons who have not completed 3 years. The gratuity is calculated on the last basic salary and is payable at the rate of 2.5 months' basic salary for every completed year of service. 9 * , 109 072; The Company has also a group insurance scheme for its permanent employees, premium for which is being charged to profit or loss and other comprehensive income annually as per the insurance policy. This is required to be made in terms of section 234(1)(b) of Bangladesh Labour Act 2006 (as amended in 2013), As per that Act, 5% of the net profit of each year, not later than nine (9) months from the close of that period, is required to be transferred to the fund, the proportion of the payment to the participation fund and the welfare fund being 80:10. The remaining 10% shall be paid by the company to the workers' welfare foundation fund, as formed under the provision of the Bangladesh Worker's Welfare Foundation Act 2006. Of the 80% being transferred to the participation fund, two-third has to be distributed in equal proportions to all the members (beneficiary) of the fund in cash and one-third has to be invested in accordance with the manner as stated in section 242 of that Act- The company makes provision @ 5% of its net profit before tax as a contribution to workers' profit participation fund before tax and charging such expense in accordance with The Bangladesh Labour Act 2006 (as amended in 2013). However, the fund is not separately allocated in the above stated manner The amount of proposed dividend has not been accounted for but disclosed in the notes to the accounts along with dividend per share in accordance with the requirements of the para 125 of BAS 1: Presentation of Financial Statements. Also, the proposed dividend has not been considered as "liability" in accordance with the requirements of the paras 12 & 13 of BAS 10: Events After The Reporting Period, because no obligation exists at the time of approval of accounts and recommendation of dividend by the Board of Directors. The Board of Directors of the Company recommended 17% (BDT 1.7 per share) cash dividend amounting to BDT 783.552,085 for 30 June 2018 at the board meeting held on 04 November 2018. The dividend is subject to final approval by the shareholders at the forthcoming annual general meeting of the Company. The financial statements for the year ended 30 June 2018 do not include the effect of the cash dividend which will be accounted for in the period when shareholders' right to receive payment is established. Relevant comparative information has been presented in the financial statements. Previous year's figures have been rearrangedfreclassified and restated wherever possible and considered necessary to conform to current year's presentation. 121l7.2018 110 F%'ERVCCANY OT BANILANSH LTD � 031 Qryi (.S1 ! ' � lS3 {Т'1 �� � т�Л М 1.:1 Q � �il(3 ®'cJ,..a�.QO' ' N��, � � О й I �s p � . ё � � � зат � arn,N,�4i �ri. ;.�. гА с+3 � �`� � дю��г, о'°.п`�'rлч `� ,��+ � � rn � � � } М � �: � '� ^ i [�э т ; �'1 ',,,, Р 1"` i '�. LL. Q I � � .,,,,' �.�'�,'� � �° i и цs ..- �� м м', ов т� пч ' ' V� ��а�t�ч rn а�э'� й� Е � j� � °нцч'�м �`м� цi� � � � fl 1сч ,r..m;cri;ri т � Эrn �i�'и.гv,и:ц � � Ev � о � ' .... гт0 ..��,�,.....�... +т0 т � 1 � цамгsтам ю о'ао , .� � � ��к�s•� rи.. �ri� � `� ,� � , ьri �� cri з aS т т � ��� ,� � +о й 4�i�N 4 �•.��й �а т � r` of c�v ��г�i�c�i `п.`°7�....5°.. й ., й �' ,� � ,�, �' ® ,D �i � � v и� ц � i � Е ..., ё а . � '_' Q;.. . � . , . � , .�' ф�� � v 1.,., а' О � � с й � � � ! 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Q � � � � �g�' аllj � ~ 'п � rь м `� ° ��сqд й cv � rеgsицмпауΡ�_с'за N а�уΡ0 рΡОа© ,с� й! © tSS�R а RmY��•'•СтЛ• О iV {Il t*ry-�S�D .. б Г й С 5 � � `r' �' � " �i г �ч "�jуΡ (q�рΡ � о "цу ц"i И � -? (+- ( � � И � CtY $ ' R1 �. ifi irJ 'У . - са м;� �1сё � `и� `,�',� � :� r г� °Y �i � Ё И �.. 'г�[ ц i � I ю ,., �,.. � N цi й с ' � б � ,_ Z7 .. ,, .., �. � N N �' р И � Ф �•3 ' ы i�7 � � �! и, . � � «� � ����jjj � 4s 1-ry б.� `и с, � �. -g ,q,q,q��� b :� G3� i i !. � � �� с N _ � ' t3 ?I д�fг � .л � � � а ��ь� � ro1 �) � �� �� � � � _ � _ � �i гb. �� � е�Сг v у � w R � i�3. .� с� i; �v т t'- � �� � Ё Е ы cи �, � g¢if � i t�tcуΡ: � N N iд �.й �$i .. '� •ti ё1 д•!?. �,.д� � Ji .Е гb 1� j N. р�.�: О' �; 7 8,. О Ф � Е Ry у # � т д' г C� U� t� � f-- F-- О 1- � � са Fc+пzRC9ioc4�akчм�+fa�w���c+.ьwkt� � 111 � ',��17-2Са� Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT Balance as at 01 July 25,353,438,671 34,676,778,398 Add: Cost incurred during the year 37,915,594,566 19,820,298.372.78 Less: Adjustment/transfer to assets (29,143,638,100) Balance as at 30 June 63,269,033,237 25,353,438,671 Project-wise break-up: 400/230/132 Kv Chocoria Matharbarl TLP 234,562 234,562 Ashuganj Bhulta 400 KV Transmission Line Project 5,717,948,413 4 857,901,684 Arninbazar Mawa Mongla 400 KV TLP & Aminbazar S/S Project 119,388,896 50,486,672 132 KV Amnura Substation & Associated TLP 566,059,942 533,770,308 Bakerganj-Barguna 132kv and Barguna S/s construction Project 18,637,616 - B.Baria-Nabinagar-Narshingdi 132 KV Transmission Line Project 200,GOO 200,000 Baharampur-BD-Baharampur-india 2nd 400kv TLP 2,568,048 - Bangladesh power system reliability and efficiency improvement Project 4,270,636 - Enhancement of capacity of Grid S/S & TL for Rural Electrification Project 6,556,104,709 924,712,779 Power Grid Network Strengthening Project (G to G) 85,745,025 12,675,495 Ghorasal 230kv UG cable project 112,589,974 - 40012301132 KV Grid Network Development Project 4,474,910,145 1,744,871,778 Grid Development Project in Eastern Region 8,649,497,151 6,352,840,332 Head Office Building 1,439,286,501 1,083,765,368 HVDC 400kv back to back substation project 297,361 HVDC 2nd Block 14,299,198,099 2,336,929,807 Kodda 132133 KV S/S Project 24,818,094.64 Kadda-Rajendrapur 132kv double circuit TLP 1,900.00 - M ata rbarl-Anowara-M adunag hat 400 KV TL Project 23,799,291 500,000 DTIMEZRPS Mirsharail project 2,222,799 - Dhaka-Chittagong IVIPGS Project (MMM) 396,356,036 169,128,070 Mongla Khulna (South) 230 KV TLP 824,985,928 325,134,274 Management Training Centre Building, Agargaon 140,703,739 12,651,090 Mymensingh Tangail Bhaluka and Jamalpur Sherpur 198,502 198,502 National Power Transmission Network Development 11,088,649,969 5,014,695,520 Sylhet Shajibazar Brahmanbaria 400 Kv TL 36,340,322 36,340,322 Shajibazar Ashuganj 132 Kv Transmission Line 158,988,750 158,988,750 Replacement of Aminbazar 132kv double circuit TLI? 108,000 - Meghnaghat - Aminbazar 400 Kv RPP, Associated TIL extension Transmission 487,681,960 510,063,159 Patuakhall (Payra) Gopalganj 400 KV TLP & Gopalganj 400 KV S/S 3.302,321,790 49,436,918 Patuakhall-Payra 230kv TL Project 91,585,248 1,841,925 Rajendrapur 132kv GIS S/S project 5,570,306 - RE Component of MUSCCFP 487,581,378 58,268,002 Reconductoring of 132kv TLP 1.121,845,732 - Rural Trans, Network Development and Renovation Project (Energy Efficiency in 66,086,654 12,317,449 Grid Based Power Supply Project). Ruppur Paromanobik Biddut Nirman Prokolloo - 175,471,140 Under Ground Cable Work Under Metro Rail Project - 89,507,218 Western Grid Network Development Project 935,782,571 110,575,840 Exchange Rate Fluctuation loss/(Gain) 1,370,949,566 280,992,573 Inventory in Transit 655,517,623 448,939,134 Balance as at 30 June 63,269,033,237 25.353,438,671 . I 1 4 wk 2017-2018 112 RO(NERVAIDeOMPANYO; 3ANrjLAV=8H LID Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT 110,000,000 1,320,000,000 This represents investment in fixed deposit with various scheduled banks. 