Ashugonj Power Station Company Ltd. 2019

A S H U G A N J P O W E R S T A T I O N C O M PA N Y L T D .
(An Enterprise of Bangladesh Power Development Board)

ISO 9001:2015, ISO: 14001:2015 & BS OHSAS 18001:2007 Certified Management System
ANNUAL REPORT
www.apscl.gov.bd 2018-19
... the country has experienced
an unprecedented growth rate
in the power sector during the
last eleven years. The coverage
of electricity is an excellent
example of inclusive growth. At
this instant, country’s electricity
coverage is 94% (as on 30 June
2019) of its total population
which was only 47% in just one
decade back (2009), thanks to
the government’s supportive
measures in this context.
Table of Contents
About APSCL 05-13

Corporate Ethos 05
Company Information 07
APSCL at a Glance 10
Corporate Directory 12

Performance in Brief 16-19
Performance at a Glance 2018-19 16
Five Years Financial Highlights 18

From the Board 22-63
The Board 22
Directors’ Profile 24
Management Team 32
Notice to 19th AGM 34
Notice of 7th AGM 35
Message from the Chairman 36
Directors’ Report 38

Achievement 66-73
Benchmarks & Milestone 66
Awards & Achievements 68
ISO Certification 70
18th AGM & 6th EGM 72

Additional Corporate Disclosure 76-103
Corporate Governance 76
MD & ED (Finance) Declaration to the Board 77
Certificate of Corporate Governance 2018-2019 79
Status of Compliance as per Corporate Governance Code 80
Report of the Audit Committee 90
Compliance Report on IAS & IFRS 91
Health, Safety & Environment 92
Corporate Social Responsibility 94
Memorable Events 2018-19 96
Financial Statements 105-172
ANNUAL REPORT 2018-2019 1

2 ASHUGANJ POWER STATION COMPANY LTD.
ABOUT APSCL
Corporate Ethos
Company Information
APSCL at a Glance
Corporate Directory

Corporate Ethos
VISION
To become the leader in power
generation in Bangladesh in line with
the government’s target to provide
electricity to all.
MISSION
Empowering Bangladesh by expanding
the company’s power generation
capacity to meet the growing demand
of the country through efficient and
effective management of facilities and
acquisition of capabilities for providing
quality electricity

OBJECTIVES
To enhance electricity generation
from existing 1690 MW to
3060 MW by 2025 and to 5927 MW
by 2030.
To achieve auxiliary consumption
at 4.5%.
To maintain 90% availability of
power plant through proper
maintenance.
To maintain zero accident level
consistently.
To adopt the fuel diversification
policy by installing coal and solar
based power plants.
To provide need-based training to
each employee as part of Human
Resource Development.

Company Information
A shuganj Power Station Company Limited (APSCL) is one of the largest power genera-
tion companies in Bangladesh having installed capacity of about 17% (as on October,
2019) of total electricity generation capacity in the public sector of the country. At
present, the total capacity of its eight (8) units is 1690 MW.
As a part of the Power Sector Development and Reform Program of the Government of Bangladesh
(GoB), Ashuganj Power Station Company Limited (APSCL) has been incorporated under the Compa-
nies act 1994 on June 28, 2000 as a private limited company. Later on March 01, 2003 the com-
pany converted into public limited company. The registration no. of APSCL is 40630 (2328)/2000.
Ashuganj Power Station (APS) Complex (with its assets and liabilities) had been transferred to the
APSCL through a provisional vendor’s agreement signed between BPDB and APSCL on May 22,
2003.
The management of the company along with operation, maintenance and development vested upon
a management team consisting of the Managing Director, Executive Director (Engineering), Execu-
tive Director (Finance) and Executive Director (Planning & Project). Its registered office is situated at
Ashuganj, Brahmanbaria and the Corporate Office of the company is situated at Bijoy Nagar, Dhaka.
At present the office of Managing Director, Executive Director (Finance), Company Secretary and
their concerned offices working in the Corporate Office. Right now, 99.99% of the total shares of
APSCL owned by BPDB and the rest of the shares owned by the Finance Division, Planning Division,
Power Division & Energy Division of Government of the People’s Republic of Bangladesh.
Present power generation capacity of the company at a glance is shown below:
Year of Commission- Installed Capacity Present Net Capacity

Name of the Unit
ing (MW) (MW)
Unit - 3 1986 150 129
Unit - 4 1987 150 137
Unit - 5 1988 150 128
50 MW 2011 53 45
225 MW 2015 223 217
200 MW Modular (Co-Owner
2015 195 199
with United Enterprise)
450MW CCPP (South) 2016 383 353
450MW CCPP (North) 2017 386 360
Total - 8 Units 1690 1568
Electricity generated by APSCL is supplied to the national grid and distributed to the consumers
throughout the whole country. APSCL plays a significant role in the national economic development
by generating about 8.76% (as on October, 2019) of the total electricity generation of the coun-
try. Natural gas from Bakhrabad Gas Distribution Company Limited is used as the primary fuel for
electricity generation and water from the river Meghna is used for steam generation and cooling of
the plants. The main portion of the used water is discharging through channels for irrigation in the
dry season and the remaining portion of used water is discharging through the channels to river after
cooling. It is well known that this water irrigates about 36,000 acres of land of Brahmanbaria district
and adjacent areas.

Ashuganj power Station Company Limited
(APSCL) is one of the largest power
generation company in Bangladesh having
installed capacity of about 17% (as on
October, 2019) of total electricity generation
capacity in the public sector of the country.
At present, the total capacity of its eight (8)
units is 1690 MW.

DATE OF INCORPORATION
APSCL at a Glance 28th June 2000.
DATE OF FUNCTIONING
1st June 2003.
REGISTERED OFFICE
Ashuganj Power Station Company Ltd.
Ashuganj, Brahmanbaria-3402.
CORPORATE OFFICE
Navana Rahim Ardent (Level-8)
185, Shahid Syed Nazrul Islam Sarani,
Bijoynagar, Dhaka.
LEGAL STATUS MANPOWER

Public Limited Company. 757 (as on 30 June 2019).
AUTHORIZED CAPITAL NO. OF UNITS

Tk. 3,000 crore. 08 (Eight).
PAID UP CAPITAL INSTALLED CAPACITY

Tk. 661.50 crore. 1690 MW.
BUSINESS PRESENT DERATED CAPACITY

Power Generation. 1568 MW.
AREA OF LAND COMPANY WEB SITE

333 acres. www.apscl.gov.bd
E-MAIL
[email protected]

Corporate Directory
Chairman :
Mr. Khaled Mahmood
Directors :
Professor Dr. Md. Quamrul Ahsan
Professor Mamtaz Uddin Ahmed
Mr. Sheikh Faezul Amin, PEng
Mr. Kamal Ahmed
Mr. Abu Alam Chowdhury
Mr. Md. Azharul Islam
Mr. Sayeed Ahmed
Ms. Tahmina Yeasmin
Mr. Md. Abul Monsur
Mr. Al Mamun Murshed
Mr. A M M Sazzadur Rahman
Management Team :
Managing Director
Mr. A K M Yaqub
Executive Director (Engineering)
Mr. Kshitish Chandra Biswas
Executive Director (Planning & Development)
Mr. Md. Mizanur Rahman Sarker
Executive Director (Finance)
Mr. Mohammad Abul Mansur, FCMA, ACS
Company Secretary
Project Directors :
Mr. A K M Yaqub
Project Director, Kalapara 1320 MW coal based super thermal power plant.
Mr. Kshitish Chandra Biswas
Project Director, Ashuganj 400MW CCPP (East) project.
Mr. Md. Abdul Mazid
Project Director, Ashuganj 3X600MW CCPP project
Mr. Md. Kamruzzaman Bhuyan
Project Director, Kalapara 1320 MW coal based super thermal power plant land acquisition,
development and protection project.

Corporate Directory
Operational Management Team : Registered Office:

Mr. Shah Alam Khan, P.Eng. Ashuganj Power Station Company Limited.
Chief Engineer, Maintenance Unit Ashuganj, Brahmanbaria-3402
Phone: +8808528-74004; Fax: +8808528-74014, 74044
Mr. Anwar Hossain
E-mail: [email protected], [email protected]
Chief Engineer (Operation and Maintenance)
Website: www.apscl. gov.bd
Mr. Ratan Kumar Paul
Deputy General Manager (Finance & Accounts) Corporate Office:
Mr. Bikash Ranjan Roy Navana Rahim Ardent (Level-8)
Superintendent Engineer (Electrical Maintenance) 185, Shahid Syed Nazrul Islam Sarani, Bijoynagar, Dhaka
Mr. Nur Mohammad Phone: +8802-9330915; Fax: +8802-9330918
Superintendent Engineer (Operation) Website: www.apscl.gov.bd
Mr. Muhammad Rokon Miah
Investors’ Support:
Superintending Engineer (Electrical), Ashuganj 450MW CCPP (South)
Mr. Mohammad Abul Mansur, FCMA, ACS
Mr. Haris Mohammad Wahedi Company Secretary
Superintending Engineer (Mechanical), Ashuganj 450MW CCPP (North) Phone/Fax: +8802-9330918
Mr. Nur Mohammad Mostafa Kamal Email: [email protected]
Superintending Engineer (Mechanical), Ashuganj 450MW CCPP (South)
Mr. Md. Saiful Islam Auditors:
Superintending Engineer (Planning and Development) Masih Muhith Haque & Co.
Mr. Mohammed Shanayz Chartered Accountant
Superintending Engineer (Electrical), Ashuganj 450MW CCPP (North) Address: Level 13, UTC Building, 8,
Panthopoth, Dhaka-1215
Md. Kabir Hossain
Superintending Engineer (Electrical), Ashuganj 450 MW CCPP (East)
Main Bankers:
Mr. Mohammad Mizanur Rahman Pubali Bank Ltd.
Superintending Engineer (Maintenance Unit) EXIM Bank Ltd.
Mr. Md. Golam Moula Janata Bank Ltd.
Superintending Engineer (Mechanical Maintenance) Sonali Bank Ltd.
Rupali Bank Ltd.
Brac Bank Ltd.
Standard Chartered Bank
HSBC

PERFORMANCE IN BRIEF
Performance at a Glance 2018-19
Five Years Financial Highlights

Performance at a glance 2018-19
NET GENERATION (IN KWH)
8000
7880
IN MILLION KwH
7760 7,762
million KwH
7640
7520
7,553
million KwH
7400
2017-18 2018-19

Performance at a glance 2018-19
25000 15000
2018-19 2018-19
2017-18 2017-18
20000 12000
BDT IN MILLION
BDT IN MILLION
15000 9000
10000 6000
5000 3000
0 0
Net Income Operating Gross Sales Income Tax Financial O&M Cost of
After Tax Profit Profit Revenue Expense Expenses Expenses Sales
120000 100000
2018-19 2018-19
2017-18 2017-18
100000
80000
80000
60000
BDT IN MILLION
BDT IN MILLION
60000
40000
40000
20000
20000
0 0
Total Current Non-Current Total Current Non-Current Subordinate Equity
Assets Assets Assets Liabilities Liabilities Liabilities Loans

Last Five Years Financial Highlights
2018-19 2017-18 2016-17 2015-16 2014-15

Operating Performance
Net Generation in Kwh 7,762,495,875 7,552,694,185 6,431,716,061 4,393,395,192 3,985,518,888
Revenue 23,049,896,486 21,773,269,662 15,660,032,053 8,413,064,246 7,094,702,639
Cost of Sales 12,247,234,932 11,481,818,838 9,634,141,942 6,957,617,482 5,858,336,963
Gross Profit 10,802,661,554 10,291,450,824 6,025,890,111 1,455,446,764 1,236,365,676
Operating Profit 9,292,779,559 9,048,807,480 5,040,595,293 717,907,435 552,855,273
Net Profit 4,047,633,678 3,295,847,982 1,507,187,203 240,617,081 367,634,407
Financial Position
Total Asset 114,573,199,474 106,855,993,905 98,108,867,184 90,719,006,926 77,516,624,833
Total Liability 92,656,577,744 89,903,933,928 85,145,524,220 74,533,486,499 61,538,646,486
Total Equity 21,916,621,729 16,952,059,977 12,963,342,964 16,185,520,427 15,977,978,347
Net Fixed Asset 87,851,420,662 15,159,822,219 16,733,415,073 18,071,893,749 19,839,586,457
Current Asset 24,127,556,986 15,479,319,189 10,458,718,872 7,638,066,633 5,083,144,790
Current Liability 13,956,958,145 13,028,099,019 7,638,114,041 2,327,370,864 2,116,362,792
Financial Indicators
Gross Profit Margin 46.87% 47.27% 38.48% 17.30% 17.43%
Operating Profit Margin 40.32% 41.56% 32.19% 8.53% 7.79%
Net Profit Margin 17.56% 15.14% 9.62% 2.86% 5.18%
Return on Equity 18.47% 19.44% 11.63% 1.49% 2.30%
Return on Net Fixed Asset 4.61% 21.74% 9.01% 1.33% 1.85%
Current Ratio 1.73 1.19 1.37 3.28 2.4
Quick Ratio 1.56 1.01 1.2 2.78 1.98
Debt Equity Ratio 3.24 4.17 5.98 4.68 3.72
DSCR 1.61 1.67 1.47 2.18 3.5

Last Five Years Financial Highlights
Net Generation in KwH Revenue
8000 25000
7000
20000
MILLIONS
MILLIONS
6000
5000 15000
4000
3000 10000
2000
5000
1000
0 0
2014-15 2015-16 2016-17 2017-18 2018-19 2014-15 2015-16 2016-17 2017-18 2018-19
Net Profit Total Asset
5000 120000
4000 100000
MILLIONS
MILLIONS
80000
3000
60000
2000
40000
1000 20000
0 0
2014-15 2015-16 2016-17 2017-18 2018-19 2014-15 2015-16 2016-17 2017-18 2018-19
Total Liability Total Equity
100000 25000
80000 20000
MILLIONS
MILLIONS
60000 15000
40000 10000
20000 5000
0 0
2014-15 2015-16 2016-17 2017-18 2018-19 2014-15 2015-16 2016-17 2017-18 2018-19

FROM THE BOARD
The Board
Directors’ Profile
Management Team
Notice to 19th Annual General Meeting
Notice of 7th Extra Ordinary General Meeting
Message from the Chairman
Directors’ Report

The Board

The Board

MR. KHALED MAHMOOD
Chairman
Mr. Khaled Mahmood was born in Mymensingh on 23rd December 1958. He

joined as chairman of Bangladesh Power Development Board (BPDB) on 17
August 2016. He is the 34th Chairman of BPDB. Before joining as Chairman Mr.
Khaled was the Member (Generation) of BPDB. He obtained BSc. Engineering
Degree from Bangladesh University of Engineering and Technology (BUET) in
Electrical Engineering in1981.
He joined the Directorate of Program of Bangladesh Power Development
Board (BPDB) as an Assistant Engineer in 1981. In his long career, Engineer
Khaled Mahmood discharged his duties in various positions in BPDB. He
worked as Sub-Divisional Engineer in Design & Inspection-1 Directorate,
Deputy Director (XEN) Program, Design & Inspection-1 Directorate, Assistant
Chief Engineer in office of the Chief Engineer Generation, Director of Design
& Inspection-1 Directorate and Chief Engineer Generation. In his Illustrious
career, Mr. Khaled discharged his duties as an expert especially in international
bid document preparation, design & drawing preparation and approval,
international negotiation of various power sector activities.
He obtained foreign training on design, manufacturing, operation and
maintenance of power station, power transformer, control and relay panel, GIS
& 132kv SF6, GCB, training on power measuring & testing equipment. He also
obtained foreign and local training on administration, HRD, organization &
method and various technical subjects.
A renowned sportsman and organizer, Mr. Khaled Mahmood visited India,
China, South Korea, Japan, France, USA, Czech Republic, Italy, Australia,
Germany, Turkey, Spain, Thailand, Singapore, Poland and Indonesia for training
& professional purposes.
Currently he is the Chairman of Ashuganj Power Station Company Ltd.
(APSCL) and United Ashuganj Energy Ltd. and Member of the Board of
Directors of Electricity Generation Company Bangladesh (EGCB), North West
Power Generation Company Ltd, Power Grid Company of Bangladesh Ltd,
Coal power Generation Company Bangladesh Ltd, Bangladesh India Friendship
Power Company Ltd.(BIFPCL), Bangladesh-China Power Company (pvt.)
Ltd, Sembcorp North West Power Company Ltd, Titas Gas Transmission &
Distribution Company Ltd and Bakhrabad Gas Distribution Company Ltd.
He joined Ashuganj Power Station Company Ltd. (APSCL) as one of the
Directors of its Board on February 14, 2016 and as Chairman of the Board on
December 26, 2017.
At present, he is an elected Central Council Member of Institution of Engineers
Bangladesh (IEB).

DR. MD. QUAMRUL AHSAN

Director
Born in 1951, Dr. Md. Quamrul Ahsan, Professor of Electrical and Electronic
Engineering of Bangladesh University of Engineering and Technology
(BUET) joined at Ashuganj Power Station Company Ltd as a Director in
2008. Dr. Ahsan is also Chairman of Procurement Review Committee of
Ashuganj Power Station Company Ltd. After completing his graduation from
Bangladesh University of Engineering and Technology (BUET), he obtained
M.Sc Engineering from the same University in 1980. Afterwards, in 1984 Mr.
Ahsan acquired Ph.D from the University of Ottawa of Canada. Dr. Ahsan also
was a visiting faculty member of the University of Bahrain, published more
than ninety technical papers in the reputed national and international journals
and conferences. He has been a reviewer of many national and international
journals including IEE and IEEE. Dr. Ahsan has supervised seventeen
postgraduate theses including three Ph.Ds. He, an author of two books,
was the Technical Chair of ICECE 2006, Project Manager of an international
training and a course coordinator of a short course sponsored by USAID under
SARI/Energy Program. Dr. Ahsan has also worked as a consultant of many
important national projects. He, a Former Director of PGCB, has also been
involved in the administrative works for instance Dean of the Faculty, Head
of the Department and Hall Provost of Bangladesh University of Engineering
and Technology (BUET). Recently, he has retired from BUET and joined as a
Distinguished Professor in the Green University of Bangladesh.
PROF. MAMTAZ UDDIN AHMED, FCMA

Director
Mr. Mamtaz Uddin Ahmed, professor of Department of Accounting

Information Systems of University of Dhaka, accomplished his vivid
academic feat from Department of Accounting of University of Dhaka.
Afterward he obtained MBA from University of New Castle in USA. Prof.
Ahmed earned FCMA from ICMAB in 1995 and was elected twice as
President of the same entity. At present, he is a Council member of ICMAB.
Alongside, Prof. Ahmed is a member of Board of Governors at Bangladesh
Insurance Academy, Jury Board of Dhaka Stock Exchange and Expert Panel
of Dhaka Stock Exchange. Prof. Ahmed joined Ashuganj Power Station
Company Ltd. as Director on 2006. In his long cherished academic career,
Prof. Ahmed is the Chairman of the Audit Committee of Ashuganj Power
Station Company Ltd. He attended various professional presentations
across the globe. Born in 1958, Prof. Ahmed authored several research paper
and publications on various issues.

MR. SHEIKH FAEZUL AMIN, PENG.
Director
Mr. Sheikh Faezul Amin joined in Ashuganj Power Station Company Ltd.
(APSCL) as Director in 2012. At present, Mr. Amin posted in Power Division,
Ministry of Power, Energy and Mineral Resources for discharging the
responsibilities of Joint Secretary, Development. He is also a member of
Procurement Review Committee of APSCL as well as Director of Board
of Governance of EGCB ltd. Prior to this, he served as member of SREDA
(Sustainable & Renewable Energy Development Authority), which acts as
nodal agency for the promotion and development of sustainable energy,
scaling up of renewable energy, energy efficiency and energy conversion.
Mr. Amin did his graduation in Mechanical Engineering from Bangladesh
University of Engineering and Technology (BUET) in 1988. He served in Roads
and Highways Department for quite a long period as Assistant Engineer Sylhet
Division, Sub Divisional Engineer Sylhet, Mymensingh and Dhaka, Executive
Engineer of Barishal Division and many other significant key positions where
he had proved his excellence. Later Mr. Amin was moved to Ministry of Public
Administration as Deputy Secretary. Afterwards, he posted in Power Division,
MPEMR and discharged his responsibilities as Deputy Secretary as power
savings. Mr. Amin, who was awarded Abul Kashem Award in 2008, also
pursued his M.Sc. in Engineering Management from Brunel University, West
London, UK with excellent academic result. He also did MBA having major
in Finance and Human Resource Management. He is privileged to be a part
of a good number of local and foreign training. Born in 1965, Mr. Amin, a Life
Fellow as well as Professional Engineer (PEng) of Institute of Engineers of
Bangladesh, is associated with various social clubs, organizations etc.
MR. KAMAL AHMED

Director
Mr. Kamal Ahmed joined as a Director of the Board of Ashuganj Power Station
Company Ltd. in 2014. He is also a member of the Audit Committee of the
Company. Born in 1951, Mr. Ahmed completed his graduation from Dhaka
College in 1972. After completing his study, Mr. Ahmed engaged himself in the
trade of frozen seafood in 1975. He is a former president of Seafood Export
Agents Association of Bangladesh. Mr. Ahmed is engaged in various social
activities. He is member of Red Crescent Society and Dhanmondi Club. Mr.
Ahmed is also a member of Bangladesh Awami League. At present, he is the
President of Bangladesh Awami League, Dhanmondi since 1999.

MR. ABU ALAM CHOWDHURY

Director
Mr. Abu Alam Chowdhury was born on 30 September 1948 in a respectable

Muslim family of village Popadia, Boalkhali of Chittagong district. He has done
Masters in Political Science from the University of Chittagong.
Blessed with born leadership quality, he was elected as Secretary General of
Students Union of Sir A.T. College. He played commendable role in the great
69 movement against Pakistani Ruler. During his studentship in Chittagong
University, he was elected as cultural secretary and later served as general
secretary in Chittagong University Central Students Union (CUCSU) and
participated in liberation war of Bangladesh with great valour.
After completing his education, he initiated business career in media sector.
Gradually he expanded his business in sea food processing, home textile
and handicraft sub-sector. He was awarded National Export Gold Trophy
for record eleven times for the diversification of export item and for highest
volume of export.
To his credit, he made multi-dimensional contribution for the Trade and
Industry. He was President of Bangla Craft and founder President of
Bangladesh Craft & Giftware Association. Mr. Chowdhury served as Vice-
President of FBCCI and Director for 6 terms covering 12 years in apex body
of FBCCI. He also served as Vice-President of Confederation of Asia-Pacific
Chambers of Commerce and Industry (CACCI) 2008-2010. He is founder
member of the Daily Financial Express, member of International Chamber
of Commerce (ICC) Bangladesh, former EC member of SAARC Chamber of
Commerce & Industry etc. For long time he is recognized as CIP (Export) by
the Bangladesh Government. His contribution to the Trade & Industry could
be highlighted in short, main formulator of first export policy of Bangladesh,
major contributor from private sector to prepare National Budget Structure,
easy reimbursement of claim from ECG scheme etc.
Mr. Chowdhury participated in many international seminars & conferences
organized by ESCAP, UNCATAD, EU, CBI, TDI, CACCI with great success. In
most of the occasion, he either led the delegation or played most active role
for the interest of the country. Mr. Chowdhury is a well-travelled man & visited
many countries of the world. True to his social commitment, he also served as
Executive Vice-President of JAYCEES International & JCI Senator, President &
Chairman Trustee board of Chittagong Samitee etc.

