OPG Power Ventures Plc Annual Report & Accounts 2015 Annual Report & Accounts 2015
OPG Power Ventures Plc Annual Report & Accounts 2015
SCALE
ROBUSTNESS
GROWTH 5 YEAR REVIEW
PROVEN TRACK  
RECORD OF DELIVERY
The Company’s strategy has 
been to focus on profitable 
and sustainable growth.  
The business model focuses 
on providing reliable power  
to industrial customers in 
India’s power thirsty market. 
40 MW
OPG was listed on AIM (LSE) in May 2008 
with 20 MW of operating capacity. Today 
the Group has 750 MW of assets with 
600 MW in operation across two of India’s 
most industrialised states – Tamil Nadu 
and Gujarat. 
Management has remained focused 
on delivery and operations. Operations at 
the Chennai plant have consistently 
performed ahead of industry average, at 
average Plant Load Factors of over 90%. 
2010
77 MW Chennai I commissioned in August 2010.  
Total installed capacity of 113 MW.
Coal shed under construction
2012
77 MW Chennai II delivered in September 2012,  
a replica of Chennai I doubling installed capacity  
to 190 MW.
Air cooled condenser unit
2013
80 MW Chennai III commissioned in June 2013. 
Chennai IV converted from two units of 80 MW to 
a single unit of 160 MW. 
Plant control panel PROVEN TRACK  
RECORD OF DELIVERY
750 MW
The Company’s 400 strong in-house team 
are responsible from conception to delivery 
of projects and operations of its plants. 
The Chennai plant has been awarded the 
OHSAS 18001 and ISO 14001 for 
occupational standards of health and 
safety and environmental management 
systems which is an integral part of 
the business. 
2013
80 MW Chennai III commissioned in June 2013. 
Chennai IV converted from two units of 80 MW to 
a single unit of 160 MW. 
Plant control panel
2014
Chennai IV upgraded from 160 MW to 180 MW 
increasing the total capacity at Tamil Nadu to 450 MW. 
Chennai plant
2015
300 MW Gujarat and 180 MW Chennai IV construction 
completed and commenced commercial operations 
in 2015.
Control room
Financial performance has mirrored 
operational performance with a CAGR  
of 46% and 23% in revenues and earnings 
respectively over the last five years. In 
addition, management have also adopted 
a measured approach in managing its debt. OPG Power Ventures Plc  
is a developer and operator of  
power plants in India OPG Power Ventures Plc
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Annual Report & Accounts 2015
 Strategic Report
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Financial Statements
OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Corporate Governance
Financial Statements
OPG Power Ventures Plc
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PERFORMANCE
ROBUSTNESS
180 MW Chennai IV
Plant load factor (%)
66 70
81
73
66
91 92 94 96
75
FY11 FY12 FY13 FY14 FY15
Chennai – all units
All India – thermal plants Source: CEA April 2015
The Company has consistently 
delivered strong operating and 
financial performance. The robustness 
of our business model has been 
proved with its ability to weather 
difficult trading conditions faced by 
the Indian power sector.
 
Our plants have been performing at 
over 90% PLFs, significantly above 
industry average. Our ability to achieve 
such high PLFs can be attributed not 
only to our equipment but also our 
ability to procure a constant supply of 
coal. We also continue to realise above 
average tariff with our flexible sales 
model. The result is clearly visible 
in our year on year growth in profits 
and earnings.
MW
OPG Power Ventures Plc
07
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
OPG Power Ventures Plc
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Corporate Governance
Financial Statements
The Company has grown from 
20 MW to 750 MW since its listing 
in May 2008. With 750 MW fully 
constructed and 600 MW in 
operations, its operating base has 
trebled from 270 MW and is also 
diversified in two locations creating 
a strong operating platform for 
future growth.
 
The management team has 
demonstrated its capability of 
delivering large projects on budget 
and schedule in India. In addition,  
it has gained significant expertise 
such as its ability to build plants  
in two locations at the same time 
and broadening its in-house 
capability in transmission line 
construction.
SCALE
DIVERSIFICATION & GROWTH
600 MW of operational capacity 
(MW) 750
600
270
190
113 107 30 20
IPO May 2008 31 March 2010 31 March 2011 31 March 2012 31 March 2013 31 March 2014 Current 31 March 2016E
Chimney 300 MW Gujarat
Electrostatic 
precipitator
Boiler Turbine 
generator
Air cooled 
condenser
Coal shed
56.19
38.48
21.58
Revenue
(£m)
FY11 FY12 FY13 FY14 FY15
98.81 99.97
EBITDA
(£m)
FY11 FY12 FY13 FY14
10.08
30.97
17.74
11.30
33.39
FY15
PBT (pre-exceptional items)
(£m)
FY11 FY12 FY13 FY14
6.34
19.95
13.32
8.84
21.65
FY15
Earnings per share
(pence)
FY11 FY12 FY13 FY14 FY15
2.13
4.14
2.48
1.71
4.91
Gearing
(%)
FY15 FY12 FY13 FY14
FY11
(24)
52
37
30
59
HIGHLIGHTS
see pages 06–07
see pages 04–05
EARNINGS AND GROWTH 
THROUGH...
Strategic Report 
01 Highlights
02 Business model and Company overview
08 Our ‘Differentiated Story’
10 Chairman’s statement
12 Macro overview
16 Chief Executive’s review
20 Operational review
22 Principal risks
24 Financial review
30 Sustainability report
Corporate Governance
34 Board of Directors
36 Corporate governance report
39 Directors’ remuneration report
42 Directors’ report
44 Statement of Directors’ responsibilities
Financial Statements
45 Independent Auditors’ report
46 Consolidated Statement of Profit or 
Loss and Consolidated Statement of 
Comprehensive Income
47 Consolidated Statement of 
Financial Position
48 Consolidated Statement of Changes  
in Equity
50 Consolidated Statement of Cash Flow
51 Notes to the Consolidated 
Financial Statements
74 Corporate Directory
75 Definitions and Glossary
Operational highlights  
(including post year end events)
• 750 MW construction 
completed; 600 MW now 
operational
• 180 MW Chennai IV operational
• 300 MW Gujarat plant 
commenced commercial sales 
in April 2015
• Gujarat: remaining 150 MW 
available and expected to be in 
operation following completion 
of transmission system by 
Gujarat state 
• Long-term freight arrangement 
for imported coal entered into 
with Noble Chartering through 
a joint venture
Financial highlights
Revenue of £99.97m up 1.2%  
(FY14: £98.81m); underlying  
Rupee revenue up 4.0%
EBITDA of £33.39m up 7.8%  
(FY14: £30.97m); EBITDA margin  
of 33.4% up from 31.3%
Pre-tax profits of £21.65m up 20.6% 
(FY14: £17.95m) 
EPS of 4.91 pence up 18.6%  
(FY14: 4.14 pence) 
Gearing at 59%
Strategic 
• Focus to secure continued 
profitable growth
• Renewables and thermal growth 
projects being evaluated
• Proposed long-term 
management incentive scheme 
that is aligned with value to 
shareholders OPG Power Ventures Plc
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Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
Supplier of
choice to our
customers for
uninterrupted
power
Competitive pricing
Modular expansion
Proximity to ports
Fuel exibility
Responsible
In-house capabilities
Demand
Supply
Shareholder
returns
BUSINESS MODEL AND COMPANY OVERVIEW
The Company aims to deliver shareholder value 
by being the first choice provider of reliable  
and uninterrupted power at competitive rates  
to its customers. Our strategy is to maximise 
performance of existing generation assets and 
to continually de-risk our project portfolio.
Our business model is currently driven by the demand for 
continuous power in industrialised states of India.
OPG’s revenue model is to focus power sales on industrial and 
commercial customers either directly or through state utilities. 
OPG, a source of continuous and uninterrupted power supply, 
provides an opportunity to meet the regular and peak power 
demands of its customers. OPG Power Ventures Plc
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Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
Tamil Nadu
Chennai I, II, III, IV, Waste heat
Mayavaram
450 MW
750 
MW
Gujarat
300 MW
The Company has 750 MW  
of fully constructed assets 
across two locations in 
Tamil Nadu and Gujarat.
600 MW in operation
450 MW Tamil Nadu
150 MW Gujarat OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Corporate Governance
Financial Statements
PERFORMANCE
ROBUSTNESS
180 MW 
CHENNAI IV 
PLANT OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Financial Statements
ROBUSTNESS
Plant load factor 
(%)
66
70
81
73
66
91
92
94
96
75
FY11 FY12 FY13 FY14 FY15
All India – thermal plants
Chennai – all units
All India – thermal plants
Source: CEA April 2015
The Company has consistently 
delivered strong operating and 
financial performance. The robustness 
of our business model has been 
proved with its ability to weather 
difficult trading conditions faced by 
the Indian power sector.
 
Our plants have been performing at 
over 90% PLFs, significantly above 
industry average. Our ability to achieve 
such high PLFs can be attributed not 
only to our equipment but also our 
ability to procure a constant supply of 
coal. We also continue to realise above 
average tariff with our flexible sales 
model. The result is clearly visible 
in our year-on-year growth in profits 
and earnings.
MW OPG Power Ventures Plc
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Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
SCALE
DIVERSIFICATION AND GROWTH
Chimney
Electrostatic 
precipitator
300 MW 
GUJARAT PLANT OPG Power Ventures Plc
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Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
The Company has grown from 
20 MW to 750 MW since its listing 
in May 2008. With 750 MW fully 
constructed and 600 MW in 
operations, its operating base has 
trebled from 270 MW and is also 
diversified in two locations creating 
a strong operating platform for 
future growth.
 
The management team has 
demonstrated its capability of 
delivering large projects on budget 
and schedule in India. In addition,  
it has gained significant expertise 
such as its ability to build plants  
in two locations at the same time 
and broadening its in-house 
capability in transmission line 
construction.
600 MW of operational capacity 
(MW)
750
600
270
190
113 107
30
20
IPO May
2008
31 March
2010
31 March
2011
31 March
2012
31 March
2013
31 March
2014
Current 31 March
2016E
Boiler Turbine 
generator
Air cooled 
condenser
Coal shed OPG Power Ventures Plc
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Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
OUR ‘DIFFERENTIATED STORY’
Performance delivery versus 
planned
MW
• Strong track record of project delivery 
• Long-standing management has built internal expertise 
in development and operations
• Supported by a 51% shareholder and top UK institutions
Established reliable fuel 
supply
• Boilers designed with flexibility to use domestic/imported coal
• Proven coal linkages, logistical advantages and storage facilities 
for coal
• High PLFs achieved consistently; no previous stoppages due to 
lack of fuel availability
Sensible leverage
• Strong operating portfolio with positive cash flow to date 
• Ahead of schedule on debt repayments
• Continued deleveraging through repayments
• Local credit rating ‘A’, following two upgrades in the last six months
• Strong project management minimising scope for overruns
Flexible revenue model
• Positioned to maximise tariffs through flexible sales model
• Better positioned to respond to coal costs through short/medium-
term sale contracts
Diversification and growth
• 270 MW to 750 MW of capacity 
• Diversified – in two locations
• Focus continues to be to secure profitable growth
• Evaluation of brownfield thermal and renewable projects OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Financial Statements
EBITDA 
(£m)
10.08
30.97
17.74
11.30
33.39
FY11 FY12 FY13 FY14 FY15
Cost of generation 
(Rs/kWh)
3.10
3.17 3.19
3.25 3.27
FY11 FY12 FY13 FY14 FY15
Average tariff realisation 
(Rs/kWh)
FY11 FY12 FY13 FY14 FY15
4.95
5.55 5.58
4.93
5.71
Earnings per share 
(pence)
FY11 FY12 FY13 FY14 FY15
2.1
4.1
2.4
1.7
4.9
Gearing 
(%)
FY15 FY12 FY13 FY14
FY11
(24)
52
37
19
59
66
70
81
73
66
Plant load factor 
(%)
91 92
94
96
75
FY11 FY12 FY13 FY14 FY15
All India – thermal plants
Source: CEA April 2015.
KEY PERFORMANCE INDICATORS
This is the average price realised per unit of power 
sold. The average tariff achieved for FY15 was  
Rs 5.71/kWh, an increase of 3% from FY14 due  
to higher realisation from Group captive customers 
and the LTVT contract.
Gearing is a measure of net debt to shareholders’ 
equity plus net debt. As at 31 March 2015 the  
Group has net debt of £250.6m and gearing of 59%. 
The Company is near peak debt with all projects 
under construction complete.
The cost of fuel is the primary cost input in power 
plants. Cost of generation per kWh increased to 
Rs 3.27 FY15 from Rs 3.17 in FY14 due to increase  
in local duties and transportation costs.
Plant load factor measures the output of a power 
plant compared to the maximum output it could 
produce. Our Chennai plant (units I, II and III) 
achieved an average PLF of 91%, significantly  
ahead of industry average.
This represents net profit after tax attributable to 
equity shareholders. In FY15, earnings per share 
were 4.9 pence, an increase of 18.6%.
Earnings Before Interest, T axes, Depreciation and 
Amortisation is a factor of volumes, prices and cost 
of production. This EBITDA measure is calculated 
by adjusting non-operational and exceptional items, 
depreciation and net finance cost. It is a measure 
of the Company’ s operating cash flows. EBITDA for 
FY15 was higher by 8% at £33.39m.
(FY14: £30.97m). OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Financial Statements
CHAIRMAN’S STATEMENT
I’m delighted to be addressing 
shareholders following another 
very successful year.
For the fifth year in succession, 
management demonstrated the 
effectiveness and sustainability of their 
adopted group captive business model 
as a result of which your Company 
recorded consistently healthy margins. 
Maintaining our record for achieving 
unbroken fuel supplies and strong tariffs, 
we also benefited from reduced exchange 
rate volatility.
As well as delivering industry leading 
operational performance, management 
have built the Group from 20 MW to a fully 
developed 750 MW generator. Securing 
a reputation for building all of their 
controllables to time and within budget, 
the Group has delivered on its IPO 
commitments.
We are now a fast growth power generator 
with an attractive multi-locational asset 
base. And we still have important work to 
do to continue to satisfy the expectations 
of our customers. To this end management 
are looking ahead and wanting to provide 
customers with a one stop shop for  
all energy needs, both from thermal or 
renewable sources. The Company thus 
has the opportunity to closely replicate the 
diversity of the nation’s energy generation.
I expect the generation of cash from its  
full portfolio of assets to put the Company 
on the path to dividends. In addition 
through management’s pursuit of a  
growth strategy the Company is targeting 
enhanced returns at a time when India’s 
economic revival appears to be gathering 
momentum, and industry becomes a more 
thirsty consumer group. I’m therefore truly 
excited by the Company’s prospects as it 
now represents scale, robustness 
and growth.
Upon the completion of construction of 
our 750 MW portfolio I would like to take 
the opportunity to thank the management 
team and our employees and contractors 
for all their efforts in building this Company 
from the ground up and my sincere thanks 
to my Board colleagues.
In addition, on this special occasion 
of having delivered on all its promises, 
on behalf of the Company, I want to 
extend a very special thanks to all of 
our shareholders and lenders who have 
supported us over the last seven years 
since our admission to AIM.
M C Gupta
Chairman
1 June 2015 OPG Power Ventures Plc
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‘  The team at OPG have 
achieved much over the last 
five years and have 
delivered compound 
earnings growth of over 
40% per annum over the 
last three years. OPG is now 
set to achieve a new 
dimension as we start to 
generate cash flows from  
a significantly expanded, 
multi-locational asset base.’
DELIVERING 
EARNINGS 
AND 
GROWTH OPG Power Ventures Plc
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

 69% Thermal
16% Hydro
12% Renewable
2% Nuclear
1% Diesel

 

 
 
All India installed capacity 268 GW 
(fuel wise breakdown) 
Source: CEA, April 2015.
MACRO OVERVIEW
The NDA Government came into power  
with a majority just over a year ago with the 
promise to improve the economy and kick 
start growth through introducing business 
and investor friendly policies and cutting 
down red tape. Since coming into power, 
the key programmes that the Government 
has initiated are ‘Make in India’ and  
‘Power for All’ to achieve its target of  
8% economic growth. 
Select reforms being undertaken by the 
Government are outlined opposite.
‘Make in India’ • The ‘Make in India’ programme includes new initiatives designed to 
facilitate investment, foster innovation, protect intellectual property, 
and build best-in-class manufacturing infrastructure in India
• New delicensing and deregulation measures are reducing 
complexity, and significantly increasing speed and transparency 
of doing business in India
• 100% Foreign Direct Investment in certain areas of defence 
and railways
• Boost across all sectors ranging from automobile, aviation to 
pharma, power and textiles
Tax reforms • The much awaited Goods and Services Tax (‘GST’) bill is in final 
stages of parliamentary adoption
• Pledge to not initiate any new retrospective tax claims 
• Simplification of corporation tax regime 
Single Ministry 
for Power,  
Coal, New and 
Renewable 
Energy
• For the first time power and coal have been put under one ministry 
providing a ‘one stop shop’ for permitting
• Expedite and streamline the approval process for new projects  
and improving coal availability for thermal power
• Tapping the potential for hydro and renewable energy
Improving coal 
availability –  
Mines and 
Mineral/
Coal Mines Bill 
• Allotment of mines by a transparent and comprehensive 
auction process
• Allowing private sector companies to mine coal for merchant use, 
previously only for captive purposes
• Extension of mining lease period from 30 to 50 years
• Transparent auction process for allocation of 204 mines cancelled 
by the Supreme Court during September 2014 
A year of reforms
Per capita consumption
(kWh) 
774
2,384
957 914
2,944
6,431
13,394
US Russia China Brazil India
1
(Mar 14)
India
(Mar 13)
India
(Mar 12)
1 Provisional.
 Source: World Bank, 2012. CEA, February 2015.
Focus on the power sector OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Financial Statements
Coal India Limited targets 
1 billion tonnes by 2020
(Mt)
452
550
494
462
1,000
5 Year CAGR of 15% required 
FY15A FY16F FY20F FY14A FY13A
Source: CEA, Ministry of Power.
 64%  Thermal
17%  Renewable
16%  Hydro
3%  Nuclear
 
 
 