1,011,360,681 807,347,816 These represent the closing inventory of electrical goods as at 30 June. The electrical goods include spare parts which were received from Bangladosh Power Development Board (BPDB) along with the substations and transmission lines. Receivable from transmission/wheeling and optical fiber charge (note 8.1) 3,230,301,095 2,703,206,728 Other receivables (note 8.2) 10,006,804 48,769,290 3 20307900 __2,751,976,018 Receivable from transmission/wheeling and optical fiber charge 3,235,740,095 2,708,645,728 Provision for bad debt (RPCL) (5,439,000) (5,439,000) Net receivable from transmission/wheeling and optical fiber charge 3,230,301,095 2,703,206,728 T/L sales (Tangail PBS) 9,700,555 19,700,555 Interest receivable 306,249 29,068,735 10,006,804 48,769,290 The age-wise analysis of receivables against transmission/wheeling and optical fiber charge of 8DT 3,230,301,095 is as under: > 60 Months < 6 Months Total Particulars BDT BDT BOT BPDB 246,839,590 219,210,430 466,050,019 DPDC 482,402,170 262,002,479 744.404,649 DESCO 3.106,230 272,960,942 276,067.172 PBS 98,055,926 1,342,078,750 1,440,134,676 WZPDCL 35,335 166,430,880 166.466,215 NESCO (NWZPDCL) 93,562,497 93,562,497 M/S Abul Khair Steel Product 6,433,733 - 6,433,733 BWDB GK Project Bheramara, Kushlia 1,560,621 - 1,560,621 Grameenphone Ltd. for optical fiber 7,018,813 - 7,018,813 BTCL for optical fiber 2,096,251 - 2,096,251 Banglalink - 7,900,616 7,900,616 Robi Axiata for optical fiber 72 - 72 Fibre @ Home for optical fiber 16,453,209 16,453,209 Summit Communication - (3) (3) UGC for optical fiber 878,482 1,274,073 2.152.555 848,427,221 2,381,873,874 3,230,301,095 The Company has reported an amount of BDT 3,230,301,095 as receivable from transmission/wheeling and optical fiber charge. It includes receivables from PDB, DPDC, DESCO, WZPDCL and NESCO BDT 466,050,019, 744.404,649, 276,067,172, BDT 166,466,215 & BDT 93,562,497 respectively, Receivable from DPDC includes BDT 13,702,055 being carried forward from June 2008 to June 2018 due to fewer amounts not received against wheeling charge bills over the years. Receivable from DESCO includes BOT 3,106,230 being carried forward from 2012 and receivable from WZPDCL includes BDT 9,620 being carried forward from the year 2015. The accounts receivable from BPDB has been partly adjusted against the debt service liability payable to BPDB by PGCB out of loan transferred with the assets. All the receivables have been considered as good. Advances (note 9.1) 9,900,228,999 8,996,216,454 Deposits (note 9.2) 1,251,569 1,251,569 9,901,480,568 8,997,468,023 113 F,iRICO.F A -Vww 0I MASHOD 2017,2018 Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT Advance against legal expense (Doza & Haroon) 407,815 407,815 Advance against TA/DA 99,000 99,000 Advance against contractors/suppliers 7,617,489 18,629,597 Advance of branch offices and GMDs 27.493,618 15,119,899 Advance tax (note 9.1.1) 6,276,658,745 4,467,431,651 Advance against expenses 10,013,085 5,443,678 Advance against office rent 1,554,650 1,554,650 Advances given by projects (note 9.3) 3,575,634,329 4,487,349,425 Suspense account (defalcation at CE-Project Monitoring) 31,138 31,138 Advance against training (employee) 719,130 149,600 9,900,228,999 8,996,216,454 Advance tax represents income tax deducted at source on import of raw materials, interest on fixed deposits and short term accounts and advance payment of tax deducted by customer. Grid maintenance divisions 375,090 375,090 CDBL 500,000 500,000 Others 376.479 376,479 1,261,669 1,261,569 IBSB Project 306,748 306,748 132 KV Amnura S/8 & Associated TLP 7,000 10,833 Bibiyana-kaliakore Project - 1,517,438 Project 1 (Aminbazar old Airport) 12.500,290 9,805 Barishal Bhola Borhanuddin Project 5.133,326 7,031,093 RRAGS Project 7,221,069 7,221,069 National Power Transmission Network Development 402,388.521 531,383,445 132KV GNDP in Eastern Region 7,874.960 143,610,574 400/230/132 KV GND Project 246,007 7,000 Ashuganj Bhulta 400 KV TLP 411,113.679 425,828,947 Mongla-Khulna-South 100.643,623 122,010,827 Kodda 132/33KV SS 4,198,528.00 - HVDC 2nd Block 114.541,444 2,029,846,378 ECGSTLP 177,233,271 627,687,633 Ruppur Paromanobik Biddut Nirman Project 30.721,630 43,421,413 Dhaka-Chittagong MPGC Project - 21,000 Aminbazar-Mawa-Mongla 400kv TL Project 83.657.855 28,298,609 RE Component of MUSCCFPP 12,476,579 33,650,093 Power Grid Network Strenthening Project-G to G 40,313,599 1,908,000 Patuakhali(Paira)-Gopalgoni 400kv TLP 327,729,338 483,578,520 Patuakhali(Paira)-Gopalgon 230kv TLP 220.139,357 - Re-conductoring of 132kv TL project 28,293,855 Rajendrapur 132/33kv GIS project 6,007.136 OTIMEZRPS Mirsharail project 83.935.170 Rajendrapur 132kv double circuit TLP 24,956,236 Bakerganj Barguna 132kv & Barguna SS construction project 85.325,507 - Bharamara-Baharampur 2nd 400kv TL 77,584,951 - Matarbari-Modunaghat 400kv TL project 241,156 - WGNDP 1,285,023,735 - Energy efficiency In grid base power supply 25,819.759 - 3,575,634,329 4,487,349,425 2017 2018 114 IOFI A Or 3 LASH ITD Notes to the financial statements For the year ended 30 June 2018 2018 2017 BOT BDT Cash in hand 711,389 694,462 Balances with banks as: Current deposit accounts 933,017,262 1,305,049,940 Short term deposit accounts 6.547.508,151 4,128,910,218 7.480,525,413 5,433.960.158 7,481,236,802 5,434,654,620 Authorised share capital 1,000,000,000 ordinary shares of BDT 10 each 10,000,000,000 10,000,000,000 Paid up share capital 460,912,991 ordinary shares of BDT 10 each 4,609,129,910 -4 609129 910 The break-up of the paid up share capital is as follows: 116,536,000 shares of BDT 10 each fully called and paid up in cash 1,165,360,000 1,165,360,000 247,822,100 shares of BDT 10 each paid up other than cash 2,478,221,000 2,478,221,000 54,653,710 shares of BDT 10 each as 15% bonus shares 546.537,100 546,537,100 41,901,181 shares of BDT 10 each as 10% bonus shares 419,011,810 419,011,810 4,609,129,910 4,609,129,910 30 June 2018 30 June 2017 No. of shares % No. of shares % Sponsors (BPDB) 351,446,348 76.25 351,446,348 76,25 Institutions (financial & others) 88,951,770 19.30 88,340,851 19.17 Individual 20,514,873 4.45 21,125,792 4.58 Total 460,912,991 100 460,912,991 100 Number of shareholders as at % of shareholdings as at 30 June 2018 30 June 2017 30 June 2018 30 June 2017 Less than 500 shares 1,648 1,880 29.94 29.33 500 to 5,000 shares 3,078 3,721 55,92 58.05 5,001 to 10,000 shares 354 363 6.43 5.66 10,001 to 20,000 shares 178 197 3.23 3.07 20,001 to 30,000 shares 58 67 1.05 1.05 30,001 to 40,000 shares 29 29 0.53 0.45 40,001 to 50,000 shares 18 17 0.33 0.27 50,001 to 100,000 shares 53 49 0.96 0.76 100,001 to 1.000,000 shares 76 75 1.38 1.17 Over 1,000,000 shares 12 12 0.22 0.19 Total 5,504 6,410 100 100 CalL) CM)'A~ ' ?