MR. MD. AZHARUL ISLAM
Director
Mr. Md. Azharul Islam, Member (Planning and Development) of Bangladesh Power
Development Board (BPDB) was born in Pabna on 31 January 1961. He is the 63th
Member (Planning and Development) of BPDB. He joined in APSCL as Director on
19 January 2017.
Before joining as Member of BPDB Mr. Azhar served as the Chief Engineer
(Distribution), Southern Zone Chittagong and PD (Chief Engineer), Shahjibazar
330 MW CCPP Project. He obtained B.Sc. Engineering degree from Bangladesh
University of Engineering and Technology (BUET) in Electrical Electronics
Engineering in 1982. In 1996 he took advanced professional training in Germany
on “Grid connected wind energy converter”. He joined Engineering Academy,
Kaptai of WAPDA as an Assistant Engineer in 13 April 1983. In his long illustrious
career in BPDB, Mr. Azhar successfully performed his duties as Assistant Engineer,
Sub-divisional Engineer, Executive Engineer, Superintendent Engineer and Chief
Engineer.
Md. Azharul Islam took part in many training Courses in Bangladesh and overseas
on administration, HRD, organization & method and various technical subjects. A
renowned organizer Mr. Azharul Islam visited China, Australia, Germany, Singapore,
Indonesia, USA, South Korea, India, Turkey, Poland, Czech Republic, Sweden,
Norway, Italy, Hungary and United Kingdom for training & professional purposes.
He is a fellow of the Institution of Engineers, Bangladesh.
MR. SAYEED AHMED

Director
Mr. Sayeed Ahmed, Member (Generation) of Bangladesh Power Development

Board (BPDB) was born in Rangpur on 01 February 1961. Before joining as Member
of BPDB, Mr. Sayeed served as the Chief Engineer (Generation). He joined in
APSCL as Board of Directors on 26 December 2017.
Mr. Sayeed did his S.S.C from Rangpur Zilla School in 1975 and H.S.C from Rangpur
Carmichael College in 1977 with achievement. He obtained B.Sc. Engineering
from Bangladesh University of Engineering and Technology (BUET) in Electrical
& Electronics Engineering in 1982. He joined in Bangladesh Power Development
Board (BPDB) as Assistant Engineer on 10 January 1984.
Afterwards, he served in Programme Directorate, Barapukuria Coal Power Plant
Project (2001-2004) and Barapukuria Power Plant (2005-2007). In addition, he
served as Director in Power Cell (2008-2013), Director System Planning (2014-
2015) and Chief Engineer (Private Generation) in 2016.
Md. Sayeed Ahmed visited China, India, Thailand, Singapore, Nepal, Bhutan, Sri
Lanka, Malaysia, Philippines, USA, France, Germany, Russia and England. countries
for training & professional purposes.

MS. TAHMINA YEASMIN

Director
Ms. Tahmina Yeasmin, Deputy Secretary of Power Division, joined Ashuganj Power
Station Company Ltd. (APSCL) as Director in December, 2017. She is also a member
of Recruitment and Promotion Committee of the Company. As BCS administration
cadre, prior to her present position as Deputy Secretary in Power Division,
she worked in Cabinet Division, Ministry of Land, Ministry of Establishment of
Bangladesh Government as Senior Assistant Secretary and Assistant Commissioner.
Ms. Yeasmin completed her post-graduation on Geography (Planning) from
Jahangirnagar University in 1994. Later, she completed M.Phil on Geography (Rural
Housing) from Dhaka University in 2007. In addition, she completed post graduate
diploma in Information Technology and Economics & Project Planning from National
Academy for Planning and Development, Dhaka. She attended a good number
of local and foreign training on good governance, social protection, ICT, land
administration, population science, law & administration and so on. She visited USA,
Spain, Australia, Russia, Sweden, Switzerland, Austria, Germany, Japan, China, Nepal
and many other countries for training and professional assignment.
MR. MD ABUL MONSUR

Director
Mr. Md Abul Monsur Joined Ashuganj Power Station Company Ltd (APSCL) as Director
in 2019. He is also a member of the Audit committee of this board. Currently, Mr Md.
Abul Monsur is working as Additional Secretary in Energy and Mineral Resources Division
under Ministry of Power, Energy and Mineral Resources. Prior to this position he worked
as Secretary in Bangladesh Services Limited, (Owning Company of InterContinental
Dhaka) a Public Limited Company, under Ministry of Civil Aviation and Tourism.
Mr Monsur joined in Bangladesh Civil Service (Administration) Cadre as an Assistant
Commissioner in 1991 in Barisal District. He discharged his responsibilities as Magistrate,
UNO, Additional Deputy Commissioner in field administration and as Senior Assistant
Secretary, Deputy Secretary Bangladesh Secretariat in Bangladesh Secretariat. He
worked in Ministry of Housing and Public Works, the then Privatization Commission,
Statistics Division and Ministry of Public Administration. He also worked in Department
of Environment as Director.
Mr. Md. Abul Monsur did his Bachelor of Science (Honours) degree in Agriculture
from Bangladesh Agricultural University (BAU). He did Master degree in Public
Administration (Policy) from the Flinders University of South Australia, Australia.
He got various Professional training at home, namely, Foundation Course, Law and
Administration Course, Orientation Course at Bangladesh Military Academy, Treasury
training, Land Records and Survey, Computer Basic Skill training, Land Survey and
Management and Performance Based Evaluation System Training.
He also participated in a number of foreign training which include Human
Resources Management and Economic Development, Administering Environment
and Development in the 21st Century’s information Era, Education for Sustainable
Development in Higher Education and Training Programme for Tourism Leaders of
Korea’s Fellow Countries. Moreover, he participated in many national and international
Conferences, Govt. programmes on behalf of the Government of Bangladesh.
During his long carrier he visited different countries, namely, India, Nepal, Malaysia,
Singapore, China, Thailand, KSA, South Korea, UK, USA and Australia for attending in
Training, Seminar, Govt. Negotiation and programmes.

MR. AL MAMUN MURSHED
Director
Mr. Al Mamun Murshed joined as a Director of the Board of Ashuganj Power Station
Company Ltd. (APSCL) in 2019. At present, Mr. Murshed is serving as Director of
Prime Minister’s Office. Mr. Murshed completed his Honors and Master degree
in Mathematics from University of Dhaka. He also did another Master degree in
Financial Management from Middlesex University, London, UK. Later on, he joined
in the Administrative Cadre of Bangladesh Civil Services and started his career
as an Assistant Commissioner and Magistrate. Mr. Murshed served different area
of public administration of Bangladesh Government. He served as Magistrate,
Assistant Commissioner (land), Senior Assistant Secretary, Deputy Secretary and
so on. As a part of his service, Mr. Murshed took part on various training such
as Law and Administration Course at BCS Administration Academy, Foundation
Training Course at BPATC, Survey and Settlement Training, Public Administration
training course in South-Korea and so on.
ENGR. AMM. SAZZADUR RAHMAN

Managing Director
Engr. AMM Sazzadur Rahman, an old-timer of Ashuganj Power Station Company

Ltd., was appointed to Managing Director of APSCL on 22.02.2016. Prior to
this assignment, Mr. Rahman served as Executive Director (Engineering), DGM
(Electrical Maintenance) & PD (450MW CCPP) for about one year. His dazzling
career commenced as Assistant Engineer (Trainer) at regional Training Center,
Tongi of BPDB in 1983 following the completion of his graduation from BUET. Mr.
Rahman, a Fellow of the IEB, then moved to erstwhile Power Plant Training Center
of Ashuganj Power Plant Complex in 1988. The following years saw his sparks of
excellence in the field of Procurement, Auto Control, Generator and Switch Gear
& Protection and so on. In his 36 years of widespread and multifaceted career
Mr. Rahman, a student of Electrical & Electronic Engineering, was responsible for
overseeing the overall electrical maintenance and protection, electrical system
studies & relay coordination, troubleshooting of substation, boiler & turbine control
system, generator protection system, process control system and so on. He was
an integral part of the team who repair self-auxiliary transformer for Unit-2 and
install & commission the 200MVA, 230/15.75 kV step-up transformers for Unit-
3. Mr. Rahman actively participate in post overhauling testing, commissioning &
performance acceptance activities of Unit-3, 4 & 5, during the period 2003 to
2008. He played a vital role in the inception period of APSCL large Combined
Cycle Power Plant projects. He worked as Project Director of those three projects
during Feasibility Study, Bid Document Preparation, Bid Evaluation, financial
closing and Contract Signing stage. Born in 1960, Mr. Rahman, authored of article
“Turbo-Generator Protection” attended various training, inspection, factory
testing, seminars & symposiums in home and abroad with a view to sharping his
professional wisdom.

Management Team

Managing Director
Mr. A K M Yaqub Mr. Kshitish Chandra Biswas Mr. Md. Mizanur Rahman Sarker
Executive Director (Engineering) Executive Director (Planning & Devel- Executive Director (Finance)
opment)
Mr. Shah Alam Khan, P.Eng.

Chief Engineer, Maintenance Unit Mr. Md. Abdul Mazid Mr. Anwar Hossain Mr. Ratan Kumar Paul
Project Director (Chief Engineer), Chief Engineer Deputy General Manager
Ashuganj 3X600MW CCPP project (Operation and Maintenance) (Finance & Accounts)

Management Team
Mr. Mohammad Abul Mansur, FCMA, ACS Mr. Bikash Ranjan Roy Mr. Nur Mohammad Mr. Md. Kamruzzaman Bhuyan
Company Secretary Superintendent Engineer Superintendent Engineer (Operation) Project Director, Kalapara 1320 MW coal based
(Electrical Maintenance) super thermal power plant land acquisition,
development and protection project.
Mr. Muhammad Rokon Miah Mr. Haris Mohammad Wahedi Mr. Nur Mohammad Mostafa Kamal Mr. Md. Saiful Islam
Superintending Engineer (Electrical), Superintending Engineer (Mechanical), Superintending Engineer (Mechanical), Superintending Engineer (Planning and
Ashuganj 450MW CCPP (South) Ashuganj 450MW CCPP (North) Ashuganj 450MW CCPP (South) Development)
Mr. Mohammed Shanayz Md. Kabir Hossain Mr. Mohammad Mizanur Rahman Mr. Md. Golam Moula
Superintending Engineer (Electrical), Superintending Engineer (Electrical), Superintending Engineer (Maintenance Superintending Engineer (Mechanical
Ashuganj 450MW CCPP (North) Ashuganj 450 MW CCPP (East) Unit) Maintenance)

Notice of the 19th AGM
Memo No: 02/APSCL/company affairs/AGM-19/1409 Date: 21st November 2019
NOTICE OF THE 19TH ANNUAL GENERAL MEETING
Notice is hereby given that the 19th Annual General Meeting of Ashuganj Power Station Company Ltd. will be held on Wednesday, 4th December,
2019, 19 AMÖvnvqb 1426 e½vã at 6.30 P.M. at Bijoy Hall, Biddyut Bhaban (Level-14), 1 Abdul Gani Road, Dhaka to transact the following
businesses:
AGENDA:
1. To receive and adopt the Directors’ Report and the Audited Financial Statements for the year ended 30 June 2019 together with the Auditor’s
Report thereon;
2. To approve Dividend for the year 2018-19 as recommended by the Board of Directors;
3. To elect Directors in place of those retiring in accordance with the provisions of Articles of Association of the Company;
4. To appoint Statutory Auditors and fix their remuneration for the year 2019-2020;
5. To appoint Professionals for Corporate Governance Compliance Certification and fix their remuneration for the year 2019-2020.
6. To transact any other businesses with the permission of the chair.
By order of the Board,
Mohammad Abul Mansur, FCMA, ACS

Company Secretary
Note:
1. A member entitled to attend and vote at the Annual General Meeting may appoint any person as a proxy to attend and vote on him/her behalf.
2. The proxy form, duly completed and stamped, must be deposited not later than 48 hours before the meeting.

Notice of the 7 th EGM
Memo No: 02/APSCL/company affairs/EGM-7/1374 Date: 14th November 2019
NOTICE OF THE 7TH EXTRA-ORDINARY GENERAL MEETING (EGM)

Notice is hereby given to all the Honorable Shareholders of Ashuganj Power Station Company Ltd. that the 7th Extraordinary General Meeting
(EGM) of the Company will be held on Wednesday, 4th December, 2019, 19 AMÖvnvqb 1426 e½vã at 6.00 P.M. at Bijoy Hall, Biddyut Bhaban
(Level-14), 1 Abdul Gani Road, Dhaka to adopt the following special resolutions:
1. Alteration in the Clause No. V of the Memorandum of Association (MOA) and Clause No. 6 of the Articles of Association (AOA).
To consider and approve the proposal for raising the Authorized Capital of the Company from existing taka 3000,00,00,000/-(Taka Three Thou-
sand Crore) only to taka 5,000,00,00,000/- (Taka five thousand crore) only subject to the approval of the regulatory authorities by adopting the
following special resolution:
“RESOLVED THAT pursuant to the applicable provisions, if any, of the Companies Act, 1994 and Articles of Association of the
Company, the existing Clause No. V of the Memorandum of Association (MOA) and Clause No. 6 of the Articles of Association
(AOA) of the Company be altered and substituted by the following new Clauses subject to the approval of the regulatory authorities:
Sl. Section no Proposed changes of the MOA and AOA

The authorized share capital of the Company is taka 5,000,00,00,000/-(Taka five thousand crore only) divided into
500,00,00,000/- (Five hundred crore) Ordinary shares of taka 10/- (Taka ten) each, with power to increase or reduce the said
capital and divided the shares forming the capital for the time being into several classes and to attach thereto respectively pref-
1. MoA/V
erential, qualified, deferred or special right or privileges or conditions as may be determined by or in accordance with the Article
of the Company and to modify or abrogate any such rights, privilege and conditions as may for the time being be provided by the
Articles of the Company.
The authorized share capital of the Company is Taka 5,000,00,00,000/- (Taka five thousand crore only) divided into
500,00,00,000/-(Five hundred crore) Ordinary Shares of Taka 10/- (Taka ten) each, with power to increase or reduce the share
capital of the Company and divide the shares forming the capital for the time being into several classes or stocks and to attach
2. AoA/6
thereto respectively such preferential, qualified, deferred or special rights or privileges or conditions as may be determined by the
Company in general meeting and vary, modify or abrogate such right, privileges or conditions and also to issue shares of higher
or lower denominations.
2. Increase in Paid-up Share Capital of the Company

To consider and approve the proposal for raising the paid-up capital of the Company by issuing ordinary shares to the existing shareholder “Ban-
gladesh Power Development Board” against the Final Vendor’s Agreement by adopting the following special resolution:
“RESOLVED THAT pursuant to the applicable provisions, if any, of the Companies Act, 1994 and Articles of Association of
the Company, the paid-up share capital of the company be, and is hereby, increased through issuing ordinary shares of taka
557,26,14,964/- (Taka Five hundred fifty seven crore twenty six lac fourteen thousand Nine hundred sixty four only) divided into
55,72,61,496.4 Ordinary shares of taka 10/- (Taka ten) each to the existing shareholder “Bangladesh Power Development Board”
against the final Vendor’s Agreement, subject to the approval of the regulatory authorities.
By order of the Board,
Mohammad Abul Mansur, FCMA, ACS

Company Secretary
NOTE:
1. A member entitled to attend and vote at the Extra-ordinary General Meeting may appoint any person as a proxy to attend and vote on him/her behalf.
2. The proxy form, duly completed and stamped, must be deposited not later than 48 hours before the meeting.

Chairman’s Message
With the view of fuel diversification,

the company has already taken
initiatives for a mega project of
1320 MW Ultra-Super Critical
Coal-Fired Power Plant at
Patuakhali and another 1320MW
coal-based project in Gaibandha.
Land acquisition & development
of the Patuakhali 1320 MW
coal-based project is in full swing
- KHALED MAHMOOD

Chairman’s Message
I feel delighted to extend my greetings and welcome all of you

to the 19th Annual General Meeting of Ashuganj Power Station
Company Ltd. The Company has continued its “sustained
growth” through implementing energy-efficient technology-based power
plants to combat the challenge of generating quality electricity. The
Company reached the milestone of nineteen years of a successful jour-
ket through private placement of the bond. Raising funds of BDT 1000
million through Initial Public Offering (IPO) is ongoing and hopefully
completed within December 2019.
Before I conclude, I would like to convey on behalf of the Board and
my behalf, our sincere thanks to all our esteemed stakeholders for
their support and confidence in the organization and look forward to
ney in power generation, which is the result of the utmost effort of the the continuance of this mutually supportive relationship. I feel proud
Power division, the Board and the efficient workforce of the company. to acknowledge the visionary leadership of Honorable Prime Minister
Being the single largest power generation company of Bangladesh with Her Excellency Sheikh Hasina MP, Government of Peoples Republic of
a generation capacity of 1690 MW electricity, the company is focusing Bangladesh that has helped to reach the power sector at the stage it is
further to enhance its generation capacity 3060MW by 2025 and now. I would like to express my sincere gratitude to Honorable Adviser
5927MW by 2030. to the Prime Minister for Power Energy and Mineral Resources Affairs,
I am pleased to announce that 2018-19 was another record year for Honorable Minister of State, Ministry of Power, Energy and Mineral
the Company, characterized by several impressive achievements. Resources, Principal Coordinator (SDG Affairs) of PMO and Senior
The Company posted a sterling performance by generating 7,762.49 Secretary, Power Division for their invaluable guidelines and support for
million kWh of electricity which consequently boost its sales at BDT smooth progress of the company.
23,049.89 million. The Company’s Profit after Tax stood at 4,048 I would also like to convey our deep appreciation for the support and
million in the reporting period, increased by 22.81% compared to the guidance received from the Power Division, Planning Division, Finance
previous fiscal, maintaining its track record of earning profits continu- Division, Economic Relation Division, Energy Division, Ministry of Law,
ously. Ministry of Commerce, Banking Division, Bangladesh Power Devel-
In line with the excellent performance, the Board of Directors has opment Board, National Board of Revenue, Bangladesh Bank, Petro
proposed an all-time high equity dividend of 6.0% amounting BDT Bangla, Bakhrabad Gas Distribution Company, Asian Development
39,69,00,000.00 for fiscal 2018-19 as against 5.0% amounting BDT Bank, Islamic Development Bank, HSBC, SCB and other development
33,07,50,000.00 paid in the previous year. With this, APSCL has partners & financial institutions in the various operations of the Compa-
maintained its track record of paying dividends uninterruptedly for the ny and its developmental plans.
last 08(eight) years. We thank all our Business Associates and Stakeholders who have been
Following the Power Sector Master Plan, APSCL is heading towards a source of strength. we also express our thanks to all of you and other
expanding its generation capacity by implementing efficient power plant shareholders for the confidence you have reposed in us and we look
projects. Besides, APSCL has taken initiative to replace the existing in- forward to your long association with us. Your Company’s achieve-
efficient plants with energy-efficient power plants. At this moment a new ments and dreams for the future are the results of the untiring efforts,
project named Ashuganj 400MW CCPP (East) has been taken with an commitment and dedication of each member of the APSCL family and
estimated cost of BDT 29,310 million which mainly be financed by ADB we owe our gratitude to them. I would also like to thank my colleagues
& IDB Loan. This project has already started construction works on on the Board of the Company for their valuable contributions in steering
16th July 2018 and expected commercial operation commence of the the Company for a higher level of achievement. Let me reassure you
simple cycle by December 2020 and combined cycle by June 2021. that, it shall always be our sincere endeavor in continuing the efforts
With the view of fuel diversification, the company has already taken to maintain APSCL’s business leadership and emerge as a world-class
initiatives for a mega project of 1320 MW Ultra-Super Critical Coal-Fired organization, in line with the Company’s Vision.
Power Plant at Patuakhali and another 1320MW coal-based project in I wish you all a prosperous 2020 and wellbeing for all of you and your
Gaibandha. Land acquisition & development of the Patuakhali 1320 family members. Let us pray to Almighty Allah for peace and good
MW coal-based project is in full swing. Already 530.97 acres of land health for all of.
out of 930.615 acres have got approval for the acquisition from the
Ministry of Land of Bangladesh Government and the remaining 399.64
acres of land is under process for approval in the Land Ministry for this
project.
It is worth full to mention that, to shift the dependency on external
financing, APSCL has taken initiative to raise funds from the local capital
market through a bond issue. Initially, in the first phase, APSCL targeted Khaled Mahmood
to raise BDT 6,000 million by issuing a 7-years non-convertible fully Chairman, APSCL &
redeemable coupon-bearing bond of which BDT 5000 million will be Chairman, Bangladesh Power Development Board.
issued under the private placement while the remaining amount of BDT
1000 million will be under the public offering. Within this financial year,
APSCL successfully raises BDT 5000 million from the local capital mar-

Directors’ Report
The Directors of the Board of Ashuganj Power Station Company Ltd. (APSCL) have the pleasure of submitting their report and the audited financial
statements of the company for the year 2018-19.
OVERVIEW OF GLOBAL ECONOMY

In the immediate past two years, economic growth has been accelerated in more than
half of the world’s economies. Following the fiscally induced acceleration in USA, the
growth remained steady at 3% plus in last year which eventually offset the slower growth
in some other large economies. At global dais, the economic activity is expected at 3.2%
in 2019 though there are increasing signs that growth may have peaked further. The
growth rate of many developed economies has risen close to their potential and expand-
ed at a steady pace of 2.2% in 2018. Besides the unemployment rates of this zone have
dropped to historical lows.
Continuing a steady acceleration since 2015, GDP growth in the developing countries
is estimated to 4.5% in 2018. However, some developing economies like Bangladesh,
Bhutan, Cambodia, Burkina Faso, Senegal etc are expanding at an average annual rate
of 7% more. Though
GROWTH PROJECTIONS the outlook for Asia is
highly divergent across

4.50%
4.10%
4.70%
countries, the regions
3.60%
3.20% 3.50% of East Asia (5.8%)
2.20% and South Asia (5.6%)
1.90% 1.70%
remain on a relatively
strong growth trajectory
2018 2019 2020 2018 2019 2020 2018 2019 2020
in 2018 following the
Global Economy Advance Economies Emerging Markets & largely positive GDP
Developing Economies
growth rate of Bangla-
desh, Bhutan and India.
Source: World Economic Situation and Prospects 2019, United Nations & World Economic Outlook-July 2019, IMF
GLOBAL POWER SECTOR IN 2018

The demand for global power increases by 3.7%, one of the strongest growth rates seen in the last 20 years, absorbing around half of the
growth in primary energy. The developing world continued to drive the vast majority (81%) of this growth which is mainly led by China and India
who together accounted for around two thirds of the increase in power demand. On the supply side, the growth in power generation was led by
renewable energy, which grew by 14.5%, contributing around a third of the growth; followed by coal (3.0%) and natural gas (3.9%). China contin-
ued to lead the way in renewables growth, accounting for 45% of the global growth in renewable power generation, more than the entire OECD
combined. Renewable energy appears to be coming of age.

Directors’ Report
Source: BP Statistical Review of World Energy 2019
GLOBAL POWER GENERATION: 2008-2018
30,000
25,000
20,000
TWh
15,000
10,000
5,000
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Europe CIS North America Latin America Asia
Pacific Africa Middle-East
Source: Global Energy Statistic Year Book 2019

Most of the growth in global electricity consumption occurred in Asia (almost 80%, with China accounting for nearly 60%). Electricity demand in
China accelerated against steady economic growth and industrial demand. Demand also increased in India, South Korea, Japan and Indonesia.
Electricity consumption in the United States, which dipped by 1% in 2017, recovered in 2018 (+2.2%). Economic growth and industrial demand
also raised power consumption in Canada, Brazil and in Russia. It also increased in Africa, especially in Egypt, and in the Middle East, spurred
by Iran. Electricity consumption remained almost stable in the whole Europe in 2018: it declined in France and Germany, stagnated in other large
countries (UK, Italy, Spain) and it increased in the Netherlands, Poland and Turkey.