Projected energy mix 2017
(%) 
Source: CEA
Renewable includes 
SHP, BP, U&I, solar 
and wind energy.
Renewables 
boost 
• Earmarked investments and budgetary measures and 
other incentives 
• Government targets 175 GW of renewable capacity (includes  
100 GW solar and 65 GW of wind) addition by 2022
• Setting up of Green Energy Corridor (US$8bn project) to  
improve grid connectivity of seven leading renewable energy states 
• Total investment of c.US$100bn estimated
Transmission • Restructured-Accelerated Power Development and Reforms 
Programme: Revamping and modernising transmission and 
distribution infrastructure and implementing IT enabled systems 
across the nationwide T&D networks
• Dean Dayal Grameen Jyoti Yojana (‘DDGJY’) – focused feeder 
separation for domestic and agriculture, and strengthening the  
sub transmission and distribution in rural areas 
• Integrated Power Development Scheme (‘IPDS’) – improve 
distribution in semi-urban and rural areas including underground 
cabling with an estimated investment of US$5bn 
Distribution • 11 High Capacity Power Transmission Corridors (‘HCPTCs’) from 
resource rich and coastal states – e.g 2,500km-long high capacity 
power evacuation link between Chhattisgarh and Tamil Nadu 
• National Smart Grid Mission initiative to make power transmission 
and distribution cost effective, reliable and responsive – Pilot 
launched in 14 states 
Electricity Act 
reforms 
proposed
• Planning reforms to unbundle ‘carriage’ and ‘content’
• Make Renewable Purchase Obligations (‘RPO’) mandatory 
24x7 ‘Power for All’ by 2020
 ‘ Fruits of development will 
not reach the common man 
until energy connectivity 
reaches every last 
household of the country.  
In this age of globalisation, 
we have no option but  
to make a quantum leap  
in energy production  
and connectivity.’
Narendra Modi 
Prime Minister of India OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Financial Statements
12
10
8
6
4
2
0
Real GDP growth rate (%)
%
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16e
Figures for FY13 and FY14 are based on the new GDP methodology with 
2011–12 as base year. FY16 numbers are estimates.
Source: RBI.
8.2
8.0
7.8
7.6
7.4
7.2
7.0
6.8
12
10
8
6
4
2
0
n  Repo Rate    n  Inﬂation (RHS) Source: RBI & Gol
Interest rate and inﬂation trend (%)
Inﬂation % Rate %
Jun 13
Jun 12
Aug 12
Oct 12
Dec 12
Feb 13
Apr 13
Aug 13
Oct 13
Dec 13
Feb 14
Apr 14
Jun 14
Aug 14
Oct 14
Dec 14
Feb 15
Apr 15
Jun 15
Aug 15
Indian GDP forecasted to grow at 8% 
GDP growth for FY15 was 7.2% as 
compared to 5.1% and 6.9% in FY13  
and FY14, respectively. Growth was 
broad-based, with investment,  
private consumption and Government 
consumption contributing. The economy 
is forecasted to grow at 7.5–8.5% 
per annum in coming years. 
GDP outlook for India affected by:
• Lower inflation and interest rates 
• Stable currency due to improved 
current account deficit 
• Public expenditure increased and the 
Government to take lead in 
infrastructure sector 
• Reforms and other Government initiatives 
set to drive up manufacturing growth
• Robust monetary policy framework  
with a strong central bank
Monetary landscape 
Lower inflation driven by lower oil and 
softer food prices – RBI target between 
4–6%
• India formally adopted inflation targeting 
in March 2015 under its monetary 
policy  RBI believes that managing price 
volatility is key for long-term growth and 
has set a target of 2–6% with below 6% 
for FY16 and a 2% reduction over the 
following years 
Positive economic environment 
In the last 12 months, the macro 
environment in India has witnessed an 
improvement in key economic indicators 
such as GDP, inflation, exchange rates 
and interest rates. There was also 
euphoria following the election of a 
majority government reflected in the 
outperformance of the Indian stock 
markets versus global markets.
MACRO OVERVIEW 
CONTINUED
• Inflation rates came down significantly 
in FY15 with CPI and WPI inflation 
recorded at 5.2% and 2.3%, 
respectively versus 8.2% and 6% in 
March 2014 
• Softer food, commodity and oil prices 
have resulted in lower inflation in FY15
• Government to pursue food market 
reforms to ease supply and volatility in 
food prices 
RBI cuts interest rates by 
75 basis points 
• RBI reduced interest rates by 75 basis 
points with three cuts of 25 basis points 
each since the start of 2015
• Rate cuts driven by lower inflation and 
renewed growth 
Less volatile foreign exchange rates 
in FY15 following a sharp depreciation 
in FY14 
• In FY15, USD/INR hovered in the range 
of 58 to 63 
• A change in political make-up followed 
by policy action by the Government and 
RBI resulted in a steady Rupee
• In the first nine months of FY15, there 
was a surge in FIIs inflow which 
supported the Rupee against the 
US Dollar OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Corporate Governance
Financial Statements
70
65
60
55
50
45
Source: Bloomberg.
USD INR exchange rate
(daily prices)
Nov 11
Jan 12
Mar 12
May 12
Jul 12
Sep 12
Nov 12
Jan 13
Mar 13
May 13
Jul 13
Sep 13
Nov 13
Jan 14
Mar 14
May 14
Jul 14
Sep 14
Nov 14
Jan 15
Mar 15
May 15
Jul 15
120
100
80
60
40
20
0
69
64
59
54
49
44
Global coal prices vs Indian Rupee
Apr 12
Jun 12
Aug 12
Oct 12
Dec 12
Feb 13
Apr 13
Jun 13
Aug 13
Oct 13
Dec 13
Feb 14
Apr 14
Jun 14
Aug 14
Jun 15
Aug 15
Oct 14
Dec 14
Feb 14
Apr 15
  Indonesian Eco Coal (USD/MT)      RB (USD/MT)     NEWC (USD/MT)    USD/INR (RHS)
USD/tonnes INR/USD
Source: RBI and Bloomberg.
Coal overview
Domestic coal in short supply 
production expected to be ramped 
up to 1 billion tonnes by 2020
India has over 300 billion tonnes of coal 
reserves and therefore coal remains India’s 
predominant primary energy source, 
accounting for approximately two-thirds of 
total power generation capacity and 
expected to remain the major contributor 
for the foreseeable future. However:
• Domestic coal supply has been lower 
than the demand 
• Inadequate rail capacity hampers timely 
availability of coal 
• Low generation due to non-availability 
of coal
Measures introduced to improve  
coal supply: 
• Coal India Limited India plans to 
increase annual coal production to 
1 billion tonnes by 2020 from c. 500Mt
• Increased allocation to power sector 
• Improvement in mining processes to 
increase production 
• Increase efficiency by building plants 
with improved technologies 
• Mining Bill Amendment – allowing 
private sector companies to mine coal 
for merchant use
• Expand railway lines at coal sites and 
add 250 additional rakes to evacuate 
higher coal quantities
International coal markets – coal 
production unaffected due to lower 
local production costs 
• International coal producers’ shielded 
as costs have come down due to lower 
oil and a strong US Dollar
• Consequently, no major change in 
international coal supply 
• India imported c.215Mt coal in FY15 
and is expected to reach 260Mt in FY16 
• International coal prices have declined 
over the last two years 
• Price of Indonesian HBA coal (4,200 
GAR) has declined by 12% in FY15
• India expected to become the biggest 
importer of coal.
‘ Our goal is to secure 
availability of coal to meet 
the demand of various 
sectors of the economy in 
an eco-friendly, sustainable 
and cost effective manner.’’
Piyush Goyal 
Power, Coal and New, and 
Renewable Energy Minister OPG Power Ventures Plc
16
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
56
38
22
Revenue 
(£m)
FY11 FY12 FY13 FY14 FY15
99 100
CAGR: 46%
EBITDA
(£m)
10.08
30.97
17.74
11.30
33.39
CAGR: 34%
FY13 FY14 FY15 FY12 FY11
This has been a period 
of tremendous progress 
for the Company. 
We have run our operations at over 90% 
load factor and nearly trebled our available 
capacity from 270 MW to 750 MW. In so 
doing, we have also established a 
multi-location business, widened our core 
skills in areas such as transmission line 
construction, delivered an increase of over 
20% in profitability and continued to 
actively manage our gearing and 
operational risk profile. Over the last three 
years, as we increased from 110 MW to 
270 MW operating capacity, our local 
currency earnings have grown by over 
350%. With a full 750 MW constructed and 
further low risk projects being evaluated, 
we intend to create further value for 
shareholders. 
A quantum leap forward to 750 MW 
constructed assets 
In the last few weeks, the Group has 
completed the construction of its biggest 
projects – the 180 MW Chennai IV and 
the 2x150 MW Gujarat, bringing our total 
constructed assets to 750 MW. With one 
of the 150 MW units in Gujarat awaiting 
transmission lines from the state, we 
currently have 600 MW of operational 
assets across two states. 
The 180 MW Chennai unit, constructed 
on time and within budget, was built using 
key equipment from Europe, a first for the 
Group, and increases the Chennai plant’s 
capacity to 414 MW. 
The new units at Chennai and Gujarat 
boast the same flexible fuel design features 
as our existing Chennai plant.
At the 300 MW Gujarat site, our 
development work has been completed. 
We continue to work with the state 
transmission company on constructing the 
multi-circuit evacuation line which is now 
approximately two-thirds complete. In the 
meantime, one 150 MW unit has already 
been operating at an average load factor of 
approximately 47% since commissioning 
in April, ahead of our expectations. This 
unit uses the newly constructed interim 
transmission line and we continue to 
expect both units of the plant to achieve 
normal commercial operations in around 
September 2015. 
I am extremely proud of the team’s 
achievement in building two sizeable 
projects concurrently in different locations 
to such a high standard. 
Operations continue to endorse our 
business model 
In addition to the substantial growth in 
capacity, we achieved continued strong 
operational performance that saw load 
factors averaging 91% across our portfolio 
of three units that were commercially active 
for the full financial year at Chennai. This 
is well ahead of the national average and 
is reflective of our flexible procurement 
policy that once again helped to ensure 
we experienced no lack of fuel (coal). 
We continued to perform consistently well 
against regulated tariff levels for industrial 
users – our average tariff for the year rising 
slightly to Rs 5.71 per kWh. These factors 
combined to deliver Rupee revenues that 
were higher than last year in spite of a 
major planned maintenance shutdown 
of our flagship unit, Chennai I. Our robust 
top line thus continued to benefit from 
the successful implementation of our 
business model. 
CHIEF EXECUTIVE’S REVIEW OPG Power Ventures Plc
17
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
6.34
19.95
13.32
8.84
21.65
CAGR: 38%
PBT (pre-exceptional items) 
(£m)
FY11 FY12 FY13 FY14 FY15
2.1
4.1
2.4
1.7
4.9
CAGR: 23%
FY11 FY12 FY13 FY14 FY15
Earnings per share 
(pence)
Tamil Nadu
450
 MW
Gujarat
300
 MW
‘ With a full 750 MW 
constructed and further low 
risk projects being evaluated, 
we intend to create further 
value for shareholders.’
Rupee costs have held steady
As much of our coal purchases are 
imported, unit costs of generation are 
affected by currency fluctuation between 
the US Dollar and the Indian Rupee. 
Whilst we have continued to enter into 
a mix of fixed and variable price coal 
contracts of varying durations, the Rupee 
has been far less volatile against the US 
Dollar than in previous years. Any savings 
generated as a result of coal prices were 
largely offset by a rise in logistics costs 
and coal cess. Around 68% of our coal 
purchases were imported. 
Opportunities taken to manage risk 
One of the advantages of our model is that 
we retain the flexibility to take opportunities 
that benefit our risk-reward profile. For 
instance, in October 2014 the Group 
secured power sales contracts until 
September 2015 with TANGEDCO for 
around two-thirds of the output from the 
Chennai plant at attractive fixed rates. 
Similarly, the Long Term Variable Tariff 
arrangement entered into in January 2014 
for 74 MW continues until 2029 and 
delivered an average tariff this year of  
Rs 5.79 per kWh. This is in addition to the 
55 MW reserved by us at Chennai for sales 
direct to Group captive customers at an 
average tariff of over Rs 6 per kWh since 
December 2014.
Our joint venture with Noble, entered into 
in August 2014 for a Long Term Freight 
Arrangement, is expected to provide 
security over our cost and availability of 
international freight for around half of our 
existing operations from 2017, deploying 
the right management skills to deliver 
those savings. Under the arrangement,  
the Company has joint ownership of two 
new 64,000 tonnes cargo vessels and 
gives OPG the ability to use 1.5 Mt of 
freight capacity per annum.
I believe our being able to take such 
opportunities as they arise helps us 
to establish a continually more 
robust business. 
Maintaining our focus on balance 
sheet management 
During the year we invested £102m 
on completing our capital projects and 
our borrowings were £261m at 31 March 
2015. This represents gearing of 59% 
which remains in line with expectations. 
Our repayments remain on schedule and 
our borrowing facilities have an average 
outstanding duration of approximately nine 
years versus our enlarged asset portfolio 
that is being depreciated over 35–40 
years. During the year, our domestic credit 
rating was raised to ‘A-’ and in the last  
few weeks it has been raised again to  
‘A’. In addition, as a result of base rate 
reductions, we have already seen 0.5%  
cut from our local borrowing cost which 
equate to annualised pre-tax savings of 
over £1m.  OPG Power Ventures Plc
18
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
India’s economic revival continues 
and we will continue to build a robust 
business for the long term
Some developments are being prioritised 
by the new Government in pushing 
ahead with business-focused legislation, 
such as that relating to land acquisition for 
infrastructure projects, mining and minerals, 
and to the transparency of administrative 
processes. The Government is starting 
to lead the way on investment in certain 
crucial sectors including the power sector. 
Delivering ‘Power for All by 2020’ and 
anticipated amendments to the Electricity 
Act 2003 should assist in making 
investment more attractive but I believe 
that the sheer enormity of the task to 
balance electricity supply and demand 
makes it one of the country’s greatest 
challenges. We expect to play our part by 
continuing to build and grow a profitable 
and robust business that meets the 
demands of our customers. 
Meeting demand, maintaining 
momentum
With customers seeking to source their 
energy needs through a mixture of thermal 
and renewable power, the Board will 
endeavour to ensure that OPG’s growth in 
the future reflects that dynamic. We have 
kept an active watch on the renewable 
power space and are being measured 
about the timing of our entry into 
renewables as the aforementioned 
demand trend in India coupled with 
improving wind and solar technologies 
and falling equipment prices make it 
increasingly attractive to us. 
We are evaluating in detail new projects, 
including modular wind and solar projects 
across four states in India. I believe that the 
development of renewables capacity will 
make our business even more robust with 
a yet wider combination of technologies, 
locations and potential customers. The 
evaluation of these future projects will 
include analysis of the optimum funding 
structure, given the forecast internal cash 
generation of the Company alongside 
the Board’s intention to initiate a dividend 
which remains unchanged and is to be 
embedded within our proposed long-
term management incentive scheme. 
Our current view is that projects to be 
pursued are those that can be funded 
from internally generated capital and debt. 
At this time of positioning the Company 
for the next stage of its development, the 
Board recognises that the Group currently 
has no long-term incentive plan in place. 
As such, the Group’s Remuneration 
Committee believes that the introduction of 
an incentive scheme is appropriate as the 
Board targets future growth. The scheme’s 
currently proposed metrics, described in 
more detail after the financial review, are 
to be designed to sit alongside the Group’s 
strategy with vesting occurring upon value 
creation for shareholders.
CHIEF EXECUTIVE’S REVIEW 
CONTINUED
‘ We are evaluating in detail 
new projects, including 
modular wind and solar 
projects across four states 
in India.’
Earnings per share
4.91
 
pence OPG Power Ventures Plc
19
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
To achieve our targets we need 
to maintain leadership in health 
and safety and responsible 
corporate citizenship 
We are a growing team of around 400 
and I’m pleased to report that at both 
Chennai and Gujarat, continuous training 
programmes in safety management are 
established for both OPG and contractor 
staff. Targets have been introduced to 
enable year-on-year improvements and 
these are monitored by the Company’s 
Health, Safety and Environment 
Committee. To drive the improvement 
programmes, the Company has adopted 
a Policy of Zero Harm at both sites. 
We continue to invest in our community 
initiatives in both Gujarat and Tamil Nadu 
building sanitation facilities and providing 
medical outreach and educational 
assistance to over 2,500 friends of OPG. 
Summary 
First and foremost, a big thank you to 
our team, whose unrelenting efforts 
have created our business. Similarly my 
gratitude goes to all of our partners and 
stakeholders over the last several years 
and of course to the Board for their 
support and guidance. 
I’m delighted by our exceptional progress. 
As our story starts to reveal itself more 
fully in the form of significant cash flows 
from our new plants, I’m more confident 
than ever of the Group’s ability to deliver 
further and increasing long-term value. 
Our Company continues to progress 
towards a new level of robustness defined 
by its increasing scale, diversity and ability 
to secure profitable growth. 
Arvind Gupta
Chief Executive Officer
1 June 2015 OPG Power Ventures Plc
20
Annual Report & Accounts 2015
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Corporate Governance
Financial Statements
OPERATIONAL REVIEW
Million kWh generated
 1,86 1
Average tariff (INR)
5.71
/kWh
Chennai performed ahead of 
expectations at an average 
of 91% Plant Load Factor 
(‘PLF’) for the year.
Consistent and strong  
operational performance 
Chennai plants performed ahead of 
expectations at an average of 91% Plant 
Load Factor (‘PLF’) for the year. At 77 MW 
Chennai I, a planned shutdown was 
taken for three weeks, for the first time 
since commissioning and the plant 
operated at 90% for the remainder of  
the year. Power generation from the 
Chennai plant (Chennai I, II, III) for the 
year was 1,861 million kWh, slightly 
ahead of last year (FY14: 1,840 million 
kWh) as the full year generation from 
Chennai III (FY14: 10 months) offset the 
Chennai I shutdown. Other performance 
parameters such as auxiliary power 
consumption and heat rate efficiency 
remained in line with management 
expectations. 
Flexible and diversified sales mix 
We continued to sell our output under our 
flexible sales model adopting a diversified 
sales mix of both customers and tenure. 
In October 2014, the Company entered 
into its sales arrangement with Tamil Nadu 
Generation and Distribution Company 
(‘TANGEDCO’) to supply 255 MW of output 
until September 2015 at Rs 5.50/kWh 
(including output from Chennai IV on 
commercial commissioning). This was in 
addition to our existing 15 year Power 
Purchase Agreement (‘PPA’) for 74 MW 
under the Long Term Variable Tariff 
Agreement (‘LTVT’) entered into in January 
