Summit Power Limited

Summit Centre, 18 Kawran Bazar C/A, Dhaka

THIRD QUARTER FINANCIAL STATEMENTS

We forward herewith the un-audited Financial Statements of the Company for the third quarter
ended September 30, 2011 as per Notification No. SEC/CMRRCD/2008-183/Admin/03-34 dated
September 27, 2009 of the Securities & Exchange Commission. Copies of the Statements have also
been despatched to the Securities & Exchange Commission, Dhaka Stock Exchange & Chittagong
Stock Exchange.

Consolidated Statement of Financial Position (Un-audited)

as at September 30, 2011

Assets
Non current assets:
Property, plant and equipment, net
Capital work in progress

As at September 30, 2011

As at December 31, 2010

Taka

Taka

13,381,909,379
-

8,871,837,184
3,521,256,599

Intangible assets

10,120,087

10,639,230

Investment in subsidiaries, associates & others

10,000,000

Available-for-sale financial assets

40,383,128

57,242,641

13,442,412,593

12,460,975,654

Inventories

830,353,297

280,071,093

Trade receivables

936,921,576

453,393,657

Other receivables

156,771,975

72,578,678

Current assets:

Inter company receivables

Advance income tax
Advances, deposits and prepayments
Cash and cash equivalents

2,746,795
16,015,887

162,670,203

95,216,697

1,707,371,086

1,383,972,111

3,812,850,819

2,285,232,236

17,255,263,412

14,746,207,890

3,943,601,640
2,908,473,597

3,033,539,730
2,908,473,597

Deposit from shareholders

663,750,000

185,000,000

Revaluation reserve

802,038,906

818,898,419

1,963,670,245

1,535,631,432

10,281,534,387

8,481,543,178

324,968,413

62,358,213

98,356,368
2,167,491,933
11,741,429

185,902,454
2,163,107,765
10,732,745

7,516,431
2,285,106,161

10,418,031
2,370,160,995

3,412,293,560
163,709,265
105,057,020
118,005,087
468,368,900
4,965,480
16,015,887
68,010,126
1,020,639
6,208,486

2,676,338,766
260,708,893
136,979,999
89,874,791
187,005,087
468,368,900
6,862,277
6,006,791

4,363,654,450
6,648,760,611
17,255,263,412

3,832,145,504
6,202,306,499
14,746,207,890

26.07

21.51

Total assets
Equity and Liabilities
Shareholders' equity:
Share capital
Share premium

Retained earnings

Non controlling interest

Non-current liabilities:
Project loan - non-current portion
Red. Pref. shares - non-current portion
Finance lease - non-current portion
Deferred liability for gratuity
Current liabilities:
Liability for project development
Short term loan
Trade creditors
Other creditors and accruals
Project loan - current portion
Red. Pref. shares - current portion
Finance lease - current portion
Provision for tax
Dividend payable on red. Pref. shares
Dividend payable to minority shareholder
Unclaimed dividend - ordinary shares
Total liabilities
Total equity and liabilities
Net asset value per share (NAVPS)/ Restated NAVPS

Consolidated Statement of Comprehensive Income (Un-audited)

for the nine months ended September 30, 2011
Period ended

3rd Quarte ended

January to September 30, 2011 January to September 30, 2010

Taka
Revenue
Cost of sales
Gross profit
Other income, net
Operating expenses
General and administrative expenses

Taka

3,510,244,902
(1,417,166,497)
2,093,078,405
6,254,523

2,750,044,007
(1,223,442,021)
1,526,601,986
5,959,834

July to September 30, 2011

July to September 30, 2010

Taka

Taka

1,344,788,516
(520,480,455)
824,308,061
4,236,216

914,854,303
(420,868,962)
493,985,341
-

Operating profit

(250,303,682)
1,849,029,246

(192,909,375)
1,339,652,445

(101,493,013)
727,051,264

(68,271,282)
425,714,059

Finance expenses, net

Provision for income tax
Profit for the period

(205,765,823)
(16,015,887)
1,627,247,536

(490,301,085)
849,351,360

(93,789,546)
(16,015,887)
617,245,831

(136,096,253)
289,617,806

Other comprehensive income

Net change in fair value of availablefor-sale financial assets

(16,859,513)

(16,859,513)