Directors’ Report
NATIONAL ECONOMIC ENVIRONMENT
The market-based economy of Bangladesh, one of the fastest growing economies in the world, reach at a record height in terms of the growth
rate (8.13%) of GDP in last fiscal year which is highest ever in its economic history. Such strong growth has been largely driven by political and
economic stability, infrastructural development, consistent sectorial growth, export performance, stable inflation, moderate public debt and great-
er resilience to external shocks. The country continues to make a steady progress in reducing poverty and improving social indicators. Poverty
has declined steadily and other social indicators, like gender disparity in education and maternal mortality, have also improved. Throughout such
impressive track record for growth and development, the country is aspiring to be a middle-income country by its 50th birthday.
15
GDP Growth Rate (%)
Sectoral (Electricity) Growth Rate of GDP (%)
Per Capita GNI (US$)
12
0
2014-15 2015-16 2016-17 2017-18 2018-19
Source: Bangladesh Bureau of Statistics

From the global perspective, now Bangladesh is the
39th largest in world economy in nominal terms, and
29th largest by purchasing power parity. The country
is classified among the Next Eleven emerging market
middle income economies and a frontier market.
The World Bank, a global lender and development
partner, declares Bangladesh 5th fastest growing
economies after Ethiopia, Rwanda, Bhutan, and
India respectively in its latest “The Bangladesh Devel-
opment Update April 2019” report. The Manila based
multilateral lender Asian Development Bank recently
forecast the GDP growth rate 8% for Bangladesh
which would be the highest in the Asia Pacific econ-
omies comprised of 45 countries.

Directors’ Report
GDP GROWTH FORECAST
Bangladesh
India
Vietnam
Philippines
China
Indonesia
Malaysia
Source: Asian Development Bank Outlook Update, September 2019
MAJOR MACROECONOMIC INDICATORS IN 2018-19

1. GDP: Tk. 25,361 billion
◆◆ Sectoral Share of GDP
❆❆ Agriculture: 13.31%
❆❆ Industry: 31.31%
❆❆ Service: 55.38%
2. Sectoral growth rate of GDP:
❆❆ Agriculture: 3.51%
❆❆ Industry: 13.02%
❆❆ Services: 6.50%
3. Investment as a % of GDP: 31.56%
4. Revenue receipt as a % of GDP: 12.48%
5. Total government expenditure as a % of GDP: 17.45%
6. Budget: Tk. 4,645.73 billion
7. Annual Development Program (ADP): Tk. 1,730 billion
8. ADP in Power Division: Tk. 267.70 billion
9. Foreign Exchange reserve (June, 2019): $ 32.72 billion
10. Export Earnings: $ 40.53 billion
11. Foreign Direct Investment (FDI) Inflows (net): $ 3.23 billion (Jul-18-Mar-19)
12. Bank interest rate: 5%
13. Inflation (July, 2019): 5.62%
14. Foreign remittance: $ 16.42 billion
15. Country Rating: Ba3 stable

Directors’ Report
GLIMPSES OF POWER SECTOR IN BANGLADESH
Whether by bolstering million-dollar infrastructure

projects or improving the living standard of the
individual household, the power sector is the
lifeblood of any economy. Like many other developing
countries, it plays a pivotal role in the socio-economic
development of Bangladesh. In line with many other
macroeconomic indicators, the country has experienced an unprecedented growth rate in the
power sector during the last eleven years. The coverage of electricity is an excellent example of
inclusive growth. At this instant, country’s electricity coverage is 94% (as on 30 June 2019) of its total
population which was only 47% in just one decade back (2009), thanks to the government’s supportive
measures in this context. Besides per capita generation has mounted from 220 KWh in 2009 to 510
KWh in 2019. The government has taken many initiatives for increasing power generation as well as
expanding its coverage.
Demand for electricity has been increasing day by day. Realizing the importance of electricity Government has set a target to provide electricity to
all citizens by 2021. It has declared ‘Vision 2021’ to raise the economy at the level of a middle-income country by 2021 and a developed country
by 2041. To achieve the Vision government has set a target to generate 24,000 MW by 2021, 40,000 MW by 2030 and 60,000 MW by 2041.
To meet the demand of electricity short, mid and long-term generation, distribution & transmission projects are in different phases of implementa-
tion. As a part of innovating financing, Government has managed to G2G, bidder’s financing, ECA financing, Issuance of Bond etc for the power
project.
In order to enhance the overall institutional efficiency, the government has introduced the APA method in public sector from 2014-2015 fiscal
year with a view to ensure institutional transparency, accountability and proper utilization of resources. And power sector secured 1st position for
successfully accomplishing APA for the fiscal year 2018-19.
POWER SECTOR GROWTH (YEAR TO YEAR):
Particulars 2017-18 2018-19 Achievement

Installed Generation Capacity (in MW) 18,753 22,051 (+) 3,298*
No of Power Plant 121 134 (+) 13
Highest Generation (in MW) 10,958 12,893 (+) 1,935
Population Access to Electricity (%) 90% 94% (+) 4%
Per Capita Generation (KwH) 464 510 (+) 46
Electricity Consumer No. (in million) 30.3 34.3 (+) 4.00
Allocation in ADP (in crore) 26,293 26,770 (+) 477
Distribution System Loss (%) 9.6 9.35 (-) 0.25
* Considering generation from captive & retired plant

Source: Power Division Annual Report 2018-19

Directors’ Report
Installed Capacity & Highest Generation: The power generation capacity and maximum generation in each of the financial year has been
increased since 2009. The installed generation capacity (30 June, 2019) and highest generation over the past five financial years has illustrated
below:
INSTALLED CAPACITY & HIGHEST GENERATION (IN MW)

20,000 18,961
Highest Generation (MW)
Installed Capacity (MW) 15,953
15,000 13,555
12,365 12,893
11,534
10,958
10,000 9,036 9,479
7,817
5,000
Source: Bangladesh Power Development Board
Sectoral Share of Installed Generation Capacity: The installed generation capacity was 18,961 MW (as on 30 June 2019). This installed
generation capacity (18,961 MW) has been partitioned based on ownership of the plant, fuel mix and machine type of the plant which is illustrated
below:
OWNERSHIP OF THE PLANT
The above graph illustrates the sectorial contribution of installed power generation capacity as on June, 2019. From this graph, it is evident
that public sector comprises 50% of the total installed power generation capacity. This sector includes generation from BPDB, APSCL, EGCB,
NWPGCL, RPCL & BPDB RPCL JVC. On the other hand, private sector contributes 44% of the total installed power generation capacity which are
comprises off IPPs, SIPP-BPDB, SIPP-REB, 5 Year Rental and 15 Year Rental. Apart from these two sectors the country is now importing power
from India which is 6% of the total installed power generation capacity.

Directors’ Report
FUEL MIX
1.21 % Hydro
57.37 % Natural Gas
25.16 % Furnace Oil
7.23 % Diesel
2.76 % Coal
0.16 % Renewable Energy
6.12 % Power Import

The above graph shows the fuel mix of the installed generation capacity (18,961 MW) as on June 30, 2019. Off the total installed capacity, the
contribution of natural gas is 57.37% followed by furnace oil 25.16%. The share of diesel and power import is 7.23% and 6.12% respectively while
the remaining portion are contributed by coal (2.76%), hydro (1.21%) and renewables (0.16%).
MACHINE TYPE
According to machine type, share of steam turbine in total installed generation (18,961 MW) is 12% and combined cycle power plant is 34% and
the peaking power plant is 48% which is mainly comprised of gas turbine, reciprocating engine, hydro and solar based power plant.
12.36 % Steam
33.56 % CCPP
47.96 % Peaking
6.12 % Import
FUEL DIVERSIFICATION
In the earlier stage the power sector of Bangladesh was heavily reliant on natural gas with about 83% of capacity was gas based while about 8%
was fuel oil based. However due to the depletion of this source government are zooming on some other bases which brought down the share of
gas from 83% in 2009-10 to 57% in 2018-19. In contrast, the contribution of liquid fuel has been increased from 8% in 2009-10 to 31% in 2018-
19. A major switch in fuel use is expected to happen in near future, when a massive increase in power generation is expected to be based on
imported coal following the commencement of three coal fired power plant_1320MW at Payra, 1200MW at Matarbari and 1320MW at Rampal.
It is noteworthy that Bangladesh has entered in the LNG (Liquified Natural Gas) era in the last year. The commercial gas distribution from LNG

Directors’ Report
Terminal/FSRU (Floating Storage Re-gasification Unit) at Moheshkhali. Coxbazar having capacity of 600 MMCFD (Million Cubic Feet Per Day) has
started on August 2018. Afterwards the second LNG terminal/FSRU with a capacity of 500MMCFD has started to feed gas to the national grid on
April 2019 from Moheshkhali. Coxbazar. Besides the government has taken various initiative in order to facilitate the supply of LNG. On this note,
seven projects have already been taken for floating based, land based, fixed jetty based and deep-sea area-based LNG terminal/FSRU construc-
tion. The government also inked with Qatar and Oman in a view to import LNG on G2G basis.
Apart from the conventional sources of the fuel for electricity generation, Bangladesh is now moving to implement its first nuclear power plant
project. Recently it has joined in the world’s nuclear club as 32nd nations. On October, 2013, Honorable Prime Minister Sheikh Hasina laid the
foundation stone of the Rooppur Nuclear Power Plant at Ishwardi. The first unit with 1,200MW capacity of the two-unit nuclear power plant is
scheduled in 2022 for commissioning while the second unit with the same capacity is scheduled in 2023. The country appeared as the 3rd mem-
ber in the South Asia and the 6th in Asia of this elite club.
Significant progress has been made in power trading with the neighboring countries. As per the PSMP (Power Sector Master Plan) 2016 the
targeted import capacity is 9000MW from the neighboring countries to meet the vision 2041 in a view to maintain the country’s high economic
growth. The country is now importing 1160MW from India while discussions are going on with India, Myanmar, Bhutan and Nepal to import hydro-
power.
FUEL MIX : 2009 FUEL MIX : 2019
1.21 % Hydro
57.37 % Natural Gas
83 % Gas
25.16 % Furnace Oil
8% Liquid Fuel
7.23 % Diesel
4% Coal
2.76 % Coal
4% Hydro
0.16 % Renewable Energy
1% Other
6.12 % Power Import
FUTURE OF BANGLADESH POWER SECTOR

To achieve the overarching goal of Vision 2021 and Vision 2041 through bringing stability to the macro-economic structure and achieving rapid
economic growth, Government has set target to generate 24,000 MW, 40,000 MW and 60,000 MW by 2021, 2030 and 2041 respectively.
Simultaneously priority has been given for construction of adequate transmission and distribution network to evacuate generated power to the
people.
Various technological initiatives, including pre-paid metering, enterprise resource planning (ERP), supervisory control, and data acquisition
(SCADA), and upgrade of geographic information system (GIS) have been undertaken to ensure uninterrupted and reliable power supply. Besides,
through repair and repowering of the existing old power plants and improving the demand side management an unprecedented success has been
achieved in power sector.
Depletion of natural gas reserve restrict the current generation of electricity. To supplement gas supply, Government has taken initiatives to set
up land based and FSRU LNG terminal. Besides as per policy taken in Renewables Energy 2008, 10% of total power generation capacity should
come from renewable energy. Till now renewable energy capacity is 374.62 MW.
Information technology (IT) solutions are key enablers for improving the efficiency of the power sector. Considering such requirements initiatives
have taken for the implementation of enterprise resource planning (ERP) systems, geographical information system (GIS), and other systems
which will eventually lead the power sector of Bangladesh at the global trends.

Directors’ Report
APSCL’S PERFORMANCE IN FY2018-19
APSCL’s installed capacity compared to public sector installed capacity
APSCL Contribution in Power Sector (Public)
17 % APSCL
83 % Other Power
Plant (Public)
APSCL’s installed capacity compared to total (public & private sector) installed capacity
APSCL Contribution in Power Sector

(Public & Private)
9% APSCL
91 % Other Power Plant
(Public & Private)
The state owned Ashuganj Power Station Company Limited (the erstwhile Ashuganj Power Station Complex), started its voyage in 1970, the first
mover in pioneering power generation in Bangladesh. Through its journey of more than four decades it experienced amazing highs and several
curious twists. Over the years, the company paints a truly inspirational development by successfully commissioning thirteen (13) units in its fleets
while two other (1320MW Coal Power & 400MW CCPP East) projects are expected to be implemented within next few years. Five of its units
have already gone to retirement. At present the installed capacity of its eight (8) units is 1690MW which is 9% of the total power generation in the
country and is 17% of the public sector generation.

Directors’ Report
OPERATING PERFORMANCE
During the FY 2018-19, the company supplied 7,762.49 million KwH of electricity into the national grid which is 2.78% more than that of the
previous period. Such increase in generation is mainly contributed by the increased generation of 225MW CCPP, 450MW CCPP (South) and
450MW CCPP (North). In the considering period, the company earned Tk. 23,049.90 million which is 5.86% more than that of the previous pe-
riod. However, the fuel cost has decreased by 2.97% in the said period as against corresponding period of the previous fiscal. During this period
APSCL operates its machine on merit basis according to fuel efficiency. Moreover, the fuel cost of Unit-3,4&5 and 50MW GE have decreased in
the considering period following the decrease in generation of the said plants.
Operating Performance 2018-19
2,500
2,000
1,500
Millions
1,000
500
Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18 Jan 19 Feb 19 Mar 19 Apr 19 May 19 Jun 19
Revenue (Tk.) Fuel Cost (Tk.) Net Generation (KwH)
REVIEW OF THE PLANTS

1. Unit 3, 4 & 5: These units are the oldest plant of APSCL.
Unit 3 came into commercial operation in 1986 while the Unit-3, 4 & 5
commercial operation of Unit 4 & 5 started in 1987-88. At 5,572 6,000
present the installed power generation capacity of these 4,744 5,000
three units is 450MW and during the considering period 4,002 Revenue (Tk.)
2,939 4,000
Millions
2018-19, these units generate 1,291 million KwH of elec- 2,972

tricity with an average plant factor 35.14%, availability factor 1,880 3,000
1,914 1,291
93.82% and plant efficiency 29.23%. The average total 1,330 2,000 Fuel Cost (Tk.)
running hours of these units is 4,814 hours in the reporting 1,000
period. The average tariff rate for per unit of electricity of Gross Generation
- (KwH)
these Units is Tk. 1.81. In the said period the sales proceed 2016-17 2017-18 2018-19
from these units were Tk. 4,002 million against fuel cost of
Tk. 1,330 million.

Directors’ Report
2. 50MW GE: The gas engine power plant was installed in
2011 by APSCL own fund with a cost of Tk. 3500 million. 50MW GE
The installed power generation capacity of this plant is
548 520 600
53MW and during this period it generates 243 million KwH
500 Revenue (Tk.)
which fetched sales revenue of Tk. 520 million. The fuel cost 406
of this plant is Tk. 200 million in this period. The plant factor 315 400
Millions
243
of this plant is 51.55%, availability factor 99.50% and plant 233 256 300
174 200
efficiency is 36.24%. Average tariff per unit for this plant is 200 Fuel Cost (Tk.)
Tk. 1.87. The total running hours of this plant is 7,949 hours 100
in the reporting period. Gross Generation
(KwH)
2016-17 2017-18 2018-19
3. 225MW CCPP: This is the first ECA Financed project with a

225MW CCPP
cost of Tk. 20,480 million which started in 2013 and came
in commercial operation in 2015. The capacity of this plant 4,670 5,000
4,349
is 223MW while during this fiscal it generates 1,642 million 4,500
4,000 Revenue (Tk.)
KwH of electricity. Average tariff per unit of electricity of this 3,273 3,500
plant is Tk. 2.03. In this period the revenue & fuel cost of this 3,000
Millions
1,642 2,500
plant are Tk. 4,670 million and Tk. 1,187 million respectively. 1,389
1,114 2,000 Fuel Cost (Tk.)
At present the plant factor of this unit is 87.93% while the 1,010 1,187 1,500
799 1,000
availability factor is 96.73% and plant efficiency is 51%. 500 Gross Generation
- (KwH)
2016-17 2017-18 2018-19
4. 450MW CCPP (South): Another ECA backed project is

450MW CCPP-South
450MW CCPP (South) whose works started in 2013 with a
cost of Tk. 37,920 million while the commercial operation 7,738 8,017 9,000
launched in 2016. The capacity of this plant is 383MW. In 8,000
7,000 Revenue (Tk.)
the last fiscal, this plant produced 2,560 million KwH of 5,246 6,000 Millions
electricity which fetched Tk. 8,017 million sales revenue. 5,000
2,379 2,560 4,000
The fuel cost for generating such electricity from this plant 1,679
3,000 Fuel Cost (Tk.)
is Tk. 1,613 million. At this instant Average tariff per unit Tk. 1,323 1,559 1,613 2,000
2.0044 for this plant. The plant factor of this plant is 81.61% 1,000 Gross Generation
while the availability factor is 94.89% and plant efficiency is - (KwH)
56%. 2016-17 2017-18 2018-19
5. 450MW CCPP (North): The newest addition of APSCL

450MW CCPP-North
production portfolio is 450MW CCPP (North) plant which
is mainly an ADB & IDB Financed project with a cost of Tk. 7,000
34,000 million. The project work started on April 2014 while 5,943
6,000 Revenue (Tk.)
4,961
it has come into generation from June 2017. The capacity of 5,000
this unit is 386MW and in this period it generates 2,293 mil- 2,293 4,000
Millions
lion KwH of electricity. The sales proceed from this electricity 1,778 3,000
314 Fuel Cost (Tk.)
is Tk. 5,943 while fuel cost is Tk. 1,608 million. Average 1,380 1,608 2,000
923
tariff rate for this plant is Tk. 1.88 and efficiency & plant 313 1,000
Gross Generation
factor is 56% & 76.46% respectively. The availability factor of - (KwH)
this plant is 84.83%. 2016-17 2017-18 2018-19

Directors’ Report
FINANCIAL PERFORMANCE
The financial performance of the company for the period 2018-19 are demonstrated below:
BDT in Million
Particulars 2018-19 2017-18 % Change

Sales Revenue 23,050 21,773 5.86%
Cost of Sales 12,247 11,482 6.67%
Gross Profit 10,803 10,291 4.97%
O&M Expenses 1,674 1,402 19.41%
Operating Profit 9,293 9,049 2.70%
Financial Expenses 3,577 3,197 11.90%
Income Tax Expense 1,425 1,059 34.58%
Net Income After Tax 4,048 3,296 22.81%
In the FY2018-19, the company earned Tk. 23,050 million from sales of electricity which is 5.86% more than that of the previous period. Such
increase in sales is mainly attributed to the increase in generation of the 225MW CCPP, 450MW CCPP (South) and 450MW CCPP (North).
On the cost side, fuel cost has been decreased by 2.97% as APSCL operates its machine on merit basis according to fuel efficiency. Moreover,
the fuel cost of Unit-3,4&5 and 50MW GE have decreased in the considering period following the decrease in generation of the said plants. How-
ever, the overall cost of sales has increased by 6.67% mainly due to LTS expense incurred during this period which eventually increases repair
maintenance of plant & machinery expenses (a part of cost of sales).
The gross profit and operating profit have been increased 4.97% and 2.70% respectively in the considering period.
In addition of the regular income from the sales revenue APSCL has finance income which has been decreased by 41.05% in this period. Unlike
previous period, APSCL did not receive any dividend income which mainly decreases the overall finance income. On the expense side, finance
expense has increased by 11.90% as a result of increase of interest expense for loan of 450MW CCPP (North) project and new addition of inter-
est expense on bond.
All these factors, including some others, influenced on the increase in net profit after tax by 22.81% during this period.
FINANCIAL PERFORMANCE 2018-19 (IN MILLION BDT)
SALES REVENUE 23,050
COST OF SALES 12,247
GROSS PROFIT 10,803
O&M EXPENSES 1,674
OPERATING PROFIT 9,293
FINANCIAL EXPENSES 3,577
INCOME TAX EXPENSE 1,425

NET INCOME AFTER TAX 4,048

Directors’ Report
FINANCIAL POSITION:
The financial position of the company as on 30 June 2019 are as below:
BDT in Million
Particulars 2018-19 2017-18 % Change
Non-Current Assets 90,446 91,377 -1.02%
Current Assets 24,128 15,479 55.87%
Total Assets 114,573 106,856 7.22%
Equity 21,917 16,952 29.29%
Non-Current Liabilities 68,447 66,624 2.74%
Current Liabilities 13,957 13,028 7.13%
Total Liabilities 92,657 89,904 3.06%
In the FY2018-19, current asset has been increased by 55.87% following the increase in advance, deposits & prepayments, short term deposit
and cash at bank. On the other hand, noncurrent assets have slightly decrease (1.02%) in this period. The combined effect of the said two items
is a 7.22% increase in the total assets in the year 2018-19.
On the liability side, current liability has been increased 7.13% following the increase in liabilities for interest expense (accrued interest for ADB
loan for 450MW CCPP-North Project) and liabilities for expenses (withholding taxes and VAT Payable).
The noncurrent liabilities have increased slightly (2.74%) on account of the increase in deferred tax & deferred liability for gratuity and addition of bond payable.
All the above factors, including others, increases total asset and total liability by 7.22% & 3.06% respectively in this year. Besides, shareholders
equity has also increased by 29.29% in the said period because the equity portion (60%) of the Government Loan for 450MW CCPP (North) plant
has been transferred from Government Loan to Government Equity.
Assets Positions: 30 June 2019 BDT in Million

Property, Plant & Equipment 87,851
Cash & Bank Balance 12,977
Receivables 5,520
Short Term Deposit 2,538
Stock in Stores 2,322
Capital Work in Progress 2,290
Other Assets (Inv in UAEL and Adv, Dep & Prepayment) 1,075
Total Assets 114,573
Liability & Equity Position: 30 June 2019 BDT in Million

ECA Loan 28,331
Foreign Loan 25,181
Equity 21,917
Current Liability 13,957
Subordinate Loan 10,252
Deferred Tax 6,839
Bond Payable 5,000
Govt Loan 2,314
Other Liabilities (Adv lease rent & deferred liab for gratuity) 782
Total 114,573

Directors’ Report
KEY PERFORMANCE INDICATORS

Key performance indicators for the year 2018-19 are as follow
Particulars 2018-19 2017-18
Gross Profit Margin 46.87% 47.27%
Operating Profit Margin 40.32% 41.56%
Net Profit Margin 17.56% 15.14%
Return on Equity 18.47% 19.44%
Return on Net Fixed Asset 4.61% 21.74%
Current Ratio 1.73 1.19
Quick Ratio 1.56 1.01
Debt Equity Ratio 3.24 4.17
DSCR 1.61 1.67
Net Asset Value Per Share 33.13 25.63
Net Operating Cash Flow Per Share 19.17 13.91
Basic Earning Per Share (EPS) 6.12 4.98
Diluted Earnings Per Share 1.78 1.45
PROFITABILITY RATIOS (%) LIQUIDITY & SOLVENCY RATIOS (TIMES)
50% 5
2018-19 2018-19
2017-18 2017-18
40% 4
30% 3
20% 2
10% 1
0% 0
Return on Net Return on Net Profit Operating Profit Gross Profit DSCR Debt Equity Quick Ratio Current Ratio
Fixed Asset Equity Margin Margin Margin Ratio
OTHER FINANCIAL INDICATORS (TK.)
35
2018-19
30
2017-18
25
20
15
10
5
0
Diluted Earnings Basic Earning Net Operating Cash Net Asset
Per Share Per Share (EPS) Flow Per Share Value Per Share