2014 which provides foreign exchange 
protection for imported coal. Approximately 
55 MW output was sold directly to industrial 
customers. Our average tariff realised 
across all our sales in Chennai for FY15 was 
Rs 5.71/kWh representing a 3% increase 
from FY14. This increase was on account of 
higher realisation on our LTVT and a 10% 
increase in tariffs from December for 55 
MW sales to industrial customers. 
Coal supplies 
The Company received its anticipated coal 
supplies from Coal India Limited (‘CIL ’) 
during the year and remained unaffected 
by the deallocation of coal blocks by the 
Supreme Court and the subsequent 
auctioning of these blocks. The Company 
also had contracts in place in FY15 to 
procure imported coal from its established 
suppliers and received its agreed 
quantities of coal allowing for planned 
running of operations. 
All India average PLFs were 66% during  
the year primarily due to non-availability of 
coal, as compared to 91% achieved by our 
plants. Our flexible boilers, coastal location 
and covered coal sheds supplemented by 
our established procurement policy ensured 
we continued to receive our coal regularly. 
The Company’s joint venture with Noble 
Shipping to secure freight for part of our 
operations is expected to further 
strengthen our procurement operations. 
Indonesian and Indian coal costs went up 
during the year due to higher logistics 
costs and coal cess. Average cost of 
generation per unit was Rs 3.27, 3.2% 
higher from FY14.
Achieving new scale with addition 
of 480 MW
180 MW Chennai IV
180 MW Chennai IV plant was originally 
planned as a 160 MW comprising  
2x80 MW. The unit was upgraded to one 
unit of 160 MW and again in May 2014 to 
180 MW. The move provided the Company 
with additional space to construct its 80 
MW Chennai III, the equity for this funded by 
internal cash flows.
Key highlights of the plant:
• Expanded from 160 MW to 180 MW 
in May 2014
• European equipment supplier 
• Shared facilities
• Sales agreed at Rs 5.50 until 
September 2015 
to TANGEDCO (state utility)
300 MW Gujarat
Construction at Gujarat plant, 
comprising two units of 150 MW, was 
completed in February 2015. It has been 
the Group’s largest greenfield project to 
date and in a second location.
Key highlights of the plant:
• Adapted from water cooled to air cooled 
• Second greenfield site developed at the 
same time as Chennai IV
• New skills developed e.g. 
transmission lines
• Similar flexible boiler design as 
in Chennai
• Commenced commercial sales in 
mid April 2015 
• Interim transmission line in use  OPG Power Ventures Plc
21
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
Average tariff realisation 
(Rs/kWh)
FY11 FY12 FY13 FY14 FY15
4.95
5.55 5.58
4.93
5.71
Generation
(kWh)
FY11 FY12 FY13 FY14 FY15
329
1,841
932
648
1,861
66
70
81
73
66
Plant load factor 
(%)
91 92
94
96
75
FY11 FY12 FY13 FY14 FY15
All India – thermal plants
Source: CEA April 2015.
Cost of generation 
(Rs/kWh)
3.10
3.17 3.19
3.25 3.27
FY11 FY12 FY13 FY14 FY15 OPG Power Ventures Plc
22
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
The Group faces a number of risks to its business and 
strategy. Management of these risks is an integral part  
of the management of the Group. The Group has in place  
a process for identifying and managing risks.
The list of principal risks and uncertainties 
facing the Group’s business set out below 
cannot be exhaustive because of the  
very nature of risk. New risks emerge and 
the severity and probability associated with 
these will change over time.
Sector-related risks
POWER SALE 
Description Monitoring and mitigation
The Company’s power plants derive their revenue from the Group captive model selling 
power Company’s on short-term, medium-term, or long-term sale basis and would, for 
this purpose, enter into Power Purchase Agreements with counterparties such as industrial 
captive consumers, power trading companies and state utilities. Contracts with customers 
may impose restrictions on the Company’s ability to, amongst other things, increase prices at 
short notice and undertake expansion initiatives with other customers. This could affect the 
revenue in the short- to medium-term. In addition, recovery of revenues could be effected by 
credit risk of a customer or their ability to draw power at any given time.
• Review contracts periodically to 
obtain best possible tariffs
• Flexibility to sell to captive consumers 
or in the open market
• Benchmarking captive consumer 
prices to state utility prices to benefit 
from any price increases
• Monitor ongoing customer performance, 
maintaining a group of counterparties
AVAILABILITY OF FUEL SUPPLY AND COSTS 
Description Monitoring and mitigation
The Group has coal linkages with domestic companies and agreements for imported coal. 
The dependence on third parties for coal exposes the Group’s power plants to vulnerabilities 
such as non-supply, price increases in the international market, foreign exchange fluctuations 
and increases in shipping costs and any changes in applicable taxes and duties. This could 
impact the operations and profitability of the Group.
• Seeking long-term supplies
• Maintaining adequate storage facility to 
keep appropriate levels of surplus stocks
• Maintaining relationship with suppliers 
and mitigating any potential disruption
• Developing different sources for fuel 
supply especially in the imports market
TIMELY EXECUTION OF PROJECTS 
Description Monitoring and mitigation
The length of the construction period and the cost to complete any given project 
is dependent on third-party suppliers and EPC contractors. Factors such as disputes with 
contractors, price increases, shortages of construction materials, delays in supply from  
various contractors, accidents, unforeseen difficulties, changes in Government policies,  
delays in receipt of necessary approvals and non-availability of external infrastructure such  
as transmission lines, can lead to cost overruns and delays impacting the timely completion 
and ultimately the profitability of projects. 
• Close monitoring of projects by the 
project team and addressing issues 
causing delays
• Ordering key equipment and long 
lead items ahead of schedule
• Including liquidated damages clauses in 
its contracts in relation to such matters  
as delays and inferior workmanship
• Developed strong and well experienced 
in-house EPC team to deliver the projects 
on time
PROJECT FINANCE 
Description Monitoring and mitigation
The development of power plants is a capital intensive business and the Group’s  
projects require access to both equity and debt markets. The availability of capital as well as 
terms of debt funding/interest rates may change including the need for personal guarantees.
• Assessing financial viability of projects
•  Financing projects with an optimum 
mix of debt and equity including 
internal accruals
•  Obtaining in-principle project finance from 
banks before commencement of projects
• Monitoring cash flows to ensure repayment 
of debt and interest in line with schedule
•  Exploring new relationships in debt 
markets to ensure optimum debt 
funding terms
PRINCIPAL RISKS OPG Power Ventures Plc
23
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
India-specific risks
GOVERNMENT POLICY AND REGULATIONS 
Description Monitoring and mitigation
The power industry is heavily regulated with permits and licences issued by the Indian  
Government and other regulators. Further, the regulatory environment is continuously 
changing. Obtaining these licences is critical to the Group’s development plans.
Failure or delays in receiving permits or approvals could have an adverse impact on projects 
and affect the profitability of the Group.
• The Group monitors and reviews 
changes in the regulatory environment 
and its commitments under licences 
previously granted
• It continually ensures compliance with 
the conditions contained within individual 
licences and is mindful of the importance 
of complying with national and local 
legislation and standards
• The Group maintains an open and 
proactive relationship with the Indian 
Government and its various agencies
ABILITY TO RETAIN FISCAL AND TAX INCENTIVES
Description Monitoring and mitigation
The Group’s existing and planned power plants are based on the various fiscal and tax 
benefits that will be available to the Company by the federal and state Government. 
A change in policy or the adoption of tax policies and incentives can have an adverse impact 
on the profitability of the Group.
• The Group continues to monitor 
changes and developments in respect 
of incentives provided by the Indian 
federal and state authorities
• Project investment returns are evaluated 
based on the expected incentives 
available to the Company and are 
revised based on the most up-to-date 
guidance available
EXCHANGE RATE FLUCTUATIONS
Description Monitoring and mitigation
As a consequence of the international nature of its business, the Company is exposed to 
risks associated with changes in foreign currency exchange rates. The Group’s operations 
are based in India and its functional currency is the Indian Rupee although the presentational 
currency is Great Britain Pound Sterling. The raw material is purchased in US Dollars.
The Group’s financial results may be affected by appreciation or depreciation of the value of 
the foreign exchange rates relative to the Indian Rupee. 
• Putting in place, where appropriate, 
forward contracts or hedging 
mechanisms
• Monitoring our risk on a regular basis 
where no hedging mechanism is in 
place and taking steps to minimise 
potential losses
GLOBAL FINANCIAL INSTABILITY
Description Monitoring and mitigation
The Indian market and Indian economy are influenced by global economic and market 
conditions, particularly emerging market countries in Asia. Financial instability in recent years 
has inevitably affected the Indian economy. 
Continuing uncertainty and concerns about contagion in the wake of the financial crises could 
have a negative impact on the availability of funding.
• The Group continues to monitor 
changes and developments in the 
global markets to assess the impact 
on its financing plans OPG Power Ventures Plc
24
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
Revenue
£99.97
m
FINANCIAL REVIEW
The following is a commentary 
on the Group’s financial 
performance in the year.
Income Statement (£m)
Year ended 31 March 2015
% of 
revenue 2014
% of 
revenue
Revenue 99.97 98.81
Cost of revenue (excluding depreciation) (58.46) (59.52)
Gross profit 41.51 41.5 39.29 39.8
Other income 0.13 0.26
Distribution, general and administrative 
expenses (excluding depreciation, 
employee stock option charge, 
expenditure during the period on 
expansion project) (8.25) (8.58)
Earnings Before Interest, Taxation, 
Depreciation and Amortisation 
(‘EBITDA’) 33.39 33.4 30.97 31.3
Depreciation (3.15) (2.90)
Net finance costs (7.97) (8.53)
Income from continuing operations 
(before tax, non-operational and/or 
exceptional items) 22.27 22.2 19.54 19.8
Expenditure during the period on expansion 
projects (0.38) (0.34)
Employee stock option charge (0.24) (0.97)
Charge on deconsolidated investments – (0.27)
Profit before taxation 21.65 21.6 17.95 18.2
Taxation (4.36) (3.39)
Profit after taxation 17.29 17.2 14.56 14.7
Revenue
Whilst translated revenues were similar to last year, the Company’s underlying Rupee 
revenues increased by 3.8%. This was due to a 1% increase in output as a net result of a 
full year of operation at the 80 MW Chennai III which was brought into commercial service 
in June 2013 and offset by a planned long maintenance shutdown taken at 77 MW 
Chennai I. The Group’s average tariff was up by 2.9% following a 10% increase in 
December 2014 in the tariff charged to industrial customers served directly (currently 
around 55 MW) plus an average realisation of Rs 5.79 on the Long Term Variable Tariff 
(‘LTVT’) arrangement that relates to 74 MW of the output of the Chennai plant.
There were no revenues from the new 180 MW Chennai IV or 300 MW Gujarat plants 
during the period under review. 
Production and output levels from the Group’s three operating power units in Chennai 
compared to the prior year were as follows:
Particulars FY15 FY14
Generation (million kWh) 1,861
1
1,840
2
Auxiliary consumption (million kWh) 139 130
Sales (million kWh) 1,722 1,710
PLF % 91 96
Average tariff (INR/kWh) 5.71 5.55
1 Planned maintenance shutdown – 25 days for the Chennai I unit and 15 days for the Chennai II unit during the year.
2 Chennai III commissioned on 5 June 2013. OPG Power Ventures Plc
25
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
EBITDA
(£m)
10.08
30.97
17.74
11.30
33.39
CAGR: 34%
FY13 FY14 FY15 FY12 FY11
‘  EBITDA was £33.39m  
in FY15 up from £30.97m  
in FY14.’
Cost of revenue
About 90% of cost of revenue is represented by fuel costs. The average factory gate costs 
for Indian coal increased by 4.5% and for Indonesian coal by 3.2% due to increase in 
inland transportation and duties. Cost of generation per unit increased by 3.2% to Rs 3.27 
from Rs 3.17. Cost of revenue in Pound Sterling terms was 58.5% of revenue in FY15, 
lower than the 60.2% recorded in FY14 due to the effect of foreign currency translation. 
The table below shows the average factory gate price per tonne and per unit of energy, 
and blend of Indian and Indonesian coal consumed in FY15 and FY14.
Coal blend and cost per energy unit in FY15
Average factory gate cost 
(INR/Mt)
Average factory gate price  
(INR per million kCal) Blend %
Financial year
Indian 
coal
Indonesian 
coal
Indian 
coal
Indonesian 
coal
Indian v: 
Indonesian
FY15 3,062 4,056 988 966 32:68
FY14 2,931 3,930 945 936 17:83
Change % +4.5% +3.2% +4.5% +3.2%
Gross profit
Gross profit (‘GP’), excluding depreciation in 2015 was £41.51m (FY14: £39.29m),  
an increase of 5.6% principally as a result of the increase in average tariffs described 
above and lower costs of revenue on translation. Underlying gross profit margins  
remained steady at 38%. 
EBITDA
EBITDA is a measure of a business’s cash generation from operations before interest, 
taxation, depreciation and exceptional and non-standard or non-operational changes 
which are non-cash item or expenses relating to projects under construction. 
EBITDA was £33.39m in FY15 up from £30.97m in FY14 and the EBITDA margins were 
higher at 33.4% in 2015 against 31.3% in 2014 reflecting the higher GP in FY15. 
Profit before tax (‘PBT’) (£m) Total
Profit before tax 2014–15 21.65
Profit before tax 2013–14 17.95
Increase in PBT 3.70
Reconciliation
Increase in gross profit 2.23
Reduction in other income (0.13)
Increase in distribution expenses (0.66)
Decrease in general and administrative expenses 0.99
Increase in depreciation (0.25)
Decrease in net finance cost
1
0.56
Reduction in expenses on expansion of projects (0.04)
Reduction in ESOP expense 0.73
Reduction in charge on deconsolidated investments 0.27
Increase in PBT 3.70
1 This excludes charge on deconsolidated investments. OPG Power Ventures Plc
26
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
6.34
19.95
13.32
8.84
21.65
CAGR: 38%
PBT (pre-exceptional items) 
(£m)
FY11 FY12 FY13 FY14 FY15
Distribution, general and administrative 
Distribution costs include transmission costs to Group captive customers and discount for 
early payment by customers. Distribution costs were higher by £0.6m due to increased 
sales to Group captive customers. 
General and administrative costs (excluding charge on deconsolidated investments) were 
lower by £0.99m principally due to lower foreign exchange losses during the year as the 
Rupee and US Dollar exchange rates were relatively steady. Management remuneration 
costs increased during the year which included provisions of £0.5m for bonuses. 
Finance costs 
Net finance costs were lower by £0.56m due to decrease in finance costs relating to 
operations by £0.7m and higher finance income of £0.45m which was generated by profit 
on sale of short-term financial investments. Finance costs on borrowings increased £0.6m 
due to increase in borrowings.
Expenditure on projects
This relates to expenses incidental to projects under construction charged to period 
expense not being of a capital nature and therefore not capitalised to project costs. 
These expenses in FY15 were £0.38m in FY15 as compared to £0.34m in FY14.
Employee Stock Option (‘ESOP’) charge 
This relates to the amortisation of the value of stock options granted to certain Directors 
and is non-cash in nature. £0.23m reflected the balance ESOP costs relating to 22 million 
options which were amortised during the year. 
Taxation 
The Company’s operating subsidiaries are under a tax holiday period but are subject to 
Minimum Alternate Tax (‘MAT’) on its accounting profits. Any tax paid under MAT can be 
offset against future taxable profits once the tax holiday period is over. The tax charged 
during the year was £4.36m (FY14: £3.39m) which includes current tax of £2.85m 
(FY14: £2.68m) and deferred tax of £1.51m (FY14: £0.71m). As a result effective tax rate 
for the year was 20.14% up from 18.86% in FY14. 
Consolidated Income Statement
(Amount in INR million)
Particulars
31 March 
2015
31 March 
2014
% of 
change
Revenue 9,838.30 9,474.50 4
Cost of revenue (6,082.98) (5,830.98) 4
Gross profit 3,755.32 3,643.52 3
Gross profit % on sales 38% 38%
Other income 12.52 25.00 (50)
Distribution cost (183.37) (115.29) 59
General and administrative expenses (727.08) (858.53) (15)
Operating profit 2,857.39 2,694.70 6
Financial costs (926.02) (938.95) (1)
Financial income 141.49 94.47 50
Profit before tax 2,072.86 1,850.22 12
Profit before tax % on sales 21% 20%
Tax expense (429.13) (324.60) 32
Profit for the year 1,643.73 1,525.62 8
FINANCIAL REVIEW 
CONTINUED OPG Power Ventures Plc
27
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
2.1
4.1
2.4
1.7
4.9
CAGR: 23%
FY11 FY12 FY13 FY14 FY15
Earnings per share 
(pence)
Summary Financial Position (£m)
31 March 
2015
31 March 
2014
Assets
Non-current assets
Intangible assets 0.67 0.47
Property, plant and equipment 414.55 279.62
Investment and other assets 2.75 0.73
Restricted cash 2.78 0.19
420.75 281.01
Current assets
Trade and other receivables 28.63 21.01
Inventories 7.89 12.90
Cash and cash equivalents 6.81 6.64
Restricted cash 5.30 7.46
Current tax assets 0.57 0.15
Investment and other assets 23.91 64.13
73.11 112.29
Total assets 493.86 393.30
Equity and liabilities
Equity
Share capital 0.05 0.05
Share premium 124.32 124.32
Other components of equity (11.14) (21.82)
Retained earnings 51.13 33.85
Equity attributable to owners of the Company 164.36 136.40
Non-controlling interests 0.25 0.23
Total equity 164.61 136.63
Liabilities
Non-current liabilities
Borrowings 237.94 186.58
Trade and other payables 16.79 24.99
Deferred tax liability 3.21 1.51
257.94 213.08
Current liabilities
Borrowings 22.85 8.19
Trade and other payables 47.84 35.17
Other liabilities 0.62 0.23
71.31 43.59
Total liabilities 329.25 256.67
Total equity and liabilities 493.86 393.30 OPG Power Ventures Plc
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Strategic Report
Corporate Governance
Financial Statements
Property, plant and equipment
The net book value of our property, plant and equipment has increased by £135m, almost 
all of which relates to investments made during the year in the construction of our new 
plants at Chennai and Gujarat.
Other non-current assets
Other non-current assets increased by £4.61m year on year primarily as a result of 
investments made in a shipping joint venture with Noble Chartering Limited and increase 
in the restricted cash (deposits) holding for more than 12 months. 
Trade receivables (£m) FY15 FY14
Receivables from sales of power 28.28 20.59
Other receivables 0.35 0.41
Total 28.63 21.00
The age analysis of trade receivables is as follows:
 