~LA~5H i~115 2i~O Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT This represents the amount of investment received from the Government of Bangladesh (GoB) as part of GoB equity against the development projects & BPDB's investment received through 5th & 6th Vendors Agreement. Balance as at 01 July 30,394,658,990 25,650,107,058 Add: Received during the year from the GoB as part of equity in respect of development projects (note 12.1) 7,035,011,571 4,780,204,800 37,429,670,561 30,430,311,858 Less: Refunded to GoB the surplus fund released by GoB (note 12.2) 80,726,675 35,652,867 Balance as at 30 June 37,348,943,886 30,394,658,990 2017-18 2016-17 Note: Investment of Govt. 34,830,803,886 27,876,518,990 Investment of BPDB 2,518,140,000 2,518,140,000 Total investment 37,348,943,886 30,394,658,990 The amount related to deposit for shares will be settled as per the statutory regulation and decision of the Govt. 132kv GNDP-Eastern Region Project 27,000,000 384,000,000 Ashuganj-Bhulta TL Project 281,250,000 2,040,000,000 HVDC 2nd Block 1,872,000,000 660,000,000 Bibiyana-Kaliakore-Fenchugong- Bibiana TL Project 351,000,000 400/230/132KV GNDP 180,000,000 114,000,000 NPTND 780,000,000 360,000,000 ECGSTLP 480,000,000 204,000,000 Feasibility Study to connect Nuclear Power Plant with National Grid - 55,080,000 Dhaka-Chittagong MPGS Project(MMM) - 130,699,800 Aminbazar-Mawa-Mongla 400kv TLP 112,500,000 97,065,000 Patukhali(Paira)-Gopalgonj 400kv TLP 2,400,000,000 318,360,000 Energy Efficiency in Grid Based Power Supply Project 300,000,000 66,000,000 Meghnaghat-Aminbazar 400kv 19,971,600 Haripur 360MW combined cycle 48,399,240 Transmission Efficiency Improvement Project(TEI) 22,375,731 Patukhali-Paira 230kv TLP 149,715,000 Power Grid Network strengthening project-G to G 24,000,000 Bakerganj-Barguna 132kv and Barguna 132/33kv S/S construction project 60,000,000 Bharamara-Baharampur 2nd 400kv double circuit TL project 48,000,000 DTIMEZRPS Mirsharail project 49,800,000 Western Grid Network Development project 180,000,000 - 7,035,011,571 4,780 204,800 HVDC 2nd Block 25,668 1,208,053 Ashuganj-Bhulta TL Project 50,335,723 4,393,469 132kv GNDP-Eastem Region Project 5,981,400 1,580,164 Feasibility Study to connect Nuclear Power Plant with National Grid - 1,868,227 Biblyana-Kaliakoir 400 KV & Fenchuganj-Bibiyana 230 KV - 26,602,955 Transmission Efficiency Improvement Project(TEI) 22,375,731 Energy Efficiency in Grid Based Power Supply Project 2,008,153 - 80,726,675 35,652,867 20172018 116 PGRER O GC ANY OF SALADESH LD Notes to the financial statements For the year ended 30 June 2018 2018 2017 BOT BDT Balance as at 01 July (A) 6,380,288,420 5,180,109,761 Prior years' adjustment for: Understated expenses (note 13.1) (2,030) (252,460,899) Overstated expenses (note 13.2) 6,541.294 8,382.007 Understated income (note 13.3) - 1,662,476 Overerstated income (note 13.4) (2,030) - Total prior years adjustment (B) 6,537,234 (242,416,416) Re-stated balance at 01 July (A+B) 6,386,825,653 4,937,693.34 Total comprehensive income for the year 2,180,264.295 1,995,689,271 Final dividend (691,369,487) (553,094,196) Balance as at 30 June 7,875,720,462 6,380,288,419 Depreciation of Bhola-Barishal-Borhanuddin project from Febl2015 to June/2017 - (252.460,899) - (2S2.460,899) Collection from employee for internal audit objection from site offices 1,941,359 8,382,007 Refunded for wrongly deducted by Rupai bank as L/C charge against various L/C. 4,479,565 - Wrongly recorded as bank charge in Ruppur Paromanobic project. 120,370 - 6,541,294 8,382,007 Wheeling bill revised for PBS-1 Mymensingh for the month of June 2016 - 1,662,476 - 1,662,476 Wheeling bill revised for PBS-3, Dhaka for the month of June 2017 (626) Wheeling bill revised for PBS-3, Chattogram for the month of March 2017 (1,404) - (2,030) - The break-up of term loan- interest bearing are as follows: Notes ADB loan 14,1 48,974.530,674 39,376,453,261 GoB loan 14.2 21,105,049,433 16.696.898,227 Assigned loan 14,3 4,394,319,983 5,305.115,555 SIDA loan 14.4 273,987.868 310,763,409 KFW loan 14.5 3,379,242.577 2,617.867,232 Danida loan 14.6 846,286.898 854.201,773 DPBS-1 loan 14.7 467,042.500 535.442,500 NDF loan 14.8 603,194.084 653.437,070 JBIC loan BD 52 , 55 & 70 14.9 13,962,811.964 8,714.134,640 IDA loan (No 4508 & 53810) 14.10 7,388,582.777 3,540,519,478 EDCF loan 14,11 7,081,806.954 6,792.310,665 HSBC loan 14.12 191,661,790 494,577,505 IDB loan BD 0172 14.13 1,254.926,242 - DPBS-3 loan 14.14 38,476.823 109,961,920.567 85,891,721,316 Less: Transfer to term loan-interest bearing (note 18) 1.e. current portion of long (840,005.104) (752.767,223) term loan Total long term loan 109,121,915,463 85,138,954,093 Add: Long term Interest 20,273,603.166 16,593.355,270 Balance as at 30 June 129,395,518.629 101,732.309,363 Balance as at 01 July 39,376,453,261 34,312,972,902 Current Portion of Debt Add: Received during the year 8,570,517,457 4,111.577,474 47,946,970.718 38,424.550,376 Exchange rate fluctuation lossf(gain) 1,421,169,748 1,379,518,275 Less: Repaid during the year (note 14.1,1) (393,609,792) (427,615,390) Balance as at 30 June 48,974,530,673 39,376,453,261 117 PUMIRGr%9DCOMPA'0O UANGLAG`ID 2UD2 Notes to the financial statements For the year ended 30 June 2018 'Previous year's figures have been rearranged to conform to the current year's presentation. 2018 2017 Loan details are as follows: L BDT BDT Mymensingh Power Station and Transmission Line 1505 30,046,073 77.308,580 Rampura Sub-Station 1505 28,553,595 28,553,595 Sub-station-Extension -Mlrpur 1505 19.891,454 67.153,961 Emergency Restoration System 1505 49.299,719 49.299,719 National Load Dispatch Centre 1505 16.739,594 16.739,594 Haripur-Rampura Transmission Line (General Project) 1505 538.596,794 538.596,794 Exchange rate fluctuation loss/(gain) 1505 819,570,610 760.495,527 Total ADB 1505 (A) 1,502,697,838 1,538,147,770 Hasnabad-Aminbazar-Tongi Transmission Line 1731 26,438,868 26.438,868 Sub-station Aminbazar 1731 195,648,150 266,537,320 Sub-station Extension Tongi, Hasnabad & Kalyanpur 1731 522,249,289 522,249,289 Rampura-Guishan Underground Transmission Line 1731 137,072,901 137,072,901 Rampura Horipur Aminbazar -CCC 1731 682250,482 682,250,482 GIS Sub.Station - CNEEC 1731 365.739,955 365.739,955 Exchange rate fluctuation lossl(gain) 1731 699,991.879 599.178,710 Total ADS 1731 (B) 2,629.391,523 2,599,467,525 Khulna -lshwardi Transmission Line- L & T 1885 Khulna ishwardi Transmission Line-(TATA Power) 1885 1,199.919,710 1,327.815,146 Ashuganj-Sirajganj Transmission Line -(LG & Sejon) 1885 1,332.346,580 1,332,346,580 Ashuganj-Sirajganj ABB Ltd. 1885 186,232,208 186,232,208 Ishwardi-Baghabari-Sirajgonj-Bogra-BHEL 1885 779,228,281 779,228,281 Gallamari 132/33 KV GIS S/S Cons. & 132 KV TL Cons. 1885 477,789,256 477.789,256 Shunt Compensation Phase-1 1885 238,990,584 262.828,788 Exchange rate fluctuation loss/(gain) 1885 1,079,038.064 878.913,158 Total ADB 1885 ( C) 5,293,544,684 5,245,153,418 National Load Dispatch Centre 2039 2,165.090,180 2,241.552,148 Exchange rate fluctuation loss/(gain) 2039 499.205,345 397,966,545 Total ADS 2039 (D) 2,664,295,525 2,639,518,693 Meghnaghat - Aminbazar 400 KV TL 2332 2,770,384,288 2,770,384,288 Aminbazar Old Airport 230 KT TL 2332 4,602,794,915 4,602,794,915 3 Transmission Line NCC 2332 1,034,521,006 1,034.521,006 3 Transmission Line-HG Power 2332 753.634,898 753.634,898 Exchange rate fluctuation loss/(gain) 2332 980,492,976 599,039,143 Total ADB 2332 (E) 10.141,828,082 9.760.374,250 Bangladesh India Grid Interconnector 2661 8,973.642,077 8,973.642,077 Exchange rate fluctuation loss/(gain) 2661 311.363,061 (37.863,998) Total ADS 2661 (F) 9,285,005,138 8,935,778,079 GNDP in Eastern Region 2966 5,681,431,935 4,384,635,835 Aminbazar-Mawa-Mongla 2966 57.616,292 44,661,512 Exchange rate fluctuation loss/(gain) 2966 480,257,657 390,949,383 Total ADS 2966 (G) 6,219.305,884 4.820,246,731 ADB Loan(400/230/132kv GNDP) 3087 1,664.411,425 1,096,292,418 Exchange rate fluctuation loss/(gain) 3087 57,252,692 8.823,950 Total ADB 3087 (H) 1,721,664.117 1,105.116,368 ADS Loan(400/230/132kv GNDP) 3350 769.566,234 272.671,144 Exchange rate fluctuation loss/(gain) 3350 13,756,117 - Total ADS 3350 (1) 783.322,351 272,671,144 ADB Loan(HVDC 2nd Block) 3298 2,690.715,274 1,694.547,991 Exchange rate fluctuation loss/(gain) 3298 127,067,545 138,255,252 Total ADB 3298 (J) 2,817,782,819 1,832,803,243 ADB Loan(HVDC 2nd Block) 3299 5,775,111,449 575,526,251 Exchange rate fluctuation loss/(gain) 3299 140,581,265 51.649,792 Total ADS 3299 (K) 5,915,692,713 627,176,043 Total ADS loan (A+B+C+D+E+F+G+H+1+J+K) 4,974,0,674 39,3(6.43,261 The above loans are repayable within 16 years to 25 years with 5 years grace period. S2 1 7- 20 1PV 118 GF, R IRID COMPANY Of BANGLADESH LTD Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT Loan no. Substation extension-Mirpur 1505 47,262,507 94,525,014 Mymensingh Power Station and Transmission Line 1505 47.262.507 - Meghnaghat Associated TLP 1505 - 47,262.507 Substation Aminbazar 1731 70,889.170 70,889,170 (Khulna-Ishwrdi) L & T 1885 127.895.436 42,631,812 Shunt Compensation Project 1885 23.838,204 23,650,596 NLDC 2039 76,461.968 148,656,291 393,609,792 427,615,390 Balance as at 01 July 16,696.898,228 13,745,993,792 Current Portion of Debt Add: Received during the year 4.690,007.714 3,186,803,200 21.386,905.942 16,932,796,992 Less: Refunded during the year (note 14.2.1) (281,856.509) (235,898,765) Balance as at 30 June 21,105,049,433 16,696,898,228 Loan details are as follow: 1) Comilla-Meghnaghat-Rampura & Meghnaghat-Haripur-203 KV Transmission 86.269.990 86,269,990 2) Hasnabad-Aminbazar-Tongi Transmission Line 91.772,008 122,362,674 3) Kabirpur-Tangail-Sirajgonj Transmission Line 38.467.680 44,878,960 4) Ishwardi-Baghabari-Sirajgonj-Bogra Transmission Line 612,804.828 612,804,828 5) Khulna-lshwardi-Bogra-Barapukuria Transmission Line 642,266.005 770,719,204 6) Ashugonj- Jamuna Bridge-Serajgonj (Inter Connector Line) 203,892.000 237,874,000 7) NLDC Project-National Load Dispatch Centre 390,663,996 415,080,496 8) Three Transmission Line 525,247,450 525,247,450 9) Aminbazar-Old Airport 230 Kv Associated Substation 924,418.863 924,418,863 10) Shunt compensation at Grid Substation 63.306,767 67,491,847 11) Meghnaghat-Aminbazar 400 Kv Transmission Line 703,887.136 690,572,736 12) Transmission efficiency improvement 158,766,733 158,766,733 13) Siddirgonj Maniknagar 230 Kv T/L Cons. Project 208,205,501 208,205,501 14) BD - India Grid Interconnection Project 1,666,584,784 1,666,584,784 15) Bibiana Comilla (North) 230KV TLP 924.000,000 924,000,000 16) Haripur 360mw Combined Cycle Power Plant 167.324,499 135,058,339 17) 132 KV GNDP Eastern Region 672,958,958 658,946,558 18) Ashugonj Bhulta 400 KV TLP 2,373,678,412 2,219,735,561 19) Grid Interconnection between Tripura (India) 624,780.000 624,780,000 20) HVOC 2nd Block 1,917,477,507 669,494,619 21) Bibiana Kaliakoir 400kv & Fenchugonj Blblana 230kv TIL Project 3,020,264.696 3,020,264,696 22) NPTND 820,000,000 300,000,000 23) 400/230/132kv Grid Network Development 204,000,000 84,000,000 24) TLF(Project-2) 949,782,673 949,782,673 25) Enhancement of Capacity(ECGSTLP) 456,000,000 136,000,000 26) Feasibility Study to Connect Nuclear Power Plant with National Grid 35,474,516 35,474,516 27) Dhaka-Chittagong MPGS Project(MMM) 87.133,200 87,133,200 28) Aminbazar-Mawa-Mongla 400kv TL Project 139,710,000 64,710,000 29) Patukhali(Payra)-Gopalgonj 400kv TL Project 1,812,240,000 212,240,000 30) Energy Efficiency In Grid Based Power Supply Project 242,661,231 44,000,000 31) Patuakhall-Payra 230kv TL project 99.810,000 32) Power Grid Network strengthening project-G to G 16.000.000 33) Bakerganj-8arguna 132kv and Barguna 132/33kv SiS construction project 40,000,000 34) Bharamara-Baharampur 2nd 400kv double circuit TL project 32,000,000 35) DTIMEZRPS Mirsharail project 33,200.000 36) Western Grid Network Development project 120.000.000 - 21,105,049,433 16,696,898,227 Add: Current portion of long term loan - 21,105,049.433 16,696,898,227 FONI.iM Gi10 I ANY OF BANtD IESH 119 20J17-20184 Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BOT Comilla-Meghnaghat-Rampura & Meghnaghat-Haripur-203 KV Transmission Line - 26,909,195 Hasnabad-Aminbazar-Tongi Transmission Line 30,590,666 30,590,666 Kabirpur-Tangail-Sirajgonj Transmission Line 6,411,280 6,411.280 Khulna-Ishwardi-Bogra-Barapukuria Transmission Line 128,453,199 85,635,466 Ashugonj- Jamuna Bridge-Serajgonj (inter Connector Line) 33,982,000 33,982,000 HVDC 2nd Block 17,112 805,368 Shunt Compensation Project 4,185,080 4,185,080 NLDC 24,416,500 24,416,500 132kv GNDP Project 3,987,600 1,053,442 Feasibility Study to Connect Nuclear Power Plant with National Grid - 1,245,484 Bibiana Kaliakoir 400 KV & Fenchuganj Bibiana 230 KV TLP - 17,735,304 Ashuganj-Bhulta 400kv TLP 33.557,149 2,928,979 Transmission efficiency improvement project (TEI) 14,917,154 - Energy Efficiency in Grid Based Power Supply Project 1,338,769 - 281,856,509 235,898,765 The break-up of the above loan is as follows: Balance as at 01 July 1,705,943,235 4,339,480,698 Add: Current portion of the debt Add: Exchange rate fluctuation loss/(gain) (621,549,629) Addition/adjustment during the year (289,245,944) (2,633,537,464) 795,147,662 1,705,943,235 Balance as at 30 June (A) 795,147,662 1,705,943,235 Balance as at 01 July 3,599,172,321 3.599,172,321 Addition/adjustment during the year _ . Balance as at 30 June (B) 3,599,172,321 3,599,172,321 Balance as at 30 June grand total (A+B) 4,394,319,983 5,305,115,555 Above loans have been taken over from BPDB and DPDC(DESA) along with the fixed assets at written down value in different phases, the break-up of which is given below 1st Phase-Comilla (North) and Haripur 230 KV Sub-station and Haripaur-Ghorashal 230 KV 45 KM. Transmission Line. 2nd Phase-Hasnabad and Tongi 230/132 KV. Sub-station and Hasnabad-Haripaur 230 KV 16.5 KM Transmission Line. 3rd Phase - Grid Maintenance Division viz Dhaka (North) Dhaka (South), Ohaka (East), Aricha, Comilla and Mymensingh Telecommunication Division, Siddhirgonj, System Protection and Metering Division, Ohaka Grid Circle office, Dhaka. 4th Phase - 230 KV and 132 KV Transmission Line, Sub-station of Chittagong and Sylhet Division. 5th Phase - 230 KV, 132 KV, and 66 KV Transmission Line and Grid Sub-station of western part of the Country. 6th Phase - 230 KV and 132 KV Transmission Line and Grid Sub-station of western part of the Country. 1st Phase - Bhulta, Joydevpur and Manikgonj 132/33 KV. Sub-station & related Transmission Line, 2nd Phase - Kallyanpur and Mirpur 132/33 KV. Sub-station & related Transmission Line. During the year, the Company provided for interest @4% p.a. on all the assigned loans. It is noted that the subsidiary loan agreements of the above loans with the Government are still with BPDB and DPDC(DESA). So. the repayments are made through BPDB and DPDC(DESA). 20172 8 120 17ER ORID CAMANY O RANGLADSH ILTD Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT SIDA (Swedish International Development Co-Operation Agency) loan is recorded as and when disbursement request is sent to SIDA's designated bank through Economic Relations Division (ERD) for making payment directly to the contractorsisuppliers account as per SIDA Loan agreement and disbursement procedure. Balance as at 01 July 310,763,409 296,989,610 Received during the year Less: Paid during the year (note 14.5.1) (24,519,408) - Exchange rate fluctuation lossl(gain) (12,256,134) 13,773,798 Balance as at 30 June 273,987,868 310,763.409 Khulna-Ishurdi-Bogra-Baropukuria 230 kv TL Project 24,519,408 - 24,619,408 - KFW (Kreditanstalt Fur Wiederaufbau) loan is recorded as and when disbursement request is sent to KFW for making payment directly to the contractor/suppliers account as per KFW Loan agreement and disbursement procedure. Name of the transmission line KFW loan WZNDP, IBSB, KIBB, TEl & EEGBPS Project Balance as at 01 July 2,617,867,232 2,481.143,109 Add: Received during the year 665.213,320 Less: Paid during the year (note 14.6.1) (50.246,865) (16,748,955) Exchange rate fluctuation loss/(gain) 146,408,890 153,473,077 Balance as at 30 June 3,379,242,577 2,617,867,232 Bogra S/s ABB Germany WZP 