Directors’ Report
VALUE ADDITION:
2018-19 % of Total 2017-18 % of Total
Value Addition:
Revenue 23,049,896,486 98.41% 21,773,269,662 97.70%
Other Operating Income 164,576,831 0.70% 159,652,231 0.72%
Finance Income 208,234,554 0.89% 353,257,469 1.59%
Total Added Value 23,422,707,871 100.00% 22,286,179,362 100.00%
Distribution of Added Value 2018-19 % of Total 2017-18 % of Total

Fuel Cost 5,938,068,274 25.35% 6,119,641,693 27.46%
Repair & Maintenance Expenses 1,477,048,990 6.31% 686,876,984 3.08%
Depreciation Expenses 5,063,142,484 21.62% 4,906,073,958 22.01%
Personnel Expenses 1,315,113,463 5.61% 1,071,880,702 4.81%
Finance Expense 3,577,271,750 15.27% 3,196,740,682 14.34%
Income Tax Expense 1,424,705,461 6.08% 1,058,657,757 4.75%
Other Expenses (Officer & other, FC gain/loss & WPPF) 579,723,771 2.48% 1,950,459,604 8.75%
Net Income 4,047,633,678 17.28% 3,295,847,982 14.79%
Total Distributed Value 23,422,707,871 100.00% 22,286,179,362 100.00%
VALUE ADDITION : 2018-2019
25.35% Fuel Cost

6.31% Repair & Maintenance Expenses
21.62% Depreciation Expenses
5.61% Personnel Expenses
15.27% Finance Expense
6.08% Income Tax Expense
2.48% Other Expenses (Officer & other, FC gain/loss & WPPF)
17.28% Net Income
VALUE ADDITION : 2017-2018
27.46% Fuel Cost

3.08% Repair & Maintenance Expenses
22.01% Depreciation Expenses
4.81% Personnel Expenses
14.34% Finance Expense
4.75% Income Tax Expense
8.75% Other Expenses (Officer & other, FC gain/loss & WPPF)
14.79% Net Income

Directors’ Report
Profit Appropriation During 2018-19 the company’s net profit amounted to Tk. 4,047.63 million compare to BDT 3,295.85 million in the previ-
ous year. However, the company needs adequate funds for uninterrupted progress of the project as well as for future growth. Keeping this in view
the Directors would like to report the company’s financial result for the year ended 30 June 2019 with the recommendation for appropriation as
follows:

Net Profit Before Tax 5,472,339,139 4,354,505,739
Provision for Deferred & Current Income Tax 1,424,705,461 1,058,657,757
Profit Available for Appropriation 4,047,633,678 3,295,847,982
Appropriations
Proposed Dividend Per Share Tk.0.60 Tk.0.50
No. of Share 661,500,000 661,500,000
Total Dividend Proposed 396,900,000 330,750,000
Transferred to the retained earnings 3,650,733,678 2,965,097,982
Total Appropriations 4,047,633,678 3,295,847,982
CONTRIBUTION TO THE NATIONAL EXCHEQUER & THE ECONOMY

Electricity is one of the main driving forces of the economy and it has a diversified use and multiplier effect in the economy. Significantly in the
development of industrialization, electricity as fuel has no other alternative. In the FY 2018-19, APSCL has added 7,762.50 million KwH electricity
to national grid. This addition has contributed significantly in enhancing industrial production and providing more job opportunities throughout the
country. During reporting year ended June 2019, APSCL collected Tk. 76.53 Million as VAT and Tk. 233.97 Million as Income Tax on behalf of
the Government and deposited the same into the Government Treasury. In the reporting period, APSCL also paid Tk. 105.92 million as CD VAT.

VAT 76,525,727 84,436,644
CD VAT 105,916,355 60,147,287
Income Tax 233,973,677 267,243,936
Total 416,415,759 411,827,867

Directors’ Report
APSCL ENTERS IN THE BOND MARKET
In order to lessen the dependency on the investment from government and loan from other private agencies, in the last couple of years the gov-
ernment is contemplating to raise fund from capital market and other alternative sources. On this note, it has introduced ECA financing in power
sector and eventually APSCL became the pioneer in its industry to collect fund through this process. Likewise, it has become the first state-owned
company to enter in the bond market through issuing bonds for raising fund. The salient feature of the bond are:
Name of the Instruments : APSCL Non-Convertible and fully Redeemable Coupon Bearing Bond
Issuer : Ashuganj Power Station Company Limited (“APSCL”)
ICB Capital Management Limited (ICML)
Arranger & Issue Manager :
BRAC EPL Investments Limited (BEIL)
Trustee : ICB Capital Management Limited (ICML)
1. Construction of 400MW CCPP (East) Power Plant
2. LTSA Payments
Purpose :
3. Initial Payment of 1320MW Coal Based Power Plant
4. Working Capital
Issue Size Up to BDT 6,000 million
Up to BDT 5,000 million through private placement and
Mode of placement :
Up to BDT 1,000 million through public offer
Face Value of Each Bond : BDT 5,000 (BDT Five Thousand)
Lot Size (minimum investment) : For private placement – 20,000 (Twenty Thousand)
For public offer – 1 (One)
Tenor : 7 years from the date of issue
Coupon Rate : Reference Rate* + Margin**
*The Reference Rate is the 6 month’s average of 182 days Bangladesh Treasury Bill (182-Days T-Bill) as
published on Bangladesh Bank web site or other sources of publication, on fixing date.
**Coupon Margin = 4.00%
Coupon Range Coupon rate range 8.50% - 10.50%
: (Coupon ceiling rate 10.50% and Coupon floor rate 8.50%)
Coupon Payment Dates : Coupon to be paid semi-annually. First coupon will be paid after 12 months of the drawdown.
Principal payment Schedule : The principal redemptions will be in four tranches, each tranche being 25% of the principal amount
commencing at the end of Year-4 from the date of the issuance in the following manner:
Year Redemption
1 Nil
2 Nil
3 Nil
4 25%
5 25%
6 25%
7 25%
1. Private placement portion of BDT 5,000 million are freely transferable in accordance with the
Transferability/ Liquidity : provision of the Deed of Trust.
2. Public Offering portion of BDT 1,000 million are tradeable in DSE & CSE in the name of APSCLBOND.

Directors’ Report
1. Agrani Bank Limited 1,000,000,000

2. Bangladesh Infrastructure Finance Fund Limited 1,000,000,000
3 Rupali Bank Limited 750,000,000
4. Janata Bank Limited 650,000,000
Investors in Private Placement of 5. Sonali Bank Limited 500,000,000
BDT 5,000 million 6. Dutch-Bangla Bank Limited 500,000,000
7. Uttara Bank Limited 200,000,000
8. ICB Asset Management Company Limited 200,000,000
9. Sadharan Bima Corporation 200,000,000
Total = 5,000,000,000
LONG TERM SUPPLY & SERVICE CONTRACT

In the last few years, some new combined cycle power plants (225MW CCPP, 450MW CCPP-South & 450MW CCPP-North) have been added in
APSCL’s production portfolio. In order to accomplish the schedule outage service of these plants APSCL desires to purchase long-term main-
tenance service including spare parts for schedule maintenance. Therefore, APSCL has signed two contracts with Siemens AG, Germany for
supplying spare parts and Siemens Bangladesh for schedule maintenance of the three plants on August 2018 to complete the schedule outage of
225MW CCPP, 450MW CCPP-South & 450MW CCPP-North plants for one cycle (12 years).
PROJECT IN PROGRESS
1. 400MW CCPP (East): To replace old inefficient plant with energy efficient power plant a new project Ashuganj 400MW Combined Cycle
Power Plant (East) has been taken (EPC Contract Singed 20.03.2018 & EPC Contract Effective Date 16.07.2018). The estimated cost of this
project (as per DPP) is Tk. 2,931 crore which will mainly finance by ADB & IDB Loan. The project work has commenced on 16.07.2018 while
it is expected to come into commercial operation on 31.12.2020 (Simple Cycle) & 29.06.2021 (Combined Cycle). The overall physical and
financial progress of this project is 22.37% and 22.27% respectively.
2. Land Acquisition, Land Development and Protection for
Patuakhali 1320 MW Super Thermal Power Plant Project: In
order to meet the growing demand of Electricity in Bangladesh,
due to natural gas reserved is decreasing gradually, it is neces-
sary to promote the fuel diversification for the Power generation,
selecting Coal as a primary option to generate 20000MW by coal
within 2030. To fulfill this target Ashuganj Power Station Compa-
ny Ltd. (APSCL) is envisaging implementation of Thermal Power
Project with 2660 MW Ultra Super Critical Coal fired power plant
at Patuakhali district of Bangladesh. This is an appurtenant project
of the main thermal Power Plant (2660MW) providing suitable land
and its site with an estimated cost of BDT 819.51 Crore of which
94% will be financed by GOB and remaining 6% will be financed
by APSCL own fund. The commencement date of this project
was 01.01.2018 and expected time of completion date was
31.12.2019. However due to various complexities and problems
regarding acquisition of land, this project has been extended upto
June 30, 2021 without extending its cost (No cost time extension
basis). The overall physical and financial progress of this project is
10.24% and 0.31% respectively.
EXTRA ORDINARY GAIN OR LOSS

As per IAS 1: Presentation of Financial Statements, no item of income
and expenses are to be presented as extra ordinary gain or loss in the
financial statements. Accordingly, no extra ordinary gain or loss has

Directors’ Report
been recognized in the financial statements.
RELATED PARTY TRANSACTIONS

The related party transactions carried out by the company on a commercial basis during the year have been disclosed in the Notes-42 to the
Financial Statements.
SIGNIFICANT VARIANCE BETWEEN QUARTERLY AND ANNUAL FINANCIAL STATEMENTS

No significant variations have occurred between quarterly and annual financial statements of the company during the period under report.
CORPORATE AND FINANCIAL REPORTING FRAMEWORK

The law requires that the financial statements of the company should be prepared in accordance to the prescribed format given by Internation-
al Financial Reporting Standard (IFRS) as adopted by ICAB and Bangladesh Financial Reporting Standards (BFRS). This has been completely
followed to fairly present the financial position and performance of the company. While preparing the financial statement, the following points were
considered
• Selection of suitable accounting policies and then applying them consistently
• Making judgments and estimates that are reasonable and prudent
• Ensuring that the financial statements have been prepared in accordance with Bangladesh Financial Reporting Standards.
• Preparing the financial statements in an ongoing concerns basis unless it is appropriate to presume that the company will no continue in busi-
ness.
Proper accounting records have been kept so that at any given point the financial position of the company is reflected with reasonable accuracy,
which will enable them to ensure that its financial statements comply with Companies Act 1994 and other required regulatory authorities.
The Board of Directors are pleased to make the following declarations in the report:
• The financial statements prepared by the management of the company are fairly presents its states of affairs, the results of its operations, cash
flows and changes in equity.

Directors’ Report
• Proper books of accounts of the company have been maintained.

• Appropriate accounting policies have been consistently applied in preparation of the financial statements and that the accounting estimates
are based on reasonable and prudent judgment
• International Accounting Standards (IAS) and International Financial Reporting Standard (IFRS) as applicable in Bangladesh, have been fol-
lowed in preparation of the financial statements and any discrepancies have been adequately disclosed.
• The system of internal control is well structured and has been effectively implemented and monitored
• There are no significant doubts upon the company’s abilities to continue as a going concern basis
• Significant plans and decision such as future prospects, risks and uncertainties surrounding the company has been outlined under the rele-
vant captions in this report.
While approving the audited financial statements for the year 2018-19, Board of Directors took due cognizance of the “Declaration” or “Certifica-
tion” given by the Managing Director and the Executive Director (Finance) of the company in compliance with the BSEC Notification dated 3 June
2018 conditions No. 3(3). The said certification has been disclosed with the report as per the requirements of the conditions no 3(3)(c) and 1(5)
(xxvi) respectively of the BSEC notification under reference.
BOARD OF STRUCTURE
The present Directors of the company comprising 12 numbers. Out of the 4 numbers of Directors selected from (a) persons specialized in generation
of electricity, (b) consumers, (c) business community and (d) persons specialized in Finance. The Managing Director is the ex-officio member of the
Board and other 7 Directors will be elected by shareholders among themselves. Profiles of the Directors have been provided along with this report
under the heading Directors’ Profile. A summary status showing the Directors’ representation in the other companies Board is also provided later on.
ROLES OF THE CHAIRMAN & MANAGING DIRECTOR

Roles and responsibilities of the Chairman and the Managing Director are clearly defined
MEETING OF THE BOARD OF DIRECTORS

Board of Directors meetings are called following standard procedures laid down in the Articles of Association of the company. Similarly, quorum
and leave of absence in the meeting are being ensured and recorded as per the provisions of the Articles. Chairman of the Board presides the
meeting and proper minutes of the meeting and documentation of the Board are maintained.
BOARD MEETING ATTENDANCE

SL. No Name of the Director No of Meeting attended (2018-19)
1. Mr. Khaled Mahmood 13/13
2. Professor Dr. Md. Quamrul Ahsan 12/13
3. Professor Mamtaz Uddin Ahmed 13/13
4. Mr. Sheikh Faezul Amin 13/13
5. Mr. S.M. Tarikul Islam 13/13
6. Mr. Kamal Ahmed 12/13
7. Mr. Md. Abu Alam Chowdhury 12/13
8. Mr. Md. Azharul Islam 13/13
Mr. Ratan Chandra Pandit *** 4/5
9.
Mr. Md. Abul Monsur 7/8
10. Mr. Sayeed Ahmed 11/13
11. Mrs. Tahmina Yeasmin 11/13
12. Mr. A M M Sazzadur Rahman 13/13
*** Mr. Ratan Chandra Pandit, nominated director from Energy & Mineral Resources Division retired on 10/01/2019 and Mr. Md. Abul Monsur
was replaced as director from the same division.

Directors’ Report
BOARD COMMITTEES
There are four standing committees formed by the Board. The members of the committees and number of each committee meeting held alongwith
attendence are presented below:
Attendance of the Directors

Name of the ommittee Name of the Committee Member Designation
(2018-19)
Prof. Mamtaz Uddin Ahmed Chairman 13/13
Mr. Kamal Ahmed Member 13/13
Audit Committee Mr. Md. Abul Monsur 8/9
Member
Mr. Ratan Chandra Pandit 3/4
Mr. S.M. Tarikul Islam Member 11/13
Mr. Khaled Mahmood Chairman 5/5
Mr. Md. Azharul Islam Member 4/5
Recruitment & Promotion Committee
Mrs. Tahmina Yeasmin Member 5/5
Mr. A M M Sazzadur Rahman Member 5/5
Prof. Dr. Md. Quamrul Ahsan Chairman 14/14
Mr. Sheikh Faezul Amin Member 14/14
Procurement Review Committee
Mr. Abu Alam Chowdhury Member 12/14
Mr. Sayeed Ahmed Member 14/14
Mr. Khaled Mahmood Chairman 6/6
Mr. Sheikh Faezul Amin Member 6/6
Mr. Md. Abul Monsur Member 2/2
Steering Committee
Mr. Ratan Chandra Pandit Member 4/4
Mr. S.M. Tarikul Islam Member 6/6
Mr. A M M Sazzadur Rahman Member 6/6

Directors’ Report
REMUNERATIONS OF THE DIRECTORS

No remunerations have been paid to the directors of the APSCL Board. They are paid only the attendance fee for the meeting held.
ROTATION OF DIRECTORS
In terms of Articles of 125 & 126 to the Articles of Association of the Company, the Directors subject to retire by rotation every year shall be those
who have been longest in office since their last election. One third of the Directors shall retire from the Board at this 19th Annual General Meeting
and they are being eligible, offer themselves for re-election. Accordingly, Mr. Azharul Islam, Member (P&D), BPDB and Mr. Kamal Ahmed, Manag-
ing Partner, BENFISH will retire in 19th AGM and eligible for re-election.
APSCL’S DIRECTORS IN OTHER COMPANY’S BOARD

SL. No Name of the Director Position Held in APSCL Position Held in other Company
1. Chairman, United Ashuganj Energy Ltd.
2. Director, Power Grid Company Bangladesh Ltd.
3. Director, North West Power Generation Company Ltd.
4. Director, Electricity Generation Company Bangladesh Ltd.
5. Director, Coal Power Generation Company Bangladesh Ltd
1. Mr. Khaled Mahmood Chairman 6. Director, Bangladesh China Energy Ltd.
7. Director, Bangladesh India Friendship Power Company Bangla-
desh Ltd
8. Director, Ruppur Nuclear Power Plant Company Ltd
9. Director, Bakhrabad Gas Distribution Company Ltd
10. Director, Titas Gas Transmission & Distribution Company Ltd
2. Professor Dr. Md. Quamrul Ahsan Director N/A
3. Professor Mamtaz Uddin Ahmed Director 1. Director, Chittagong Stock Exchange
4. Mr. Sheikh Faezul Amin Director 1. Member, SREDA
5 Mr. Kamal Ahmed Director N/A
6. Mr. Md. Abu Alam Chowdhury Director 1. Director, Power Grid Company Bangladesh Ltd.
1. Director, West Zone Power Distribution Company Ltd.
7. Mr. Md. Azharul Islam Director 2. Director, Bangladesh Institute of Management
3. Director, BPDB-RPCL Power Generation Company Ltd.
1. Chairman, Standard Asiatic Company Ltd.
8. Mr. Md. Abul Monsur Director 2. Director, Gas Transmission Company Ltd
3. Director, Bangladesh Services Ltd
1. Director, Electricity Generation Company Bangladesh Ltd.
9. Mr. Sayeed Ahmed Director
2. Director, BR Powergen Ltd.
10. Ms. Tahmina Yeasmin Director N/A
11. Mr. Al Mamun Murshed Director Director, Bakhrabad Gas Distribution Company Ltd
12. Mr. A M M Sazzadur Rahman Managing Director 1. Director, United Ashuganj Energy Ltd.
APPOINTMENT OF AUDITOR
Pursuant to section 210 the Company’s Act 1994. The Company’s statutory Auditors M/S Masih Muhith Haque & Co. Chartered Accountants
retires at the 19th Annual General Meeting as Auditors of the Company. The Chartered firm has audited APSCL for the first time in 2018-19. The
retiring Auditors are eligible for re-appointment and have expressed their willingness to continue for the year 2019-20.
GOING CONCERN
While approving the financial statement, the Directors have made appropriate enquires and analyzed significant operating and indicative financials
which enabled them to understand the ability of the company to continue its operations for a foreseeable future. The Directors are convinced and

Directors’ Report
gave reasonable expectation that the company has adequate resources and legal instruments to continue its operations without interruptions.
Therefore, the company adopted the going concern basis in preparing these financial statements.
RISK FACTORS AND MANAGEMENT PERCEPTION REGARDING THE RISK

A. Credit Risk: Credit risk is the risk of financial loss to the company if a customer or counterparty fails to meet its contractual obligations.
APSCL’s product is sold exclusively to Bangladesh Power Development Board, which is a government entity and major the shareholder
(99.99%) of APSCL as well. The sales are made under the conditions of long-term Power Purchase Agreement (PPA). Moreover, the
history of payment ensures the risk of failures to pay by our customer is minimal.
B. Liquidity Risk: Liquidity risk is the risk that a company may be unable to meet short term financial demands. This usually occurs due to
the inability to convert a security or hard asset to cash without a loss of capital and / or income in the process. APSCL have their focus
on repayment when it comes to meeting short- & long-term debt. APSCL has maintained debt levels within operational limits to ensure
there is no liquidity crisis. It has a strong base which enables the company to service its debt obligations in particular through operating
earnings. The strong revenue and operating margin shown by APSCL will mitigate any such liquidity risk.
C. Competitive Condition of the Business: APSCL is operating in a free market economy regime. The company may face competition
challenging the profitability of the business. The Company is working in a sector for which the demand is always increasing. Hence the
risk of competition causing a fall in profitability is very low.
D. Interest & Exchange Rate Risk: Interest rate risk is the risk that the company faces due to unfavorable movement in the interest rates.
On the other hand, exchange rate risk arises when taka may be devalued significantly against dollar and APSCL may suffer due to such
fluctuation. In order to mitigate such risks appropriate and reasonable hedging mechanisms have been employed by APSCL with a view to
keep the cost minimum and similar strategies will be followed in the future.
NATIONAL INTEGRITY STRATEGY (NIS)

The present Government of Bangladesh is committed to establish good governance in the management system of organizations of the country. In
this view the government has undertaken National Integrity Strategy (NIS) on October 2012 which is a comprehensive set of goals,
strategies and action plans aimed at increasing the level of independence to perform, accountability,
efficiency, transparency and effectiveness of state and non-state institutions in a
sustained manner over a period of time. To ensure good governance and to reduce
corruption such strategy has been adopted which was also introduced in APSCL
as well. An executive committee headed by Managing Director has been formed in
this regard. The implementation of this strategy is one of the key points in the Annul
Performance Agreement (APA) signed between Managing Director of APSCL and
Secretary of Power Division, Government of Bangladesh. In order to implement good
governance APSCL has taken several measures as per directive of Power Division
as well as Cabinet Division such as adoption of Citizen Charter, online recruitment
system, E-GP, E-Filing, E-Governance, Innovation in Public Services, GRS (Grievance
Redress System), Service Process Simplification, information dissemination, monitor-
ing & evaluation of NIS and so on.
HUMAN RESOURCE MANAGEMENT

Efficient manpower is the pre-requisite for development of any organization. Success of
this organization depends on qualified and skill manpower for right post. APSCL is per-
forming the task with due care and integrity to increase the efficiency of the plant through
appropriate maintenance and operation. Already computerized attendance and access
control system (finger print) and customized personnel information system have been
adopted in the company.
HUMAN RESOURCE DEVELOPMENT

In order to improve productivity of the company’s manpower, the company is continuously
providing formal and informal training to its employees at its own training center (Power Plant
Training Center-PPTC), on job training at APSCL, domestic training at various institution
such as The Institute of Engineers Bangladesh, Bangladesh Power Management Institute,

Directors’ Report
Bangladesh Institute of Management, Training Institute for Chemical Industries, Bangladesh Tax Training Institute, Institute of Cost and Manage-
ment Accounts of Bangladesh etc.) and foreign training. The summary status of the training conducted during the reporting period are as follow:
Target Manhour Achievement

Training Year Particulars No. of Training No. of Participant Manhour
2018-19 2018-19
Training at PPTC 38 2104 29,785
On Job Training 5 49 24,856
2018-19 60,480 101.18%
Domestic Training 30 139 4,475
Foreign Training 4 8 1,472
Total 60,588
SECURITY STRENGTH
Ashuganj power station company limited (APSCL) is a KPI (Key Point Installation) A-1 category establishment. Since it is a KPI establishment,
security system is one of the major concerns for the management. With this view, the management has employed 61 personnel for Security &
Discipline department. Besides there are 22 No. of Police, 44 No. of Army and 115 No. of Ansar & VDP personnel served for providing security
services of the plant area. The company has all required security materials and equipment such as CCTV at 97 different places, hand metal de-
tector, vehicle search mirror, patrol guard machine, watch tower, archway gate, firefighting equipment, regular fire drilling etc. There is a security
committee headed by Executive Director (Engineering) and the committee arranges security meeting on regular basis. Various government bodies
like NSI, DGFI, DSB and local police station also keep close contract with the security issues of APSCL and involved/helped on need basis.
TOWARDS DIGITALIZATION
In line with Government’s plan to build Digital Bangladesh, APSCL has been striving to automate all of its operational activities. It has envisioned
to be fully digitalized by 2021 which will eventually help to achieve operational efficiency, cost control, reliability, transparency and overall a good
management system. In this context APSCL has taken several initiatives for moving towards digitalization such as:
E-Nothi: an electronic filing system developed under A2i Program of Prime Minister’s Office. As on June 2019, 39.44% of total permanent
employees and 90.41% of the divisions of APSCL are E-Nothi user. At present about 77% of the total file of the company are conducted by this
system.
ERP (Enterprise Resource Planning): Power division has initiated a move to introduce integrated Enterprise Resource Planning (ERP)
system to bring all of its officials and that of its subordinate bodies under one platform. On this note a project has been undertaken by power
division for implementation of ERP and accordingly a consultant firm has been appointed to implement the same. APSCL, with a view to
implement ERP system in line with power sector, has also adopted with the project and taken necessary measures in this context. At the
primary stage of ERP system APSCL initiate three modules (HR, Fixed Asset Module & Procurement Module) while some other module will
investiture soon.
Operational Information Management System (OIMS): This system collects information like hourly generation data, daily load consump-
tion, dispatch & plant related information, Chemical stock & consumption from all power generating units’ control rooms and other related
control rooms & departments. This information then stored, processed and provide necessary reports for management and other stack
holders.
KPI Monitoring System: This system is for monitoring Key Performance Index (KPI). These KPIs are set by Power Division, Ministry of
Power, Energy& Mineral Resources in Bangladesh. These includes parameters like Efficiency & Reliability of Power Station, Financial Issues,
Procurement, Human Resources Development, Project works etc.
Stores Management System: APSCL has more than 35000 kinds of spares and general items in its warehouse. The whole function of
this store is operated by a dedicated software SMS (Store Management Software) which mainly encompasses requisitions from various
department for store items, physically received & inspection of the items, items description entry in the system and then issue the item to the
concerned department. The software also able to generate store issue & receive related report on daily, monthly or any other need basis.
Apart from these digital movements, APSCL also practices bio-metric attendance system, one stop service center, dedicated video conference
system, E-GP, Video surveillance system, LAN, WAN, Wifi Zone, iBAS (Integrated Budget and Accounting System) and so on.