Total
Neither past 
due nor 
impaired
 Past due but not impaired
Trade receivables (£m)
Within 
90 days
 90 to 
180 days
Over 
180 days
FY15 28.63 7.06 13.70 7.87 –
FY14 21.00 8.61 11.95 0.04 –
Subsequent to the reporting date, the Company has received £9.4m from Tamil Nadu 
Generation and Distribution Corporation (‘TANGEDCO’) towards the sale made during 
the period October 2014 and November 2014 under short-term sale agreement and for 
February 2015 and March 2015 under 15 year variable tariff LTBT contract. Net amounts 
written off trade receivables during the year total £Nil (FY14: £0.5m).
Current assets
Current assets decreased by £39.18m to £73.11m year on year primarily as a result of the 
following movements: 
• An increase in trade receivables of £7.63m 
• A reduction in investment and other assets of £40.2m of which £27.0m was on account 
of capital advances to suppliers on new projects being capitalised to assets under 
construction in property, plant and equipment. A further £14.9m represented sales 
of holding in financial assets for deployment in projects as scheduled
• A reduction in inventory holding of £5.01m as shipments were received just after year 
end for existing operations and coal for newly commissioned projects is accounted 
under project costs until commissioning
Gearing
Net borrowings (borrowings net of cash and cash equivalents and available-for-sale 
investments) were £250.66m as at 31 March 2015. The gearing ratio was 59%. 
Restricted cash balances totalling £8.1m (FY14: £7.6m) comprise deposits that have 
been pledged as security against the Company’s borrowings. 
Other non-current liabilities
The reduction in other non-current liabilities of £6.5m is on account of £15.0m reduction 
in other payables comprising capital goods payables relating to Chennai IV and Gujarat 
plant offset by increases of £1.6m in deferred tax provisions and £7.2m increase in 
project retention monies as projects approach their completion. 
FINANCIAL REVIEW 
CONTINUED OPG Power Ventures Plc
29
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
Current liabilities
Current liabilities comprising borrowings due within 12 months, trade and other payables 
have increased by £27.7m on account of: 
• £14.7m the increase in the current portion of long-term debt which is due within 
12 months
• £4.0m increase in trade payables related to coal purchases for projects under 
commissioning
• £5.0m increase in general trade payables and salaries accruals
• £4.0m increase in creditors for capital goods
Cash flows 
Operating cash flow has increased from £30.22m in FY14 to £32.88m in FY15, an increase 
of £2.66m, or 9%. The increase is primarily due to the increased gross profit.
Movements (£m) FY15 FY14
Operating cash 32.88 30.22
Tax paid (3.22) (2.82)
Change in working capital assets and liabilities (9.74) (2.25)
Net cash generated by operating activities 19.92 25.15
Purchase of property, plant and equipment (net of disposals) (77.11) (128.64)
Other investments 10.57 (10.64)
Net cash used in investing activities (66.54) (139.28)
Net interest paid (9.41) (9.52)
Total cash change before net borrowings (56.03) (123.65)
Proposed Long Term Incentive Plan (‘LTIP’) 
The Group’s Remuneration Committee are seeking to introduce a new incentive scheme 
for senior management to run from FY15–16 to FY17–18 with the following shareholder 
value based performance targets: 
a). the achievement of a share price of 130 pence;
b). the achievement of a further 250 MW growth in installed capacity from a base of 
750 MW; and
c). a cumulative total of 3 pence in ordinary dividends made, paid or declared between 
now and the end of/publication of the Report and Accounts in respect of FY18. 
Under the proposed 2015 LTIP, up to 16 million new Ordinary Shares in the Company are 
expected to be awarded at their nominal value of 0.0147 pence to certain members of the 
senior management team, the majority of which would be to Gita Investments Limited, 
a company linked to the CEO. The awards, which would be made in due course, would 
vest over a three-year period equally upon achieving the three targets. The Remuneration 
Committee has discretion to declare vesting of awards on a linear scale of performance 
but cannot raise maximum award levels. Vested shares cannot be sold for a period of one 
year following the end of the performance period, the exception to this rule being sales to 
meet tax liabilities, if any. All vested shares will be entitled to accrued dividends paid over 
the three-year performance period, such that the interests of the management are aligned 
with those of the shareholders. Further announcements will be made upon any awards of 
shares to Directors of the Company.  OPG Power Ventures Plc
30
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
SUSTAINABILITY REPORT
Corporate Social Responsibility 
(‘CSR’) is at the core of our 
operations. Maintaining 
our social responsibility to 
operate is vital to successfully 
delivering on our growth plans 
and creating value. We aim 
to achieve international best 
practices with our CSR efforts 
and continually evaluate our 
health, safety, environment, 
and community practices 
to ensure we are delivering to 
all our stakeholders. We are 
committed to improving 
the lives of the societies in 
which we operate through 
the integration of economic 
prosperity, social development 
and environmental protection.
Health and safety
Health and safety is the matter of 
greatest importance at OPG
The Board had formally established a 
Health, Safety and Environment Committee 
(‘HSE Committee’) in FY13 to develop, 
implement and oversee a health and safety 
culture in the Company and to assist 
the management in its drive towards 
achieving and maintaining industry-leading 
performance in these areas. This is crucial 
to ensure, through management, that the 
Company’s employees, its customers, 
suppliers and its contractors enjoy a safe 
and healthy workplace.
Across the Company, we continually monitor 
and review health and safety procedures, 
acting promptly if any improvements are 
required. Our motto of SAFETY FIRST 
is inculcated in all our personnel and in all our 
operations and projects under development. 
And of course we ensure that our plant 
locations are compliant with all national 
health and safety regulations.
The OPG Chennai site is OHSAS 
18001:2007 certified. OHSAS 18001 is a 
standard used for an occupational health 
and safety management system, which 
enables an organisation to control its risks 
and improve its performance in this area. 
The standard provides a systematic 
approach to identifying hazards, and then 
either eliminates or reduces the risks of 
the hazards.
At both Chennai and Gujarat sites, 
continuous training programmes in safety 
management are established for both 
OPG and contractor staff. Targets have 
been introduced to enable year on year 
improvements and these are monitored 
by the Company’s HSE Committee. 
To drive the improvement programmes the 
Company has adopted the Policy of Zero 
Harm at both sites.
Following were key initiatives/improvements 
that we have introduced at our power plants:
Safety initiatives
• Safety induction for all new employees 
and contract workmen as per 
standard programme
• Manual call point checking (monthly)
• Monthly EHS training programme for 
contract employees
• Weekly EHS training programme for 
OPG employees (every Friday)
• Extinguisher and fire hydrant training 
for new contract workmen and 
employees (monthly)
• Carrying out the IMS (Integrated 
Management Systems) internal audit.
• Fire hydrants and extinguishers 
healthiness and availability 
inspections (monthly)
• Safety Committee meetings (monthly)
• Training of 15 employees in first aid  
by a certified body
• Eight employees attended five days’ 
training on occupational health safety, 
conducted by RLI (Regional Labour 
Institute, Government of India)
• Two emergency preparedness and 
response mock drills conducted 
(internal and external)
• Increased number of safety signage 
boards placed inside the plant
• Increased number of fire hydrants 
and monitors included in 
revamping activities
• Visitor’s safety guidelines introduced
• Safety Committee agenda modified 
as per Factories Rules 1950
• EHS external audit was carried out 
by a third-party safety consultant
• EMS 14001 and OHSAS 18001 second 
surveillance audit carried out
• Alcohol detector procured to monitor 
coal truck drivers
As part of their monthly and yearly 
reporting, plant managers are
required to submit details of training 
activities and other initiatives. Most often 
these activities tend to focus on:
• Fire handling
• Mock emergency drills
• Occupational ill health awareness
The above activities typically take place 
at monthly intervals with a compulsory 
annual safety awareness day being held 
at both plants.
In addition to processes for reporting 
specific incidents, plant management are 
required to submit a monthly safety report 
setting out:
• Injuries by number, nature, seriousness 
and cause
• Information on near miss incidents
• Safety concerns arising and 
improvement actions to be taken
• Safety promotion activities along with 
details of attendees
This information, which covers around 
300 employees and 350 contractors at 
Chennai, revealed six lost time injuries at 
the plant and a total reportable incident 
rate of 0.40, down from 0.49 in the 
previous year. Our target for FY16 is 0.35.
For the Gujarat plant, FY16 being the first 
year of operations, data will be reported in 
the next report 
There were no fatalities at the Company’s 
operations during the year. OPG Power Ventures Plc
31
Annual Report & Accounts 2015
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Corporate Governance
Financial Statements
We ensure that our plant 
locations are compliant with 
all national health and safety 
regulations. Such safeguards 
are maintained either 
through management 
programmes or operational 
control procedures to 
minimise impact as well 
as mitigate risks.
Main image: Safety worker monitoring noise level OPG Power Ventures Plc
32
Annual Report & Accounts 2015
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Financial Statements
Sapling plantations at Chennai site
2,000
SUSTAINABILITY REPORT 
CONTINUED
Health initiatives:
• CO (carbon monoxide) measurement 
monitoring in coal handling plant 
(twice monthly)
• Lux monitoring day and night (weekly) 
lighting improvement measures taken
• AAQ (‘Ambient Air Quality’) monitoring 
with 12 parameters (yearly)
• Source noise monitoring day and 
night (weekly)
• Annual health check-up for all 
employees
• Occupational ill-health awareness 
classes
• Surprise visit to observe PPE (‘Personal 
Protective Equipment’) compliance
OPG believes that safety is everyone’s 
responsibility. The main objective is to 
motivate the employees and associates 
to put safety first in the workplace and 
contribute towards making OPG a healthier 
and safer place to work.
Environment
OPG is committed to achieve continuous 
improvements in environmental performance 
and seek to prevent, mitigate, reduce 
or offset the environmental impact 
of our operations.
In May 2013, the OPG Chennai site 
successfully obtained the ISO 14001:2004 
certification. This specifies requirements 
for an environmental management system 
to enable an organisation to develop and 
implement policies and objectives with 
respect to the environment.
Environmental and green initiatives
Our dedication to environmentally 
sustainable operations goes beyond our 
plants and offices. Following are a few 
initiatives of the Company:
• 2,000 saplings planted throughout 
the site
• E-Waste collection and disposal 
agreement signed with TNWMS
• Colour coded waste segregation bins 
were introduced
• Rain water collection pond volume 
increased by 10,000 m
3
• Monthly water sprinkling programmes 
surrounding the Chennai plant and 
in other areas e.g. roads and yards 
through water tankers to arrest any 
possible dust pollution
• Sweeping tractor usage for floor 
cleaning all over the plant
At our Gujarat site we did mangrove 
plantation with the assistance and 
knowledge of the Government authorities.
Our people
Employee consultation
The Group places considerable value on 
keeping employees informed on matters 
affecting them and on the various factors 
affecting the performance of the Group. 
This is achieved through informal meetings 
and presentations on new developments 
both within the Company and the wider 
industry. The Group is committed to 
providing equal opportunities and opposes 
all forms of unfair or unlawful discrimination. 
Employees will not be discriminated against 
because of race, colour, nationality, ethnic 
origin, disability, sex or sexual orientation, 
marital status or age.
All employees are encouraged to raise 
genuine concerns about possible 
improprieties in the conduct of our 
business, whether in matters of financial 
reporting or other malpractices, at the 
earliest opportunity and in an 
appropriate way.
Disabled persons
Applications for employment by disabled 
persons are always fully considered, 
bearing in mind the aptitudes of the 
applicant concerned. In the event of 
members of staff becoming disabled, 
every effort is made to ensure that their 
employment with the Group continues 
and that appropriate training is arranged.
Training and development
Employing the right people and 
encouraging the continuous development 
of the skills of our employees is critical to 
developing a successful business. The 
Company recruits graduate engineering 
trainees and provides them with a 
comprehensive six-month on-site training 
programme. This will ensure that, in keeping 
with the growth of the Company’s assets, 
adequate well trained and competent 
personnel are available for in-house 
operations and project development.
Supply chain
The Group works with a team of industry-
leading suppliers and contractors in order 
to mitigate the risk in the event of there 
being a product delay or a supplier failing. 
The Board recognises the particular risks 
posed to its supply chain by the prevailing 
global economic conditions and the 
potential impact should key suppliers fail. 
To mitigate these impacts, the Group 
monitors suppliers’ business continuity 
issues, providing such practical support 
and advice as may be appropriate.
The Company’s power generation plants 
are fuelled by coal sourced from India but 
also from imported coal from Indonesia. 
Availability of supplies is therefore less of 
an issue than prices, which can fluctuate 
Fire safety day at Chennai site
Safety worker at Chennai site OPG Power Ventures Plc
33
Annual Report & Accounts 2015
 Strategic Report
Corporate Governance
Financial Statements
in line with world market forces of supply 
and demand.
Community
OPG respects the rights and acknowledge 
the aspirations and concerns of the 
communities in which it works. We 
recognise the importance of engaging with 
the local communities in which we operate. 
Promoting and respecting fundamental 
needs is at the heart of our values and 
business principles, and crucial to 
maintaining positive relations with local 
communities where we operate
OPG Outreach
OPG Outreach, launched in July 2011 near 
our Kutch site, has now completed four 
successful years and has been expanded 
to the Chennai site as well during 2013.
The first free primary healthcare centre 
that we built in 2013 at Sitha Raja Kandigai 
(the nearest village to our Chennai site), is 
running successfully, handling 40 patients 
on an average per day. The centre is 
serving the medical requirements of the 
residents of five nearby villages.
The second healthcare centre is under 
development at the Periya Obulapuram 
village, also near the Chennai site. OPG is 
confident that both these centres and their 
associated facilities will provide much 
needed basic care and medical aid to the 
communities around the OPG power plant.
In collaboration with Rotary Club of 
Chennai (an NGO), we have organised 
distribution of tricycles and hearing aids.
Rural infrastructure development
In continuation to our community 
development efforts, our Gujarat team 
has distributed cattle feed and provided 
assistance in building Gowshalas (cow 
shelters), water storage tanks in nearby 
villages of Kutch district, Gujarat.
On request of the people of Kayalar Medu 
village, Gummidipoondi, we have assisted 
in patchwork repair of the pothole-ridden 
roads in the village. The construction of 
a prayer hall/church, which we started last 
year is steel roofed and is expected to be 
completed shortly.
Educational aid
OPG believes that education and 
employment will provide opportunities for 
people and communities to develop and 
prosper, thus increasing their standard 
of living.
We continue to sponsor education of 
children from local communities studying in 
various Government schools. As a yearly 
concern, 850 school children belonging to 
the villages Periya Obulapuram, Chinna 
Obulapuram, Kayalarmedu, SR Kandigai 
received full school supplies (uniforms, 
shoes, books, bags, etc.) for the entire year 
before the commencement of the school 
year. About 56 students from below 
poverty line families are also granted 
annual school/college fees to ensure 
that lack of funds does not preclude 
their advancement.
As part of OPG Outreach, a strong 
awareness programme has been 
developed to promote girl child education. 
To support this, the Company started a 
sponsorship programme last year in higher 
secondary education at a reputed private 
school. Under this scheme, three girls will 
be selected every year based on academic 
background and economic needs, and 
their entire education will be funded by 
OPG Outreach.
OPG has also sponsored monthly salaries 
to PTA teachers in four Government 
schools situated in the vicinity of the plant. 
This programme is intended to provide 
support to Government owned schools in 
imparting quality education to children.
On-site medical facilities OPG Power Ventures Plc
34
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
5 6 4
1 2 3
BOARD OF DIRECTORS OPG Power Ventures Plc
35
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
1. Mr M C Gupta  
Non-executive Chairman 
Background and experience
Mr M C Gupta is a retired senior civil 
servant of the Indian Administrative 
Service, the premier civil service of India. 
During his service Mr Gupta held a number 
of senior appointments, notably those of 
Secretary, Ministry of Industry, Government 
of India and Chief Secretary to the 
Government of Haryana State. As 
Secretary to the Ministry of Industry, 
Mr Gupta was one of the civil service 
officers responsible for initiating and 
implementing the process of economic 
reforms which began in the 1990s in India 
and which continue to this day. Mr Gupta 
serves on the Boards of a number of public 
companies in India including Bhansali 
Engineering Polymers Ltd and Lumax 
Industries Ltd as an independent Director. 
Mr M C Gupta is not related to either 
Mr Arvind Gupta or Mr Ravi Gupta.
Member
Audit, Remuneration Committee
4. Mr Martin Gatto  
Senior Independent  
Non-executive Director 
Background and experience
Mr Martin Gatto has considerable 
experience as a senior financial 
professional and has worked at a number 
of large UK quoted public companies.  
He is a graduate of Brunel University and  
is a Fellow of the Chartered Institute of 
Management Accountants. During his 
career, Mr Gatto gained international 
experience at Hilton International Company 
where he was responsible for business 
development and property. Later, as Chief 
Financial Officer of British Energy Plc, 
Midlands Electricity Plc and Somerfield 
Plc, he was responsible for the successful 
execution of turnaround strategies.  
He is also the Chairman of Medico –  
Dental Holdings Ltd.
Member
Audit, Remuneration Committee
2. Mr Arvind Gupta 
Managing Director and 
Chief Executive Officer
Background and experience
Mr Arvind Gupta gained experience  
in various divisions of the business 
including flour milling, steel production  
and logistics, becoming President of  
Kanishk Steel, listed on the Bombay  
Stock Exchange. Having identified  
the opportunities in power generation,  
Mr Gupta developed this division within 
Kanishk Steel with initial projects in  
wind power generation in 1994. He  
was the pioneer of the Group Captive 
Power Producer concept in Tamil Nadu 
State. Since then, Mr Gupta has  
been responsible for the construction  
and developments of the power  
plants of the OPG Group as well as its 
overall strategy, growth and direction.  
He has also developed profitable wind  
and solar power projects within the  
family portfolio.
5. Mr P Michael (Mike) Grasby  
Independent Non-executive  
Director 
Background and experience
Mr P Michael Grasby is a Chartered 
Engineer and has been associated with 
the UK and international power industry for 
many years. He was manager of the Drax 
Power Station between 1991 and 1995 
and Director of Operations for National 
Power, with responsibilities for over  
16,000 MW of generating capacity, until 
1998. Following the demerger of National 
Power in 1999, he joined International 
Power as Senior Vice-President for Global 
Operations and retired in 2002. Mr Grasby 
has experience of power company 
directorships in the Czech Republic, 
Portugal, Turkey and Pakistan. Mr Grasby 
was formerly a Non-executive Director 
of Drax Plc where he chaired the Health 
and Safety Committee and sat on the 
Audit, Remuneration and Nominations 
Committees; he retired from the Drax 
Board in April 2011. He was also formally 
a Director of Strategic Dimension 
Technical, a London based executive 
recruitment company.
Member
Audit, Remuneration Committee
3. Mr V Narayan Swami 
Finance Director 
Background and experience
Mr V Narayan Swami has over 30 years’ 
experience in finance and management. 
Mr Swami started his career with the  
State Bank of India before moving to  
Ashok Leyland Limited in 1976. For  
12 years until 1993, he held a variety of 
positions within Standard Chartered Bank 
including as Senior Manager – Corporate 
Division for Southern India. Later  
Mr Swami joined Essar Global Ltd, Dubai,  
as Executive Director, subsequently 
becoming CFO of Essar Telecom Group 
where he played a key role in the entry  
and planned exit of Swisscom from the 
venture along with the simultaneous 
induction of Hutchinson Whampoa in the 
business. Mr Swami was Group Finance 
Director (and CFO) of Best & Crompton 
Engineering Limited, listed on the Bombay 
Stock Exchange, before joining OPG in 
2007 as Finance Director.
6. Mr Ravi Gupta 
Non-executive Director  
Background and experience
Mr Ravi Gupta is the brother of Mr Arvind 
Gupta and throughout his career has been 
involved with family businesses. He is one 
of the founders of Kanishk Steel and is 
its Chairman. Mr Gupta has also been 
associated with the flour mill industry, 
setting up a new flour mill in 1988 in Tamil 
Nadu State, Salem Food Products Limited, 
where he is Managing Director.
Member
Audit, Remuneration Committee OPG Power Ventures Plc
36
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
CORPORATE GOVERNANCE REPORT
3. Non-executive Directors (A.4.2)
The Code requires the Non-executive 
Directors, led by the Senior Independent 
Director, to meet without the Chairman 
to appraise the Chairman’s performance. 
The Board will consider the issue of 
formal evaluation, including evaluating 
the performance of the Chairman, 
in due course. 
4. Nominations Committee (B.2.1) 
The Board will at an appropriate time 
establish a Nominations Committee. 
Its primary function being to provide a 
formal and transparent procedure for 
the appointment of new Directors to 
the Board. As and when a Nominations 
Committee is appointed, compliance with 
those provisions of the Code relating to 
this committee will be considered further. 
 