16,748,955 16,748.955 Khulna-Ishurdi-Bogra-Barapukuria TLP 33,497,910 50,246,865 16,748,955 Danida (Danish International Development Agency) loan is recorded as and when disbursement request is sent to Name of the transmission line Danida loan Joydevpur-Kabirpur-Tangail Balance as at 01 July 854,201,773 868,255,898 Received during the year - Less: Paid during the year (note 14.7.1) (62,862,940) (62,862,940) Exchange rate fluctuation lossl(gain) 54.948,065 48,808.815 Balance as at 30 June 846,286,898 854,201,773 Joydebpur-Kabirpur-Tangail Project 62,862,940 62,862,940 62,862,940 62,862,940 This loan was received from Dhaka Palli Bidyut Shamity-1 for purchasing land, development of land and construction of 2X75 MVA 132/33 Kv Sub-Station. The loan amount is maximum BDT 76 crore. The repayment of principal and interest @ 5% will be made in 10 years from the date of commercial tenderization at semi annual equal instalment. Balance as at 01 July 535,442,500 603,842,500 Received during the year (14,7.1) - - Less: Paid during the year (14.7.2) (68,400,000) (68,400,000) Balance as at 30 June 467,042,500 535,442,500 Kodda 132kv Grid SS - _ 121 Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT Aminbazar Savar Transmission Line & Savar Substation 68,400,000 68,400,000 68,400,000 68,400,000 NDF (Nordic Development Fund) loan is recorded as and when disbursement request is sent to NDF for making payment directly to the contractors/suppliers account as per NDF loan agreement and disbursement procedure. Balance as at 01 July 653,437,070 639,335,952 Add: Received during the year - - Less: Paid during the year (14.9.1) (91,281,200) (22,820,300) Exchange rate fluctuation loss(gain) 41,038,214 36,921,418 Balance as at 30 June 603,194,084 653,437,070 Khulna-Ishurdi-Bogra-Baropukuria 230 kv TL Project(WZPSDP) 91,281,200 22,820,300 91,281,200 22,820,300 JBIC (Japan Bank for International Cooperation) loan is recorded as and when disbursement request is sent to JBIC for making payment directly to the contractors/suppliers account as per JBIC loan agreement and disbursement procedure. Name of the transmission line JBIC loan no-52,55, 70, 76 & 81 Transmission Line Facility, Balance as at 01 July Haripur 360 MW Combined Cycle & 8,714,134,640 6,440,096,515 Add: Received during the year National Power Transmission Network 4,265,778,619 3,018,399,047 Paid during the year Development Project - Exchange rate fluctuation loss/(gain) Dhaka-Chittagong MPGSP 982,898,704 (744,360,922) Balance as at 30 June 13,962,811,964 8,714,134,640 Name of the transmission line Siddirganj - Maniknagar Balance as at 01 July 2,174,121,109 2,087,403,435 add: Received during the year 2,270,636 28,142,577 Paid during the year Exchange rate fluctuation loss(gain) 84,968,753 58,575,096 Balance as at 30 June 2,261,360,498 2,174,121,109 Name of the transmission line ECGSTLP Balance as at 01 July 1,366,398,370 604,053,605 add: Received during the year 3,844,513,761 732,382,174 Paid during the year - - Exchange rate fluctuation loss/(gain) 116,310,149 29,962,591 Balance as at 30 June 5,127,222,279 1,366,398,370 7,388,582,777 3,540,519,478 Name of the transmission line EDCF loan Biblyana - Kaliakoir - Fenchugonj Balance as at 01 July 6,792,310,665 6,355,661,152 Add: Received during the year 23,135,786 253,522,638 Paid during the year Exchange rate fluctuation loss/(gain) 266,360,504 183,126,875 Balance as at 30 June 7,081,806,954 6,792,310,665 2G17-2011 122 M 7YER AIDCOMPANYOiFANGLAVSH11f Notes to the financial statements For the year ended 30 June 2018 Name of the transmission line 2018 2017 HSBC loan Barisal - Bhola - Borhanuddin & BDT BDT Balance as at 01 July Kulaura - Sherpur 494,577,505 824,179,692 Add: Received during the year - 10,129.276 Less: Paid during the year (302,915,715) (339,657.554) Exchange rate fluctuation loss/(gain) - (73,909) Balance as at 30 June 191,661,790 494,577,505 Namp qf thZtransmissionline IDB loan BD 40012301132kv GNDP Balance as at 01 July Add: Received during the year 1,239,413,547 Less: Paid during the year Exchange rate fluctuation lossl(gain) 15,512,695 - Balance as at 30 June 1,254,926,242 - This loan was received from Dhaka Palli Bidyut Shamity-3 for the extension of one 132 kv bay in Savar 132/33 Kv substation under Kodda 132)33 kv grid substation project. Balance as at 01 July - - Received during the year (note 14.14.1) 38,476,823 - Balance as at 30 June 38,476,823 - Kodda 132/33 kv Grid SS 38,476,823 - 38,476,823 - Grant from KFW (note 15.1) 956,807,950 80,154,780 Grant from SIDA (note 15.2) 91,245,655 96,158,882 1,048,053,605 176,313,662 Balance as at 01 July 80,154,780 46,074,919 Received During the year 876,653,170 34,079,861 Balance as at 30 June 956,807,950 80,154,780 Balance as at 01 July 96,158,882 101,072,110 Less: Current year amortization (note 27) 4,913,227) (4,913,227) Balance as at 30 June 91,245,655 96,158,882 Balance as at 01 July 1.963,994,600 1,735,868.760 Add: Provision made during the year 909,116,456 302,446.437 2,873,111,056 2,038,315.197 Less: Paid /adjustment during the year 81,401,681 74,320,597 Balance as at 30 June 2,791,709,375 1,963,994,600 Deferred tax liabilities recognized in accordance with the provisions of BAS 12: Income taxes, is arrived as follows: Balance as at 01 July 5,853,283,410 5,061,333,561 Addition/(reversal) during the year 386,958,132 791,949,849 Balance as at 30 June 6,240,241,542 5,853,283,410 PO'M, RG 9 IDCV;- I f O 841R415H :01)123 01 201 Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT ADB loan no, 1505. 1731, 1885 & 2039 589,610,636 518,719,027 Others (note 18.1) 250,394,468 234,048,196 The Company expects to pay current portion of long 840,005,104 752,767,223 term loan during FY: 2018-19 Danida 69,274,220 69,274,220 KFW 33,497,910 33,497,910 NDF 45,640,600 45,640,600 SIDA 101,981,738 85,635,466 250,394,468 234,048,196 This represents the interest payable for the period. The movement of the above amount is given below: Balance as at 01 July 17,003,529,321 13,801,009,156 Add: Interest charged during the year (note 19.1) 4,293.439,176 3,771,147,374 21,296,968,497 17,572,156,530 Payment/Adjustment made during the year (note 19.2) (612,652,322) (568,627,209) Balance as at 30 June 20,684,316,175 17,003,529,321 The Company expects to pay interest payable during 410,713,009 410,174,051 Interest payable -long term portion 20,273,603,166 16,593,355,270 20,684,316,175 17,003,529,321 Bibiyana-Kaliakore-Fechugong Project 2,594,491.87 225,143,153 Dhaka-Chittagong MPGS Project 6.024,574 114,784 Amin Bazar - Mawa - Mongla 5,329,120 453,615 NPTND Project 244,556,041 103,316,394 GNDP in Eastern Region 240,027,402 141,377,104 Ashuganj Bhulta 400 KV TLP 70,586,943 44,590,496 Grid interconnection between BD-India 2nd phase 225,289,001 - Bhola Barisal Borhanuddin Project - 45,187,526 ECGSTLP Project 123,321,756 39,003,438 HVDC 2nd Block - 83,828,304 Kulaura-Sherpur Project 12,473,288 400/230/132kv GNDP 68,428,985 14,793,913 Western GNDP 4,804,786 Nuclear Power Plant - 135.615 Patuakhali-Paira-Gopalgonj Project 17,258,637 156,999 Energy Efficiency Project 5,825,624 56,055 DTIMEZRPS Project 89,367 - Bakerganj-Barguna 132/33kv TLP 107,441 Patuakhali-Paira 230kv TL Project 1,607,898 BD-Baharampur India 2nd 400kv TLP 7,890 - Total IDC 1,015,859,956 710,630,683 Add: Interest charged in finance expenses (note 28) 3,277,579,220 3,060,516,691 4,293,439,176 3,771,147,374 20172018 124 C C A LADESH LT Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT Meghnaghat Associated TL Project 28,357.504 59,950.969 Hasnabad-Aminbazar-Tongi TL Project 46.884,207 52,312.644 East West (Ashugong-Sirajgong-Interconnection) TL