Directors’ Report
INNOVATION ACTIVITIES
APSCL has its own innovation team consisting four members headed by Executive Director (P&P). The team formulate the strategy for achieving
the innovation work plan which is stated in the APA of APSCL with Power Division. On August 2018, APSCL has arranged two days Innovation
Training Program with its 50 No. of employees. From this training sessions eight innovation ideas were generated off which four ideas are going to
implement. The ideas are:
• The management of waste from power plant operation
• To ease the access of information regarding the problems & its solution during the operation of the plants
• To ease the preparation of the project progress report
• To scour the existing tools list for maintenance work
FUTURE OUTLOOK
Electricity is the driving force of economy and civilization. All development activities are directly or indirectly dependent on it. The trend of gen-
eration capacity of the country is running behind to meet the prevailing load demand of the country and causes hindrance to the development
activities in industrial, commercial, agricultural and social sectors.
Keeping this view in mind APSCL is continuously working to narrow the increasing gap between demand & supply of electricity by optimized utiliza-
tion of the natural gas resources and replacing low efficient, outlive machines.
UPCOMING PROJECTS:
Generation
SL No. Name of the Power Plant Fuel Type Location Current Status
Capacity
Ashuganj 600MW CCPP at B-Type
1 600 Natural Gas Ashuganj, Brahmanbaria
Area (Phase-1)
Ashuganj 600MW CCPP at B-Type PD appointed for conducting de-
Area (Phase-2) tail feasibility study, IEE, EIA & SIA
Ashuganj 600MW CCPP at B-Type
Area (Phase-3)
Site Searching and appointment
Sunlight (Pho-
4 100MW Grid Tied Solar Power Park 100 Site Searching of consultant for the feasibility
ton)
study are on going
FUTURE PROJECTS:
SL No. Name of the Power Plant Generation Capacity Fuel Type Location Current Status
Kalapara 1320MW Ultra Super Critical

1 1320 Coal Kalapara, Patuakhali
Power Plant (Phase-2)
Ashuganj 600MW CCPP (Replacing
Unit 1&2)
Ashuganj 600MW CCPP (Replacing Under Planning
Unit 3&4) Stage
Ashuganj 600MW CCPP (Replacing
Unit 5)
North-Bengal (Gaibandha) 1320MW
5 1320 Coal Gaibandha
Ultra Super Critical Power Plant

Directors’ Report
ACKNOWLEDGEMENT
The Board of Directors would like to extend its foremost regards and appreciation to the valued Shareholders and other Stakeholders of the Com-
pany for their persistent support and guidance to the company that led to its cumulative achievements. The Board also recognizes that its journey
to the attainment during the year was possible because of the cooperation, positive support and guidance that it had received from the Govern-
ment of Bangladesh, Ministry of Power, Energy and Mineral Resources, Power Division, Power Cell, Economic Relations Division, Ministry of
Finance, Ministry of Planning, Bangladesh Power Development Board, Petro Bangla, Bangladesh Securities Exchange Commission, Bakhrabad
Gas Distribution Company Limited and local administration and people. Accordingly, the Board offers its utmost gratitude to them.
I would like to convey our heart-felt gratitude to ADB, IDB, HSBC, SCB for their support and co-operation.
We also extend to the Management and Employees its warmest greetings and felicitation for being the essential part of APSCL during the year. It
was theirs’ unrelenting commitment, dedication and diligence throughout the year that led to the company achieving the awards and accolades
so far. We are proud of you all and look forward to your continued support as we march ahead to take Ashuganj Power Station Company Limited
further forward as a leading player in the power sector of the country.
With Best Wishes
On behalf of the Board of Directors
(Khaled Mahmood)
Chairman, APSCL

ACHIEVEMENT
Benchmarks & Milestone
Awards & Achievements
ISO Certification
18th Annual General Meeting &
6th EGM

1966 ––
1966 - 1987 1987-2012 2013
Unveiled plaque of
2014
Retirement of GT-1 & ST
1966 1988 foundation stone of unit for site transferring
First agreement signed Unit-5 (150MW) Commis- 225 MW CCPP, 450MW of 225MW CCPP Project
with a foreign construc- sioned CCPP (South), 450MW
tion company to estab- CCPP (North) & 200MW Achieved “Best Corpo-
lish thermal power plant 2000 Modular Power Plant by rateAward-2014” from
Two units (64*2 MW) Honorable Prime Minister ICMAB
Incorporated under the
construction work started of Government of Ban-
companies act
gladesh Sheikh Hasina.
1970 2003
Unit-2 (64MW) & Unit-1 Provisional vendor’s
(64MW) Commissioned agreement signed with
BPDB
1982 Company activities
GT-1 (56MW) Commis- formally started
sioned
2011
1984 53MW GE Commissioned
CC-ST (34MW) Commis- Achieved “Best Power
sioned Generating Unit” Award
for Unit-3 in 2011.
1986
GT-2 (56MW) & Unit-3 2012
(150MW) Commissioned Achieved Trade Finance
Award “Deals of the year
1987 2012”.
Unit-4 (150MW) Commis-
sioned

– 2019
2015
Commissioning of
2017
Commissioning of
2018
Contract sign of 400MW
2019
APSCL introduced ERP
225MW CCPP & 200MW 450MW CCPP (North) CCPP (East) with EPC (Enterprise Resource
Modular Power Plant Contractor CNTIC-CCOEC Planning) system.
MoU signed to form
Achieved interna- Joint Venture Company Unit -2 has been retired Successfully launched
tional “The Green Era with Energy China for permanently Non-convertible fully
Award-2015” from Berlin, implementing 2X660 MW redeemable coupon
Germany coal-based power plant bearing bond of BDT
at Patuakhali. 6000 million.
APSCL entered in e-GP
(Electronic Government APSCL entered in e-filling Achieved “Best Corporate
Procurement) system system ‘Nothi’. Award” from ICMAB
2016
Commissioning of
450MW CCPP (South)
Received ISO 9001:2008,

ISO 14001:2004 & BS
OHSAS 18001:2007

ICMAB AWARD ICMAB AWARD
THE 2015 ICMAB BEST

GREEN ERA CORPORATE
AWARD AWARD-2014

ICMAB FINANCING FACILITY

BEST CORPORATE AVAILED FOR 450MW
AWARD-2014 CCPP (SOUTH)
TRADE FINANCE FINANCING FACILITY

AWARD DEALS OF AVAILED FOR 450MW
THE YEAR 2012 CCPP (SOUTH)
FINANCING TO MARK 100000

FACILITY HOURS COMMERCIAL
AVAILED FOR OPERATION OF THE
225MW CCPP GEC CCPP

ISO Certification
A s a strong power generation company with a long history, APSCL has often
looked to the past to be inspired for the future. And so in 2015, APSCL
reached several milestones in its capacity and has achieved the Integrated
Management System (IMS) Certificate based on ISO 9001: 2015 (QMS), ISO
14001:2015 (EMS) and BS OHSAS 18001:2007. In 2019, APSCL has achieved the
ISO 45001:2018 certificate instead of BS OHSAS 18001:2007 and updated its IMS
certification. APSCL is proud of its achievement for IMS certificate as the pioneer in
government owned power generation sector in Bangladesh with reliable evidence
of all applicable legal and regulatory compliances and accredited by independent
evaluation of these conformity assessment body against recognized standards to carry
out specific activities to ensure our integrity, impartiality and competence. Quality,
environmental performance or limit environmental impact, to assess and control
occupational health hazards and risks from its operations are key focus for APSCL. This accreditation ensures that employees, purchaser and
regulators can have confidence in the provision of APSCL’s services that have no negative impact on health and safety in the workplace and on
the environment and generate quality electricity that conforms to the applicable requirements of ISO 9001, ISO 14001 and ISO 45001. APSCL
has established a quality management system that is suitable for its product and processes, environmental management system that controls
or minimizes the environmental impact and occupational health and safety assurance system that ensures the safe and accident free working
environment for all employees that is appropriate for its certification scope as well as the relevant statutory and regulatory requirements related to
its product and service. APSCL has ensured the availability of resources necessary to support the operation and monitoring of these. APSCL aims
to prevent nonconformities, and has systematic improvement processes in place to correct any nonconformities that do occur, analyze the cause
of nonconformities and take corrective action to avoid their recurrence. APSCL has implemented an effective internal audit and management
review process for monitoring, measuring and continually improving the effectiveness of standards what accredited. The intent is to promote a
common focus throughout the entire conformity assessment chain in order to achieve these expected outcomes and thereby enhance the value
and relevance of accredited certification.
The IMS certification is achieved to increase the confidence level of employees and interested parties in APSCL’s management system. The
certified management system is managing its interactions with the quality, environment and occupational health and safety and is demonstrating its
commitment to:
Quality electricity generation, pollution prevention and to ensure safe working environment for all of its employees, contractors, visitors and
periodically evaluates its compliance with applicable legal and other requirements.
Has defined relevant objectives and targets that are measurable, where practicable, taking into account and has programmers in place to
achieve these objectives and targets.
Continually enhancing its quality, environmental, occupational health and safety assurance management system in order to achieve improve-
ments in its overall performance and suitable for the nature of its activities, products and services, that conforms to the requirements of ISO
9001, ISO 14001 and ISO 45001 with relevant policies and statement.
Has identified the quality, environmental and occupational health and safety aspects of its activities, product and services that it can control
and /or influence and determined those that can have a significant relevant impact (including those related to suppliers/ contractors).
Has procedures in place to identify applicable legislations and other relevant requirements, to determine how these apply to its relevant as-
pects and to keep this information up to date.
Has implemented effective controls in order to meet its commitment to comply with applicable legal and other requirements.
Ensures that people working for or on behalf of APSCL are aware of the requirements of its Integrated Management System and are compe-
tent to perform tasks that have the potential to cause significant relevant impacts.
Has implemented procedures for communicating internally, as well as responding to and communicating (as necessary) with interested exter-
nal parties.
Ensures that those operations associated with significant health, safety and environmental aspects are carried out under specified conditions
and monitors and controls the key characteristics of its operations that can have a significant health, safety and environmental impact.
Has established and (where practicable) tested procedures to address and respond to emergencies that can have an effect on the environ-
ment.

18TH ANNUAL GENERAL MEETING &
6TH EXTRA-ORDINARY GENERAL MEETING
The 18th Annual General Meeting (AGM) & 6th Extra-Ordinary General Meeting (EGM) of
Ashuganj Power Station Company Ltd. was held on Thursday, 29th November, 2018 at Bijoy
Hall, Biddyut Bhaban, Dhaka. Chairman of the Board Engr. Khaled Mahmood presided over the
meeting. Shareholder of the Company Dr. Ahmed Kaikus, Senior Secretary, Power Division,
Shareholder & Director of the Board Engr. Khaled Mahmood, Mr. Md. Azharul Islam, Mr.
Sayeed Ahmed, Proxy of the Shareholders Mr. Ramendra Nath Biswas from Finance Division,
Mr. Mohammad Abdul Salam from Planning Division, Mr. Md. A. Khaleque Mullick from Energy
& Mineral Resources Division, Directors of the Board Dr. Md. Quamrul Ahsan, Mr. Mamtaz
Uddin Ahmed, Mr. Sheikh Faezul Amin, Mr. S.M. Tarikul Islam, Mr. Kamal Ahmed, Mr. Md. Abu
Alam Chowdhury, Mr. Ratan Chandra Pandit, Mr. Tahmina Yeasmin, Managing Director of
the company A. M. M. Sazzadur Rahman, Executive Directors of the company Mr. Ajit Kumar
Sarkar, Mr. A.K.M. Yaqub, Mr. Md. Mahfuzul Haque, Company Secretary Mr. Mohammad Abul
Mansur and other senior officials of the company attended at the meeting.
After recitation of verse from the Holy Quran the Chairman welcomed the shareholders’ in the 6th Extra-ordinary General Meeting. The Meeting
started with the Chairman’s speech regarding the necessity of changes and amendments to some clauses of the Memorandum of Association
(MOA) and Articles of Association (AOA) of APSCL. Proposal of changes and amendments of section no II & V of MOA and section no 6, 128,
129, 130, 146 & 170 of AOA was approved by the shareholders.
Later on, the 18th Annual General Meeting started with the Chairman’s inviting comments on proceedings of last Annual General Meeting followed
by comments on Directors’ Report and Audited Financial Statements for the year ended 30 June 2018. The shareholders unanimously approved
the audited financial statements and proposed 5% dividends for the year ended 30 June 2018. Retiring Directors Engr. Khaled Mahmood and Mr.
Sheikh Faezul Amin were re-elected as Director of the company by the shareholders.
Proposal for appointment of M/S Masih Muhith Haque & Co., Chartered Accountants as External Auditor of the Company to hold office till the
conclusion of the next AGM for auditing the Company’s accounts for the year ending 30 June 2019 was approved by the shareholders. Similarly,
M/S Mumlook Mustaque & Co. Chartered Accountants appointed as the Compliance Auditor of the Company to hold office till the conclusion of
the next Annual General Meeting for auditing the Compliance Status of the Company for the year ending 30 June 2019.
The Shareholders and the Proxy of the shareholders actively participated in the discussion and they talked about the overall performance of the
Company. The Chairman and the Managing Director of the Company replied to the queries and explained on various comments made by distin-
guished shareholders.
Shareholders appreciated the Company’s overall performance during the financial year in the meeting. The meeting ended with a vote of thanks to
the chair.

18TH ANNUAL GENERAL MEETING & 6TH EXTRA-ORDINARY GENERAL MEETING

ADDITIONAL
CORPORATE
DISCLOSURE
Corporate Governance
MD & ED (Finance) Declaration to the Board
Certificate of Corporate Governance 2018-2019
Status of Compliance as per Corporate Governance Code
Report of the Audit Committee
Compliance Report on IAS & IFRS
Health, Safety & Environment
Corporate Social Responsibility
Memorable Events 2018-19

Corporate Governance
Corporate governance is most often viewed as both the structure and the relationships which
determine corporate direction and performance. The board of directors is typically central to corporate
governance. Its relationship to the other primary participants, typically shareholders and management,
is critical. Additional participants include employees, customers, suppliers and creditors. The
corporate governance framework also depends on the legal, regulatory, institutional and ethical
environment of the community. Whereas the 20th century might be viewed as the age of management,
the early 21st century is predicted to be more focused on governance. Both terms address control
of corporations but governance has always required an examination of underlying purpose and
legitimacy. The principal characteristics of corporate governance are transparency, independence,
accountability, responsibility, fairness, and social responsibility. A good Governance process
provides transparency of corporate policies, strategies and the decision-making process. This further
strengthens internal control systems and helps in building relationships with all stakeholders.
Ashuganj Power Station Company Ltd. (APSCL) believes in transparency and committed to ensure good corporate governance prac-
tices at all times, as we believe that good governance generates goodwill among business partners, customers and investors and
supports the company’s growth. Keeping in view the size, complexity and operations, the governance framework of APSCL is based on
the following principles:
1. All the shareholders of APSCL are treated equally;
2. The board is appropriate in size and members are committed to their respective duties and responsibilities;
3. The Board is fully independent from the Company’s executive management;
4. The APSCL’s Board has an adequate number of members who are inde-
pendent of shareholders;
5. The company is operated by a well-defined management structure with
specific job descriptions;
6. Timely flow of information to the board and its committees are ensured to
enable them discharge their functions effectively;
7. APSCL pays particular attention to ensuring that there are no conflicts
of interest between the interests of its shareholders, the members of its
Board and its executive management;
8. A sound system of risk management and internal control is in place;
9. The company has a sound asset management policy, which assures that
unauthorized use or disposal of any asset occurs;
10. Timely and balanced disclosure of all material information concerning the
company is made to all stakeholders;
11. All transactions of the company are transparent and accountability for the
transactions is well established;
12. All regulatory and statutory rules and regulations are complied with;
13. APSCL is maintaining different wings for ensuring Right to Information
(RTI), National Integrity Strategy (NSI), Grievance Redress System (GRS),
Citizen’s charter to ensure transparency of its operations.
14. Always considering a holistic (social, economic and environmental) ap-
proach for decision making, venture exploring and problem solving.

Managing Director & Executive Director (Finance)
Declaration to the Board
Annexture A
(As per condition No. 1(5)(XXVI)
To the Board of Directors of

Ashuganj Power Station Company Limited
Pursuant to the condition No.1(5)(xxvi) imposed vide the Commission’s Notification No SEC/CMRRCD/2006-158/207/Admin/80, dated 3 June
2018 issued under section 2CC of the Securities and Exchange Ordinance, 1969 we do here by declare that:
1. The Financial Statements of Ashuganj Power Station Company Limited for the year ended on 30 June 2019 have been prepared in com-
pliance with International Accounting Standards (IAS) or International Financial Reporting Standards (IFRS), as applicable in the Bangla-
desh and any departure there from has been adequately disclosed;
2. The estimates and judgments related to the financial statements were made on a prudent and reasonable basis, in order for the financial
statements to reveal a true and fair view;
3. The form and substance of transactions and the Company’s state of affairs have been reasonably and fairly presented in its financial state-
ments;
4. To ensure above, the Company has taken proper and adequate care in installing a system of internal control and maintenance of account-
ing records;
5. Our internal auditors have conducted periodic audits to provide reasonable assurance that the established policies and procedures of the
Company were consistently followed and
6. The management’s use of the going concern basis of accounting in preparing the financial statements is appropriate and there exists no
material uncertainty related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going con-
cern.
In this regard, we also certify that:

i. We have reviewed the financial statements for the year ended on 30 June 2019 and that to the best of our knowledge and belief:
a. these statements do not contain any materially untrue statement or omit any material factor contain statements that might be mislead-
ing;
b. these statements collectively present true and fair view of the Company’s affairs and are incompliance with existing accounting stan-
dards and applicable laws.
ii. There are, to the best of knowledge and belief, no transactions entered in to by the Company during the year which are fraudulent, illegal
or in violation of the code of conduct for the company’s Board of Directors or its members.
A.M.M. Sazzadur Rahman Md. Mizanur Rahman Sarker

Managing Director Executive Director (Finance)
Dhaka
20 November 2019

Certificate of Compliance 2018-2019
Annexture B
(As per condition No. 1(5)(XXVII)

Status of Compliance as Per Corporate Governance Code
Annexture C
(As per condition No. 1(5)(XXVIII)
COMPLIANCE REPORT ON CORPORATE GOVERNANCE CODE

Status of compliance with the conditions imposed by the Commission’s Notification No. BSEC/CMR-
RCD/2006-158/207/Admin/80, dated June 03, 2018 issued under section 2CC of the Securities and Exchange
Ordinance, 1969 is presented below:
Compliance
Condition No. Title Remarks (if any)
Status
1 Board of Directors: -
Size of the Board of Directors
The APSCL Board is com-
1 (1) The total number of members of a company’s Board of Directors (hereinafter referred to as Complied
prised of 12 Directors.
“Board”) shall not be less than 5 (five) and more than 20 (twenty).
Independent Directors
1 (2) All companies shall have effective representation of independent directors on their Boards, so that the Board, as a group, includes core competen-
cies considered relevant in the context of each company; for this purpose, the companies shall comply with the following: -
At least one-fifth (1/5) of the total number of directors in the company’s Board shall be indepen-
There are 4 (four) independent
1 (2) (a) dent directors; any fraction shall be considered to the next integer or whole number for calculat- Complied
Directors in APSCL Board.
ing number of independent director(s);
1 (2) (b) For the purpose of this clause “independent director” means a director-
The Independent Directors are
who either does not hold any share in the company or holds less than one percent (1%) shares of
1 (2) (b) (i) Complied not holding any share of the
the total paid-up shares of the company;
company.
who is not a sponsor of the company or is not connected with the company’s any sponsor or
director or nominated director or shareholder of the company or any of its associates, sister con-
cerns, subsidiaries and parents or holding entities who holds one percent (1%) or more shares
1 (2) (b) (ii) of the total paid-up shares of the company on the basis of family relationship and his or her family Complied Do
members also shall not hold above mentioned shares in the company: Provided that spouse,
son, daughter, father, mother, brother, sister, son-in-law and daughter-in-law shall be considered
as family members;
1 (2) (b) (iii) who has not been an executive of the company in immediately preceding 2(two) financial years; Complied
who does not have any other relationship, whether pecuniary or otherwise, with the company or
1 (2) (b) (iv) Complied Do
its subsidiary or associated companies;
who is not a member or TREC (Trading Right Entitlement Certificate) holder, director or officer of
1 (2) (b) (v) Complied Do
any stock exchange;
who is not a shareholder, director excepting independent director or officer of any member or
1 (2) (b) (vi) Complied Do
TREC holder of stock exchange or an intermediary of the capital market
who is not a partner or an executive or was not a partner or an executive during the preceding
3 (three) years of the concerned company’s statutory audit firm or audit firm engaged in internal
1 (2) (b) (vii) Complied Do
audit services or audit firm conducting special audit or professional certifying compliance of this
Code;
1 (2) (b) (viii) who is not independent director in more than 5 (five) listed companies; Complied Do
who has not been convicted by a court of competent jurisdiction as a defaulter in payment of any
1 (2) (b) (ix) Complied Do
loan or any advance to a bank or a Non-Bank Financial Institution (NBFI); and
1 (2) (b) (x) who has not been convicted for a criminal offence involving moral turpitude; Complied Do
The appointments made by
The independent director(s) shall be appointed by the Board and approved by the shareholders
1 (2) (c) Complied the board and duly approved
in the Annual General Meeting (AGM);
at AGM
No vacant post of Independent
1 (2) (d) The post of independent director(s) cannot remain vacant for more than 90 (ninety) days; and Complied
Directors.