5. Evaluation (B.6) 
The Board will continue to evaluate 
informally the balance of skills, experience, 
independence and knowledge required to 
ensure that its composition is appropriate 
to the Group’s size and complexity. At 
the appropriate time, the Board will give 
further consideration to the issue of 
formally evaluating its performance and 
that of its principal committees and the 
individual Directors. 
Operation of the Board
Board of Directors
The Board comprises the following 
individuals:
Executive
1. Arvind Gupta (Managing Director and 
Chief Executive Officer); and
2. V Narayan Swami (Finance Director).
Non-executive
1. M C Gupta (Non-executive Chairman);
2. Martin Gatto (Senior Independent 
Director);
3. Mike Grasby; and
4. Ravi Gupta.
The Board considers that, as at the date 
of this report, it complies with Code 
provision B.1.2, which requires that, in 
the case of smaller companies, there 
should be a minimum of two independent 
Non-executive Directors. In addition to the 
Chairman, Mike Grasby and Martin Gatto 
are considered to be independent under 
the Code.
Biographical details of all the Directors 
at the date of this report are set out on 
page 35 together with details of their 
membership, as appropriate, of the Board 
Committees. The Board is responsible 
for setting the Company’s objectives and 
policies, and providing effective leadership 
and the controls required for a publicly 
listed company. Directors receive papers 
for their consideration in advance of each 
Board meeting, including reports on the 
Group’s operations to ensure that they 
remain briefed on the latest developments 
and are able to make fully informed 
decisions. The Board met four times during 
the year under review. 
The Executive Committee supports 
the Board in implementing strategy and 
reports relevant matters to the Board for its 
consideration and approval. The Executive 
Committee (‘ExCo’) is composed of the 
two Executive Directors and four members 
of senior management. It met eight times 
during the year.
Directors have the right to request that any 
concerns they have are recorded in the 
appropriate committee or Board minutes. 
Informal procedures are in place for 
Directors to take independent professional 
advice at the Company’s expense.
The Company maintains Directors’ 
and officers’ liability insurance and 
indemnity cover, the level of which 
is reviewed annually.
Introduction
The Board is committed to good corporate 
governance practices. The Company 
was admitted to trading on AIM in May 
2008. Accordingly, compliance with the 
governance framework contained in the 
UK Corporate Governance Code published 
by the Financial Reporting Council (‘the 
Code’) is not mandatory. Nevertheless, 
the Company remains committed to high 
standards of corporate governance and 
endeavours to comply with the Code to the 
extent practicable for a public company of 
its size.
This report describes how the Company 
has applied, or how it intends to apply, 
the principles set out in the Code. 
Compliance with the Code
Since admission to AIM, the Group has 
grown substantially against a background 
of difficult trading conditions within the 
electricity generation sector. As reported 
in the Strategic Report, the year has seen 
the Group complete its two major projects 
of 480 MW and a total of 750 MW now 
fully constructed, trebling the scale and 
achieving diversification and with the 
270 MW operations delivering a robust 
performance. The primary focus of the 
Board is to ensure sustainability of existing 
operations and to pursue its profitability 
focused growth strategy and the Board 
has therefore adopted an approach to 
governance that is proportionate and 
commensurate with the current size and 
complexity of the Group. The Board notes 
the following areas of non-compliance 
with the Code with comments on each 
as appropriate:
1. Schedule of matters reserved (A.1.1)
 At present, the Board reviews and adopts 
the Group’s strategy, plan and key risks, 
policies and procedures. The Board will 
at the appropriate time adopt a schedule 
of matters specifically reserved to it 
for decision. 
2. Division of responsibilities (A.2.1)
As explained in greater detail on page 37, 
there is a clear separation between the 
roles and responsibilities of the Chairman 
and Chief Executive Officer. The Code 
further requires that this be set out in 
writing and agreed by the Board and this is 
to be done in due course. 
FINANCIAL YEAR ENDED 31 MARCH 2015 OPG Power Ventures Plc
37
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
Chairman, Chief Executive Officer, and Senior Independent Director
The roles of the Chairman and Chief Executive Officer are held by different individuals and there is a clear separation of roles. 
The Chairman’s key responsibilities are the effective running of the Board, ensuring that the Board plays a full and constructive 
part in the development and determination of the Group’s strategy and overseeing the Board’s decision-making process. The key 
responsibilities of the Chief Executive Officer are managing the Group’s business, proposing and developing the Group’s strategy and 
overall commercial objectives in consultation with the Board and, as leader of the executive team, implementing the decisions of the 
Board and its Committees. 
Martin Gatto, the Senior Independent Director, is available to shareholders who have concerns that cannot be resolved through 
discussion with the Chief Executive Officer or Chairman.
Re-election of Directors
At every AGM, one-third of the Directors for the time being (excluding any Director appointed since the previous AGM) or, if their number 
is not three or a multiple of three, the number nearest to one-third, shall retire from office by rotation. On this basis, Martin Gatto and  
Mike Grasby will offer themselves for re-election at the AGM.
Information and professional development
Prior to the Company’s admission to AIM in May 2008, all Directors received a briefing from the Company’s nominated adviser of their 
duties, responsibilities and liabilities as a Director of an AIM company. Directors are encouraged to keep abreast of developments to 
assist them with their duties. 
In addition to the formal meetings of the Board, the Chairman is available to the other Non-executive Directors to discuss any issues of 
concern they may have relating to the Group or as regards their area of responsibility and to keep them fully briefed on ongoing matters 
relating to the Group’s operations.
The Chairman is responsible for ensuring that new Directors each receive a full, formal and tailored induction on joining the Board as 
required by provision B.4.1 of the Code.
Board performance 
As noted above, the Board will in due course consider the most appropriate methodology for evaluating its performance and that of its 
principal Committees and the individual Directors.
Meetings of the Board and its Committees
The following table sets out the number of meetings of the Board and its Committees during the year under review and individual 
attendance by the relevant members at these meetings: 
Board Committee meetings
Board meetings Audit Remuneration
Number Attended Number Attended Number Attended
Arvind Gupta 4 4 N/A N/A N/A N/A
V Narayan Swami 4 4 N/A N/A N/A N/A
M C Gupta 4 4 2 2 2 2
Martin Gatto 4 4 2 2 2 2
Mike Grasby 4 4 2 2 2 2
Ravi Gupta 4 4 2 2 2 2
Number of meetings held during the year 4 2 2 OPG Power Ventures Plc
38
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
Board Committees
Audit Committee
The members of the Audit Committee are 
M C Gupta, Martin Gatto, Mike Grasby and 
Ravi Gupta. Martin Gatto is considered to 
have recent, relevant financial experience. 
The Chief Executive and Finance Director 
and a representative of the auditor are 
normally invited to attend meetings of 
the Committee.
The primary duty of the Audit Committee 
is to oversee the accounting and financial 
reporting process of the Group, the 
external audit arrangements, the internal 
accounting standards and practice, the 
independence of the external auditor, the 
integrity of the Group’s external financial 
reports and the effectiveness of the 
Group’s risk management and internal 
control system. 
The Audit Committee considered 
the following matters during the year 
under review:
• The Annual Report and Accounts for 
the year ended 31 March 2014; and
• The unaudited results for the half-year 
FY15 to 30 September 2014.
Remuneration Committee 
The Remuneration Committee currently 
consists of M C Gupta, Martin Gatto, Mike 
Grasby and Ravi Gupta. Ravi Gupta is not 
present when any remuneration matter 
relating to the Chief Executive, Arvind 
Gupta (his brother) is discussed. 
The primary duty of the Remuneration 
Committee is to determine and agree with 
the Board the framework or broad policy 
for the remuneration of the Executive 
Directors and such other members of 
the executive management team of 
the Group as is deemed appropriate. 
The remuneration of the Non-executive 
Directors is a matter for the executive 
members of the Board. No Director may 
be involved in any decisions as to his 
own remuneration.
Full details of the role and composition 
of the Remuneration Committee, the 
remuneration policy of the Company and 
its compliance with the Code provisions 
relating to remuneration are set out in 
the Directors’ Remuneration Report on 
pages 39 to 41.
Accountability and audit
Risk management and internal control
The Board has overall responsibility for the 
Group’s system of internal control, which 
includes risk management. The Board has 
delegated the responsibility for reviewing 
the effectiveness of its internal control 
systems to the Audit Committee. The Audit 
Committee reviews these systems, policies 
and processes for tendering, authorisation 
of expenditure, fraud and the internal 
audit plan.
The system of internal control is designed 
to manage, rather than eliminate, the risk 
of failure to achieve business objectives 
and can only provide reasonable and 
not absolute assurance against material 
misstatement or loss. 
The Board has instructed ExCo to be 
a leading part of its process to identify, 
evaluate and manage the significant 
risks the Group faces and which is in 
accordance with the current guidance on 
internal control. The Audit Committee will 
assist the Board in discharging its review 
responsibilities. A summary of the key risks 
facing the Group and mitigating actions is 
described on pages 22 and 23.
Assurance
Grant Thornton has been auditor for 
the Group for the last five years. The 
Committee considers that, at this early 
stage in the Group’s development, it is 
more efficient to use a single audit firm 
to provide certain non-audit services for 
transactions and tax matters. However, to 
regulate the position, the Committee will at 
the appropriate time establish a policy on 
the provision of non-audit services by the 
external auditor. That policy will set out the 
external auditor’s permitted and prohibited 
non-audit services and a fee threshold 
requiring prior approval by the Audit 
Committee for any new engagement.
Going concern 
A statement on the Directors’ position 
regarding the Company as going concern 
is contained in the Directors’ Report on 
page 42.
Shareholder relations and the Annual 
General Meeting
The Board is committed to maintaining an 
ongoing dialogue with its shareholders. 
The Directors are keen to build a mutual 
understanding of objectives with its principal 
shareholders. To this end, the Chief 
Executive, Senior Independent Director 
and Finance Director together met with a 
number of institutional shareholders during 
the year. The Directors also encourage 
communications with private shareholders 
and encourages their participation in the 
Annual General Meeting.
The Chairman is primarily responsible for 
ensuring the effective communication of 
shareholders’ views to the Board as a 
whole and updates the Board accordingly. 
Board members keep abreast of 
shareholder opinion. 
Notice of the Annual General Meeting will 
be sent to shareholders at least 21 clear 
days before the meeting. The voting results 
will be made available on the Company’s 
website following the meeting.
The Company uses its corporate website 
(www.opgpower.com) to communicate 
with its institutional shareholders and 
private investors, and posts the latest 
announcements, press releases and 
published financial information together 
with updates on current projects and 
other information about the Group.
CORPORATE GOVERNANCE REPORT CONTINUED OPG Power Ventures Plc
39
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
Introduction
This report sets out information about 
the remuneration of the Directors of the 
Company for the year ended 31 March 
2015. As a Company admitted to AIM, 
OPG is not required to prepare a Directors’ 
remuneration report. However, the Board 
supports the principles of transparency 
and has prepared this report in order to 
provide information to shareholders on 
executive remuneration arrangements. 
The report has been substantially prepared 
in accordance with Schedule 8 of the 
Large and Medium-sized Companies 
and Group Accounts and Reports 2008 
(‘the Regulations’).
Remuneration Committee
The members of the Remuneration 
Committee are M C Gupta (Chairman), 
Martin Gatto, Ravi Gupta and Mike Grasby 
who, with the exception of Ravi Gupta, are 
all independent Non-executive Directors. 
Terms of Reference have been approved 
for the Remuneration Committee and its 
primary duty is to determine and agree 
with the Board the framework or broad 
policy for the remuneration of the Executive 
Directors, senior managers and such other 
members of the executive management 
team of the Group as is deemed 
appropriate. The remuneration of the 
Non-executive Directors is a matter for 
the Chairman and the Committee to 
be considered on the basis of the 
recommendations of the executive 
members of the Board. 
The principal responsibilities of the 
Committee include:
• Assessing and setting compensation 
levels for Directors and senior managers;
• Reviewing the ongoing appropriateness 
and relevance of the remuneration policy 
to ensure that members of the executive 
team are provided with incentives that 
encourage enhanced performance;
• Reviewing the design of share incentive 
plans for the approval of the Board; and
• Ensuring that contractual terms on 
termination are such that failure is not 
rewarded and that the duty to mitigate 
losses is fully recognised in the drafting 
of Directors’ service agreements and 
letters of appointment. 
In fulfilling these duties, the Committee 
shall be cognisant of remuneration trends 
across the Group and within the sector in 
which the Group operates.
The Executive Directors and external 
advisers may be invited to attend meetings 
of the Remuneration Committee but do 
not take part in the decision making. 
Attendance at meetings of the 
Remuneration Committee by individual 
members is detailed in the Corporate 
Governance Report on page 37.
Advisers
During the year, the Board received 
externally commissioned advice in 
connection with implementing a long term 
incentive plan for executives to meet the 
Group’s objective of providing an incentive 
plan in the context of the Group’s overall 
approach to rewards and incentives. 
Remuneration policy
The Remuneration Committee seeks to 
maintain a remuneration policy to ensure 
that the Company is able to attract, retain 
and motivate its Executive Directors and 
senior management. 
The retention of key management and the 
alignment of management incentives with 
the creation of shareholder value are key 
objectives of this policy. 
The Group therefore sets out to provide 
competitive remuneration for all its 
management and employees appropriate 
to the business environment in the market 
in which it operates and in recognition of 
their contribution to Group performance. 
To achieve this, the remuneration package 
is based upon the following principles:
• Total rewards should be set to provide a 
fair and attractive remuneration package;
• Appropriate elements of the 
remuneration package should be 
designed to reinforce the link between 
performance and contribution to the 
Group’s success and reward; and
• Executive Directors’ incentives 
should be aligned with the interests 
of shareholders. 
The remuneration strategy is designed to 
be in line with the Group’s fundamental 
values of fairness, competitiveness and 
equity and also to support the Group’s 
corporate strategy. The Group seeks 
to increasingly align the interests of 
shareholders with those of Directors 
and senior employees by giving the latter 
opportunities and encouragement to build 
up a shareholding interest in the Company. 
Stock Option Plan – 2009
During the year, under the Stock Option 
Plan approved by the Board on 16 July 
2009. Awards of 250,000 options 
were approved for each of M C Gupta, 
Mike Grasby, Ravi Gupta and V Narayan 
Swami in addition to the awards granted 
previously to the remaining two Directors. 
These awards are in terms of the 
commitments made in the IPO Admission 
Document. The Option contracts approved 
during the year for the four Directors 
named above will be executed in the 
current (2015–16) financial year. Options 
granted must be exercised within 10 years 
of the date of grant and vesting depends 
on achievement of the following 
performance conditions:
1. The power plant at Kutch in the state of 
Gujarat must have been in commercial 
operation for three months; and
2. The closing share price must be at least 
£1 for three consecutive business days.
Long Term Incentive Plan – 2015
In June 2015, the Company announced 
its plan to introduce its first Long Term 
Incentive Plan (‘LTIP’). Vesting of awards 
under the LTIP will be subject to the 
following shareholder value based 
performance targets:
1. Achievement of a share price of 
130 pence;
2. Achievement of a further 250 MW 
growth in installed capacity from a 
base of 750 MW; and
3. A cumulative total of 3 pence in ordinary 
dividends paid or declared between 
now and publication of the FY18  
Annual Report.
Up to 16 million shares in the Company  
will be awarded at their nominal value 
to certain members of the senior 
management team, including about 
14 million shares to Gita Investments 
Limited, a company linked to the CEO. 
Subject to certain covenants, the awards, 
once made, will vest over the period to 
FY18 with a third of the maximum award 
vesting upon achievement of a share price 
of 130 pence and then equally on achieving 
each of the other targets. With certain 
exceptions, vested shares will not be 
allowed to be sold for one year. All vested 
shares are to be entitled to dividends. The 
Remuneration Committee has discretion 
to declare vesting of awards on a linear 
scale of performance but cannot raise 
maximum award levels. The metrics of the 
scheme have been established to support 
the Group’s strategy to deliver responsible 
and sustainable returns over the long term.
DIRECTORS’ REMUNERATION REPORT OPG Power Ventures Plc
40
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
DIRECTORS’ REMUNERATION REPORT CONTINUED 
Service agreements, notice periods and termination payments
The service agreements for the Executive Directors are for no fixed term and may in normal circumstances be terminated on the notice 
periods set out in the table below. The Company reserves the right and discretion to pay the Executive Directors in lieu of notice. If the 
Company terminates the employment of an Executive Director by exercising its right to pay in lieu of notice, the Company is required 
to make a payment equal to the aggregate of basic salary and the cost to the Company of providing other contractual benefits for the 
unexpired portion of the duration of any entitlement to notice.
The key terms of the Executive Directors’ service agreements are as follows:
Name Position Date of contract Notice period
Current
salary (p.a.)  
£
Arvind Gupta Managing Director and Chief Executive Officer 23 May 2008 Twelve months’ prior written notice  
on either side
406,463
V Narayan Swami Finance Director and Chief Financial Officer 23 May 2008 Three months’ prior written notice  
on either side
 73,163
Salaries
Mr Arvind Gupta’s salary was increased from approximately £250,000 to approximately £400,000 with effect from 1 April 2014. From the 
same effective date, Mr V Narayan Swami’s salary was increased from £52,143 to £73,163. These increases, which were the first since 
2012 and the second since admission to AIM in 2008, take into account median levels of salary in comparable UK listed companies 
based on external advice commissioned by the Company in the context of the scaling up of its activities.
Bonus
No bonuses have previously been paid to the Executive Directors in connection with the period between AIM admission in May 2008 
and March 2013. Since this, as an interim measure pending the adoption and full implementation of an annual bonus plan during the 
current year with detailed performance metrics, the Remuneration Committee has decided that Mr Arvind Gupta should be entitled to 
a maximum annual bonus of twice annual salary, based on the performance and the growth of the Company from 20 MW to 270 MW by 
31 March 2014 and a further scale up to 600 MW by 31 March 2015. Accordingly, on account of the consistently profitable performance 
and transformational growth, outlined in the Strategic Report on pages 1 to 33, of the Company, the Remuneration Committee approved 
and paid a bonus of £500,000 to Mr Arvind Gupta in respect of the year ended 31 March 2014 and a bonus of £793,537 has been 
awarded in respect of the year ended 31 March 2015. 
In the case of Mr V Narayan Swami, the Remuneration Committee has approved an annual bonus of 33.33% of annual salary for the year 
ended 31 March 2015.
Benefits-in-kind
Under their service agreements, Mr Arvind Gupta and Mr V Narayan Swami are entitled to applicable medical, travel, insurance, 
accommodation and other allowances. 
Chairman and Non-executive Directors
The remuneration of the Chairman of the Company and the Non-executive Directors consists of fees that are paid quarterly in arrears. 
The Chairman does not currently participate in any long-term incentive or annual bonus schemes, nor does any pension entitlement 
accrue. Neither the Chairman nor any of the Non-executive Directors has a contract of employment with the Company. Each has instead 
entered into a contract for services with the Company.
Non-executive Directors’ contracts for services 
Non-executive Directors were appointed for an initial term of 12 months. M C Gupta, Martin Gatto, Mike Grasby and Ravi Gupta have 
each signed a contract for services with the Company. They were each appointed for an initial period of twelve months and, under the 
terms of their contracts for services, their appointments were renewable for a further period by mutual agreement, subject to re-election, 
when appropriate, by the Company in general meeting. A formal process for evaluating the performance of the Board, its Committees 
and the individual Directors will be introduced in due course.
The key terms of the Non-executive Directors’ letters of appointment are as follows:
Director Appointment Notice period
Current 
salary (p.a.)  
£
M C Gupta 6 May 2008 Twelve months’ prior written notice on either side 45,000
Martin Gatto 6 May 2008 Three months’ prior written notice on either side 45,000
Mike Grasby 6 May 2008 Three months’ prior written notice on either side 45,000
Ravi Gupta 12 May 2008 Twelve months’ prior written notice on either side 45,000 OPG Power Ventures Plc
41
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
External appointments 
It is the Board’s policy to allow the Executive Directors to accept directorships of other companies provided that they have obtained the 
consent of the Board. Any such directorships must be formally notified to the Board. 
Directors’ interests in Ordinary Shares 
The interests of Directors in the ordinary share capital of the Company were as follows:
31 March 2015 31 March 2014
Arvind Gupta
1
178,886,428 178,886,428
Mike Grasby 10,000 10,000
Martin Gatto 60,000 60,000
M C Gupta 9,800 9,800
V Narayan Swami 10,300 10,300
Total 178,976,528 178,976,528
1 Arvind Gupta and related entities.
 
