Recent 4 GW Project Win Is Value Accretive
Cash Flow to Equity (CFe) - Contd.
(1)
(2)
(3)
(4)
Other items from the Statement of Cash Flows: These include most of the items that reconcile "Net (loss) gain" and "Operating profit before changes in working capital" from the Statement of Cash
Flows. Other items include: loss on disposal of property plant and equipment of INR 55 million and INR 52 million, share based compensation of INR 83 million and INR 186 million, realized gain on
investment of INR 148 million and INR 108 million, non-cash rent expense of INR 81 million and INR 193 million, allowance for doubtful debts of INR 40 million and INR 303 million, loan repayment
charges of INR Nil and INR 282 million and ARO accretion of INR 23 million and INR 36 million for the year ended March 31, 2019 and March 31, 2020 respectively.
Debt amortization: Repayments of term and other loans during the period ended March 31, 2020, was INR 32,827 million (refer to the statement of cash flows) which includes INR 32,207 million
related to refinancing of loans or early repayment of debt before maturity and have been excluded to arrive at debt amortization or net repayments of term and other loans (excluding refinancing) of
INR 620 million. Repayments of term and other loans during the period ended March 31, 2019, was INR 3,786 million (refer to the statement of cash flows) which includes INR 2,978 million related to
refinancing of loans or early repayment of debt before maturity and have been excluded to arrive at debt amortization or net repayments of term and other loans (excluding refinancing) of INR 808
million.
Classification of Maintenance Capital Expenditures and Growth Capital Expenditures All our capital expenditures are considered Growth Capital Expenditures. In broad terms, we expense all
expenditures in the current period that would primarily maintain our businesses at current levels of operations, capability, profitability or cash flow in operations and maintenance and therefore there
are no Maintenance Capital Expenditures. Growth capital expenditures primarily provide new or enhanced levels of operations, capability, profitability or cash flows.
Reconciliation of total CFE to cash from operations:
For the year
ended
March 31, 2019
24.5
Items included in GAAP Cash Flow from Operating Activities but
not considered in CFe
(US$ millions)
CFe
For the year
ended
March 31, 2020
24.7
Change in Current assets and liabilities as per cash flow
(20.2)
(0.5)
Current income taxes
(8.8)
(4.5)
Prepaid lease rent adjustments and Employee benefits
0.1
(7.3)
Amortization of hedging costs
13.8
18.9
Items included in CFe but not considered in GAAP Cash Flow
from Operating Activities
Debt amortization as per Cfe
10.7
Cash taxes paid as per CFe
8.2
Cash from Operating Activities
28.4
8.2
9.2
48.8
All amounts for fiscal years 2019 and 2018 have been translated at an exchange rate of INR 75.39 to US$1 (New York closing rate of March 31, 2020) for the convenience of the reader.
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