Status of Compliance as Per Corporate Guideline
Compliance
Status
The tenure of office of an independent director shall be for a period of 3 (three) years, which may
be extended for 1 (one) tenure only:
Provided that a former independent director may be considered for reappointment for another
1 (2) (e) tenure after a time gap of one tenure, i.e., three years from his or her completion of consecutive Not Applicable
two tenures [i.e. six years]:
Provided further that the independent director shall not be subject to retirement by rotation as per
the ‡Kv¤úvbx AvBb, 1994 (1994 m‡bi 18bs AvBb) Companies Act, 1994.
1 (3) Qualification of Independent Director-
Independent director shall be a knowledgeable individual with integrity who is able to ensure The qualification and back-
1 (3) (a) compliance with financial laws, regulatory requirements and corporate laws and can make mean- Complied ground of IDs justify their
ingful contribution to the business; abilities as such.
1 (3) (b) Independent director shall have following qualifications:
Business Leader who is or was a promoter or director of an unlisted company having minimum
1 (3) (b) (i) paid-up capital of Tk. 100.00 million or any listed company or a member of any national or inter- Complied DO
national chamber of commerce or business association; or
Corporate Leader who is or was a top level executive not lower than Chief Executive Officer or
Managing Director or Deputy Managing Director or Chief Financial Officer or Head of Finance
1 (3) (b) (ii) or Accounts or Company Secretary or Head of Internal Audit and Compliance or Head of Legal Complied DO
Service or a candidate with equivalent position of an unlisted company having minimum paid up
capital of Tk. 100.00 million or of a listed company; or
Former official of government or statutory or autonomous or regulatory body in the position not
1 (3) (b) (iii) below 5th Grade of the national pay scale, who has at least educational background of bachelor Complied DO
degree in economics or commerce or business or law; or
University Teacher who has educational background in Economics or Commerce or Business
1 (3) (b) (iv) Complied DO
Studies or Law; or
Professional who is or was an advocate practicing at least in the High Court Division of Ban-
gladesh Supreme Court or a Chartered Accountant or Cost and Management Accountant or
1 (3) (b) (v) Complied DO
Chartered Financial Analyst or Chartered Certified Accountant or Certified Public Accountant or
Chartered Management Accountant or Chartered Secretary or equivalent qualification;
The independent director shall have at least 10 (ten) years of experiences in any field mentioned
1 (3) (c) Complied DO
in clause (b);
In special cases, the above qualifications or experiences may be relaxed subject to prior approval
1 (3) (d) Complied No such special case arose.
of the Commission.
1 (4) Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer. -
Chairman of the Board and
The positions of the Chairperson of the Board and the Managing Director (MD) and/or Chief
1 (4) (a) Complied Managing Director are different
Executive Officer (CEO) of the company shall be filled by different individuals;
individuals.
The Managing Director is not
The Managing Director (MD) and/or Chief Executive Officer (CEO) of a listed company shall not
1 (4) (b) Complied holding the same position in
hold the same position in another listed company;
any other listed company.
The Chairperson is elected
The Chairperson of the Board shall be elected from among the non-executive directors of the
1 (4) (c) Complied from among the non-executive
company;
directors.
The roles and responsibilities
The Board shall clearly define respective roles and responsibilities of the Chairperson and the of the Chairperson and the
1 (4) (d) Complied
Managing Director and/or Chief Executive Officer; Managing Director are clearly
defined.
In the absence of the Chairperson of the Board, the remaining members may elect one of
1 (4) (e) themselves from non-executive directors as Chairperson for that particular Board’s meeting; the Complied No such special case arose.
reason of absence of the regular Chairperson shall be duly recorded in the minutes.

Compliance
Status
The Directors’ Report to Shareholders the Board of the company shall include the following additional statements or disclosures in the
1 (5)
Directors’ Report prepared under section 184 of the Companies Act, 1994 (Act No. XVIII of 1994): -
The Directors’ report complies
1 (5) (i) An industry outlook and possible future developments in the industry; Complied
with the guideline.
1 (5) (ii) The segment-wise or product-wise performance; Complied
with the guideline.
Risks and concerns including internal and external risk factors, threat to sustainability and nega- The Directors’ report complies
1 (5) (iii) Complied
tive impact on environment, if any; with the guideline.
A discussion on Cost of Goods sold, Gross Profit Margin and Net Profit Margin, where applica- The Directors’ report complies
1 (5) (iv) Complied
ble; with the guideline.
1 (5) (v) A discussion on continuity of any extraordinary activities and their implications (gain or loss); Not Applicable
A detailed discussion on related party transactions along with a statement showing amount,
1 (5) (vi) nature of related party, nature of transactions and basis of transactions of all related party trans- Complied
actions
A statement of utilization of proceeds raised through public issues, rights issues and/or any other
1 (5) (vii) Complied
instruments
An explanation if the financial results deteriorate after the company goes for Initial Public Offering
1 (5) (viii) Not Applicable
(IPO), Repeat Public Offering (RPO), Rights Share Offer, Direct Listing, etc.;
An explanation on any significant variance that occurs between Quarterly Financial performances Stated under section Directors’
1 (5) (ix) Complied
and Annual Financial Statements; Report of annual report.
Stated under section Directors’
1 (5) (x) A statement of remuneration paid to the directors including independent directors; Complied
Report of annual report.
Stated under section “Declara-
A statement that the financial statements prepared by the management of the issuer company tion on Financial Statements”
1 (5) (xi) Complied
present fairly its state of affairs, the result of its operations, cash flows and changes in equity; in the additional corporate
disclosure.
1 (5) (xii) A statement that proper books of account of the issuer company have been maintained Complied DO
A statement that appropriate accounting policies have been consistently applied in preparation of
1 (5) (xiii) the financial statements and that the accounting estimates are based on reasonable and prudent Complied DO
judgment
A statement that International Accounting Standards (IAS) or International Financial Reporting
1 (5) (xiv) Standards (IFRS), as applicable in Bangladesh, have been followed in preparation of the financial Complied DO
statements and any departure there from has been adequately disclosed;
A statement that the system of internal control is sound in design and has been effectively imple-
1 (5) (xv) Complied DO
mented and monitored;
A statement that minority shareholders have been protected from abusive actions by, or in the
1 (5) (xvi) interest of, controlling shareholders acting either directly or indirectly and have effective means Not Applicable
of redress;
A statement that there is no significant doubt upon the issuer company’s ability to continue as
1 (5) (xvii) a going concern, if the issuer company is not considered to be a going concern, the fact along Complied Stated in Directors’ Report.
with reasons there of shall be disclosed;
An explanation that significant deviations from the last year’s operating results of the issuer com-
1 (5) (xviii) Not Applicable
pany shall be highlighted and the reasons thereof shall be explained;
Stated in “Performance in
A statement where key operating and financial data of at least preceding 5 (five) years shall be
1 (5) (xix) Complied brief” which complies with the
summarized;
guideline.
Stated the company has de-
An explanation on the reasons if the issuer company has not declared dividend (cash or stock)
1 (5) (xx) Not Applicable clared dividend consecutively
for the year;
for last five years.

Compliance
Status
Board’s statement to the effect that no bonus share or stock dividend has been or shall be
1 (5) (xxi) Not Applicable No such situation occurred.
declared as interim dividend;
1 (5) (xxii) The total number of Board meetings held during the year and attendance by each director; Complied Stated in “Directors’ report”
A report on the pattern of shareholding disclosing the aggregate number of shares (along with
1 (5)(xxiii) Complied DO
name-wise details where stated below) held by: -
1 (5)(xxiii) (a) Parent or Subsidiary or Associated Companies and other related parties (name-wise details); Complied Stated in the Directors’ Report.
The directors, MD, CS, CFO
Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal and HIAC and their spouses
1 (5)(xxiii) (b) Complied
Audit and Compliance and their spouses and minor children (name-wise details) and minor children do not hold
any shares of the Company.
The executives of the Compa-
1 (5) (xxiii)(c) Executives; and Complied
ny do not hold any shares.
Shareholders holding ten percent (10%) or more voting interest in the company (name-wise
1 (5) (xxiii)(d) Complied Stated in “Directors’ report”
details);
In case of the appointment or reappointment of a director, a disclosure on the following informa-
1(5)(xxiv)
tion to the shareholders: -
Stated in the “Directors’ Pro-
1(5)(xxiv)(a) a brief resume of the director Complied
file” in the Annual Report.
Stated in the “Directors’ Pro-
1(5)(xxiv)(b) nature of his or her expertise in specific functional areas; and Complied
file” in the Annual Report.
names of companies in which the person also holds the directorship and the membership of Stated in the “Directors’ Re-
1(5)(xxiv)(c) Complied
committees of the Board; port” in the Annual Report.
A Management’s Discussion and Analysis signed by CEO or MD presenting detailed analysis of the company’s position and operations
1(5)(xxv)
along with a brief discussion of changes in the financial statements, among others, focusing on:
1(5)(xxv)(a) accounting policies and estimation for preparation of financial statements; Complied
with the guideline.
changes in accounting policies and estimation, if any, clearly describing the effect on financial
1(5)(xxv)(b) performance or results and financial position as well as cash flows in absolute figure for such Complied
changes;
comparative analysis (including effects of inflation) of financial performance or results and finan-
1(5)(xxv)(c) cial position as well as cash flows for current financial year with immediate preceding five years Complied
explaining reasons thereof;
compare such financial performance or results and financial position as well as cash flows with
1(5)(xxv)(d) Not Applicable
the peer industry scenario;
1(5)(xxv)(e) briefly explain the financial and economic scenario of the country and the globe; Complied
risks and concerns issues related to the financial statements, explaining such risk and concerns
1(5)(xxv)(f) Complied
mitigation plan of the company; and
future plan or projection or forecast for company’s operation, performance and financial position,
1(5)(xxv)(g) with justification thereof, i.e., actual position shall be explained to the shareholders in the next Complied
AGM;
Stated under section “Declara-
Declaration or certification by the CEO and the CFO to the Board as required under condition tion on Financial Statements”
1(5)(xxvi) Complied
No. 3(3) shall be disclosed as per Annexure-A; and in the additional corporate
disclosure.
The report as well as certificate regarding compliance of conditions of this Code as required Stated in the additional corpo-
1(5)(xxvii) Complied
under condition No. 9 shall be disclosed as per Annexure-B and Annexure-C. rate disclosure.

Compliance
Status
Company maintains a book for

Meetings of the Board of Directors Board Meeting Minutes as per
The company shall conduct its Board meetings and record the minutes of the meetings as well as the provision of Bangladesh
1(6) keep required books and records in line with the provisions of the relevant Bangladesh Secretari- Complied Secretarial Standard (BSS)
al Standards (BSS) as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) in as adopted by the Institute
so far as those standards are not inconsistent with any condition of this Code. of chartered Secretaries of
Bangladesh (ICSB)
1(7) Code of Conduct for the Chairperson, other Board members and Chief Executive Officer
The Board shall lay down a code of conduct, based on the recommendation of the Nomination
1(7) (a) and Remuneration Committee (NRC) at condition No. 6, for the Chairperson of the Board, other - Under Process
board members and Chief Executive Officer of the company;
The code of conduct as determined by the NRC shall be posted on the website of the company
including, among others, prudent conduct and behavior; confidentiality; conflict of interest;
1(7) (b) - Under Process
compliance with laws, rules and regulations; prohibition of insider trading; relationship with envi-
ronment, employees, customers and suppliers; and independency.
2 Governance of Board of Directors of Subsidiary Company. -
Provisions relating to the composition of the Board of the holding company shall be made appli- There is no subsidiary compa-
2 (a) Not Applicable
cable to the composition of the Board of the subsidiary company ny of APSCL.
At least 1 (one) independent director on the Board of the holding company shall be a director on
2 (b) Not Applicable DO
the Board of the subsidiary company;
The minutes of the Board meeting of the subsidiary company shall be placed for review at the
2 (c) Not Applicable DO
following Board meeting of the holding company;
The minutes of the respective Board meeting of the holding company shall state that they have
2 (d) Not Applicable DO
reviewed the affairs of the subsidiary company also;
The Audit Committee of the holding company shall also review the financial statements, in partic-
2 (e) Not Applicable DO
ular the investments made by the subsidiary company.
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO), Head of Internal Audit and Compliance (HIAC)
3
and Company Secretary (CS).
3 (1) Appointment
The Board shall appoint a Managing Director (MD) or Chief Executive Officer (CEO), a Company
The company has duly appoint-
3 (1) (a) Secretary (CS), a Chief Financial Officer (CFO) and a Head of Internal Audit and Compliance Complied
ed the MD, CFO, CS and HIAC
(HIAC);
The positions of the Managing Director (MD) or Chief Executive Officer (CEO), Company Secre-
The MD, CFO, CS and HIAC
3 (1) (b) tary (CS), Chief Financial Officer (CFO) and Head of Internal Audit and Compliance (HIAC) shall Complied
are different individuals.
be filled by different individuals;
The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any executive position in
3 (1) (c) Complied No such event occurred
any other company at the same time;
The roles of MD, CFO, CS and
The Board shall clearly define respective roles, responsibilities and duties of the CFO, the HIAC
3 (1) (d) Complied HIAC are clearly defined and
and the CS;
approved by the Board.
The MD or CEO, CS, CFO and HIAC shall not be removed from their position without approval of
3 (1) (e) Complied No such event occurred
the Board as well as immediate dissemination to the Commission and stock exchange(s).
Requirement to attend Board of Directors’ Meetings
The MD or CEO, CS, CFO and HIAC of the company shall attend the meetings of the Board:
3 (2) Complied
Provided that the CS, CFO and/or the HIAC shall not attend such part of a meeting of the Board
which involves consideration of an agenda item relating to their personal matters.
3 (3) Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial Officer (CFO)
The MD or CEO and CFO shall certify to the Board that they have reviewed financial statements Stated in the additional corpo-
3 (3) (a) Complied
for the year and that to the best of their knowledge and belief: rate disclosure.

Compliance
Status
these statements do not contain any materially untrue statement or omit any material fact or Stated in the additional corpo-
3 (3) (a) (i) Complied
contain statements that might be misleading; and rate disclosure.
these statements together present a true and fair view of the company’s affairs and are in compli- Stated in the additional corpo-
3 (3) (a) (ii) Complied
ance with existing accounting standards and applicable laws; rate disclosure.
The MD or CEO and CFO shall also certify that there are, to the best of knowledge and belief,
Stated in the additional corpo-
3 (3) (b) no transactions entered into by the company during the year which are fraudulent, illegal or in Complied
rate disclosure.
violation of the code of conduct for the company’s Board or its members;
Stated in the additional corpo-
3 (3) (c) The certification of the MD or CEO and CFO shall be disclosed in the Annual Report. Complied
rate disclosure.
4 Board of Directors’ Committee. - For ensuring good governance in the company, the Board shall have at least following subcommittees:
4 (i) (i) Audit Committee; and Complied Already in place
4 (ii) (ii) Nomination and Remuneration Committee. - Under Process
5 Audit Committee. -
5(1) Responsibility to the Board of Directors.
Already in place. The TOR is
5 (1) (a) The company shall have an Audit Committee as a sub-committee of the Board; Complied
available.
The Audit Committee shall assist the Board in ensuring that the financial statements reflect true
The Audit committee duly dis-
5 (1) (b) and fair view of the state of affairs of the company and in ensuring a good monitoring system Complied
charge its responsibilities.
within the business;
The Audit Committee shall be responsible to the Board; the duties of the Audit Committee shall In practice. The TOR is
5 (1) (c) Complied
be clearly set forth in writing. available.
5 (2) Constitution of the Audit Committee
The audit committee is com-
5 (2) (a) The Audit Committee shall be composed of at least 3(three) members; Complied
prised of 4(four) members.
The members of the Audit
The Board shall appoint members of the Audit Committee who shall be nonexecutive directors of Committee are appointed by
5 (2) (b) the company excepting Chairperson of the Board and shall include at least 1 (one) independent Complied the Board who are Directors
director; and which includes two inde-
pendent directors.
All the members of audit com-
mittee are financially literate
All members of the audit committee should be “financially literate” and at least 1 (one) member and the chairman of the audit
5 (2) (c) shall have accounting or related financial management background and 10 (ten) years of such Complied committee has accounting
experience; background with more than
10(ten) years of related
experience.
When the term of service of any Committee member expires or there is any circumstance caus-
ing any Committee member to be unable to hold office before expiration of the term of service,
thus making the number of the Committee members to be lower than the prescribed number
5 (2) (d) Complied In practice
of 3 (three) persons, the Board shall appoint the new Committee member to fill up the vacancy
immediately or not later than 1 (one) month from the date of vacancy in the Committee to ensure
continuity of the performance of work of the Audit Committee;
5 (2) (e) The company secretary shall act as the secretary of the Committee; Complied In practice
The quorum of the Audit Committee meeting shall not constitute without at least 1 (one) indepen-
5 (2) (f) Complied In practice
dent director.
5 (3) Chairperson of the Audit Committee
The chairman of Audit commit-
The Board shall select 1 (one) member of the Audit Committee to be Chairperson of the Audit
5 (3) (a) Complied tee is selected by the Board
Committee, who shall be an independent director;
who is an ID.

Compliance
Status
In the absence of the Chairperson of the Audit Committee, the remaining members may elect
one of themselves as Chairperson for that particular meeting, in that case there shall be no prob-
5 (3) (b) Complied In presence
lem of constituting a quorum as required under condition No. 5(4)(b) and the reason of absence
of the regular Chairperson shall be duly recorded in the minutes.
5 (3) (c) Chairperson of the Audit Committee shall remain present in the Annual General Meeting (AGM): Complied In practice
Provided that in absence of Chairperson of the Audit Committee, any other member from the
Audit Committee shall be selected to be present in the annual general meeting (AGM) and reason
for absence of the Chairperson of the Audit Committee shall be recorded in the minutes of the
AGM.
5 (4) Meeting of the Audit Committee
5 (4) (a) The Audit Committee shall conduct at least its four meetings in a financial year: Complied In practice
Provided that any emergency meeting in addition to regular meeting may be convened at the
request of any one of the members of the Committee;
The quorum of the meeting of the Audit Committee shall be constituted in presence of either
5 (4) (b) two members or two third of the members of the Audit Committee, whichever is higher, where Complied In practice
presence of an independent director is a must.
5 (5) Role of Audit Committee the Audit Committee shall: -
5 (5) (a) Oversee the financial reporting process; Complied In practice
5 (5) (b) monitor choice of accounting policies and principles; Complied In practice
monitor Internal Audit and Compliance process to ensure that it is adequately resourced,
5 (5) (c) including approval of the Internal Audit and Compliance Plan and review of the Internal Audit and Complied In practice
Compliance Report;
5 (5) (d) oversee hiring and performance of external auditors; Complied In practice
hold meeting with the external or statutory auditors for review of the annual financial statements
5 (5) (e) Complied In practice
before submission to the Board for approval or adoption;
review along with the management, the annual financial statements before submission to the
5 (5) (f) Complied In practice
Board for approval;
review along with the management, the quarterly and half yearly financial statements before
5 (5) (g) Complied In practice
submission to the Board for approval;
5 (5) (h) review the adequacy of internal audit function; Complied In practice
5 (5) (i) review the Management’s Discussion and Analysis before disclosing in the Annual Report; Complied In practice
5 (5) (j) review statement of all related party transactions submitted by the management; Complied In practice
5 (5) (k) review Management Letters or Letter of Internal Control weakness issued by statutory auditors; Complied In practice
oversee the determination of audit fees based on scope and magnitude, level of expertise
5 (5) (l) deployed and time required for effective audit and evaluate the performance of external auditors; Complied In practice
and
oversee whether the proceeds raised through Initial Public Offering (IPO) or Repeat Public Of-
5 (5) (m) fering (RPO) or Rights Share Offer have been utilized as per the purposes stated in relevant offer - Under process
document or prospectus approved by the Commission:
Provided that the management shall disclose to the Audit Committee about the uses or applica-
tions of the proceeds by major category (capital expenditure, sales and marketing expenses,
working capital, etc.), on a quarterly basis, as a part of their quarterly declaration of financial
results:
Provided further that on an annual basis, the company shall prepare a statement of the proceeds
utilized for the purposes other than those stated in the offer document or prospectus for publica-
tion in the Annual Report along with the comments of the Audit Committee.
5 (6) Reporting of the Audit Committee
5 (6) (a) Reporting to the Board of Directors

Compliance
Status
5 (6) (a) (i) The Audit Committee shall report on its activities to the Board. Complied In practice
5 (6) (a) (ii) The Audit Committee shall immediately report to the Board on the following findings, if any: -
5 (6) (a) (ii) (a) Report on conflicts of interests; - No such event occurred
suspected or presumed fraud or irregularity or material defect identified in the internal audit and
5 (6) (a) (ii) (b) - No such event occurred
compliance process or in the financial statements;
suspected infringement of laws, regulatory compliances including securities related laws, rules
5 (6) (a) (ii) (c) - No such event occurred
and regulations; and
any other matter which the Audit Committee deems necessary shall be disclosed to the Board
5 (6) (a) (ii) (d) - No such event occurred
immediately;
Reporting to the Authorities
If the Audit Committee has reported to the Board about anything which has material impact on the
financial condition and results of operation and has discussed with the Board and the manage-
5 (6) (b) ment that any rectification is necessary and if the Audit Committee finds that such rectification Not Applicable
has been unreasonably ignored, the Audit Committee shall report such finding to the Commis-
sion, upon reporting of such matters to the Board for three times or completion of a period of 6
(six) months from the date of first reporting to the Board, whichever is earlier.
Reporting to the Shareholders and General Investors
5 (6) (7) Report on activities carried out by the Audit Committee, including any report made to the Board Not Applicable
under condition No. 5(6)(a)(ii) above during the year, shall be signed by the Chairperson of the
Audit Committee and disclosed in the annual report of the issuer company.
6 Nomination and Remuneration Committee (NRC). -
6 (1) Responsibility to the Board of Directors
The company shall have a Nomination and Remuneration Committee (NRC) as a subcommittee
6 (1) (a) - Under Process
of the Board;
The NRC shall assist the Board in formulation of the nomination criteria or policy for determin-
ing qualifications, positive attributes, experiences and independence of directors and top-level
6 (1) (b) Not Applicable
executive as well as a policy for formal process of considering remuneration of directors, top level
executive;
The Terms of Reference (ToR) of the NRC shall be clearly set forth in writing covering the areas
6 (1) (c) Not Applicable
stated at the condition No. 6(5)(b).
6 (2) Constitution of the NRC
6 (2) (a) The Committee shall comprise of at least three members including an independent director; Not Applicable
6 (2) (b) All members of the Committee shall be non-executive directors; Not Applicable
6 (2) (c) Members of the Committee shall be nominated and appointed by the Board; Not Applicable
6 (2) (d) The Board shall have authority to remove and appoint any member of the Committee; Not Applicable
In case of death, resignation, disqualification, or removal of any member of the Committee or in
6 (2) (e) any other cases of vacancies, the board shall fill the vacancy within 180 (one hundred eighty) Not Applicable
days of occurring such vacancy in the Committee;
The Chairperson of the Committee may appoint or co-opt any external expert and/or member(s)
of staff to the Committee as advisor who shall be non-voting member, if the Chairperson feels that
6 (2) (f) Not Applicable
advice or suggestion from such external expert and/or member(s) of staff shall be required or
valuable for the Committee;
6 (2) (g) The company secretary shall act as the secretary of the Committee; Not Applicable
The quorum of the NRC meeting shall not constitute without attendance of at least an indepen-
6 (2) (h) Not Applicable
dent director;
No member of the NRC shall receive, either directly or indirectly, any remuneration for any
6 (2) (i) advisory or consultancy role or otherwise, other than Director’s fees or honorarium from the Not Applicable
company.