There were no changes to Directors’ interests between 31 March 2015 and the date of this report.
No Director had any interest in any contract of significance with the Group during the year ended 31 March 2015 other than their service 
contracts, details of which are given on page 40.
Directors’ remuneration for the period to 31 March 2015.
£ Salary/fees Benefits-in-kind
Annual  
bonus
Total 31 March 
2015
 Total 31 March 
2014
Non-executive Chairman
M C Gupta 45,000 – – 45,000 35,000
Executive Directors – –
Arvind Gupta 406,463 – 793,537
1
1,200,000 758,108
2
V Narayan Swami 73,163 – 24,391 97,554 52,143
Non-executive Directors
Martin Gatto 45,000 – – 45,000 35,000
Mike Grasby 45,000 – – 45,000 35,000
Ravi Gupta 45,000 – – 45,000 35,000
Total 659,626 – 817,928 1,477,554 950,251
1  Out of the total bonus for FY15 of £793,537, £406,463 has been paid and balance £387,074 will be paid in the current financial year (2015–16). A provision has been made in 
these accounts.
2  As mentioned on page 40, during the year the Remuneration Committee paid a bonus of £500,000 to Mr Arvind Gupta in respect of FY14.
Note: 
No consideration was paid or received by third parties for making available the services of any Executive or Non-Executive Director.
This report has been approved by the Board of Directors of the Company.
M C Gupta
Chairman, Remuneration Committee
1 June 2015 OPG Power Ventures Plc
42
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
DIRECTORS’ REPORT
The Directors present their report, together 
with the audited financial statements of the 
Group, for the year ended 31 March 2015. 
Particulars of important events effecting 
the Group, together with the factors 
likely to affect its future development, 
performance and position are set out in the 
Strategic Report on pages 1 to 33 which is 
incorporated into this report by reference 
together with the Corporate Governance 
Report on pages 36 to 38. These together 
contain certain forward looking statements 
and forecasts with respect to the financial 
condition, results, operations and business 
of OPG Power Ventures Plc which may 
involve risk and uncertainty because 
they relate to events and depend upon 
circumstances that will occur in the future. 
There are a number of factors that could 
cause actual results or developments to 
differ materially from those expressed 
or implied by these forward looking 
statements and forecasts. Nothing in this 
Annual Report to shareholders should be 
construed as a profit forecast. 
Results and dividends
The audited financial statements for the 
year ended 31 March 2015 are set out on 
pages 45 to 73. The Group profit for the 
year after taxation was £17.29m (2014: 
£14.56m). As stated in the results release 
on 2 June 2015, the Board intends to 
announce its dividend policy following 
sustainable ramp up of the 750 MW. No 
dividend was paid for the year ended 
31 March 2015.
Directors
There were no changes to the Board 
during the period and of the Directors 
offering themselves for re-election at the 
forthcoming Annual General Meeting 
(‘AGM’) are set out in the Corporate 
Governance Report on pages 36 to 38.
Details of Directors’ service agreements 
are set out in the Directors’ Remuneration 
Report on page 40.
The interests of the Directors in the shares 
of the Company are shown in the Directors’ 
Remuneration Report on page 41.
Biographies of all the Directors at the date 
of this report are set out on page 35.
Related parties
Details of related party transactions are set 
out in note 21 to the financial statements.
Directors’ liability insurance 
and indemnities
The Company maintains liability 
insurance for the Directors and Officers 
of all Group companies.
Indemnities are in force under which 
the Company has agreed to indemnify 
the Directors to the extent permitted 
by applicable law and the Company’s 
Articles of Association in respect of all 
losses arising out of, or in connection 
with, the execution of their powers, duties 
and responsibilities as Directors of the 
Company or any of its subsidiaries. 
Neither the Group’s liability insurance nor 
indemnities provides cover in the event 
that a Director or Officer is proved to have 
acted fraudulently or dishonestly.
Share capital 
The issued share capital of the Company 
at 31 March 2014 was £51,671, comprising 
of 351,504,795 Ordinary Shares at par 
value of £0.000147 per share, of which 
there are no designated treasury shares.
The Directors will be seeking authority at 
the forthcoming Annual General Meeting to 
renew their authority to purchase its own 
shares. Full details of resolution, together 
with explanatory notes, are contained in 
the Notice of Annual General Meeting.
Political donations
The Group has made political donations 
of £0.10m during the year under review 
(2014: £nil).
Going concern
As highlighted in note 19 to the financial 
statements, the Group meets its day to 
day working capital requirements through 
a bank facility which is renewed annually 
in June.
Further information on the Group’s 
business activities, together with 
the factors likely to affect its future 
development, performance and position 
is set out in the Strategic Report on pages 
1 to 33. Further information on the financial 
position of the Group, its cash flows, 
liquidity position and borrowing facilities 
are described in the Financial Review on 
pages 24 to 29. In addition, note 26 to the 
financial statements details the Group’s 
objectives, policies and processes for 
managing its capital and its exposures to 
credit risk and liquidity risk.
The Group’s forecasts and projections, 
taking account of possible changes in 
trading performance, show that the Group 
should be able to operate within the level 
of its current facility.
After making enquiries, the Board has a 
reasonable expectation that the Company 
and the Group have adequate resources 
to continue in operational existence for 
the foreseeable future. Accordingly, they 
continue to adopt the going concern  
basis in preparing the Annual Report  
and Accounts.
Substantial shareholdings 
Details of substantial shareholdings are 
set out on the Company’s website at  
www.opgpower.com. The Company 
has been notified, in accordance with 
the Disclosure and Transparency Rules 
of the Financial Conduct Authority, of  
the following interests (whether directly 
or indirectly held) in 3% or more of the 
Company’s total voting rights as at  
1 July 2015: 
Percentage  
of voting rights  
and issued  
share capital
Number of 
ordinary shares
Gita Investments Limited and related
1
 50.89% 178,886,428 
M&G Investment Management Limited 12.50% 43,947,803
Audley Capital Management Ltd 5.59% 19,659,544
British Steel Pension Scheme 3.41% 12,000,000
Sanlam Four Investments UK Limited 3.31% 11,641,540
Legal & General Investment Management Limited 3.29% 11,567,171
1  Beneficial interest in these shareholdings vests with Arvind Gupta. OPG Power Ventures Plc
43
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
Annual General Meeting
The notice convening the meeting, together 
with details of the special business to be 
considered and explanatory notes for 
each resolution, is contained in a separate 
document sent to shareholders. It is also 
available on the Company’s website,  
www.opgpower.com, where a copy 
can be viewed and downloaded in PDF 
format which may be printed or saved by 
following the link to the Investor Centre/
Shareholder Circulars.
Registered agent
The registered agent of the Company 
at 31 March 2015 was FIM Capital Limited 
(formerly IOMA Fund and Investment 
Management Limited) who served 
throughout the year and has continued 
to date.
Financial instruments
Information on the Group’s financial risk 
management objectives and policies and 
its exposure to credit risk, liquidity risk, 
interest rate risk and foreign currency risk 
can be found in note 26 to the financial 
statements.
Auditor
Grant Thornton have expressed their 
willingness to continue in office as 
auditor and a resolution proposing their 
reappointment will be proposed at the 
forthcoming AGM.
Disclosure of information 
to the auditor
As required by Section 418 of the 
Companies Act 2006, each Director 
serving at the date of approval of the 
financial statements confirms that:
1. To the best of their knowledge and 
belief, there is no information relevant 
to the preparation of their report 
of which the Company’s auditor is 
unaware; and
2. Each Director has taken all the steps a 
Director might reasonably be expected 
to have taken to be aware of relevant 
audit information and to establish that 
the Company’s auditors are aware of 
that information.
Words and phrases used in this 
confirmation should be interpreted in 
accordance with the provisions of the 
Companies Act 2006.
This report was approved by the Board of 
Directors on 1 June 2015 and signed on its 
behalf by
Philip Scales
Company Secretary
OPG Power Ventures Plc
Ioma House
Hope Street
Douglas
Isle of Man
IM1 1AP
1 June 2015 OPG Power Ventures Plc
44
Annual Report & Accounts 2015
Strategic Report
Corporate Governance
Financial Statements
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing 
the Annual Report, the Directors’ 
Remuneration Report and the Group 
and the Parent Company financial 
statements. The Directors are required 
to prepare financial statements for the 
Group in accordance with International 
Financial Reporting Standards (‘IFRS’) 
as adopted for use in the European 
Union and have also elected to prepare 
financial statements for the Company in 
accordance with IFRS as adopted for 
use in the European Union. Company law 
requires the Directors to prepare such 
financial statements in accordance with 
IFRS and the Companies Act 2006.
International Accounting Standard 1 
requires that financial statements present 
fairly for each financial year the Group’s 
and Company’s financial position, 
financial performance and cash flows. 
This requires the fair presentation of 
the effects of transactions, other events 
and conditions in accordance with the 
definitions and recognition criteria for 
assets, liabilities, income and expenses 
set out in the International Accounting 
Standards Board’s ‘Framework for the 
Preparation and Presentation of Financial 
Statements’. In virtually all circumstances, 
a fair presentation will be achieved by 
compliance with all applicable International 
Financial Reporting Standards. Directors 
are also required to:
• Select suitable accounting policies and 
apply them consistently;
• Make judgements and estimates that 
are reasonable and prudent;
• State whether applicable accounting 
standards have been followed, 
subject to any material departures 
disclosed and explained in the 
financial statements;
• Present information, including 
accounting policies, in a manner that 
provides relevant, reliable, comparable 
and understandable information; and
• Provide additional disclosures when 
compliance with specific requirements 
in IFRS is insufficient to enable users to 
understand the impact of particular 
transactions, other events and 
conditions on the entity’s financial 
position and financial performance.
The Directors are responsible for keeping 
adequate accounting records which 
disclose with reasonable accuracy at any 
time the financial position of the Group 
and of the Company, for safeguarding the 
assets, for taking reasonable steps for 
the prevention and detection of fraud and 
other irregularities.
The Directors are responsible for the 
maintenance and integrity of the Group 
website. Legislation in the United Kingdom 
governing the preparation and dissemination 
of the financial statements may differ from 
legislation in other jurisdictions. OPG Power Ventures Plc
45
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Financial Statements
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF OPG POWER VENTURES PLC
We have audited the accompanying 
consolidated financial statements of 
OPG Power Ventures Plc for the year 
ended 31 March 2015 which comprise 
the Consolidated Statement of Profit or 
Loss and Consolidated Statement of 
Comprehensive Income, the Consolidated 
Statement of Financial Position, the 
Consolidated Statement of Changes 
in Equity, the Consolidated Statement 
of Cash Flow and the related notes. 
The financial reporting framework that 
has been applied in their preparation is 
applicable law and International Financial 
Reporting Standards (IFRSs) as adopted 
by the European Union.
This report is made solely to the 
Company’s members, as a body. Our audit 
work has been undertaken so that we 
might state to the Company’s members 
those matters we are required to state to 
them in an auditor’s report and for no other 
purpose. To the fullest extent permitted 
by law, we do not accept or assume 
responsibility to anyone other than the 
Company and the Company’s members as 
a body, for our audit work, for this report, 
or for the opinions we have formed.
Respective responsibilities of 
directors and auditor
As explained more fully in the directors’ 
responsibilities statement, the directors 
are responsible for the preparation of the 
financial statements which give a true 
and fair view. Our responsibility is to audit 
and express an opinion on the financial 
statements in accordance with applicable 
law and International Standards on 
Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing 
Practices Board’s Ethical Standards 
for Auditors.
Scope of the audit of the financial 
statements
An audit involves obtaining evidence 
about the amounts and disclosures 
in the financial statements sufficient 
to give reasonable assurance that the 
financial statements are free from material 
misstatement, whether caused by fraud 
or error. This includes an assessment 
of: whether the accounting policies are 
appropriate to the Group’s circumstances 
and have been consistently applied and 
adequately disclosed; the reasonableness 
of significant accounting estimates 
made by the directors; and the overall 
presentation of the financial statements.  
In addition, we read all the financial and 
non-financial information in the Annual 
Report to identify material inconsistencies 
with the audited financial statements 
and to identify any information that is 
apparently materially incorrect based 
on, or materially inconsistent with, the 
knowledge acquired by us in the course of 
performing the audit. If we become aware 
of any apparent material misstatements 
or inconsistencies we consider the 
implications for our report.
Opinion on financial statements
In our opinion the financial statements 
give a true and fair view of the state of 
the Group’s affairs as at 31 March 2015 
and of its profit for the year then ended in 
accordance with IFRSs as adopted by the 
European Union.
Grant Thornton Limited 
Chartered Accountants 
Douglas,  
Isle of Man
4 September 2015 OPG Power Ventures Plc
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CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND  
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED)
Notes 31 March 2015 31 March 2014
Revenue 99,974,648 98,805,940
Cost of revenue 6(a) (61,228,358) (62,155,041)
Gross profit 38,746,290 36,650,899
Other income 7 127,268 260,738
Distribution cost (1,863,441) (1,202,301)
General and administrative expenses (7,388,392) (8,953,321)
Operating profit 29,621,725 26,756,015
Finance costs 8 (9,410,037) (9,791,910)
Finance income 9 1,437,763 985,156
Profit before tax 21,649,451 17,949,261
Tax expense 10 (4,360,769) (3,385,087)
Profit for the year 17,288,682 14,564,174
Attributable to:
– Owners of the Company 17,270,192 14,545,956
– Non-controlling interests 18,490 18,218
17,288,682 14,564,174
Earnings per share for profit attributable to the equity holders of the Company 
during the year
– Basic (in pence) 22 4.913 4.138
– Diluted (in pence) 4.799 4.117
Profit for the year 17,288,682 14,564,174
Other comprehensive income
Items that will be reclassified subsequently to profit or loss
Available-for-sale financial assets
– Reclassification to profit or loss (32,633) (22,394)
– Current year gains/(losses) (5,133) 32,633
Exchange differences on translating foreign operations 10,481,124 (21,677,794)
Items that will be not be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations 9,875 (20,056)
Total other comprehensive income/(loss) 10,453,233 (21,687,611)
Total comprehensive income/(loss) 27,741,915 (7,123,437)
Attributable to:
– Owners of the Company 27,713,554 (7,121,568)
– Non-controlling interest 28,361 (1,869)
27,741,915 (7,123,437)
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the Board of Directors on 1 June 2015 and were signed on its behalf by:
Arvind Gupta   V Narayan Swami
Chief Executive Officer  Chief Financial Officer OPG Power Ventures Plc
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Annual Report & Accounts 2015
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Financial Statements
Notes 31 March 2015 31 March 2014
Assets
Non-current assets
Intangible assets 665,673 474,660
Property, plant and equipment 11 414,552,876 279,621,282
Investment and other assets 12 2,754,393 729,361
Restricted cash 13 2,784,990 190,860
420,757,932 281,016,163
Current assets
Trade and other receivables 14 28,628,701 21,008,401
Inventories 15 7,889,661 12,899,204
Cash and cash equivalents 16 6,805,449 6,636,577
Restricted cash 5,303,217 7,456,090
Current tax assets 574,834 155,061
Investment and other assets 13 23,907,952 64,135,542
73,109,814 112,290,875
Total assets 493,867,746 393,307,038
Equity and liabilities
Equity
Share capital 51,671 51,671
Share premium 124,316,524 124,316,524
Other components of equity (11,135,645) (21,821,894)
Retained earnings 51,126,441 33,856,249
Equity attributable to owners of the Company 164,358,991 136,402,550
Non-controlling interests 254,079 225,717
Total equity 164,613,070 136,628,267
Liabilities
Non-current liabilities
Borrowings 19 237,936,689 186,578,491
Trade and other payables (refer note 4) 20 16,795,079 24,997,526
Deferred tax liability 10 3,205,851 1,509,853
257,937,619 213,085,870
Current liabilities
Borrowings 19 22,851,498 8,191,455
Trade and other payables (refer note 4) 20 47,839,604 35,174,303
Other liabilities 625,955 227,143
71,317,057 43,592,901
Total liabilities 329,254,676 256,678,771
Total equity and liabilities 493,867,746 393,307,038
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the Board of Directors on 1 June 2015 and were signed on its behalf by:
Arvind Gupta   V Narayan Swami
Chief Executive Officer  Chief Financial Officer
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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Financial Statements
Issued capital 
(No of shares) Ordinary shares Share premium Other reserves 
Foreign currency 
translation reserve Retained earnings
Total attributable to 
owners of parent
Non-controlling 
interests Total equity
At 1 April 2013 351,504,795 51,671 124,316,524 5,977,855 (7,104,661) 19,311,138 142,552,527 186,012 142,738,538
Transfer during the year 46 (1,834) (845) (2,633) 41,574 38,941
Employee share-based payments 974,222 974,222 974,222
Transaction with owners 51,671 124,316,524 6,952,123 (7,106,495) 19,310,293 143,524,116 227,586 143,751,701
Profit for the year 14,545,956 14,545,956 18,218 14,564,174
Currency translation differences (21,677,794) (21,677,794) (20,056) (21,697,850)
Gain on sale/remeasurement of available-for-sale financial assets 10,272 10,272 (31) 10,239
Total comprehensive income 10,272 (21,677,794) 14,545,956 (7,121,566) (1,869) (7,123,435)
At 31 March 2014 351,504,795 51,671 124,316,524 6,962,395 (28,784,289) 33,856,249 136,402,550 225,717 136,628,266
Employee share-based payments 242,888 242,888 242,888
Transaction with owners 51,671 124,316,524 7,205,283 (28,784,289) 33,856,249 136,645,438 225,717 136,871,154
Profit for the year 17,270,192 17,270,192 18,490 17,288,682
Other comprehensive income
Currency translation differences 10,481,124 10,481,124 9,875 10,490,999
Gain on sale/remeasurement of available-for-sale financial assets (37,763) (37,763) (3) (37,766)
Total comprehensive income (37,763) 10,481,124 17,270,192 27,713,553 28,362 27,741,915
At 31 March 2015 351,504,795 51,671 124,316,524 7,167,520 (18,303,165) 51,126,441 164,358,991 254,079 164,613,070
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the Board of Directors on 1 June 2015 and were signed on its behalf by:
Arvind Gupta   V Narayan Swami
Chief Executive Officer  Chief Financial Officer
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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Financial Statements
Issued capital 
(No of shares) Ordinary shares Share premium Other reserves 
Foreign currency 
translation reserve Retained earnings
Total attributable to 
owners of parent
Non-controlling 
interests Total equity
At 1 April 2013 351,504,795 51,671 124,316,524 5,977,855 (7,104,661) 19,311,138 142,552,527 186,012 142,738,538
Transfer during the year 46 (1,834) (845) (2,633) 41,574 38,941
Employee share-based payments 974,222 974,222 974,222
Transaction with owners 51,671 124,316,524 6,952,123 (7,106,495) 19,310,293 143,524,116 227,586 143,751,701
Profit for the year 14,545,956 14,545,956 18,218 14,564,174
Currency translation differences (21,677,794) (21,677,794) (20,056) (21,697,850)
Gain on sale/remeasurement of available-for-sale financial assets 10,272 10,272 (31) 10,239
Total comprehensive income 10,272 (21,677,794) 14,545,956 (7,121,566) (1,869) (7,123,435)
At 31 March 2014 351,504,795 51,671 124,316,524 6,962,395 (28,784,289) 33,856,249 136,402,550 225,717 136,628,266
Employee share-based payments 242,888 242,888 242,888
Transaction with owners 51,671 124,316,524 7,205,283 (28,784,289) 33,856,249 136,645,438 225,717 136,871,154
Profit for the year 17,270,192 17,270,192 18,490 17,288,682
Other comprehensive income
Currency translation differences 10,481,124 10,481,124 9,875 10,490,999
Gain on sale/remeasurement of available-for-sale financial assets (37,763) (37,763) (3) (37,766)
Total comprehensive income (37,763) 10,481,124 17,270,192 27,713,553 28,362 27,741,915
At 31 March 2015 351,504,795 51,671 124,316,524 7,167,520 (18,303,165) 51,126,441 164,358,991 254,079 164,613,070
The notes are an integral part of these consolidated financial statements.
The financial statements were authorised for issue by the Board of Directors on 1 June 2015 and were signed on its behalf by:
Arvind Gupta   V Narayan Swami
Chief Executive Officer  Chief Financial Officer OPG Power Ventures Plc
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CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED)
31 March 2015 31 March 2014
Cash flows from operating activities
Profit before income tax 21,649,451 17,949,261
Adjustments for
Unrealised foreign exchange loss (131,219) (384,906)
Provision for doubtful debts – (28,421)
Financial costs 9,410,037 9,791,910
Financial income (1,437,763) (985,156)
Share-based compensation costs 242,888 974,222
Depreciation and amortisation 3,145,119 2,898,985
Changes in working capital
Trade and other receivables (5,835,530) 8,092,104
Inventories 5,595,078 (8,086,436)
Other current assets (1,025,573) (7,430,911)
Trade and other payables (6,002,207) 9,226,055
Other liabilities (2,474,534) (4,048,037)
Cash generated from operations 23,135,747 27,968,670
Taxes paid (3,218,221) (2,820,669)
Net cash from operating activities 19,917,526 25,148,001
Cash flows from investing activities
Purchase of property, plant and equipment (77,111,796) (128,641,831)
Interest received 1,375,174 945,830
Dividend received 53,543 30,980
Movement in restricted cash 101,759 (3,536,878)
Sale of investments
1
128,973,581 110,229,247
Purchase of investments
1
(119,935,336) (118,306,984)
Net cash used in investing activities (66,543,075) (139,279,636)
Cash flows from financing activities
Proceeds from borrowings (net of costs) 59,998,942 114,548,210
Repayment of borrowings (5,026,019) (6,349,335)
Interest paid (9,410,037) (9,517,729)
Net cash from financing activities 45,562,886 98,681,146
Net increase in cash and cash equivalents (1,062,663) (15,450,489)
Cash and cash equivalents at the beginning of the year 6,636,577 22,906,776
Exchange differences on cash and cash equivalents 1,231,535 (819,710)
Cash and cash equivalents at the end of the year 6,805,449 6,636,577
1 Investments maturing during the year have been reinvested upon maturity in similar instruments of short tenor. The figures reported under ‘Purchase of investments’ and 
‘Sale of investments’ in the above consolidated cash flow statement are aggregate of such maturities and reinvestments made during the period reported. OPG Power Ventures Plc
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Financial Statements
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED)
1. Corporate information
1.1. Nature of operations
OPG Power Ventures Plc (‘the Company’ or ‘OPGPV’), and its subsidiaries (collectively referred to as ‘the Group’) are primarily engaged in 
the development, owning, operation and maintenance of private sector power projects in India. The electricity generated from the Group’s 
plants is sold principally to public sector undertakings and heavy industrial companies in India or in the short-term market. The business 
objective of the Group is to focus on the power generation business within India and thereby provide reliable, cost effective power to the 
industrial consumers and other users under the ‘open access’ provisions mandated by the Government of India.
1.2. Statement of compliance 
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards 
(‘IFRS’) and their interpretations as adopted by the European Union (‘EU’) and the provisions of the Isle of Man, Companies Act 2006 
applicable to companies reporting under IFRS.
1.3. General information
OPG Power Ventures Plc, a limited liability corporation, is the Group’s ultimate parent Company and is incorporated and domiciled in the 
Isle of Man. The address of the Company’s registered office, which is also the principal place of business, is IOMA House, Hope Street, 
Douglas, Isle of Man IM1 1AP. The Company’s equity shares are listed on the Alternative Investment Market (‘AIM’) of the London 
Stock Exchange. 
The consolidated financial statements for the year ended 31 March 2015 were approved and authorised for issue by the Board of 
Directors on 1 June 2015.
2. New and revised standards that are effective for annual periods beginning on or after 1 January 2014 
IFRS 10 ‘Consolidated Financial Statements’ (‘IFRS 10’)
IFRS 10 supersedes IAS 27 ‘Consolidated and Separate Financial Statements’ (IAS 27) and SIC 12 ‘Consolidation-Special Purpose 
Entities’. IFRS 10 revises the definition of control and provide extensive new guidance on its application. These new requirements have the 
potential to affect which of the Group’s investees are considered to be subsidiaries and therefore to change the scope of consolidation. 
The requirements on consolidation procedures, accounting for changes in non-controlling interests and accounting for loss of control of 
a subsidiary are unchanged.
Management has reviewed its control assessments in accordance with IFRS 10 and has concluded that there is no effect on the 
classification (as subsidiaries or otherwise) of any of the Group’s investees held during the period or comparative periods covered by 
these financial statements.
IFRS 11 ‘Joint Arrangements’ (‘IFRS 11’)
IFRS 11 supersedes IAS 31 ‘Interests in Joint Ventures’ (IAS 31) and SIC 13 ‘Jointly Controlled Entities – Non-Monetary-Contributions by 
Venturers’. IFRS 11 revises the categories of joint arrangement, and the criteria for classification into the categories, with the objective of 
more closely aligning the accounting with the investor’s rights and obligations relating to the arrangement. In addition, IAS 31’s option of 
using proportionate consolidation for arrangements classified as jointly controlled entities under that Standard has been eliminated. 
IFRS 11 now requires the use of the equity method for arrangements classified as joint ventures. 
Management has reviewed its control assessments in accordance with IFRS 11 and has concluded that there is no effect on the 
classification of any of the Group’s investees held during the period or comparative periods covered by these financial statements. 
The new joint venture arrangement entered into in the year has been classified as a joint venture under IFRS 11 and accounted 
for accordingly. 
IFRS 12 ‘Disclosure of Interests in Other Entities’ (‘IFRS 12’)
IFRS 12 integrates and makes consistent the disclosure requirements for various types of investments, including unconsolidated 
structured entities. It introduces new disclosure requirements about the risks to which an entity is exposed from its involvement with 
structured entities.
Management has reviewed the impact of IFRS 12 and has concluded that there is no effect on any of the Group’s investees held during 
the period or comparative periods covered by these financial statements.
IFRS 13 ‘Fair Value Measurement’ (‘IFRS 13’)
IFRS 13 clarifies the definition of fair value and provides related guidance and enhanced disclosures about fair value measurements. It 
does not affect which items are required to be fair-valued. The scope of IFRS 13 is broad and it applies for both financial and non-financial 
items for which other IFRSs require or permit fair value measurements or disclosures about fair value measurements except in certain 
circumstances. IFRS 13 applies prospectively for annual periods beginning on or after 1 January 2013. Its disclosure requirements need 
not be applied to comparative information in the first year of application. The Group has however included as comparative information the 
IFRS 13 disclosures that were required previously by IFRS 7 ‘Financial Instruments: Disclosures’. The Group has applied IFRS 13 for the 
first time in the current year, see note 27. OPG Power Ventures Plc
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NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED)
2. New and revised standards that are effective for annual periods beginning on or after 1 January 2014 continued
IFRIC 21 ‘Levies’ 
The Group has applied IFRIC 21 Levies for the first time in the current period. IFRIC 21 addresses the issue as to when to recognise a 
liability to pay a levy imposed by a government. The interpretation defines a levy, and specifies that the obligating event that gives rise to 
the liability is the activity that triggers the payment of the levy, as identified by legislation. The interpretation provides guidance on how 
different levy arrangements should be accounted for in particular, it clarifies that neither economic compulsion nor the going concern 
basis of financial statements preparations implies that an entity has present obligation to pay a levy that will be triggered by operating in 
a future period.
IFRIC 21 has been applied retrospectively. The application of this interpretation has had no material impact on disclosures or on the 
amounts recognised in the Group’s consolidated financial statements.
2.1. Standards, amendments and interpretations to existing standards that are not effective and have not been early 
adopted by the Group
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards 
have been published but are not yet effective, and have not been adopted early by the Group. 
Management anticipates that all of the relevant pronouncements will be adopted in the Group’s accounting policies for the first period 
beginning after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are 
expected to be relevant to the Group’s financial statements is provided below. Certain other new standards and interpretations have been 
issued but are not expected to have a material impact on the Group’s financial statements. 
Standard or interpretation Effective for in reporting periods starting on or after
Revenue from contracts with customers 1 January 2017
IFRS 9 Financial Instruments 1 January 2018
The management does not expect to implement IFRS 9 until all of its chapters have been published and it can comprehensively assess 
the impact of all changes.
The management does not expect the application of the other standards to have any material impact on its financial statements when 
those Standards become effective. The Group does not intend to apply any of these pronouncements early.
3. Summary of significant accounting policies
3.1. Basis of preparation
The consolidated financial statements of the Group have been prepared on a historical cost basis, except for financial assets and liabilities 
at fair value through profit or loss and available-for-sale financial assets measured at fair value.
The financial statements have been prepared on going concern basis which assumes the Group will have sufficient funds to continue its 
operational existence for the foreseeable future covering at least 12 months. As the Group has forecast it will be able to meet its debt 
facility interest and repayment obligations, and that sufficient funds will be available to continue with the projects development, the 
assumption that these financial statements are prepared on a going concern basis is appropriate.
The consolidated financial statements are presented in accordance with IAS 1 Presentation of Financial Statements and have been 
presented in Pound Sterling (‘£’), the functional and presentation currency of the Company.
3.2. Basis of consolidation
The consolidated financial statements include the assets liabilities and results of the operation of the Company, subsidiaries and joint 
venture for the year ended 31 March 2015.
A subsidiary is defined as an entity controlled by the Company. The parent controls a subsidiary if it is exposed, or has rights, to 
variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary. 
Subsidiaries are fully consolidated from the date of acquisition, being the date on which effective control is acquired by the Group, 
and continue to be consolidated until the date that such control ceases. All subsidiaries have a reporting date of 31 March and use 
consistent accounting policies adopted by the Group.
All intra-Group balances pertaining to subsidiaries, income and expenses and any resulting unrealised gains arising from intra-Group 
transactions are eliminated in full on consolidation. 
Non-controlling interest represents the portion of profit or loss and net assets that is not held by the Group and is presented separately in 
the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately 
from parent shareholders’ equity. Acquisitions of additional stake or dilution of stake from/to non-controlling interests/other venturer in the 
Group where there is no loss of control are accounted for as an equity transaction, whereby, the difference between the consideration 
paid or received and the book value of the share of the net assets is recognised in ‘other reserve’ within statement of changes in equity.  OPG Power Ventures Plc
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3. Summary of significant accounting policies continued
3.3. List of subsidiaries 
Details of the Group’s subsidiaries and joint ventures, which are consolidated into the Group’s consolidated financial statements, are 
as follows: 
a) Subsidiaries
Immediate 
parent
Country of 
incorporation
% voting right % economic interest
Subsidiaries March 2015 March 2014 March 2015 March 2014
Caromia Holdings limited (‘CHL ’) OPGPV Cyprus 100 100 100 100
Gita Power and Infrastructure Private Limited 
(‘GPIPL ’) CHL India 100 100 100 100
OPG Power Generation Private Limited (‘OPGPG’) GPIPL India 93.94 82.66 99 99