Project 9,769,825 11.468.925 Joydebpur-Kabirpur-Tangail Project 38,775,220 42,238.931 Khulna-Ishurdi-Bogra-Baropukuria 230 kv TL Project 284.662,835 101,828.597 Shunt Compensation Project 17.868,429 17,979,494 NLDC TLP 66,791,806 120,499.960 GNDP in Eastern Region 14,991,477 6,906,411 Bhola Barisal Borhanuddin Project 42.226,612 45,156,882 Kulaura-Sherpur - 12,473.288 Ashugonj-1hulta Project 44.590,496 14,168,220 Dhaka Palli Biddyut Samity-1 (Aminbazar-Savar project) 17.624,670 21,044.670 Assigned Loan BPDB - 62,480,185 NPTNDP - 118.033 Aminbazar-Mawa-Mongla 400kv TLP 53,186 - EEGBPSP 56,055 - 612,652,322 568,627,209 Salaries 89,343 1,112,841 Electricity charge 10 - Gas charge 787,872 545,478 Audit fee 900,000 1,150.000 Sundry expenses 2,028,936,700 640,040.036 2,030,713,925 642,848,355 Workers' profit participation fund (note 21.1) 132,203,662 142,856,525 Revenue sharing payable BTRC 43,974,145 36,594,794 Tax/VAT withheld from contractor/suppliers 133,622,758 73,278,334 Unclaimed dividend (note 21.2) 28,737,927 28,239,592 Employees provident fund 89,742 201.494 Contractors earnest/security/retention money 4,790.000,037 2,629,174,616 Tax withheld from employees 835,397 900,375 Revenue stamp 95,831 127.901 Prime Misinter relief fund (144,244) (29.058) Union subscription 772,497 386,971 Performance guarantee (note 213) 10.076,841 121,348,841 Account current with corporation and other offices (note 21.4) (52,126,687) 28,226,366 Advance receipt of PF contribution -lien 14,256 14,256 WPPF Trust A/c 36,548 36,548 Deposit work-RAJUK 2,644,363 19,562,761 Deposit work for Projects 7,699 7.699 Deposit work-Roads & Highway Dhaka-Ctg 4 line Project 9.576,516 9,576.516 Deposit work GC Chittagong (CDA) 46.812,144 46,812.144 Deposit Work Chapainawabganj PBS Amnura Project 20,000,000 Deposit Work DPDC at Sathmosjid GIS 33 KV S/S - - Deposit Work of Dhaka Moro Rail (Mirpur Tongi 132 KV D/C 0/H Line) 17.543,478 149,903.306 Deposit Work with PWD GMD Mymensingh. 22.173,510 25,952.846 Deposit Work of Kodda 33kv SS 375,396,042 323,296,763 Deposit Work Ruppur Atomic Energy Power Station 599,041,682 940,000.000 Deposit Work DPDC Aminbazar Old airport Project 19,801,815 20,764.787 Deposit Work -Meghna Industrial Economic Zone 33,558,888 33,558.888 Deposit Work -EGNDP(Norsingdi PBS-2) 8.888,537 78,812.897 125 'i1 k Notes to the financial statements For the year ended 30 June 2018 2018 2017 BOT BDT Deposit Work -R & H Tower Construction-GMD Comilla 4,967,920 4,967,920 Advance rent receipt - UGC 104,000,000 112,000,000 Advance rent receipt - Teletalk 25,800,000 - Deposit Work-Tower Extension at Gopalgonj Railway-GMD Faridpur 8,063,951 10,637,810 Deposit Work-Desco 132/33kv underground cable 57,368,478 - Deposit Work-Rajendrapur 132/33kv substation and Kodda line 199,208,596 - Deposit Work-Tongi Maniknagar GS 132kv new bay construction project 243,692,633 - Deposit Work for Mawa and Pachchor Bhanga for Padma Bridge 188,626,447 - Loan from DESCO for Aminbazar-Mirpur-Tongi 132kv double circuit line 100,000,000 - Fraction bonus share sales proceeds payable 403,252 403,252 Liabilities for unsettled liquidated damage 13,392,904 13,392,904 Liabilities for unsettled audit objection 7,120,506 7,083,037 Insurance claim payable 1,964,500 - 7,178,242,571 4,878,091,086 Balance as at 01 July 142,856,525 113,612,270 Provision made during the year 133,149,616 143,802,479 Transfer to WPPF trust A/c (143,802,479) (114.558,224) Balance as at 30 June 132,203,662 142,856,525 Year ended 30 June 2006 566,292 566,292 Year ended 30 June 2007 2,878,790 2,878,790 Year ended 30 June 2008 5,321,114 5,321,114 Year ended 30 June 2009 6,856,688 6,856,688 Year ended 30 June 2010 3,981,072 3,981,072 Year ended 30 June 2011 4,907,550 4,907,550 Year ended 30 June 2012 431,613 431,613 Year ended 30 June 2013 1,237,022 1,237,022 Year ended 30 June 2014 661,924 693,336 Year ended 30 June 2015 847,637 883,713 Year ended 30 June 2016 444,883 482,403 Year ended 30 June 2017 603,342 - 28,737,927 28,239,592 CNEEC 76,841 76,841 BTTB 10,000,000 10,000,000 Sean Engineering & Construction Ltd. - 111,272,000 10,076,841 121,348,841 BPDB 114,745,358 114,745,358 Project-1 (2,422,567) (2,422,567) IBSB Project-cash defalcation (note 21.4.1) (637,536,768) (637,536,768) WPPF (164,449,478) (84,096,425) (689,663,455) (609,310,402) Provision for cash defalcation of IBSB project 637,536,768 637,536,768 (52,126,687) 28,226,366 207-2018 126 A D CMPANY OPIANrLADzSH LfD Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT The Ishwardi - Bagabari - Sirajgonj - Bogra 230 Kv Transmission Line Project was completed on June 30, 2010. As a result a Project Completion Report (PCR) is to be prepared. Total expenditure booked so far in works-in- progress has been transferred to Fixed Assets in 2013-14. Two investigation committees were formed, one by the management and another by the Board of Directors. The management committee submitted the report and ascertained the defalcation amount of BOT 637,536,768. Provision was made for cash defalcation for the said amount in 2010-11. Balance as at 01 July 269,262,084 180,851,634 Add: Addition during the year 95,769,898 88.410,450 365,031.982 269,262,084 Less: Paid/Adjustment during the year - - Balance as at 30 June 365,031,982 269,262,084 Transmission/wheeling charge 15,351.460,483 14,168,401,705 Optical fiber charge 238,599,015 199,950.707 15,590,059,498 14,368,352,412 Salary and other benefits to employees (note 25.1) 2,221,719,662 2,165,315,183 Travelling and conveyance 59,183,243 56,191,123 Functions, games and entertainment 623,211 370,307 Rent, rates and taxes 31,428,306 25,703,720 Postage, telephone and fax 4,638,742 5,278,006 Recruitment and training 42,518,017 16,703,718 CPF contribution 86,404,742 88,477,993 Gratuity 754.566.658 251,030,543 Electricity and power 193.788,278 185,970,922 Office expenses 6,123,712 7,867,378 Fuel and lubricant 25,473,536 26,193,323 Security expenses 230,227.989 177,268,545 Insurance 1,718,398 1,567,745 Bank charges and commission 2,678,339 1,670,288 Consultancy 7,060,623 22,142,625 Repair and maintenance 433,704,544 329,185,525 C & F, carrying and handling 337,950 450,854 Miscellaneous expenses 52,727 132,157 Depreciation (note 4) 5,071,108.900 4,672,818.594 9,173,357,578 8,034,338,552 127 720; prcR Gq1 OMPAwoNYteu Q01 20AU51l,8L Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT salary and other benefits to employees (note 25.1) 274,594,565 267,623,225 Travelling and conveyance 2,337,800 2,219,608 Functions, games and entertainment 6,564,923 3,900,828 Rent, rates and taxes 38,614,721 31,581,148 Postage, telephone and fax 2,217,217 2,522,771 Recruitment and training 47,182,441 18,536,193 CPF contribution 7,401,296 7,578,888 Gratuity 154,549,798 51,415,894 Electricity and power 3,271,187 3,139,228 Office expenses 11,116,467 14,281,771 Fuel and lubricant 7,987,039 8,212,723 Security expenses 3,126,956 2,407,661 Insurance 6,226,112 5,680,268 Bank charges and commission 51,874 32,350 Consultancy 32,428,321 101,697,561 Repair and maintenance 14,013,577 10,636,427 C & F, carrying and handling 14,045 18,737 Miscellaneous expenses 11,929 29,900 Depreciation (note 4) 19,343,720 17,824,444 Advertisement and publicity 17,483,797 17,395,259 Auditors' Remuneration 3,336,207 1,288,000 Legal expenses 923,932 1,494,321 Fees and renewals 6,352,121 5,921,000 Directors' honorarium and support service allowance 4,730,890 3,318,710 Other honorarium 3,637,050 3,651,270 AGM expenses 1,911,393 1,740,997 Donation & subscription 12,625,000 7,157,730 Research & development 27,306,323 29,060,806 709,360,702 620,367,719 Basic pay 9,228,134 8,032,163 Accommodation