Compliance
Status
6 (3) Chairperson of the NRC

The Board shall select 1 (one) member of the NRC to be Chairperson of the Committee, who
6 (3) (a) Not Applicable
shall be an independent director;
In the absence of the Chairperson of the NRC, the remaining members may elect one of them-
6 (3) (b) selves as Chairperson for that particular meeting, the reason of absence of the regular Chairper- Not Applicable
son shall be duly recorded in the minutes;
The Chairperson of the NRC shall attend the annual general meeting (AGM) to answer the que-
ries of the shareholders:
Provided that in absence of Chairperson of the NRC, any other member from the NRC shall be
selected to be present in the annual general meeting (AGM) for answering the shareholder’s
queries and reason for absence of the Chairperson of the NRC shall be recorded in the minutes
of the AGM.
6 (4) Meeting of the NRC
6 (4) (a) The NRC shall conduct at least one meeting in a financial year; Not Applicable
The Chairperson of the NRC may convene any emergency meeting upon request by any member
of the NRC;
The quorum of the meeting of the NRC shall be constituted in presence of either two members or
6 (4) (c) two third of the members of the Committee, whichever is higher, where presence of an indepen- Not Applicable
dent director is must as required under condition No. 6 (2) (h);
The proceedings of each meeting of the NRC shall duly be recorded in the minutes and such
6 (4) (d) Not Applicable
minutes shall be confirmed in the next meeting of the NRC.
6 (5) Role of the NRC
6 (5) (a) NRC shall be independent and responsible or accountable to the Board and to the shareholders; Not Applicable
NRC shall oversee, among others, the following matters and make report with recommendation
to the Board:
formulating the criteria for determining qualifications, positive attributes and independence of a
6 (5) (b) (i) director and recommend a policy to the Board, relating to 13 the remuneration of the directors, Not Applicable
top level executive, considering the following:
the level and composition of remuneration is reasonable and sufficient to attract, retain and
6 (5) (b) (i) (a) Not Applicable
motivate suitable directors to run the company successfully;
the relationship of remuneration to performance is clear and meets appropriate performance
6 (5) (b) (i) (b) Not Applicable
benchmarks; and
remuneration to directors, top level executive involves a balance between fixed and incentive pay
6 (5) (b) (i) (c) reflecting short and long-term performance objectives appropriate to the working of the company Not Applicable
and its goals;
devising a policy on Board’s diversity taking into consideration age, gender, experience, ethnici-
6 (5) (b) (ii) Not Applicable
ty, educational background and nationality;
identifying persons who are qualified to become directors and who may be appointed in top level
6 (5) (b) (iii) executive position in accordance with the criteria laid down, and recommend their appointment Not Applicable
and removal to the Board;
6 (5) (b) (iv) formulating the criteria for evaluation of performance of independent directors and the Board; Not Applicable
identifying the company’s needs for employees at different levels and determine their selection,
6 (5) (b) (v) Not Applicable
transfer or replacement and promotion criteria; and
developing, recommending and reviewing annually the company’s human resources and training
6 (5) (b) (vi) Not Applicable
policies;
The company shall disclose the nomination and remuneration policy and the evaluation criteria
and activities of NRC during the year at a glance in its annual report.
7 External or Statutory Auditors. -
7 (1) The issuer company shall not engage its external or statutory auditors to perform the following services of the company, namely:-

Compliance
Status
7 (1) (i) appraisal or valuation services or fairness opinions; Complied In practice

7 (1) (ii) financial information systems design and implementation; Complied In practice
7 (1) (iii) book-keeping or other services related to the accounting records or financial statements; Complied In practice
7 (1) (iv) broker-dealer services; Complied In practice
7 (1) (v) actuarial services; Complied In practice
7 (1) (vi) internal audit services or special audit services; Complied In practice
7 (1) (vii) any service that the Audit Committee determines; Complied In practice
audit or certification services on compliance of corporate governance as required under condi-
7 (1) (viii) Complied In practice
tion No. 9(1); and
7 (1) (ix) any other service that creates conflict of interest. Complied In practice
No partner or employees of the external audit firms shall possess any share of the company
7 (2) they audit at least during the tenure of their audit assignment of that company; his or her family Complied In practice
members also shall not hold any shares in the said company:
Provided that spouse, son, daughter, father, mother, brother, sister, son-in-law and daughter-in-
law shall be considered as family members.
Representative of external or statutory auditors shall remain present in the Shareholders’ Meeting
7 (3) (Annual General Meeting or Extraordinary General Meeting) to answer the queries of the share- Complied In practice
holders.
8 Maintaining a website by the Company: -
8 (1) The company shall have an official website linked with the website of the stock exchange. Complied
8 (2) The company shall keep the website functional from the date of listing. Complied
The company shall make available the detailed disclosures on its website as required under the
8 (3) Complied
listing regulations of the concerned stock exchange(s).
9 Reporting and Compliance of Corporate Governance: -
The company obtained the
certificate from M/S Mumlook
The company shall obtain a certificate from a practicing Professional Accountant or Secretary Mustaque & Co. Chartered
(Chartered Accountant or Cost and Management Accountant or Chartered Secretary) other Accountants regarding
9 (1) than its statutory auditors or audit firm on yearly basis regarding compliance of conditions of Complied compliance of conditions of
Corporate Governance Code of the Commission and shall such certificate shall be disclosed in Corporate Governance of
the Annual Report. the Commission and such
certificate is disclosed in the
Annual Report.
M/S Mumlook Mustaque &
The professional who will provide the certificate on compliance of this Corporate Governance Co. Chartered Accountants
9 (2) Complied
Code shall be appointed by the shareholders in the annual general meeting. was appointed by the share-
holders at the AGM.
Details status disclosed in the
The directors of the company shall state, in accordance with the Annexure-C attached, in the
9 (3) Complied Annexure-C and published in
directors’ report whether the company has complied with these conditions or not.
the report.

Report of the Audit Committee
For the year 2018-19 ended on 30 June 2019
The Audit Committee of Ashuganj Power Station Company Ltd. (APSCL) was established and its Charter was approved by the Company’s Board.
The Audit Committee, a sub-committee of the Board, supports the Board in fulfilling its oversight responsibilities. The Audit Committee of APSCL
comprises of the following Board members:
1. Professor Mamtaz Uddin Ahmed, FCMA - Chariman
2. Mr. Kamal Ahmed - Member
3. Mr. Md. Abul Monsur - Member
4. Mr. Al Mamun Murshed - Member
The Audit Committee met 13 times during the considering period. The Company’s Executive Director (Finance) was invited to audit committee’s
meetings at the discretion of the committee.
ROLE OF THE AUDIT COMMITTEE
The Audit Committee’s authorities, duties and responsibilities flow from the Board’s oversight function. The major responsibilities of the
Committee, among others, include:
• Reviewing the quarterly, half-yearly and annual financial statements and other financial results of the company and, upon its satisfaction of the
review, recommend them to the Board for approval.
• Reviewing the revised revenue budget, capital expenditure budget, and project development budget of the current year and proposed revenue
budget, capital expenditure budget, and project development budget of the next year and recommended them to the Board for approval.
• Monitoring and reviewing the adequacy and effectiveness of the Company’s financial reporting process, internal control and risk management
system.
• Monitoring and reviewing the arrangements to ensure objectivity and effectiveness of the external and internal audit functions. Examine audit
findings and material weaknesses in the system and monitor implementation of audit action plans.
• Recommending to the Board the appointment, re-appointment or removal of external auditors.
• Reviewing and monitoring the Company’s ethical standards and procedures to ensure compliance with the regulatory and financial reporting
requirements.
ACTIVITIES OF THE COMMITTEE ON THE COMPANY’S AFFAIRS FOR THE PERIOD UNDER REPORT
• Reviewing the audited financial statements of the Company and being satisfied that the critical accounting policies, significant judgments and
practices used by the Company are compliant with the required laws and regulations, also confirmed by the external auditor in their independent
report, thereafter recommending to the Board for adoption.
• Reviewing the quarterly, half-yearly and annual financial statements
and recommend them to the Board for approval.
• Reviewing the revised revenue budget, capital expenditure
budget, and project development budget of the current year and
proposed revenue budget, capital expenditure budget, and project
development budget of the next year and recommended them to the
Board for approval.
• Reviewing the quarterly financial statements of the Company and
recommending the same to the Board for adoption.
• Reviewing the external auditors’ findings arising from audit,
particularly comments and responses given by the management.
• Reviewing the periodical internal audit & control division’s findings
and recommend for necessary measures in this concern.
• Monitoring bond financing issues.
• Monitoring the physical verification of the store material by consultancy firm.
• Reviewing the matters as per requirement from the Board.
The committee is of the opinion that reasonable controls and procedures are in place to provide assurance that the Company’s assets are
safeguarded and the financial position of the Company is adequately managed.
Prof. Mamtaz Uddin Ahmed, FCMA

Chairman, Audit Committee

Compliance Report on IAS & IFRS
Compliance Report on IAS
IAS
SL No. Name of IAS Remarks
Effective Date
IAS 1 Presentation of Financial Statements 2007 Applied
IAS 2 Inventories 2005 Applied
IAS 7 Statement of Cash Flows 1992 Applied
IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors 2003 Applied
IAS 10 Events After the Reporting Period 2003 Applied
IAS 12 Income Taxes 1996 Applied
IAS 16 Property, Plant and Equipment 2003 Applied
IAS 19 Employee Benefits (2011) 2011 Applied
IAS 20 Accounting for Government Grants and Disclosure of Government Assistance 1983 Applied
IAS 21 The Effects of Changes in Foreign Exchange Rates 2003 Applied
IAS 23 Borrowing Costs 2007 Applied
IAS 24 Related Party Disclosures 2009 Applied
IAS 32 Financial Instruments: Presentation 2003 Applied
IAS 33 Earnings Per Share 2003 Applied
IAS 37 Provisions, Contingent Liabilities and Contingent Assets 1998 Applied
IAS 38 Intangible Assets 2004* Applied
IAS 39 Financial Instruments 2003 Applied
Compliance Report on IFRS

IFRS
SL No. Name of IFRS Remarks
Effective Date
IFRS 7 Financial Instruments: Disclosures 2005 Applied
IFRS 9 Financial Instruments 2014 Applied
IFRS 15 Revenue from Contracts with Customers 2014 Applied

Presently demand for electricity in Bangladesh as a key
enabler for economic and social development is rising
along a similar trend with increased population. For the
commitment from Environmental Responsibility, APSCL
is developing its combined cycle Thermal Power Plants
and Renewable energy-based Power Plants to ensure
sustainable development of the country. It is lowering the
environmental footprint of assets, to allow for the clean
generation of electricity with minimum impact on the
environment. In order to limit the environmental impacts
from electricity generation throughout the entire life cycle
of the plants, the company has built more efficient and
environment friendly new power plants and is introducing
Eco-Designed and environment friendly technology
replacing the old less efficient generating units. The
objective of this approach is to reduce increased pressure
on energy demand at present energy crisis situation of
Bangladesh and subsequently to reduce Green House Gas emission and the impact on climate change. For this APSCL has achieved
the globally prestigious “The Green Era Award, 2015” from World Economic Forum in Berlin, Germany as the pioneer of Green
Economy in the power sector of Bangladesh.
The company has set up an organization with follow-up tools and APSCL’s plants are well equipped with pollution control devices
indicators to implement its environmental policy, as well as health and adhere to all environmental regulations and pollution norms of
and safety policies for its employees and contractors that covers the country. In addition, it is working closely with the community to
such items as environmental management, water, ground and air minimize environmental hazards. The company has institutionalized
pollution, waste production and recycling. It also deals with health an effective system of environment monitoring, pollution control
and occupational safety management, pollution prevention, etc. in equipment and emissions management. Aside from tree plantation
line with ISO 9001, ISO 14001 and ISO 45001 requirements. At that is being carried out within the plant and residential boundary,
APSCL environment, health and safety (HS&E) is not a regulatory it is actively involved in tree plantation initiatives in its community.
compliance, but a corporate credo followed with diligence across all APSCL is also using the latest available technology to reduce net
operations. It has enforced environment, health and safety standards consumption of high-quality water by enhancing water use efficiency
and implemented work safety measures at all operating locations, with “Zero Blow Down Discharge” as the company fully understand
ensuring healthy, safe and environmentally friendly working conditions. the importance of this precious resource during plant operations
It is committed to ensure that all the plants will adhere to the highest by improving thermal efficiency and reducing the amount of heat
safety standards with each location serviced by its own Health, Safety discharged in the environment. It is also reducing the chemical impact
and Environment (HS&E) division. The company ensures employee of operational discharge on the quality of surrounding surface and
involvement in maintaining a pollution free, safe and healthy workplace groundwater resources. All power plant projects are subject to State
through periodic reviews of operational procedures, safe methods Environmental Laws and Regulations, which govern the discharge,
of work and a safe work environment. Therefore, it has developed a emission, storage, handling and disposal of a variety of substances.
culture of environment, health and safety through active leadership It has also adopted waste management systems and maximized the
and provide appropriate training at all levels to enable employees available recycling opportunities.
to fulfill their health, safety and environmental obligations. All of its APSCL aim to minimize the impact of its operations on the
power plants have received statutory approvals by complying with all environment through reducing energy consumption in auxiliary
environmental regulations in line with the Department of Environment, equipment’s, buildings and facilities, utilizing renewable sources of
Bangladesh; World Bank Thermal Power Plant Guidelines and ADB energy, implementing ‘green’ waste management practices, minimizing
Environmental Safeguard Policy.

business travel, carbon offsetting and operating quality management ensure the commitments made in this policy are being met.
systems. To support this effort, the environmental and climate
change policy is implemented through proper management to ensure HEALTH, SAFETY AND ENVIRONMENT STATEMENT
compliance with local guidelines and regulations. In 2013, Health, APSCL recognize that the management of employee’s Health and
Safety & Environment Division of APSCL developed its Greenhouse Safety at work and the minimization of our adverse Environmental
Gas (‘GHG’) emissions accounting to include all operations. Since impact are a prime duty and responsibility of Ashuganj Power Station
then, the focus has been on increasing the quality of information Company Ltd. (APSCL) management. It is committed to improve its
captured and seeking out how the better data collected can add value health, safety and environmental (HSE) performance continuously.
to the business. The levels of GHG emissions have been calculated APSCL ensures the quality, health & safety, environment and social
using the guidelines of the GHG protocol and relate to the reporting responsibility, creating sustainable added value to our employees,
period from 1 July 2018 to 30 June 2019. This provides internal clients and other stakeholders.
management with valuable information on which to build an effective
strategy to manage and reduce GHG emissions. This will continue Principles: The Company continually strive to create a safe workplace
to serve as a process by which to improve and further develop for its employees and contract personnel, thus avoiding accidents and
accounting and reporting standards in the future, and to broaden the occupational illness.
base of users and stakeholder input. This includes building bridges It believes that:
with existing and emerging climate initiatives to optimize safe natural
environment and to ensure the sustainable development. ◆◆ No job is worth doing if it cannot be done safely; all work-related
incidents can be prevented.
HEALTH, SAFETY AND ENVIRONMENT POLICY ◆◆ Health and safety at work is the responsibility of every employee,
APSCL HSE vision is an accident free workplace, with no harm contractor and visitor.
to people and continuously decreasing environmental impacts of ◆◆ It all contribute to protect the natural environment.
business activities. It commits to provide a safe and healthy work ◆◆ It is the responsibility of our management to provide the
environment and ensure that all activities are conducted in a manner resources necessary to implement this policy.
that protects the environment. ◆◆ Ensure sustainable progress through internal and external
To achieve this commitment, our Health, Safety and Environmental audits.
(HSE) management system drives continual improvement, outlines
HSE accountabilities and requires that the company: Commitments: The entire line management, supported by our
◆◆ Identify and manage risks to as low as reasonably practicable internal HSE network, is accountable for the implementation of this
where they have the potential to cause an injury or ill health to HSE policy and shall remain committed to:
people, or unacceptable impacts on the environment or the ◆◆ Protect the health & safety of our employees, visitors, contractors
community. and clients.
◆◆ Provide safe work places and systems of work, empower ◆◆ Prevent pollution; minimize our resource use and waste
employees, contractors and other stakeholders to address generation through sustainable development initiatives.
unsafe or hazardous situations and carry out their work in a ◆◆ Increase our employee awareness of HSE concerns and issues.
manner that does not present a risk to themselves, others or the
◆◆ Comply with relevant HSE legislation, Group and other applicable
environment.
requirements.
◆◆ Set objectives, targets and Plans which seek to improve
◆◆ Provide the tools, internal HSE resources and training necessary
performance in HSE.
for the implementation of effective HSE management systems.
◆◆ Commit to the prevention of Pollution.
◆◆ Ensure compliance with applicable HSE legal requirements and
The APSCL HSE Policy is its core value to achieve its vision of zero
other HSE commitments.
accidents, illness and adverse environmental impact.
◆◆ Require contractors and other stakeholders to manage HSE
using standards and practices that comply with this policy.
◆◆ Review and report HSE performance regularly.
The entire line management is responsible for establishing and
overviewing APSCL commitment to manage HSE in accordance
with this policy and monitoring the performance of the Company
with respect to its implementation. The Management of APSCL is
responsible for the implementation of the HSE Management System to

Corporate Social Responsibility (CSR) is an evolving business practice that incorporates
sustainable development into a company’s business model. CSR companies integrate social,
environmental, and economic concerns into their values and operations in a transparent and
accountable manner. It is the commitment by business to behave ethically and contribute to
economic development while improving the quality of life of the workforce and their families as
well as of the local community and society at large.
Besides its normal activity of electricity generation, APSCL operates a High School, a Training
Centre, a Medical Center, a Mosque, one Officers’ Club, one Employees Club, a Maktab and
a Temple. All these establishments are financially supported by the Company.
The High School is operated by the company is affiliated by the Comilla Secondary & Higher
Secondary Education Board. Students from Baby Group to Class X study in this school. The School is run by a group of experienced Teaching
Staff. It is here to mention that more than 60% of the total student of this school comes from adjacent areas and villages. In this way, APSCL
makes a valuable contribution to the education sector in this area.
The Medical Centre is operated by the company. There are one Senior Medical Officer (MBBS) & Two Medical Officers (MBBS)-one male & one
female, Four Nurses (Diploma) and one female attendant. They provide medical services such as Antenatal checkup, EPI vaccination, Blood sugar
check, ECG, Nebulization, and many other emergency services to the employees and their family members at the Medical Center. There are two

ambulances with fully equipped modern facilities in the Medical Center.

The water used for steam generation is discharged after its uses through the discharge channel which is further used for irrigation in the local area
in the dry season. It is known that about 36,000 acres of land of Brahmanbaria district and adjacent areas are irrigated by
this water free of cost.
The infrastructures of APSCL’s surface areas like road, bridge,
drainage system, footpath, etc. are constructed and maintained by
its authority whose beneficiaries are the mass people of this area.
In this way, APSCL took part in the development of this area.
Apart from these, APSCL is contributing to the Bangladesh National
Workers Welfare Foundation regularly. APSCL deposited BDT
40,16,927.00 in the financial year 2018-2019 to the Bangladesh
National Workers Welfare Foundation.

Memorable events 2018-19
SUBSCRIPTION CEREMONY OF APSCL BOND


VISIT OF ADB ALTERNATE EXECUTIVE DIRECTOR
ICMAB BEST
CORPORATE
AWARD
INNOVATION SHOWCASING PROGRAM - 2019

RECEIPTION OF
NEWLY APPOINTED
BOARD DIRECTOR
MR. AL MAMUN
MURSHED
LTSA SIGNING CEREMONY BETWEEN APSCL AND SIEMENS
CHEQUE HANDOVER
TO BANGLADESH
NATIONAL
WORKERS
WELFARE
FOUNDATION-2019

CELEBRATION OF BIRTHDAY OF FATHER OF NATION
POWER AND
ENERGY WEEK-2018
VICTORY DAY-2018

NATIONAL MOURNING DAY
WORKSHOP ON “INNOVATION IN PUBLIC SERVICE”

JATIYO UNNAYAN MELA - 2018
11TH ANNUAL SPORTS OF APSCL

INTERNATIONAL MOTHER LANGUAGE DAY-2019
BOI UTSHOB-2019
INDEPENDANCE DAY-2019

Financials

INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Ashuganj Power Station Company Ltd.
Report on the Audit of the Financial Statements

Opinion
We have audited the accompanying financial statements of Ashuganj Power Station Company Ltd. (The Company) which comprise the
Statement of Financial Position as at June 30, 2019 and the Statement of Profit or Loss and Other Comprehensive Income, Statement of
Changes in Equity and Statement of Cash Flows for the year ended and a summary of significant accounting policies and other explanatory
information.
In our opinion, the accompanying financial statements give a true and fair view of the Financial Position of the company as at June 30,
2019, and the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash
Flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs).
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of
the entity in accordance with the ethical requirement that are relevant to our audit of the financial statements in Bangladesh, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
i) We draw attention to note 6, “investment in UAEL” where the company measured the equity investment in United Ashuganj Energy
Limited in cost price instead of fair value as required in IFRS 9 due to unavailability of any relevant information as per IFRS 13, Fair
Value Measurement. Our opinion is not modified in respect of this matter.
ii) We draw attention to “Bond Payable” in financial statements and note 43 where the company measured the Bond liability, which was
a floating rate instrument, at the final settlement amount as per IFRS 9. Our opinion is not modified in respect of this matter.
iii) We draw attention to note 35, “AGM and EGM expenses” where the company has provided Tk. 2,500,000 but this expense was not
spent for any mandatory business purpose. This expense is also not allowable as deduction from Business Income under section 29
of the Income Tax Ordinance 1984. Our opinion is not modified in respect of this matter.
Other Information
Management is responsible for the other information. The other information comprises all the information in the Annual Report other than
the financial statements and our auditors’ report thereon. The Annual Report is expected to be made available to us after the date of this
auditor’s report.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion
thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes
available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit or otherwise appears to be materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter
to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements that give a true & fair view in accordance
with IFRSs, and for such internal control as management determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the entity’s ability to continue as a going concern, disclos-
ing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends
to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstate-

AS HU G ANJ PO W E R S TATI O N C O M PA N Y LTD
INDEPENDENT AUDITOR’S REPORT
ments can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform au-
dit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circum-
stances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the entity
to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the finan-
cial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Entity
to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We
remain solely responsible for our audit opinion.
We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit find-
ings, including any significant deficiencies in internal control that we identify during our audit.
Report on Other Legal and Regulatory Requirements

In accordance with the Companies Act 1994 and The Bangladesh Securities and Exchange Rules 1987 and other applicable laws and
regulations, we also report the following:
• We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose
of our audit and made due verification thereof;
• In our opinion, proper books of account as required by law have been kept by the Company so far as it appeared from our examination
of those;
• The Company’s statement of financial position and statement of profit or loss and other comprehensive income dealt with by the report
are in agreement with the books of account books;
• The expenditures incurred and payments made were for the purpose of the company’s business books.
Dated: Dhaka Masih Muhith Haque & Co.