OPGS Power Gujarat Private Limited (‘OPGG’) GPIPL India 62.07 51 99 99
OPGS Industrial Infrastructure Developers Private 
Ltd (‘OPIID’) OPGG India 100 100 100 100
OPGS Infrastructure Private Limited (‘OPGIPL ’) OPGG India 100 100 100 100
b) Joint ventures
Joint ventures Venturer
Country of 
incorporation
% voting right % economic interest
March 2015 March 2014 March 2015 March 2014
Padma Shipping Ltd (‘PSL ’) OPGPV Hong Kong 50 – 50 –
1 The Company has entered into a joint venture agreement with Noble Chartering Ltd (‘Noble’), to secure competitive long-term rates for international freight for its imported 
coal requirements. Under the Long Term Freight Arrangement (‘LTFA’), the Company and Noble are to purchase and own, jointly and equally, two 64,000 Mt cargo vessels 
through a joint venture company Padma Shipping Ltd, Hong Kong (‘Padma’). The Company will commit to provide 1.5 Mt of coal per annum for carriage by the two vessels 
for a minimum period of 10 years at competitive long-term rates. Pursuant to this agreement, Padma Shipping Ltd has been incorporated in order to execute the joint 
arrangement for procuring two cargo ships of 64,000 Mt capacity from Cosco Shipyard, Hong Kong which are expected to be delivered by 2017. The Company and Noble 
are to invest approximately US$9m over the period of delivery of the vessels as their equity contribution thereby and during the current period, the Company has paid an 
advance of US$2,801,700. Accordingly the joint venture has been reported using equity method as per the requirements of IFRS 11. 
3.4. Foreign currency translation
The functional currency of the Company is the Pound Sterling (‘£’). The Cyprus entity is an extension of the parent and pass through 
investment entity. Accordingly the functional currency of the subsidiary in Cyprus is the Pound Sterling. The functional currency of the 
Company’s subsidiaries operating in India, determined based on evaluation of the individual and collective economic factors is Indian 
Rupees (‘INR’). The presentation currency of the Group is the Pound Sterling (‘£’) as submitted to the AIM counter of the London Stock 
Exchange where the shares of the Company are listed.
At the reporting date the assets and liabilities of the Group are translated into the presentation currency at the rate of exchange prevailing 
at the reporting date, and the income and expense for each statement of profit or loss are translated at the average exchange rate (unless 
this average rate is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case 
income and expense are translated at the rate on the date of the transactions). Exchange differences are charged/credited to other 
comprehensive income and recognised in the currency translation reserve in equity.
Transactions in foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction. Monetary assets 
and liabilities denominated in foreign currencies at the Statement of financial position date are translated into functional currency at the 
foreign exchange rate ruling at that date. Aggregate gains and losses resulting from foreign currencies are included in finance income or 
costs within the profit or loss. 
Indian Rupee (‘INR’) exchange rates used to translate the INR financial information into the presentation currency of Pound Sterling (‘£’) 
are the closing rate as at 31 March 2015: 92.76 (2014: 99.42) and the average rate for the year ended 31 March 2015: 98.41 (2014: 95.89).
3.5. Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits associated with the transaction will flow to the Group, 
and revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable in accordance 
with the relevant agreements, net of discounts, rebates and other applicable taxes and duties.
Sale of electricity
Revenue from the sale of electricity is recognised when earned on the basis of contractual arrangement with the customers and reflects 
the value of units supplied including an estimated value of units supplied to the customers between the date of their last meter reading 
and the reporting date. OPG Power Ventures Plc
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3. Summary of significant accounting policies continued
Interest and dividend
Revenue from interest is recognised as interest accrued (using the effective interest rate method). Revenue from dividends is recognised 
when the right to receive the payment is established.
3.6. Operating expenses
Operating expenses are recognised in the statement of profit or loss upon utilisation of the service or as incurred. Expenditure for 
warranties is recognised when the Group incurs an obligation in that regard.
3.7. Taxes
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive 
income or directly in equity. 
Current income tax assets and/or liabilities comprise those obligations to, or claims from, taxation authorities relating to the current or 
prior reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in 
the financial statements. 
Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the 
reporting period.
Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and 
liabilities and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an 
asset or liability unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary 
differences associated with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the 
Group and it is probable that reversal will not occur in the foreseeable future. 
Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of 
realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always 
provided for in full. 
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income. 
Deferred tax assets and liabilities are offset only when the Group has a right and the intention to set off current tax assets and liabilities 
from the same taxation authority. Changes in deferred tax assets or liabilities are recognised as a component of tax income or expense in 
profit or loss, except where they relate to items that are recognised in other comprehensive income or directly in equity, in which case the 
related deferred tax is also recognised in other comprehensive income or equity, respectively. 
3.8. Financial assets
Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of any financial 
instrument and are measured initially at fair value adjusted by transactions costs, except for those carried at fair value through profit or 
loss which are measured initially at fair value. 
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial 
asset and all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, 
cancelled or expires.
Financial assets are classified into the following categories upon initial recognition: 
• Loans and receivables
• Available-for-sale financial assets. 
The category determines subsequent measurement and whether any resulting income and expense is recognised in profit or loss or in 
other comprehensive income. 
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. 
They are included in current assets except for assets having maturities greater than 12 months after the reporting date. These are 
classified as non-current assets. After initial recognition these are measured at amortised cost using the effective interest method, less 
provision for impairment. Discounting is omitted where the effect of discounting is immaterial. The Group’s cash and cash equivalents, 
trade and most other receivables fall into this category of financial instruments. 
Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received 
that a specific counterparty will default. Receivables that are not considered to be individually impaired are reviewed for impairment 
in groups, which are determined by reference to the industry and region of a counterparty and other shared credit risk characteristics. 
The impairment loss estimate is then based on recent historical counterparty default rates for each identified group.
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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3. Summary of significant accounting policies continued
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do not qualify for 
inclusion in any of the other categories of financial assets. The Group’s available-for-sale financial assets include mutual funds and equity 
instruments. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the 
reporting date. Available-for-sale financial assets are measured at fair value. Gains and losses are recognised in other comprehensive 
income and reported within the available-for-sale reserve in equity, except for impairment losses and foreign exchange differences on 
monetary assets, which are recognised in profit or loss. When the asset is disposed of or is determined to be impaired the cumulative 
gain or loss recognised in other comprehensive income is reclassified from the equity reserve to profit or loss and presented as a 
reclassification adjustment within other comprehensive income. The fair value of the mutual fund units is based on the net asset value 
publicly made available by the respective mutual fund manager.
Reversals of impairment losses are recognised in other comprehensive income, except for financial assets that are debt securities which 
are recognised in profit or loss only if the reversal can be objectively related to an event occurring after the impairment loss was recognised.
3.9. Financial liabilities
The Group’s financial liabilities include borrowings and trade and other payables. Financial liabilities are measured subsequently at 
amortised cost using the effective interest method.
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within 
‘finance costs’ or ‘finance income’.
3.10. Fair value of financial instruments
The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market 
prices at the close of business on the Statement of Financial Position date. For financial instruments where there is no active market, fair 
value is determined using valuation techniques. Such techniques may include using recent arm’s length market transactions; reference 
to the current fair value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models.
3.11. Property, plant and equipment
Property, plant and equipment are stated at historical cost, less accumulated depreciation and any impairment in value. Historical cost 
includes expenditure that is directly attributable to property plant and equipment such as employee cost, borrowing costs for long-term 
construction projects etc, if recognition criteria are met. Likewise, when a major inspection is performed, its costs are recognised in the 
carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance 
costs are recognised in the profit or loss as incurred.
Land is not depreciated. Depreciation on all other assets is computed on straight-line basis over the useful life of the asset based on 
management’s estimate as follows:
Nature of asset Useful life (years)
Buildings 40
Power stations 40
Other plant and equipment 3–10
Vehicles 5–11
Assets in the course of construction are stated at cost and not depreciated until commissioned.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use 
or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and 
the carrying amount of the asset) is included in the profit or loss in the year the asset is derecognised.
The assets residual values, useful lives and methods of depreciation of the assets are reviewed at each financial year end, and adjusted 
prospectively if appropriate.
3.12. Intangible assets
Acquired software
Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and install the specific software.
Subsequent measurement
All intangible assets, including software are accounted for using the cost model whereby capitalised costs are amortised on a straight-line 
basis over their estimated useful lives, as these assets are considered finite. Residual values and useful lives are reviewed at each 
reporting date. The useful life of software is estimated as four years. OPG Power Ventures Plc
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3. Summary of significant accounting policies continued
3.13. Leases 
The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date and 
whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use 
the asset.
Group as a lessee
Contracts to lease assets are classified as finance leases if they transfer substantially all the risks and rewards of ownership of the asset 
to the Group. Leases where the Group does not acquire substantially all the risks and benefits of ownership of the asset are classified as 
operating leases. 
Operating lease payments are recognised as an expense in the profit or loss on a straight-line basis over the lease term. Lease of land is 
classified separately and is amortised over the period of the lease.
3.14. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, that necessarily take a substantial 
period of time to get ready for their intended use or sale, are added to the cost of those assets. Interest income earned on the temporary 
investment of specific borrowing pending its expenditure on qualifying assets is deducted from the costs of these assets. 
Gains and losses on extinguishment of liability, including those arising from substantial modification from terms of loans are not treated as 
borrowing costs and are charged to profit or loss. 
All other borrowing costs including transaction costs are recognised in the statement of profit or loss in the period in which they are 
incurred, the amount being determined using the effective interest rate method.
3.15. Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, 
or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable 
amount is the higher of an asset’s or cash-generating unit’s (‘CGU’) fair value less costs to sell and its value in use and is determined for 
an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Groups 
of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is 
written down to its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value 
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. 
In determining fair value less costs to sell, an appropriate valuation model is used. These calculations are corroborated by valuation 
multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously 
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset’s or 
CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used 
to determine the asset’s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying 
amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of 
depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the profit or loss.
3.16. Cash and cash equivalents
Cash and cash equivalents in the Statement of Financial Position includes cash in hand and at bank and short-term deposits with original 
maturity period of three months or less.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits. Restricted 
cash represents deposits which are subject to a fixed charge and held as security for specific borrowings and are not included in cash 
and cash equivalents. 
3.17. Inventories
Inventories are stated at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and 
condition is accounted based on weighted average price. Net realisable value is the estimated selling price in the ordinary course of 
business, less estimated selling expenses.
3.18. Earnings per share
The earnings considered in ascertaining the Group’s earnings per share (‘EPS’) comprise the net profit for the year attributable to 
ordinary equity holders of the parent. The number of shares used for computing the basic EPS is the weighted average number of shares 
outstanding during the year. For the purpose of calculating diluted EPS the net profit or loss for the period attributable to equity 
shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential 
equity share.
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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3. Summary of significant accounting policies continued
3.19. Other provisions and contingent liabilities 
Provisions are recognised when present obligations as a result of a past event will probably lead to an outflow of economic resources 
from the Group and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises 
from the presence of a legal or constructive obligation that has resulted from past events. Restructuring provisions are recognised only if 
a detailed formal plan for the restructuring has been developed and implemented, or management has at least announced the plan’s 
main features to those affected by it. Provisions are not recognised for future operating losses. 
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence 
available at the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of 
similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a 
whole. Provisions are discounted to their present values, where the time value of money is material. 
Any reimbursement that the Group can be virtually certain to collect from a third party with respect to the obligation is recognised as a 
separate asset. However, this asset may not exceed the amount of the related provision. All provisions are reviewed at each reporting 
date and adjusted to reflect the current best estimate. 
In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, 
no liability is recognised, unless it was assumed in the course of a business combination. In a business combination, contingent liabilities 
are recognised on the acquisition date when there is a present obligation that arises from past events and the fair value can be measured 
reliably, even if the outflow of economic resources is not probable. They are subsequently measured at the higher amount of a 
comparable provision as described above and the amount recognised on the acquisition date, less any amortisation. 
3.20. Share-based payments
The Group operates equity-settled share-based remuneration plans for its employees. None of the Group’s plans feature any options for 
a cash settlement. 
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees 
are rewarded using share-based payments, the fair values of employees’ services is determined indirectly by reference to the fair value of 
the equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions 
(for example profitability and sales growth targets and performance conditions). 
All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to ‘other reserves’.
If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate 
of the number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of 
options that are expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share 
options expected to vest differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. 
No adjustment is made to any expense recognised in prior periods if share options ultimately exercised are different to that estimated 
on vesting. 
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs up to the nominal value of the 
shares issued are allocated to share capital with any excess being recorded as share premium. 
3.21. Employee benefits 
Gratuity 
In accordance with applicable Indian laws, the Group provides for gratuity, a defined benefit retirement plan (‘the Gratuity Plan’) covering 
eligible employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination 
of employment, of an amount based on the respective employee’s salary and the tenure of employment.
Liabilities with regard to the gratuity plan are determined by actuarial valuation, performed by an independent actuary, at each Statement 
of Financial Position date using the projected unit credit method.
The Group recognises the net obligation of a defined benefit plan in its Statement of Financial Position as an asset or liability, respectively 
in accordance with IAS 19, Employee benefits. The discount rate is based on the Government securities yield. Actuarial gains and losses 
arising from experience adjustments and changes in actuarial assumptions are charged or credited to profit or loss in the statement of 
comprehensive income in the period in which they arise. 
Employees Benefit Trust
Effective during the previous year, the Group has established an Employees Benefit Trust (hereinafter ‘the EBT’) for investments in the 
Company’s shares for employee benefit schemes. IOMA Fiduciary in the Isle of Man have been appointed as Trustees of the EBT with full 
discretion invested in the Trustee, independent of the Company, in the matter of share purchases. As at present, no investments have 
been made by the Trustee nor any funds advanced by the Company to the EBT. The Company is yet to formulate any employee benefit 
schemes or to make awards thereunder. OPG Power Ventures Plc
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3. Summary of significant accounting policies continued
3.22. Business combinations
Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group 
are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later, at the date 
that common control was established using pooling of interest method. The assets and liabilities acquired are recognised at the carrying 
amounts recognised previously in the Group controlling shareholder’s consolidated financial statements. The components of equity of the 
acquired entities are added to the same components within Group equity. Any excess consideration paid is directly recognised in equity.
4. Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRS requires management to make certain critical accounting estimates and 
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of 
the financial statements and the reported amounts of revenues and expenses during the reporting period. 
The principal accounting policies adopted by the Group in the consolidated financial statements are as set out above. The application of a 
number of these policies requires the Group to use a variety of estimation techniques and apply judgement to best reflect the substance 
of underlying transactions.
The Group has determined that a number of its accounting policies can be considered significant, in terms of the management 
judgement that has been required to determine the various assumptions underpinning their application in the consolidated financial 
statements presented which, under different conditions, could lead to material differences in these statements. The actual results may 
differ from the judgements, estimates and assumptions made by the management and will seldom equal the estimated results.
The following are significant management judgements in applying the accounting policies of the Group that have the most significant 
effect on the financial statements.
• Deferred tax assets
The assessment of the probability of future taxable income in which deferred tax assets can be utilised is based on the Group’s latest 
approved budget forecast, which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused 
tax loss or credit. The tax rules in India in which the Group operates are also carefully taken into consideration. If a positive forecast of 
taxable income indicates the probable use of a deferred tax asset, especially when it can be utilised without a time limit, that deferred tax 
asset is usually recognised in full. The recognition of deferred tax assets that are subject to certain legal or economic limits or 
uncertainties is assessed individually by management based on the specific facts and circumstances (refer note 10).
• Application of lease accounting 
Significant judgement is required to apply lease accounting rules under IFRIC 4 Determining whether an arrangement contains a lease 
and IAS 17 Leases. In assessing the applicability to arrangements entered into by the Group, management has exercised judgement to 
evaluate customer’s right to use the underlying assets, substance of the transaction including legally enforced arrangements and other 
significant terms and conditions of the arrangement to conclude whether the arrangements meet the criteria under IFRIC 4.
Estimates and uncertainties
The key assumptions concerning the future and other key sources of estimation uncertainty at the Statement of Financial Position date, 
that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year 
are discussed below:
• Recoverability of deferred tax assets: The recognition of deferred tax assets requires assessment of future taxable profit (see note 3.7).
• Estimation of fair value of financial assets and financial liabilities: While preparing the financial statements the Group makes estimates 
and assumptions that affect the reported amount of financial assets and financial liabilities. 
 − Available-for-sale financial assets: Management apply valuation techniques to determine the fair value of available-for-sale financial 
assets where active market quotes are not available. This requires management to develop estimates and assumptions based on 
market inputs, using observable data that market participants would use in pricing the asset. Where such data is not observable, 
management uses its best estimate. Estimated fair values of the asset may vary from the actual prices that would be achieved in an 
arm’s length transaction at the reporting date;
 − Other financial liabilities: Borrowings held by the Group are measured at amortised cost. Further, liabilities associated with financial 
guarantee contracts in the Company financial statements are initially measured at fair value and remeasured at each Statement of 
Financial Position date (see note 3.9 and note 26); and
 − Impairment tests: In assessing impairment, management estimates the recoverable amount of each asset or CGUs based on 
expected future cash flows and use an interest rate for discounting them. Estimation uncertainty relates to assumptions about 
future operating results and the determination of a suitable discount rate; and
• Useful life of depreciable assets: Management reviews its estimate of the useful lives of depreciable assets at each reporting date, 
based on the expected utility of the assets.
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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5. Segment reporting
The Group has adopted the ‘management approach’ in identifying the operating segments as outlined in IFRS 8 – Operating segments. 
Segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating 
decision maker evaluates the Group’s performance and allocates resources based on an analysis of various performance indicators at 
operating segment level. Accordingly, there is only a single operating segment ‘generation and sale of electricity’. The accounting policies 
used by the Group for segment reporting are the same as those used for consolidated financial statements. There are no geographical 
segments as all revenues arise from India.
Revenue on account of sale of power to one party amounts to £82,182,445 (2014: £94,016,799).
6. Depreciation, costs of inventories and employee benefit expenses included in the consolidated statements of 
comprehensive income
a) Depreciation and costs of fuel 
31 March 2015 31 March 2014
Included in cost of revenue:
Cost of fuel consumed 55,187,812 56,096,388
Depreciation 2,772,529 2,635,100
Other direct costs 3,268,017 3,423,554
Total 61,228,358 62,155,041
Depreciation included in general and administrative expenses amount to £372,590 (2014: £263,885).
b) Employee benefit expenses forming part of general and administrative expenses are as follows:
31 March 2015 31 March 2014
Salaries and wages 2,970,704 2,126,803
Employee benefit costs 855,207 682,864
Employee stock option 242,888 974,222
Total 4,068,799 3,783,889
c) Auditor’s remuneration for audit services amounting to £45,000 (2014: £40,000) is included in general and administrative expenses.
d) Foreign exchange movements (realised and unrealised) included in the general and administrative expenses is as follows:
31 March 2015 31 March 2014
Foreign exchange realised – (loss) (444,409) (3,218,913)
Foreign exchange unrealised – gain 131,219 384,906
Total gain/(loss) net (313,190) (2,834,007)
7. Other income
Other income is comprised of:
31 March 2015 31 March 2014
Sale of fly ash 40,583 140,429
Others 86,685 120,309
Total 127,268 260,738 OPG Power Ventures Plc
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8. Finance costs
Finance costs are comprised of:
31 March 2015 31 March 2014
Interest expenses on borrowings 8,735,529 8,155,215
Impairment of available-for-sale financial assets (also refer note 13) – 274,181
Other finance costs 674,508 1,362,514
Total 9,410,037 9,791,910
9. Finance income
Finance income is comprised of:
31 March 2015 31 March 2014
Interest income 
– Bank deposits 634,619 652,088
– Loans and receivables – 5,513
Dividend income 53,544 30,980
Profit on disposal of financial instruments
1
749,600 296,575
Total 1,437,763 985,156
1 Financial instruments represent the mutual funds held during the year.
10. Tax expense 
Tax reconciliation
Reconciliation between tax expense and the product of accounting profit multiplied by India’s domestic tax rate for the years ended 
31 March 2015 and 2014 is as follows:
31 March 2015 31 March 2014
Accounting profit before taxes 21,649,451 17,949,261
Enacted tax rates 33.99% 32.45%
Tax on profit at enacted tax rate 7,358,648 6,100,954
Differences on account MAT rate (3,210,347) (3,085,269)
Items taxed at zero rate (1,572,734) (780,037)
Others 1,785,202 1,149,439
Actual tax expense 4,360,769 3,385,087
31 March 2015 31 March 2014
Current tax 2,848,045 2,676,307
Deferred tax 1,512,742 708,780
Tax expense reported in the statement of comprehensive income 4,360,769 3,385,087
The Company is subject to Isle of Man corporate tax at the standard rate of zero percent. As such, the Company’s tax liability is zero. 
Additionally, the Isle of Man does not levy tax on capital gains. However, considering that the Group’s operations are entirely based in 
India, the effective tax rate of the Group has been computed based on the current tax rates prevailing in India. Further, a substantial 
portion of the profits of the Group’s India operations are exempt from Indian income taxes being profits attributable to generation of 
power in India. Under the tax holiday the taxpayer can utilise an exemption from income taxes for a period of any 10 consecutive years 
out of a total of 15 consecutive years from the date of commencement of the operations.
The Group is subject to the provisions of Minimum Alternate Tax (‘MAT’) under the Indian Income taxes for the year ended 31 March 2015 
and 2014. Accordingly, the Group calculated the tax liability for current taxes in India after considering MAT. 
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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10. Tax expense continued
The Group has carried forward credit in respect of MAT tax liability paid to the extent it is probable that future taxable profit will be available 
against which such tax credit can be utilised.
Deferred income tax for the Group at 31 March 2015 and 2014 relates to the following: 
31 March 2015 31 March 2014
Deferred income tax assets
Lease transactions and others 67,360 56,728
Provisions 749,677 699,442
818,306 756,170
Deferred income tax liabilities
Property, plant and equipment 4,024,156 2,251,032
Mark-to-market on available-for-sale financial assets 1,267 14,991
4,024,156 2,266,023
Deferred income tax liabilities, net 3,205,851 1,509,853
Movement in temporary differences during the year
Particulars
As at 
1 April 
2014
Recognised 
in income 
statement
Recognised 
in other 
comprehensive 
income
Translation 
adjustment
As at 
31 March 
2015
Property, plant and equipment and others (2,251,032) (1,518,906) – (254,218) (4,024,156)
Lease transactions 56,728 6,182 – 4,450 67,360
Provisions 699,442 – – 50,235 749,677
Mark-to-market gain/(loss) on available-for-sale financial assets (14,991) – 16,258 – 1,267
(1,509,853) (1,512,742) 16,258 (199,533) (3,205,851)
Particulars
As at 
1 April 
2013
Recognised 
in income 
statement
Recognised 
in other 
comprehensive 
income
Translation 
adjustment
As at 
31 March 
2014
Property, plant and equipment and others (1,813,272) (774,708) – 336,948 (2,251,032)
Lease transactions 59,906 7,237 – (10,415) 56,728
Provisions 775,936 58,691 – (135,185) 699,442
Mark-to-market gain/(loss) on available-for-sale financial assets (12,886) – – (2,105) (14,991)
(990,316) (708,780) – 189,243 (1,509,853)
In assessing the recoverability of deferred income tax assets, management considers whether it is more likely than not that some portion 
or all of the deferred income tax assets will be realised. The ultimate realisation of deferred income tax assets is dependent upon the 
generation of future taxable income during the periods in which the temporary differences become deductible. The amount of the 
deferred income tax assets considered realisable, however, could be reduced in the near term if estimates of future taxable income 
during the carry forward period are reduced.
Shareholders resident outside the Isle of Man will not suffer any income tax in the Isle of Man on any income distributions to them. 
Further, dividends are not taxable in India in the hands of the recipient. However, the Group will be subject to a ‘dividend distribution tax’ 
currently at the rate of 15% (plus applicable surcharge and education cess) on the total amount distributed as dividend.
As at 31 March 2015 and 31 March 2014, there was no recognised deferred tax liability for taxes that would be payable on the unremitted 
earnings of certain of the Group’s subsidiaries, as the Group has determined that undistributed profits of its subsidiaries will not be 
distributed in the foreseeable future. OPG Power Ventures Plc
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11. Intangible assets 
Acquired  
software licenses 
Cost
At 1 April 2013 –
Additions 548,893
Exchange adjustments (19,478)
At 31 March 2014 529,415
Additions 171,860
Exchange adjustments 48,493
At 31 March 2015 749,769
Accumulated depreciation and impairment
At 1 April 2013 –
Charge for the year 56,769
Exchange adjustments (2,014)
At 31 March 2014 54,756
Charge for the year 23,949
Exchange adjustments 5,391
At 31 March 2015 84,096
Net book value
At 31 March 2015 665,673
At 31 March 2014 474,660
12. Property, plant and equipment
The property, plant and equipment comprises of:
Land and 
buildings
Power 
stations
Other plant and 
equipment Vehicles
Assets under 
construction Total 
Cost
At 1 April 2013 10,001,465 80,357,096 456,895 642,786 94,314,130 185,772,372
Additions 3,411,870 198,690 99,527 131,905,058 135,615,145
Transfer on capitalisation 564,112 43,988,116 – – (44,552,228) –
Exchange adjustments (1,836,696) (15,234,307) (67,520) (81,614) (19,093,953) (36,314,090)
At 31 March 2014 12,140,751 109,110,905 588,065 660,699 162,573,007 285,073,427
Additions 283,011 304,404 124,166 45,759 122,319,301 123,076,641
Exchange adjustments 561,251 8,102,195 (716) (5,140) 6,797,275 15,454,865
At 31 March 2015 12,985,013 117,517,504 711,515 701,318 291,689,583 423,604,933
Accumulated depreciation and impairment
At 1 April 2013 36,903 2,896,537 144,495 185,641 – 3,263,576
Charge for the year 26,336 2,635,100 114,198 66,582 – 2,842,216
Exchange adjustments (7,289) (582,616) (30,151) (33,592) – (653,648)
At 31 March 2014 55,950 4,949,021 228,542 218,631 – 5,452,144
Charge for the year 34,644 2,772,529 192,985 121,012 – 3,145,118
Exchange adjustments 5,582 426,874 25,124 21,164 – 484,135
At 31 March 2015 96,176 8,148,424 446,651 360,807 – 9,052,057
Net book value
At 31 March 2015 12,888,837 109,369,080 264,865 340,511 291,689,583 414,552,876
At 31 March 2014 12,084,801 104,161,884 359,523 442,068 162,573,007 279,621,283
 