1,610,388,023

849,351,360

600,386,318

289,617,806

Equity holders of the company

Minority interest

1,363,616,697
263,630,839

845,182,228
4,169,132

503,494,333
113,751,498

288,226,551
1,391,255

Profit for the period

1,627,247,536

849,351,360

617,245,831

289,617,806

3.46

2.14

1.28

0.73

Total comprehensive income for the

period
Profit attributable to:

Earnings per share (EPS)/ Restated EPS

Consolidated Statement of Cash Flows (Un-audited)

for the nine months ended September 30, 2011
Period ended
Sep 30, 2011
Taka

Period ended
Sep 30, 2010
Taka

Cash flow from operating activities:

Cash receipts from customers
Cash paid to suppliers and employees
Receipts from other sources
Interest and other charges paid
Net cash flow from operating activities

3,008,391,846
(1,995,812,382)
29,149,849
(156,140,001)
885,589,312

2,626,117,898
(1,287,850,989)
5,959,834
(517,411,761)
826,814,982

Property, plant and equipment

Capital work in progress

(34,903,442)
(490,528,323)

(206,391,204)
(517,963,109)

Investments in subsidiary and others

Investments in associate
Net cash used in investing activities

(10,000,000)
(535,431,765)

(1,645,995,453)
(2,370,349,766)

(156,546,086)
(4,586,363)
(260,708,893)
478,750,000

(1,308,092,824)
(7,031,601)
187,735,585
45,000,000
2,848,609,710
185,000,000
(75,000,000)
43,920,666
1,920,141,536

Cash flow from investing activities:

Cash flow from financing activities:

Payments of project loan
Payments for lease finance
(Payment to)/Proceeds from short term loan
Issue of ordinary shares
Issue of right shares
Share money deposit
Financing (to)/from inter company
Payment for preference share dividend
Payment of dividend on ordinary shares
Sale of fractional shares
Net cash flow (used in)/from financing activities
Net changes in cash and cash equivalents

(2,746,795)
(81,122,130)
201,695
(26,758,572)
323,398,975

376,606,752

Cash and cash equivalents at 01 January

1,383,972,111

478,120,925

Cash and cash equivalents at 30 September

1,707,371,086

854,727,677

2.25

2.10

Net operating cash flow per share (NOCFPS)/ Restated NOCFPS

Consolidated Statement of Changes in Equity (Un-audited)

for the nine months ended September 30, 2011
Particulars

Share
capital
Taka

Balance as at January 01, 2010

2,223,936,000

Share

Share money

Revaluation

Fair value

Retained

Non controlling

premium
Taka

deposit
Taka

reserve
Taka

reserve
Taka

earnings
Taka

interest
Taka

388,880,000

792,155,778

Total
Taka

947,035,330

14,078,257

4,366,085,365

Total comprehensive income for 2010

Profit for the nine months

845,182,228

4,169,132

849,351,360

Profit for the three months

299,397,874

(889,176)

298,508,698

Net change in fair value of available-for-sale financial assets

26,742,641

26,742,641

Transactions with the shareholders:

Issue of bonus shares to shareholders

555,984,000

Issue of ordinary shares to shareholders

253,619,730

2,519,593,597

Receipts of share money deposits from shareholders

185,000,000

Issuance of share of SNPL

45,000,000

45,000,000

3,033,539,730

2,908,473,597

185,000,000

792,155,778

26,742,641

1,535,631,432

62,358,213

8,543,901,391

Balance as at December 31, 2010

Transactions with the shareholders:
Issue of bonus shares to shareholders
Tax payable of cash dividend
Receipts of share money deposits from shareholders
Profit for the period
Dividend payable to minority shareholder
Net change in fair value of available-for-sale financial assets
Balance as at September 30, 2011
S/d/Tauhidul Islam
Managing Director

910,061,910
3,943,601,640

2,908,473,597

478,750,000
-

(555,984,000)

2,773,213,327

(910,061,910)
(25,515,974)
-

1,363,616,697
-

185,000,000

(25,515,974)
478,750,000
1,627,247,536
(1,020,639)

263,630,839
(1,020,639)

(16,859,513)

(16,859,513)

663,750,000

792,155,778

9,883,128

1,963,670,245

324,968,413

10,606,502,801

S/d/Ayesha Aziz Khan

Director

S/d/Mahmud Hasan FCMA

Company Secretary

The Details of the published quarterly financial statements can be available in the web-site of the Company.
The address of the web-site is: www.summitpower.org