allowance 4,614,068 3,072,130 Bonus 1,451,430 1,664,870 Contribution to CPF 373,770 361,933 15,667,402 13,131,096 Interest income 174,157,620 237,905,100 Rental income 10,852,187 9,628,980 Miscellaneous sales 103,345,076 67,911,599 Grant income (note 15) 4,913,227 4,913,227 Miscellaneous income 78,322,060 46,363,693 197,432,549 1 128,817,499 201 7 2018 128 PONER GTID MPTiAY Or SANG~fLADESH LTD Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BOT On loan, 5th phase assets transferred from BPDB 2,843,269 62,480,185 On loan, 1st phase assets transferred from DESA 143,966,893 143,966,893 On Loan no 1505, Mymensingh Power Station Associated Trans. Line 4,195,777 9,105,898 Bhola-Barishal-Borhanuddin project (HSBC) 39,489,360 Meghnaghat-Comilla Line, NLDC (Govt. Loan) 4,313,500 5,076,541 Rampura sub-station (ADB Loan No. 1505) 2,284,288 6,189,595 Sub-station Extension Mirpur (ADB Loan No. 1505) 4,595,399 5,372,317 Emergency Restoration System (ADB Loan No. 1505) 3,943,978 3,943,978 National Load Dispatch Centre (ADB Loan: 1505) 1,339,168 1,339,168 Meghnaghat Comilla Line, Haripur Rampura Line Sub-station (General) 43,087,743 43,087,743 Hasnabad-Aminbazar-Tongi Line Project (Govt. Loan) 5,558,702 7,065,187 Hasnabad-Aminbazar-Tongi Line Project (ADS Loan: 1731) 1.454,138 1,454,138 Substation -Aminbazar - Savar (ADB Loan : 1731) 13,233,515 17,073,669 Substation Extension -Tongi -Hasnabad-& Kallyanpur (ADB Loan: 1731) 28,723,711 28,723,711 Khulna-Ishwardi-Bogra-Boropukuria TL (Local : GoB) 35,180,927 41,187,140 Khulna-Ishwardi-Bogra-Boropukuria 230 Kv TL (ADB Loan: 1885) TATA 67,877,808 74,121,908 Bogra 230/132 Kv Substation (ABB GmBh) (Loan No: Kfw) 68,039,613 71,930,401 Khulna South 230/132 Kv Substation (NDF Loan) 32.127,543 35,727,836 Boropukuria Substation (ABB Power) SIDA Loan 13,230,739 13,935,196 Ashuganj-Banga Bandu Bridge -Sirajganj (Inter Connector) (Local: GoB) 11,272,248 13,031,864 Ashuganj-Sirajganj 230 Kv TL (LG & Sejong) (ADB Loan: 1885) 73,279,062 73,279,062 Shunt Compensation Project GoB Loan 3,264,519 3,472,053 Shunt Compensation Project ADB Loan 1885 13,567,140 15,262,457 Switchyard at Sirajganj & Extension of 230 Kv Substation (ABB India) (ADB 10,242,771 10,242,771 NLOC Project GoB Loan 20,111,837 21,322,628 NLDC Project ADD Loan 2039 110,066,553 116,688,171 Kabirpur Tangail Sirajgonj Project (Local Loan: GoB) 2,126,701 2,458,682 Joydebpur-Kabirpur-Tangail (Danida Loan) 39,711,295 42,966,389 Rampura Guishan Underground Cable Line -ADS Loan 1731 7,539,010 7,539,010 Gulshan 132 KV GIS S/S Line -ADB Loan 1731 20,115,698 20,115,698 Upgradation of 230/132KV Rampura -Haripur-Aminbazar S/S(ADB Loan 37,523,776 37,523,776 Three Transmission Line Project (CCC) 51,726,050 51,726,050 Three Transmission Line Project (HGPT) 37,681,745 37,681,745 Three Transmission Line Project (GoB) 26,262,373 26,262,373 Aminbazar Savar 132 kv Transmission Line Project (DPBS) - 21,044,670 Ishurdi Baghabari Sirajganj Bogra Project (GOB) 30,640,241 30,640,241 Ishurdi Baghabari Sirajganj Bogra Project (KFW) 157,989,913 157,989,913 Ishurdi Baghabari Sirajganj Bogra Project (ADB-1885) 42,857,555 42,857,555 Transmission Line Facilities (GOB, JICA 52 & ADB 1885) 213,422,259 213,422,259 Bibiana Comilla (North) (GoB) 46,200,000 46,200,000 Haripur 360MW Combined Cycle (GOB & JICA BD P 55) 79,756,362 79,548,621 BD-India Grid Interconnection (GOB & ADB 2661) 442,274,922 442,274,922 Meghnaghat Aminbazar 400 KV Transmission Line(ADB 2332) 152,371,136 152,371,136 Meghnaghat Aminbazar 400 KV Transmission Line (GoB) 34,614,360 34,528,637 Transmission Efficiency Improvement( GOB & KFW) 103,649,330 103,559,419 Aminbazar Bazar-Old Airport 230 kv Transmission Line Project 253,153,720 253,153.720 Aminbazar Bazar-Old Airport 230 kv Transmission Line Project(GoB) 46,220,943 46,220,943 129 * P J 1' 1 FWIR G91D C6V,'XVf O 84NtLAC15H OD~ 201I7,20 8 Notes to the financial statements For the year ended 30 June 2018 2018 2017 BOT BDT Siddirganj-Maniknagar (IDA 4508) 84,802,473 83,679,108 Siddirganj-Maniknagar(GoB) 6,246,165 6,246,165 TCGI (GOB) 18,743,400 18,743,400 Feasibility Study to Connect Nuclear Power Plant with National Grid(GOB) 1,064,235 543,714 Bibiana-Kalikoir & Fenchuganj-Bibiyana ( GOB & EDCF) 354,773,647 152,307,219 Exchange Rate Fluctuation Loss (note 28.1) 228,821,711 123,830,814 Interest expenses 3,277,579,220 3,060,516,691 Exchange Rate Fluctuation Loss for refunding of security money 5,210,226 - 3,282,789,446 3,060,516,691 Exchange rate fluctuation loss/(gain) represents gain due to exchange rate fluctuation in respect of ADB, JICA, KFW, SIDA, NDF, DANIDA, IDA & EDCF loan utilized by the company as well as the loss/(gain) for assigned loan Transferred from BPDB & DESA. Current tax 95,769,898 88,410,450 Deferred tax (income)/expenses related to the origination and reversal of temporary differences 386,958,132 791,949,849 482,728,030 880,360,299 Net profit after tax 2,180.264,295 1.995,689,271 Number of ordinary shares outstanding during the year 460,912,991 460,912,991 Earnings per share - basic 4.73 4.33 EPS for the year has increased by BDT 0.40 in compare to previous year. The total income of the company has increased by BDT 1.226.574,656 and the total expenses of the company has increased by BDT 1,041,999,633. The expenses do not incur in line with the company's income. Hence EPS has increased. Net Cash inflow from Operating Activities has increased due to increase in collection from customers. On the other hand the same has increased due to decrease of payment of suppliers/contractors than that of previous year. The Company in normal course of business has entered into transactions with other entities that fall within the definition of related party contained in BAS 24. The Company believes that the terms of related party transactions are not significantly different from those that could have been obtained from third parties. The significant related party transactions during the year are as follows: Transactions Receivable/ Name of the party Nature of Nature of transaction during (payable) as at relationship the year 30 June 2018 BDT BDT Bangladesh Power Majority shareholder Transmission charge 2,377.345,376 - Development Board (BPDB) Transactions with related party are priced on arm's length basis which are made in the ordinary course of business, 2017 2018 130 R7ER GED CCWANY O NlLADSH LTD Notes to the financial statements For the year ended 30 June 2018 The number of employees as at 30 June 2018 is 2565 and which was 2413 as at 30 June 2017. All the employees are paid over BDT 14,000. The financial statements were approved by the Board of Directors on 04 November 2018. The Board of Directors in its meeting held on 04 November 2018 recommended cash dividend @ 17 % per share for the year 2017-18 which is subject to the approval at the forthcoming AGM. Bangladesh Financial Reporting Standard (BFRS) 7 - Financial Instruments: Disclosures - requires disclosure of information relating to: both recognised and unrecognised financial instruments, their significance and performance, accounting policies, terms and conditions, net fair values and risk information- the Company's policies for controlling risks and exposures. The management has overall responsibility for the establishment and oversight of the company's risk management framework. The Company's risk management policies are established to identify and analyse the risks faced by the company. to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies, procedures and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. This note presents information about the Company's exposure to each of the following risks, the Company's objectives, policies and processes for measuring and managing risks, and the Company's management of capital. The company has exposure to the following risks from its use of financial instruments. a) Credit risk b) Liquidity risk c) Market risk Credit risk is the risk of a financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the company's receivables from Banks and customers etc. Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. In monitoring credit risk, debtors are grouped according to their risk profile, i.e. their legal status, financial condition, ageing profile etc. Accounts receivable are related to Transmission/wheeling charge of electricity and optical fibre charge. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position. a) Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: 13* Notes to the financial statements For the year ended 30 June 2018 2018 2017 BDT BDT Accounts and other receivables Receivable from transmission and optical fibre charge 3,230,301,095 2,703,206,728 T/L sales (Tangail and Sirajgonj PBS) 9,700,555 19,700,555 Interest receivable 308,249 29,068,735 Advance, deposit and prepayments 9,901,480,568 8,997,468,023 FDR 110,000,000 1,320,000,000 Cash and bank balances 7,481,236,802 5,434,654,620 20,733,025,269 --18,504,098,661 b) Ageing of receivables Dues within 6 months 2,381,873,874 2,269,834,654 Dues over 6 months 848,427,221 438,811,074 3,230,301,095 2,708,645,728 C) Credit exposure by credit rating As on 30 June 2018 Credit Amount (BDT) N% rating Accounts and other receivables NR 3,240,307,900 15Z63% Advance, deposit and prepayments NR 9,901,480,568 47.76% Cash and bank balances Cash in hand 711,389 0.01% Cash at bank 7,480,525,413 98.54% AS Bank Ltd. AA3 745,920,660 9,83% Agrani Bank Ltd. A- 804 0.00% All GMD- Banks N/A 2,667,746,741 35.14% Custom Deposit Ctg. N/A 188,114,232 2.48% Custom Deposit Benapole N/A 91,414,316 1.20% Custom Deposit Dhaka. N/A 43,524,541 0.57% Custom Deposit Khulna N/A 296,973,585 3.91% Hong Kong Shanghai Banking Corp. AAA 485,015,469 6.39% Janata Bank Ltd, A+ 242,635 0.00% Mercantile Bank Ltd. AA- 395,505,191 5.21% Sonali Bank Ltd. BBB+ 1,808,925,793 23.83% Standard Chartered AAA 2,135,406 0.03% Rupali Bank Ltd. BBB3 755,006,039 9.95% FDR 110,000,000 1.45% HSBC Bangladesh AAA __110000000 1.45% 20l17-2018 132 O'RC' C'".(' ,NIDSLD Notes to the financial statements For the year ended 30 June 2018 Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company's approach to managing liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation. Typically, the company ensures that it has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations through preparation of the cash flow forecast, based on time line of payment of financial obligations and accordingly arrange for sufficient liquidity/fund to make the expected payments within due dates. In extreme stressed conditions, the Company may get support from the Government of Bangladesh and it's sponsor shareholder BPDB in the form of loan and equity. The following are the contractual maturities of financial liabilities; Carrying Nominal Contractual Within 6 months Within 6-12 Category of liabilities amount Maturity interest cash flows or less months BDT period rate BDT BOT BDT Current portion of long term loan 840,005,104 June 2018 4%-12% 840,005,104 - 840,005,104 Interest Payable 410,713,009 June 2018 4%-12% 410,713,009 - 410,713,009 Contribution to WPPF 133,149,616 June 2018 N/A 133,149,616 - 133,149,616 Liabilities for expenses 2,030,713,925 June 2018 N/A 2,030,713,925 - 2,030,713,925 Market risk is the risk that any change in market prices, such as foreign exchange rates and interest rates will affect the group's income or the value of its holdings of financial instruments. a) Currency risk The Company is exposecictorency risk on certain loans taken from different donor agencies (e.g. ADB, World Bank, JICA etc.) Majority of the Company's foreign currency transactions are denominated in USD, EURO, JPY and SEK. Exposure to currency risk Foreign currency monetary liabilities Liabilities (long term loan) 2018 2017 (USD) (USD) Asian Development Bank 593,436,657 488,527,378 Economic Development Co-operation Fund 89,858,824 84,271,844 International Development Association 96,315,435 43,927,041 Islamic Development Bank 16,805,607 796,416,524 _616,726,263 2018 - 2017 (EURO) (EURO) Kreditanstalt fur Wiederaufbau, Germany 35,564,509 28,418,012 Danish International Development Agency 7,707,050 9,272,707 Nordic Development Fund 5595,577 7093,325 48.867,136 44,784,043 2018 _ 2017 (SEK) (SEK) Swedish International Development Co-operation Agency 24,446,417 32.506,633 2018 2017 (JPY) (JPY) Japan International Co-operation Agency 18,939,692,682 12,102,964,778 FOVER C,91D COYTPAKY 54hSGLAr`5H 0103 2017_20t8 Notes to the financial statements For the year ended 30 June 2018 Net exposure The following significant exchange rates are applied during the year: Exchange rate of USD 83.75 80.6 Exchange rate of SEK 9.36 9.56 Exchange rate of EURO 9788 92.12 Exchange rate of JPY 0.76 0.72 b) Interest rate risk Interest rate risk is the risk that arises due to changes in interest rates on borrowings. Short term bank borrowings are, however, not significantly affected by fluctuations in interest rates. The Company has not entered into any type of derivative instrument in order to hedge interest rate risk as the reporting date. i) Profile As at 30 June, the interest rate risk profile of the Company's interest bearing financial instrument was: Fixed rate instrument 2018 BDT Financial asset 110,000,000 Finnancial liability 130,235,523,733 Variable rate instrument Financial asset Nil Financial liability Nil (ii) Cash flow sensitivity analysis for variable rate instruments: There being no variable rate instruments, sensitivity analysis has not presented. AUDITORS BANKERS A. QASEM & CO. CHARTERED ACCOUNTANTS (a member firm of Ernst & young global Limited) Gulshan Pink City,= Suites # 01-03, Level # 7, Plot # 15, Road # 103, Gulshan Avenue, Dhaka-1212 S.F. Ahmed & Co. CHARTERED ACCOUNTANTS House # 51, 3rd floor, Road # 9, Block # F, Banani, Dhaka-1213. 01 l1 134VPOER GRU CIFMAWY OF 3ANGLADrc8H LtD Financial Ratio i) Return on average property, plant and equipment Profit before interest and other financial expenses 100 Average net property, plant and equipment 5.945,781.771 x 100 = 5.20% 114.259,421.424 ii) Debt services coverage ratio Net profit before depreciation and interest & other financial expenses (after tax) Debt service requirement 10,553,506,361 = 2.56 times 4,117,584,324 iii) Current ratio Current assets Current liabilities 21,744,385,951 2.01 10,824,706,591 iv) Quick ratio Quick assets Quick liabilities 20,733.025,269 = 1.92 10,824.706.591 v) Debt-equity ratio Debt Equity 130,235.523,733 72:28 49,833,796,288 vi) Accounts receivable to sales Accounts receivables Average monthly revenue 3,230,301.095 2,49 Months 1,299,171,625 vii) Net operating cash flow per share Net operating cash flow Number of shares 12,679,893,728 = BDT 27.51 460.912,991 v Iii) Price earning ratio Market price per share Earning per ahare 47.20 9.98 4.73 ix) Net asset value (NAV) 2018 2017 BDT BDT Total fixed asset 178,389,640,079 138,751,674,676 Current asset 21,744,385,951 19,311,446,477 Total assets (A) 200,134,026,030 158,063,121,153 Current lIabilities 10,824,706,591 6,953,142,799 Long term liability 139,475,523,151 109,725,901,035 Outsider Liabilities (B) 150,300,229,742 116,679,043,833 Net asset value (A-B) 49,833,796,288 41,384,077,320 Net asset value Per Share 108.12 89.79 135 2017-2O18 FVc/R r41 CO11RAY OM54NLAV5H 0TD?072