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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12. Property, plant and equipment continued
The net book value of land and buildings block comprises of:
31 March 2015 31 March 2014
Freehold land 12,699,397 11,848,425
Buildings 189,440 236,376
Total 12,888,837 12,084,801
Property, plant and equipment with a carrying amount of £413,947,500 (2014: £278,819,692) is subject to security restrictions (refer note 19).
An amount of £19,129,734 (previous year £8,169,522) pertaining to interest on borrowings made specifically for the qualifying assets was 
capitalised as the funds were deployed for the construction of qualifying assets.
13. Investments and other assets
31 March 2015 31 March 2014
a) Current
Available-for-sale financial assets 1,233,620 16,157,890
Capital advances 11,747,387 38,781,285
Loans and receivables
– Advance to suppliers 8,991,147 7,599,466
– Others 1,935,798 1,596,901
Total 23,907,952 64,135,542
b) Non-current 
Investment in joint venture
1
1,681,058 –
Prepayments 637,848 622,876
Loans and receivables
– Lease deposits 94,908 79,594
– Other advances 340,579 26,891
Total 2,754,393 729,361
1 Represents investment made in Padma Shipping Limited. The venturers are entitled for a share in the net assets of Padma Shipping Limited which is a separate legal entity. 
Accordingly the Company has used equity method of accounting for the same.
Available-for-sale investments are comprised of: 
Quoted short-term mutual fund units 
The fair value of the mutual fund instruments are determined by reference to published data. These mutual fund investments are 
redeemable on demand. 
Investments in other assets
The investments in OPGE and OPGRE, (fair value of retained non-controlling Investments) have been fairly valued and the share of the 
Group has been determined and disclosed as available-for-sale classified as non-current. There is no change in the valuation technique 
to those adopted in the previous year. The fair value of OPGE and OPGRE is determined using discounted cash flow approach. 
Significant inputs into the model are based on management’s assumption of the expected cash flows up to 31 March 2024 and a 
discount rate of 17%. These investments are fully impaired as at 31 March 2015.
The carrying amount of investments, its fair value and the resultant impact on the statement of comprehensive income is as follows: 
Particulars OPGE OPGRE Total
Investment value – available-for-sale as on 31 March 2014 – – –
Fair value of available-for-sale as on 31 March 2015 – – –
Current year charge on remeasurement through statement of comprehensive income – – –
Particulars OPGE OPGRE Total
Investment value – available-for-sale as on 31 March 2013 274,181 – 274,181
Fair value of available-for-sale as on 31 March 2014 – – –
Charge on remeasurement through statement of comprehensive income (274,181) – (274,181) OPG Power Ventures Plc
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13. Investments and other assets continued
Loans and receivables (current)
Advances to suppliers include the amounts paid as advance for supply of fuel. Capital advances comprise of payments made to contractors 
for construction of assets and advances paid for purchase of capital equipment. The management expects to realise these in the next 
one year.
14. Trade and other receivables
31 March 2015 31 March 2014
Current
Trade receivables 27,964,156 20,594,850 
Unbilled revenues 314,803 57,451 
Other receivables 349,742 356,100 
Total 28,628,701 21,008,401
Trade receivables are generally due within 30 days terms and are therefore short-term and the carrying values are considered a reasonable 
approximation of fair value. An amount of £28,628,701 (2014: £21,008,401) has been pledged as security for borrowings. As at 31 March 
2015, trade receivables of £563,827 (2014: £527,883) were collectively impaired and provided for. Trade receivables that are neither past 
due nor impaired represents billings for the month of March.
The age analysis of the (overdue) trade receivables is as follows:
Total
Neither past due 
nor impaired
Past due but not impaired
Within 90 days 90 to 180 days Over 180 days
2015 27,964,156 6,394,665 13,700,217 7,869,274 –
2014 20,594,850 8,606,114 11,948,883 39,853 –
Subsequent to the reporting date, the Company has received £9,409,114 from Tamil Nadu Generation and Distribution Corporation 
(‘TANGEDCO’) towards the sale made during the period October 2014 and November 2014 under short-term sale agreement and for 
February 2015 and March 2015 under 15-year variable tariff LTOA contract. 
The movement in the provision for trade receivables is as follows:
Opening balance
Provision 
for the year Write off/reversal Closing balance
2015 527,883 – 35,944 563,827
2014 978,893 93,316 (544,326) 527,883
The creation of provision for impaired receivables has been included in general and administrative expenses in the consolidated statement of 
comprehensive income. Amounts charged to the allowance account are generally written off, when there is no expectation of recovering 
additional cash. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned 
above. The Group does not hold any collateral as security.
15. Inventories
31 March 2015 31 March 2014
Coal and fuel 6,860,904 11,750,681
Stores and spares 1,028,757 1,148,523
Total 7,889,661 12,899,204
The entire amount of £7,889,661 (2014: £12,899,204) has been pledged as security for borrowings (refer note 19).
16. Cash and cash equivalents
Cash and short-term deposits comprise of the following:
31 March 2015 31 March 2014
Cash at banks and on hand 6,200,830 6,283,204
Short-term deposits 604,619 353,373
Total 6,805,449 6,636,577
Short-term deposits are placed for varying periods, depending on the immediate cash requirements of the Group. They are recoverable 
on demand. Restricted cash represents deposits maturing between three to 12 months amounting to £5,303,217 (previous year £7,456,090) 
and maturing after 12 months amounting to £2,784,990 (previous year £190,860) which have been pledged by the Group in order to 
secure borrowing limits with banks (refer note 19). 
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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17. Issued share capital
Share capital
The Company presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders meeting, every holder 
of Ordinary Shares, as reflected in the records of the Group on the date of the shareholders’ meeting, has one vote in respect of each 
share held. All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of the Group.
The Company has an authorised and issued share capital of 351,504,795 equity shares (2014: 351,504,795) at par value of £0.000147 
(2014: £0.000147) per share amounting to £51,671 (2014: £51,671) in total.
The Company has issued share capital at par value of £51,671 (£0.000147 per share).
Reserves
Share premium represents the amount received by the Group over and above the par value of shares issued and the excess of the fair 
value of share issued in business combination over the par value of such shares. Any transaction costs associated with the issuing of 
shares are deducted from securities premium, net of any related income tax benefits. 
Foreign currency translation reserve is used to record the exchange differences arising from the translation of the financial statements of 
the foreign subsidiaries.
Other reserve represents the difference between the consideration paid and the adjustment to net assets on change of controlling 
interest, without change in control, other reserves also includes any costs related with share options granted and gain/losses on  
remeasurement of available-for-sale financial assets.
Retained earnings include all current and prior period results as disclosed in the statement of comprehensive income less dividend distribution. 
18. Share-based payments
The Board has granted share options to Directors and nominees of Directors which are limited to 10% of the Group’s share capital. 
Once granted, the share must be exercised within 10 years of the date of grant otherwise the options would lapse.
The vesting conditions are as follows:
• The 300 MW power plant of Kutch in the state of Gujarat must have been in commercial operation for three months.
• The closing share price being at least £1.00 for consecutive three business days.
The related expense has been amortised over the estimated vesting period of 4.96 years (expected completion of the Kutch plant) and 
an expense amounting to £242,888 (2014: £974,222) was recognised in the profit or loss with a corresponding credit to other reserves.
Movement in the number of share options outstanding and their related weighted average exercise price are relating to an Executive 
Director and a Non-executive Director are as follows:
Particulars 31 March 2015 31 March 2014
At 1 April 22,524,234 22,524,234
Granted/Forfeited/Exercised/Expired – –
At 31 March 22,524,234 22,524,234
The weighted average price fair value of options granted in 2010–11 was determined using the Black-Scholes valuation model was 
£0.28 per option. The significant inputs into the model were weighted average share price of £0.66 (2011) at the grant date, exercise 
price of £0.60, volatility of 31.34% dividend yield of nil, an expected option life of 4.96 years and annual risk free rate of 3%. The volatility 
measured at the standard deviation of continuously compounded share returns is based on daily share prices of the last three years.
During the reporting period the Board has agreed to grant 1,000,000 share options to the remaining three Non-executive Directors and 
one Executive Director. Option contracts in respect of these were executed following the close of the reporting period.
19. Borrowings
The borrowings comprise of the following:
Interest rate 
(range %) Final maturity 31 March 2015 31 March 2014
Term loans at amortised cost 12.67–15.17 March – 2025 258,694,310 192,426,677
Short-term loans March – 2015
Other borrowings March – 2015 2,093,877 2,343,269
Total 260,788,187 194,769,946 OPG Power Ventures Plc
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19. Borrowings continued
Total debt of £260,788,187 (2014: £194,769,946) is secured as follows:
• The term loans taken by the Group are fully secured by the property, plant, assets under construction and other current assets of 
subsidiaries which have availed such loans. All the loans are personally guaranteed by a Director.
• The cash credits and working capital arrangements availed by the Group are secured against hypothecation of current assets and in 
certain cases by deposits and margin money is provided as collateral. 
• Other borrowings are fully secured by hypothecation of current assets and in certain cases by margin money deposits and other fixed 
deposits of the respective entities availing the facility. 
Term loans contain certain covenants stipulated by the facility providers and primarily require the Group to maintain specified levels of 
certain financial metrics and operating results. The terms of the other borrowings arrangements also contain certain covenants primarily 
requiring the Group to maintain certain financial metrics. As of 31 March 2015, the Group has met all the relevant covenants. 
During the year instalment of loan £1,543,830 relating to Unit I and Unit II was prepaid up to June 2015.
The fair value of borrowings at 31 March 2015 was £260,788,187 (2014: £194,769,946). The fair values have been calculated by 
discounting cash flows at prevailing interest rates.
The borrowings are reconciled to the statement of financial position as follows:
31 March 2015 31 March 2014
Current liabilities 
Amounts falling due within one year 22,851,498 8,191,455
Non-current liabilities
Amounts falling due after one year but not more than five years 220,969,216 94,459,543
Amounts falling due in more than five years 16,967,473 92,118,948
Total non-current 237,936,689 186,578,491
Total 260,788,187 194,769,946
20. Trade and other payables 
31 March 2015 31 March 2014
Current
Trade payables 21,161,525 17,176,528
Creditors for capital goods 11,080,339 7,475,692
Other payables 15,597,740 10,522,083
Total 47,839,604 35,174,303
Non-current 
Retention money 16,670,794 9,486,097
Other payables 124,285 15,511,429
Total 16,795,079 24,997,526
With the exception of retention money and certain other trade payables, all amounts are short-term. Trade payables are non-interest 
bearing and are normally settled on 45 days terms. Creditors for capital goods are non-interest bearing and are usually settled within 
a year. Other payables include accruals for gratuity and other accruals for expenses.
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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21. Related party transactions
Where control exists
Name of the party Nature of relationship
Gita Investments Limited Ultimate parent
Caromia Holdings limited Subsidiary
OPG Power Generation Private Limited Subsidiary
OPGS Power Gujarat Private Limited Subsidiary
Gita Power and Infrastructure Private Limited Subsidiary
OPGS Industrial Infrastructure Developers Private Ltd Subsidiary
OPGS Infrastructure Private Limited Subsidiary
Key management personnel
Name of the party Nature of relationship
Arvind Gupta Chief Executive Officer
V Narayan Swami Chief Financial Officer
M C Gupta Chairman
Martin Gatto Director
Ravi Gupta Director
Patrick Michael Grasby Director
Related parties with whom the Group had transactions during the period
Name of the related party Nature of relationship
Chennai Ferrous Limited Entity in which Key Management personnel has Control/Significant Influence
Kanishk Steel Industries Limited Entity in which Key Management personnel has Control/Significant Influence
Gita Energy & Generation Private Limited Entity in which Key Management personnel has Control/Significant Influence
OPG Energy Private Limited (OPG E) Entity in which Key Management personnel has Control/Significant Influence
OPG Renewable Energy Private Limited (OPG RE) Entity in which Key Management personnel has Control/Significant Influence
Powerserve Support Limited Entity in which Key Management personnel has Control/Significant Influence
Padma Shipping Limited Entity in which Key Management personnel has significant influence
Ravi Gupta Relative of Key Management personnel
Avantika Gupta Relative of Key Management personnel
Name of the Party 31 March 2015 31 March 2014
Summary of transactions with related parties
Kanishk Steel Industries Limited
a) Sharing of power – 32,662
b) Class A shares allotted – 7,281
c) Share application money received 7,526 –
Padma Shipping Limited
a) Investment 1,681,058 –
Chennai Ferrous Industries Ltd
a) Purchase of coal – 300,475
b) Sale of coal 399,470
Avantika Gupta
a) Remuneration 60,971 52,143
Powerserve Support Limited
a) Consultancy fees – 19,445
OPG Renewable Energy Private Limited
a) Purchase of coal – 149,391
Gita Energy & Generation Private Limited
a) Reimbursement of expenses – 46,006 OPG Power Ventures Plc
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21. Related party transactions continued
Name of the party 31 March 2015 31 March 2014
Summary of balances with related parties
Gita Energy & Generation Private Limited
a) Trade payables – 46,006
Padma Shipping
a) Investments 1,681,058 –
Outstanding balances at the year end are unsecured. There have been no guarantees provided or received for any related party 
receivables or payables. For the year ended 31 March 2015, the Group has not recorded any impairment of receivables relating to 
amounts owed by related parties (2014: £nil). This assessment is undertaken each financial year through examining the financial position 
of the related party and the market in which the related party operates.
22. Earnings per share
Both the basic and diluted earnings per share have been calculated using the profit attributable to shareholders of the Parent Company 
as the numerator (no adjustments to profit were necessary for the year ended March 2015 or 2014).
The weighted average number of shares for the purposes of diluted earnings per share can be reconciled to the weighted average 
number of ordinary shares used in the calculation of basic earnings per share (for the Group and the Company) as follows:
Particulars 31 March 2015 31 March 2014
Weighted average number of shares used in basic earnings per share 351,504,795 351,504,795
Shares deemed to be issued for no consideration in respect of share-based payments 8,400,981 1,802,768
Weighted average number of shares used in diluted earnings per share 359,905,776 353,307,563
23. Directors’ remuneration
Name of Directors 31 March 2015 31 March 2014
Arvind Gupta 1,200,000 758,108
V Narayan Swami 97,554 52,143
Martin Gatto 45,000 35,000
Mike Grasby 45,000 35,000
M C Gupta 45,000 35,000
Ravi Gupta 45,000 35,000
Total 1,477,554 950,251
The above remuneration is in the nature of short-term employee benefits. As the future liability for gratuity and compensated absences is 
provided on actuarial basis for the companies in the Group, the amount pertaining to the Directors is not individually ascertainable and 
therefore not included above.
24. Business combination within the Group without loss of control
As per the original structure of the Group, two Cypriot subsidiaries of OPGPV, namely GEPL and GHPL, held the investments in the 
equity of the Group’s Special Purpose Vehicles (‘SPV’) in India. During the year ended 31 March 2013, the management decided to 
interpose an Indian holding Company, GPIPL in the structure and warehouse the SPV investments in GPIPL. Accordingly, the 
shareholders of GEPL, GHPL and GPIPL had entered into a scheme of arrangement to effect the above restructuring of the Group. As 
part of the regulatory requirements in India, the Group had applied and obtained approval from the High Court of Madras on 28 October 
2011 subject to fulfilment of certain conditions including approval of relevant regulatory authorities, allotment of shares etc. The scheme 
had been consummated with effect from 25 January 2013 upon issue of shares to the shareholders of GEPL and GHPL, namely CHL and 
the assets and liabilities of GEPL and GHPL have been taken over by GPIPL. Consequent to the scheme of arrangement, the Group also 
has gained 100% economic interest over GPIPL by virtue of an agreement entered into with the minority shareholders of GPIPL dated 
1 April 2012. The liquidation process of GEPL and GHPL is in progress as at year end and the management expects the same to be 
complete by the end of 2015. 
The above arrangement has been considered as a business combination involving companies under the Group and has been accounted 
at the date that common control was established using pooling of interest method. The assets and liabilities transferred are recognised 
at the carrying amounts recognised previously in the Group controlling shareholder’s consolidated financial statements. The components 
of equity of the acquired entities are added to the same components within Group equity. There was no excess consideration paid in 
this transaction.
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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25. Commitments and contingencies
Operating lease commitments
The Group leases land under operating leases. The leases typically run for a period of 15 to 30 years, with an option to renew the lease 
after that date. None of the leases includes contingent rentals.
Non-cancellable operating lease rentals are payable as follows:
31 March 2015 31 March 2014
Not later than one year 29,764 27,770
Later than one year and not later than five years 119,056 111,079
Later than five years 474,105 470,106
Total 622,925 608,955
During the year ended 31 March 2015, £28,054 (2014: £28,791) was recognised as an expense in the statement of comprehensive income 
in respect of operating leases.
Capital commitments
During the year ended 31 March 2015, the Group entered into a contract to purchase property, plant and equipment for £3,256,530 
(2014: £17,821,218) for its power generation projects under development. In respect of its interest in joint ventures the Group is committed 
to incur capital expenditure of £16,232,097 (March 14: nil) of their share of interest.
Guarantees and Letter of credit
The Group has provided bank guarantees and letter of credits (‘LC’) to customers and vendors in the normal course of business.  
The LC provided as at 31 March 2015: £40,347,660 (2014: £66,289,044) and Bank Guarantee as at 31 March 2015: £10,248,750 
(2014: £4,348,072) are treated as contingent liabilities until such time it becomes probable that the Company will be required to 
make a payment under the guarantee. 
26. Financial risk management objectives and policies
The Group’s principal financial liabilities, comprises of loans and borrowings, trade and other payables, and other current liabilities. The 
main purpose of these financial liabilities is to raise finance for the Group’s operations. The Group has loans and receivables, trade and 
other receivables, and cash and short-term deposits that arise directly from its operations. The Group also hold investments designated 
at available-for-sale categories. 
The Group is exposed to market risk, credit risk and liquidity risk. 
The Group’s senior management oversees the management of these risks. The Group’s senior management advises on financial risks 
and the appropriate financial risk governance framework for the Group.
The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below: 
Market risk
Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of changes in market prices. 
Market prices comprise three types of risk: interest rate risk, currency risk and other price risk, such as equity risk. Financial instruments 
affected by market risk include loans and borrowings, deposits, available-for-sale investments.
The sensitivity analyses in the following sections relate to the position as at 31 March 2015 and 31 March 2014.
The following assumptions have been made in calculating the sensitivity analyses:
i) The sensitivity of the statement of comprehensive income is the effect of the assumed changes in interest rates on the net interest 
income for one year, based on the average rate of borrowings held during the year ended 31 March 2014, all other variables being 
held constant. These changes are considered to be reasonably possible based on observation of current market conditions.
Interest rate risk 
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market 
interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt 
obligations with average interest rates. 
At 31 March 2015 and 31 March 2014, the Group had no interest rate derivatives.
The calculations are based on a change in the average market interest rate for each period, and the financial instruments held at each 
reporting date that are sensitive to changes in interest rates. All other variables are held constant. If interest rates increase or decrease by 
100 basis points with all other variables being constant, the Group’s profit after tax for the year ended 31 March 2015 would increase or 
decrease by £2,047,577 (2014: £627,770). OPG Power Ventures Plc
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26. Financial risk management objectives and policies continued
Foreign currency risk 
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign 
exchange rate. The Group’s presentation currency is the Pound Sterling £. A majority of our assets are located in India where the Indian 
Rupee is the functional currency for our subsidiaries. Currency exposures also exist in the nature of capital expenditure and services 
denominated in currencies other than the Indian Rupee.
The Group’s exposure to foreign currency arises where a Group company holds monetary assets and liabilities denominated in a currency 
different to the functional currency of that entity:
As at 31 March 2015 As at 31 March 2014
Currency
Financial 
assets
Financial 
liabilities
Financial 
assets
Financial
 liabilities
US Dollar – 15,590,116 – 18,557,553
Set out below is the impact of a 10% change in the US Dollar on profit arising as a result of the revaluation of the Group’s foreign currency 
financial instruments:
As at 31 March 2015 As at 31 March 2014
Currency
Closing 
rate
Effect of 10% 
strengthening 
of GBP on 
net earnings
Closing 
rate
Effect of 10% 
strengthening 
of GBP on 
net earnings
US Dollar 62.53 1,546,417 59.75 (1,115,318)
The impact on total equity is the same as the impact on net earnings as disclosed above.
Credit risk analysis
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial 
loss. The Group is exposed to credit risk from its operating activities (primarily for trade and other receivables) and from its financing 
activities, including short-term deposits with banks and financial institutions, and other financial assets.
The maximum exposure for credit risk at the reporting date is the carrying value of each class of financial assets amounting to 
£37,889,350 (2014: £44,805,445). 
The Group has exposure to credit risk from accounts receivable balances on sale of electricity. The operating entities of the Group has 
entered into short-term agreements with transmission companies incorporated by the Indian state Government (TANGEDCO) to sell the 
electricity generated. Therefore the Group is committed, in the short term, to sell power to these customers and the potential risk of 
default is considered low. For other customers, the Group ensures concentration of credit does not significantly impair the financial assets 
since the customers to whom the exposure of credit is taken are well established and reputed industries engaged in their respective field 
of business. The credit worthiness of customers to which the Group grants credit in the normal course of the business is monitored 
regularly. The credit risk for liquid funds is considered negligible, since the counterparties are reputable banks with high quality external 
credit ratings. 
The Group’s management believes that all the above financial assets, except as mentioned in note 13 and 14, are not impaired for each of 
the reporting dates under review and are of good credit quality. 
Liquidity risk analysis
The Group’s main source of liquidity is its operating businesses. The treasury department uses regular forecasts of operational cash flow, 
investment and trading collateral requirements to ensure that sufficient liquid cash balances are available to service ongoing business 
requirements. The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial 
liabilities as well as cash outflows due in day-to-day business. Liquidity needs are monitored in various time bands, on a day-to-day and 
week-to-week basis, as well as on the basis of a rolling 90 day projection. Long-term liquidity needs for a 90 day and a 30 day lookout 
period are identified monthly. 
The Group maintains cash and marketable securities to meet its liquidity requirements for up to 60 day periods. Funding for long-term 
liquidity needs is additionally secured by an adequate amount of committed credit facilities and the ability to sell long-term financial assets. 
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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26. Financial risk management objectives and policies continued
The following is an analysis of the Group contractual undiscounted cash flows (including future interest) payable under financial liabilities 
at 31 March 2015 and 31 March 2014:
As at 31 March 2015
Current within 
12 months
Non-current 
1–5 years
Later than 
5 years Total
Borrowings 49,981,971 198,541,687 104,228,299 352,751,957
Trade and other payables 48,152,547 16,795,079 – 64,947,626
Other current liabilities 625,957 – – 625,957
Total 98,760,475 215,336,766 104,228,299 418,325,540
As at 31 March 2014
Current within 
12 months
Non-current 
1–5 years
Later than 
5 years Total
Borrowings 26,168,359 193,853,235 14,248,051 234,269,645
Trade and other payables 35,174,303 24,997,526 – 60,171,829
Other current liabilities 227,143 – – 227,143
Total 61,569,805 218,850,761 14,248,051 294,668,617
Capital management
Capital includes equity attributable to the equity holders of the parent and debt less cash and cash equivalents.
The Group’s capital management objectives include, among others:
• ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value;
• ensure Group’s ability to meet both its long-term and short-term capital needs as a going concern; and
• to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. 
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust 
the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. 
No changes were made in the objectives, policies or processes during the year ends 31 March 2015 and 2014.
The Group maintains a mixture of cash and cash equivalents, long-term debt and short-term committed facilities that are designed to 
ensure the Group has sufficient available funds for business requirements. There are no imposed capital requirements on Group or 
entities, whether statutory or otherwise. 
The capital for the reporting periods under review is summarised as follows:
31 March 2015 31 March 2014
Total equity 165,000,125 136,628,267
Less: Cash and cash equivalents (6,805,449) (6,636,577)
Capital 158,194,675 129,991,690
Total equity 165,000,125 136,628,267
Add: Borrowings (including buyer’s credit) 260,788,187 194,769,946
Overall financing 425,788,311 331,398,213
Capital to overall financing ratio 0.37 0.48
The disbursements of term loans received during the year have resulted in a decrease in capital to overall financing ratio. OPG Power Ventures Plc
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27. Summary of financial assets and liabilities by category and their fair values
Set out below is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments that are carried in the 
financial statements:
Carrying amount Fair value
31 March 2015 31 March 2014 31 March 2015 31 March 2014
Financial assets
Loans and receivables
Cash and cash equivalents
1
6,805,449 6,636,577 6,805,449 6,636,577
Restricted cash
1
8,088,207 7,646,950 8,088,207 7,646,950
Current trade receivables
1
28,628,701 21,008,401 28,628,701 21,008,401
Available-for-sale instruments
3
1,233,620 16,157,890 1,233,620 16,157,890
44,755,977 51,449,818 44,755,977 51,449,818
Financial liabilities
Term loans 258,694,310 192,426,677 258,694,310 192,426,677
LC Bill discounting and buyers’ credit facility
1
2,093,877 2,343,269 2,093,877 2,343,269
Current trade and other payables
1
48,152,547 35,174,303 48,152,547 35,174,303
Non-current trade and other payables
2
16,795,079 24,997,526 16,795,079 24,997,526
325,735,813 254,941,775 325,735,813 254,941,775
The fair value of the financial assets and liabilities are included at the price that would be received to sell an asset or paid to transfer a 
liability (i.e. a exit price) in an ordinary transaction between market participants at the measurement date. The following methods and 
assumptions were used to estimate the fair values. 
1 Cash and short-term deposits, trade receivables, trade payables, and other borrowings like short-term loans, current liabilities approximate their carrying amounts largely due 
to the short-term maturities of these instruments. 
2 The fair value of loans from banks and other financial indebtedness, obligations under finance leases, financial liabilities at fair value through profit or loss as well as other 
non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt or similar terms and remaining maturities.
3 Fair value of available-for-sale instruments held for trading purposes are derived from quoted market prices in active markets. Fair value of available-for-sale unquoted equity 
instruments are derived from valuation performed at the year end. 
Fair value measurements recognised in the statement of financial position 
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped 
into Levels 1 to 3 based on the degree to which the fair value is observable.
• Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.
• Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for 
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
• Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not 
based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Available-for-sale financial assets
Unquoted securities – – – –
Quoted securities 1,233,620 – – 1,233,620
Total 1,233,620 – – 1,233,620
There were no transfers between Level 1 and 2 in the period.
The Group’s finance team performs valuations of financial items for financial reporting purposes, including Level 3 fair values. Valuation 
techniques are selected based on the characteristics of each instrument, with the overall objective of maximising the use of market-based 
information. The finance team reports directly to the chief financial officer (‘CFO’).
Valuation processes and fair value changes are discussed by the Board of Directors at least every year, in line with the Group’s 
reporting dates.
The fair value of contingent consideration related to the Level 3 investments is estimated using a present value technique. The £nil 
(2014: £274,181) fair value is estimated by discounting the estimated future cash outflows, adjusting for risk at 17%. 
NOTES TO THE CONSOLIDATED AND FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 31 MARCH 2015
(ALL AMOUNTS IN £, UNLESS OTHERWISE STATED) OPG Power Ventures Plc
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27. Summary of financial assets and liabilities by category and their fair values continued
The valuation techniques used for instruments categorised in Level 3 are described below:
31 March 2015 31 March 2014
Opening balance – 274,181
Losses through profit or loss – 274,181
Balance –
Total amount included in profit or loss for unrealised losses on Level 3 instruments under finance costs – 274,181
28. Post-reporting date events
No adjusting or significant non-adjusting events have occurred between the reporting date and the date of authorisation.
The financial statements were authorised for issue by the Board of Directors on 1 June 2015 and were signed on its behalf by:
Arvind Gupta   V Narayan Swami
Chief Executive Officer  Chief Financial Officer OPG Power Ventures Plc
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CORPORATE DIRECTORY
Nominated Adviser and Broker
Cenkos Securities Plc
6–7–8 Tokenhouse Yard
London
EC2R 7AS
Financial PR
Tavistock Communications
131 Finsbury Pavement
London
EC2A 7AS
Administrators and Company Secretary
FIM Capital Limited
(Formerly IOMA Fund and Investment Management Limited)
IOMA House
Hope Street
Douglas
Isle of Man
IM1 1AP
Auditors
Grant Thornton
Third Floor
Exchange House
54/62 Athol Street
Douglas
Isle of Man
IM1 1JD
Legal advisers
Dougherty Quinn
The Chambers
5 Mount Pleasant
Douglas
Isle of Man
IM1 2PU
Registrars
Capita Registrars (Isle of Man) Limited
3rd Floor
Exchange House
54–58 Athol Street
Douglas
Isle of Man
IM1 1JD OPG Power Ventures Plc
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DEFINITIONS AND GLOSSARY
Act: Isle of Man Companies Act 2006
AGM: Annual General Meeting
Board: Board of Directors of OPG Power Ventures Plc
BHEL: Bharat Heavy Electricals Limited
BOP: Balance of Plant
bps: Basis points
CAGR: Compound Average Growth Rate
CEA: Central Electricity Authority
CIL: Coal India Limited and its subsidiaries
Company or OPG or parent: OPG Power Ventures Plc
EBITDA: Earnings before interest, tax, depreciation and 
amortisation
EHS: Environment, Health and Safety
Electricity Act: Indian Electricity Act 2003 as amended
EPC: Engineering, Procurement and Construction
EPS: Earnings per share
FDI: Foreign Direct Investment
FII: Foreign Institutional Investor
FY: Financial year commencing from 1 April to 31 March
GAR: Gross as Received (coal)
GCP: Group Captive Plant
GDP: Gross Domestic Product
Government or GOI: Government of India
Great Britain Pound Sterling or £/pence: Pounds sterling 
or pence, the lawful currency of the UK
Group Captive: Group Captive power plant as defined under 
Electricity Act 2003, India
Group or OPG: the Company and its subsidiaries
GW: Gigawatt is 1,000 megawatts
IAS: International Accounting Standards
IEA: International Energy Association
IFRS: International Financial Reporting Standards
Indian Companies Act: the Companies Act, 1956 and 
amendments thereto
kWh: Kilowatt hour is one unit of electricity
LOI: Letter of Intent
LSE: London Stock Exchange plc
LTOA: Long Term Open Access
LTVT: Long Term Variable Tariff
MoU: Memorandum of Understanding
Mt: Million tonnes
MW: Megawatt is 1,000 kilowatts
MWh: Megawatt hour
O&M: Operating and Management
OPG E: OPG Energy Private Limited
OPG RE: OPG Renewable Energy Limited
PLF: Plant Load Factor
PPA: Power Purchase Agreement
PSA: Power Supply Agreement
ROE: Return on Equity
Rupees/INR or Rs: Indian Rupee, the lawful currency of India
SEB: State Electricity Board
SPV: Special Purpose Vehicle 
State: State of India
TANGEDGO: Tamil Nadu Generation and Distribution Corporation 
Limited
The Code: the UK Corporate Governance code, issued by the 
Financial Reporting Council
TNWMS: Tamil Nadu Waste Management Services
UK/United Kingdom: United Kingdom of Great Britain and 
Northern Ireland
UMPPS: Ultra Mega Power Projects
US$/USD or $: US Dollars, the lawful currency of the US OPG Power Ventures Plc
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NOTES  OPG Power Ventures Plc Annual Report & Accounts 2015
Isle of Man: 
OPG Power Ventures Plc
IOMA House, Hope Street
Douglas, Isle of Man
IM1 1AP
T : +44 (0) 1624 681200
www.opgpower.com