November 18, 2019 Chartered Accountants

STATEMENT OF FINANCIAL POSITION

As at 30 June 2019
Amount in Taka
Particulars Notes June 30, 2018
June 30, 2019 July 1, 2017
(Restated)
Assets
Non-current assets
Property, plant and equipment 4.00 87,851,420,662 15,159,822,219 16,343,387,814
Deferred expenditure 5.00 - - 390,027,259
Investment in UAEL 6.00 304,050,000 304,050,000 304,050,000
Capital works-in-progress 7.00 2,290,171,829 75,912,802,499 70,612,683,239
Total non-current assets 90,445,642,491 91,376,674,718 87,650,148,312
Current assets
Store Materials 8.00 2,321,519,732 2,288,374,125 2,114,489,317
Advances, deposits and pre-payments 9.00 771,215,189 94,141,023 27,880,502
Accounts and other receivable 10.00 5,519,879,137 7,087,527,426 4,003,108,312
Short term deposit 11.00 2,537,590,798 - -
Cash and cash equivalents 12.00 12,977,352,130 6,009,276,615 5,160,571,223
Total current assets 24,127,556,986 15,479,319,189 11,306,049,354
Total assets 114,573,199,474 106,855,993,905 98,956,197,666
Equity and liabilities
Share capital 13.00 6,615,000,000 6,615,000,000 6,615,000,000
Equity of BPDB 14.00 5,572,614,964 5,572,614,964 5,572,614,964
Equity of Govt. 18.1 (A) 1,247,678,074 - -
Direct grant 15.00 344,182,000 344,182,000 344,182,000
Retained earnings 16.00 8,137,146,691 4,420,263,013 1,075,744,996
21,916,621,729 16,952,059,977 13,607,541,960
Subordinated loan
Subordinated loan-debt service liabilities 17.00 10,252,300,000 10,252,300,000 10,252,300,000
Non-current liabilities
Government loan 18.00 2,314,010,157 3,471,277,531 3,677,538,723
Loan from BPDB 19.00 - 541,600,000 4,741,600,000
Foreign loan 20.00 25,181,454,798 24,912,063,975 22,546,976,270
Export credit agency (ECA) 21.00 28,330,610,719 31,579,968,386 31,140,113,886
Bond Payable 5,000,000,000 - -
Deferred tax 22.00 6,839,249,561 5,555,080,347 4,630,139,666
Advance land lease rent UAEL 23.00 222,970,000 243,240,000 263,510,000
Deferred-liabilities for gratuity 24.00 559,024,365 320,304,670 458,363,120
Total non-current liabilities 68,447,319,600 66,623,534,909 67,458,241,665
Current liabilities
Provision for income tax 25.00 1,070,361,169 1,063,541,998 1,024,812,189
Current portion of loan 26.00 7,258,407,928 7,538,036,332 4,211,434,964
Advance land lease rent UAEL 20,270,000 20,270,000 20,270,000
Liabilities for interest expense 27.00 3,255,156,858 1,643,176,432 657,377,036
Trade payable 28.00 1,657,775,898 2,240,903,778 1,360,915,219
Liabilities for expenses 29.00 421,369,335 303,899,516 278,979,925
Worker’s profit participation fund (WPPF) 30.00 273,616,957 218,270,964 84,324,709
Total current liabilities 13,956,958,145 13,028,099,019 7,638,114,041
Total liabilities 92,656,577,744 89,903,933,928 85,348,655,706
Total equity and liabilities 114,573,199,474 106,855,993,905 98,956,197,666
These financial statements should be read in conjunction with annexed notes
Company Secretary Executive Director (Finance) Managing Director Director
Dhaka, Bangladesh Masih Muhith Haque & Co.

Date: 18 November 2019 Chartered Accountants

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the year ended 30 June 2019
Amount in Taka
Particulars Notes 2018-2019 2017-2018
BDT BDT
Revenue (Sales) 31.00 23,049,896,486 21,773,269,662

Cost of sales 32.00 12,247,234,932 11,481,818,838
Gross profit 10,802,661,554 10,291,450,824
Other operating income 33.00 164,576,831 159,652,231
10,967,238,385 10,451,103,055
Operation and maintenance expenses
Personnel expenses 34.00 1,315,113,463 1,071,880,702
Office and other expenses 35.00 128,320,547 99,641,076
Repair and maintenance 36.00 157,203,603 162,059,539
Depreciation expenses 37.00 73,821,213 68,714,258
1,674,458,826 1,402,295,575
Operating profit 9,292,779,559 9,048,807,480
Finance income 38.00 208,234,554 353,257,469
Financial expense 39.00 3,577,271,750 3,196,740,682
Foreign currency fluctuation (gain)/loss 40.00 177,786,267 1,621,634,015
Worker’s profit participation fund (WPPF) 273,616,957 229,184,513
Income before tax 5,472,339,139 4,354,505,739
Income tax expenses
Current tax 140,536,247 133,717,076
Deferred tax 1,284,169,214 924,940,681
1,424,705,461 1,058,657,757
Profit after tax 4,047,633,678 3,295,847,982
Other Comprehensive income - -
Net income 4,047,633,678 3,295,847,982
Earnings per share: 41.00
Basic earnings per share of BDT 10 6.12 4.98
Diluted earnings per share of BDT 10 1.78 1.45
These financial statements should be read in conjunction with annexed notes


STATEMENT OF CHANGES IN EQUITY

Retained earnings
Share capital Equity of BPDB Equity of Govt. Direct Grant Total
Particulars (Restated)
BDT BDT BDT BDT BDT BDT
FY: 2018-19
Balance at 01 July 2018 6,615,000,000 5,572,614,964 - 344,182,000 4,420,263,013 16,952,059,977
450 MW (N) Govt. loan (60%) transferred 1,247,678,074 1,247,678,074
Total comprehensive income - - - - 4,047,633,678 4,047,633,678
Payment of dividend - - - - (330,750,000) (330,750,000)
Balance at 30 June 2019 6,615,000,000 5,572,614,964 1,247,678,074 344,182,000 8,137,146,691 21,916,621,729
FY: 2017-18
Balance at 01 July 2017 6,615,000,000 5,572,614,964 - 344,182,000 431,546,000 12,963,342,964
Total comprehensive income - - - - 3,295,847,982 3,295,847,982
Error Correction (Store Material Balance) 847,330,482 847,330,482
Error Correction (WPPF Fund) 10,913,549 10,913,549
Payment of dividend - - - - (165,375,000) (165,375,000)
Balance at 30 June 2018 6,615,000,000 5,572,614,964 - 344,182,000 4,420,263,013 16,952,059,977
These financial statements should be read in conjunction with annexed notes.


STATEMENT OF CASH FLOWS

2018-2019 2017-2018
Particulars
BDT BDT
Cash flows from operating activities

Cash received from operation 24,660,759,196 18,688,850,548
Cash received from other income 309,326,964 209,845,302
Payment for salary and allowances (1,076,393,768) (999,508,743)
Payment to suppliers (8,884,909,321) (6,553,058,124)
Finance expense paid (1,965,291,324) (2,048,219,754)
Company income tax paid (133,717,076) (94,987,267)
WPPF payment (229,184,513) -
Net cash received from operating activities 12,680,590,158 9,202,921,962
Cash flows from investing activities
Acquisition of property, plant and equipment (320,266,307) (393,496,350)
Payments towards project cost (3,811,843,950) (8,264,789,512)
Net cash used in investing activities (4,132,110,257) (8,658,285,862)
Cash flows from financing activities
Repayment of government loan (22,360,003) (213,130,596)
Repayment of foreign loan - (66,449,060)
Dividend received - 282,794,400
Dividend paid (330,735,490) (165,367,745)
Received from Bond 5,000,000,000 -
Short term deposit (2,537,590,798)
Loan paid to BPDB (2,700,000,000) (1,800,000,000)
Government loan received for 450 MW (N) project - 220,000,000
ADB loan received for 450 MW (N) project - 1,671,857,040
IDB loan received for 450 MW (N) project - 826,128,785
GOB loan refund to Bangladesh bank (5,529,297) -
Government loan received for 400 MW (E) project 60,000,000 -
ADB loan received for 400 MW (E) project 999,185,832 -
IDB loan received for 400 MW (E) project 852,388,280 -
ECA loan received for 225 MW Project 1,933,792,783
ECA loan received for 450 MW (South) Project - 4,191,562,107
Export credit agency (ECA) loan payment (4,982,055,749) (4,793,845,672)
Net cash from/(used in) financing activities (1,732,904,442) 153,549,259
Net increase in cash and cash equivalents 6,815,575,459 698,185,359
Opening cash and cash equivalents 6,009,276,615 5,160,571,223
Effects of exchange rate changes on cash and cash equivalents 152,500,056 150,520,033
Closing cash and cash equivalents 12,977,352,130 6,009,276,615


NOTES TO THE FINANCIAL STATEMENTS

1 Corporate information
1.1 Legal status and background of the company

Ashuganj Power Station Company Ltd (APSCL/the Company) is registered as a private limited company with the Registrar
of Joint Stock Companies and Firms (RJSCF), Dhaka vide certificate of incorporation no. 40630(2328)/2000 dated 28 June
2000 which was thereafter converted into a public limited company. Its authorized share capital has been increased from
BDT 100 crores to BDT 1,500 crores through a special resolution passed on 01 March 2003 and authorized capital has been
increased from BDT 1,500 crores to BDT 3,000 crores through an ordinary resolution on 10th AGM held on 26 December
2010. Its paid up capital has been increased to BDT 661.40 crore by a special resolution in the 142th Board Meeting held on
08 July 2012 in terms of condition of section 151 of Companies Act 1994 for issue of shares against assets and conditions of
the company’s Articles of Association, clauses 11 and 17 (here considering on the basis of provisional vendor’s agreement,
maximum BDT 661.40 crore can be transferred to BPDB’s paid up capital from its equity). A provisional vendor’s agreement
has been signed between Bangladesh Power Development Board (BPDB) and APSCL in order to transfer all the assets and
liabilities of Ashuganj Power Station Complex, Ashuganj Combined Cycle Power Plant, Ashuganj Power Plant Training Centre
and Ashuganj Regional Accounting Office of BPDB to APSCL on 22 May 2003. A Provisional Power Purchase Agreement
(PPPA) has also been signed on 30 May 2005 between the BPDB and APSCL. Both the agreements are with effect from 01
June 2003. The Articles of Association of the company was amended in the 8th AGM held on 30 June 2008. After the amend-
ments, the accounting year has been changed from Gregorian calendar year to company’s desired financial year with due
permission from RJSCF vide its letter no. 4835. First amendment of PPPA has been made with effect from 15 January 2010,
second amendment of PPPA between APSCL and BPDB has been made with effect from 14 January 2012 , third amendment
of with effect from 17 June 2015 and fourth amendment of with effect from 15 May 2018.
Bangladesh Securities Exchange Commission (BSEC) has been approved APSCL to issue bond of Tk. 500 crore on 12th
April, 2018. APSCL has already raised BDT 500 crore through private placement from nine (09) institutions (Government
Bank-04, Private Bank-02 & Government Financial Institution-03). Afterwards, Bangladesh Securities Exchange Commission
(BSEC), on its 692nd Meeting held on July 2nd, 2019, has approved APSCL to issue the public placement of BDT 100 Crore
Non-Convertible Fully Redeemable Coupon Bearing Bond. The coupon will be paid semi annually. The first coupon will be
paid after 12 months of the draw down. The coupon rate will be reference rate plus margin or 8.50% whichever is higher.
However, for the first coupon payment the rate would be 8.50%. The reference rate is the 6 months average of 182 days
Bangladesh Treasury Bill (182 Days T-Bill). The coupon margin is 4.00%. The coupon rate will be between 8.50% to 10.50%
per annum. (Coupon ceiling rate is 10.50% and coupon floor rate is 8.50%). The issuer shall pay a late payment penalty of
2% of the coupon rate on the payable amount.
1.2 Nature of business activities
The main objectives of the company is to carry out the business of electric light and power generation, supply and sell of
electricity through national grid to BPDB for the purpose of light, heat motive power and all other purposes for which electric
energy can be employed and to manufacture and deal in all apparatus and things required for, or capture of being used in
connection with the generation, supply, sale and employment of electricity including in term electricity all power that may be
directly or indirectly derived therefrom, or may be incidentally hereafter discovered in dealing with electricity.
2. Basis of preparation and presentation of the Financial Statements:
2.1 Statement of compliances

The financial statements have been prepared in accordance with International Accounting Standards (IAS), International Fi-
nancial Reporting Standards (IFRS),the Companies Act 1994, Bangladesh Securities and Exchange Commission, Rules 1987
and other applicable laws and regulations.
The following International Accounting Standards and International Financial Reporting Standards were applied for the
preparation of the financial statements for the year under review:
IAS - 1 Presentation of Financial Statements
IAS - 7 Statement of Cash Flows
IAS - 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS - 10 Events after the reporting year
IAS - 12 Income Taxes
IAS - 16 Property, Plant & Equipment
IAS - 21 The Effects of Changes in Foreign Exchange Rates


IAS - 24 Related Party Disclosures

IAS - 32 Financial Instruments: Presentation
IAS - 33 Earnings per Share
IAS - 37 Provisions, Contingent Liabilities and Contingent Assets.
IAS - 39 Financial Instruments: Recognition and Measurement
IFRS- 7 Financial Instruments: Disclosures
IFRS -9 Financial Instruments
IFRS -15 Revenue from contracts with customers
2.2 Other regulatory compliances
In addition to the aforesaid, the Company is also required to comply with the following in addition to the Companies Act 1994
and other applicable laws and regulations:
Bangladesh Securities and Exchange Commission Act 1993
The Income Tax Ordinance 1984
The Income Tax Rules 1984
Value Added Tax Act, 1991
Value Added Tax Rules, 1991
2.3 Date of Authorization
The Board of Directors authorized the financial statements for issue on November 21, 2019.
2.4 Responsibility for Preparation and Presentation of Financial Statements:
The Board of Directors is responsible for the preparation of financial statements under section 183 of the Companies Act,
1994 and as per the provision of “The Framework for the Preparation and Presentation of Financial Statements” issued by
the International Accounting Standard (IAS).
2.5 Use of Estimates and Judgment:
The preparation of financial statements in conformity with IASs requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an on going
basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised if the revision affects
only that year, or in the year of revision and future years if the revision affects both current and future years. In particular,
information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have
the most significant effect on the amount recognized in the financial statements are described in the following notes:
Note 04: Property, Plant & Equipment (considering useful life of assets);
Note 08: Inventories;
Note 10: Accounts Receivable;
Note 29: Liabilities for expenses;
Note 25: Provision for Income Tax;
2.6 Measurement of the elements of financial statements
Measurement is the process of determining the monetary amounts at which the elements of the financial statements are to
be recognized and carried in the statements of financial position and profit or loss and other comprehensive income. The
measurement basis adopted by APSCL is historical cost except the revaluation of land. Under the historical cost, assets are
recorded at the amount of cash or cash equivalents paid or the fair value of the consideration given to acquire them at the
time of their acquisition. Liabilities are recorded at the amount of proceeds received in exchange for the obligation, or in some
circumstances (for example, income taxes), at the amounts of cash or cash equivalents expected to be paid to satisfy the
liability in the normal course of business.
2.7 Components of these financial statements
Following are the components of these financial statements as per IAS 1 :
(a) Statement of financial position as at 30 June 2019
(b) Statement of profit or loss and other comprehensive income for the year ended 30 June 2019
(c) Statement of changes in equity for the year ended 30 June 2019
(d) Statement of cash flows for the year ended 30 June 2019


(e) Explanatory notes to the above financial statements which also describe the accounting policies adopted and followed
by the company.
2.8 Restatement of prior year’s figures
The Company has restated stock in the financial statements FY 2018- 2019, which has been recognized in accordance with
IAS 2.
2.9 Basis of preparation of the financial statements
These financial statements has been prepared on accrual basis following going concern basis under historical cost conven-
tion.
2.10 Functional and presentation currency
These financial statements are presented in Bangladesh Taka (BDT), which is both functional currency and presentation cur-
rency of the company. The amounts in these financial statements have been rounded off to the nearest BDT.
2.11 Reporting year
The financial year of the company covers 12 (twelve) months from 01 July 2018 to 30 June 2019 which is followed consis-
tently.
2.12 Use of estimates and judgments
The preparation of financial statements requires management to make judgments, estimates and assumption that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may
differ from these estimates. Estimates and underlying assumptions are reviewed on going basis.
2.13 Going concern
The Directors have made an assessment of the company’s ability to continue as a going concern and they do not intend ei-
ther to liquidate or to cease trading. Since, there is no material uncertainties related to events or conditions at reporting date
which may cast significant doubt upon the company’s ability to continue as a going concern, the financial statements of the
company are prepared on a going concern.
2.14 Accrual basis of accounting
The company prepares its financial statements, except the statement of cash flow, using the accrual basis of accounting.
When the accrual basis of accounting is used, an entity recognizes items as assets, liabilities, equity, income and expenses
(the elements of financial statements) when they satisfy the definitions and recognition criteria for those elements in the
framework.
2.15 Materiality and aggregation
Each material class of similar items is presented separately in the financial statements. Items of a dissimilar nature or function
are presented separately unless they are immaterial.
2.16 Offsetting
The entity does not offset assets and liabilities or income and expenses, unless required or permitted by any IFRSs.
2.17 Events after the reporting year
Events after the reporting date that provide additional information about the company’s position at the reporting date are
reflected in the financial statements. Events after the reporting year that are non-adjusting events are disclosed in the notes
when material.


3. Significant accounting policy and other material information
The accounting policies set out below have been applied consistently to all years presented in these financial statements.
3.1 Property, plant and equipment
3.1.1 Recognition and measurement
Property, plant and equipment (PPE) and Capital works-in-progress are recorded at purchase price and any directly
attributable cost in bringing the asset to working condition for its intended use. After initial recognition, an item of
PPE and Capital works-in-progress is carried at cost less accumulated depreciation. Cost represents the cost of ac-
quisition/procurement including development expenses, all installation expenses, commissioning and other relevant
expenses.
3.1.2 Capitalization of Borrowing Cost:
Finance costs that are directly attributable to the construction of plants are included in the cost of those plants in
compliance with IAS-23: Borrowing Cost, allowed alternative treatment. Capitalization of borrowing costs cease from
the date of the report submitted by commercial test witness committee which, in accordance with Power Purchase
Agreement, confirms the availability of plants for use.
3.1.3 Subsequent costs
The cost of replacing part of an item of property, plant and equipment and Capital works-in-progress is recognized
in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow
to the company and its cost can be measured reliably. The costs of the day to day servicing of property, plant and
equipment are recognized in the profit and loss statement as incurred.
3.1.4 Maintenance activities
The company incurs maintenance costs for all of its major items of property, plant and equipment and Capital works-
in-progress. Repair and maintenance costs are charged as expenses and sometimes deferred when incurred. Subse-
quently deferred expenses charge to the Statement of financial position over its useful life.
3.1.5 Depreciation
Depreciation on PPE has been charged applying straight line method considering the estimated life and the salvage
value of the assets procured. Depreciation is charge on property plant and equipment for 6 (six) months in the year of
acquisition and 6 (six) months in the year of disposal. However, depreciation for 450 MW (South and North) and 225
MW CCPP project full year depreciation charge as the from date of commercial operation.
Asset category Rate of depreciation (%)
Building 1.55 - 13.33
Plant and machinery 5 - 40
Office equipment 10 - 33.33
Vehicles 12.5
Furniture and fixtures 20
Overhauling project 7.14
225 MW Combined Cycle Power Plant 4
450 MW (South) Project 4
450 MW (North) Project 4
3.1.6 Retirements and disposals
An asset is derecognized on disposal or when no future economic benefits are expected from its use and subsequent
disposal. Gains or losses arising from the retirement of an asset is determined by the difference of the net disposal
proceeds and the carrying amount of the asset and is recognized as gain and losses from disposal of asset under
other income in the profit and loss statement.
3.2 Accounts receivable
Accounts receivable are recognized at cost which is the fair value of the consideration given for them.


3.3 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand and cash at bank, which are held and available for use of the company
without any restriction.
3.4 Cash flow statement
Cash flow statement is prepared according to IAS 7: “Statements of Cash Flows” under direct method.
3.5 Equity of BPDB
Shares allotment against equity of BPDB has not yet been made. After allotment of shares, it will be presented as share cap-
ital of the company.
3.6 Status of foreign loan
Foreign loan was initially transferred from BPDB on 01 June 2003. Periodical dues of principal and interest are transferred to
Debt Service Liability (DSL).
3.7 Foreign currency transactions
Foreign currency transactions are converted at the rates ruling on the dates of transactions in accordance with IAS 21 “The
Effects of Changes in Foreign Exchange Rates”. Foreign currency monetary assets and liabilities at the balance sheet date
are translated at the rate prevailing on that date. Exchange gain/(losses) arising out of the said conversion, except for those
foreign currency borrowing directly attributable to the construction or acquisition of a qualifying asset, is recognized as an
income/(expense) for the year.
3.8 Provisions
A provision is recognized on the balance sheet date if as a result of past events, the company has a present legal or con-
structive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to
settle the obligation.
3.9 Employee benefits
Employee’s provident fund
The company has established a Contributory Provident Fund (CPF) scheme for its eligible permanent employees. The fund is
wholly administered by a Board of Trustees. No part of the fund is included in the assets of the company
3.10 Group insurance
The company has also a group insurance scheme for its permanent employees, premium for which is being charged to in-
come statement annually as per the insurance policy.
3.11 Gratuity
The company also maintains an unfunded gratuity scheme for regular employees, provision for which has been made in ac-
count. Employees are entitled to gratuity benefit after completion of minimum 3 years’ service in the company but provision
has been made for persons who have not completed 3 years. The gratuity is calculated on the last basis of salary and is
payable at the rate of two and half months’ basis of salary for every completed year of service. As per APSCL’s gratuity policy
each employee having a service length of five year or more are eligible for 100% gratuity, employee having service length
between three to five year are eligible for 60 % gratuity and employee having service length less than three are not eligible for
gratuity.
3.12 Revenue
Revenue has been recognized in accordance with IAS 18: “Revenue” when the following conditions are met:
i. The seller has transferred to the buyer the significant risks and rewards of ownership
ii. The seller retains neither continuing managerial involvement to the degree usually associated with ownership nor effec-
tive control over the goods sold
iii. The amount of revenue can be measured reliably
iv. It is probable that the economic benefits associated with the transaction will flow to the seller, and


v. The costs incurred or to be incurred in respect of the transaction can be measured reliably
3.13 Specific policies regarding the recognition of revenue are as under:
Revenue has been recognized as per Power Purchase Agreement (PPA) its signed between Bangladesh Power Development
Board (BPDB) and Ashuganj Power Station company Ltd (APSCL) when electricity transferred to national grid. Element of
Revenue (A) Capacity Payments, (B) Energy Payments.
A. Capacity Payments
The capacity payment is fixed in nature the main elements of the capacity payments are as follows:
a) Depreciation on fixed assets
b) Cost of capital i.e., interest on borrowed capital
c) Return on equity
d) Repairs and maintenance of plant, machinery and equipment
e) Salary and allowances
B. Energy Payments i.e. fuel cost (gas bill)
The capacity payment is fixed in nature but the energy payment is variable with volume of generation.
3.14 Finance income
Finance income comprises interest income on funds invested in FDRs, STDs and dividend income from UAEL shares.
3.15 Other income
This includes sale proceeds of unusable materials and others.
3.16 Finance cost
Finance cost comprises interest expense on borrowings, etc. All borrowing costs are recognized in the statement of compre-
hensive income using the effective interest method.
3.17 Taxation
3.17.1 Current tax
As there will not be any estimated taxable income rather there will be estimated taxable loss in the year, the company
will have to pay minimum tax under Section 82C of Income Tax Ordinance 1984: Charge of minimum tax. As per that
section, every company shall, irrespective of its profits or loss in an assessment year for any reason whatsoever, in-
cluding sustaining of loss, the setting off of a loss of earlier year or the claiming of allowances or deductions (including
depreciation) allowed under that Ordinance, be liable to pay minimum tax at the rate of zero point six zero (0.60%) per
cent of the amount representing such company’s gross receipts from all sources for that year. Current tax has been
provided for accordingly.
The company has a taxable loss for depreciation calculated using the 3rd schedule of Income Tax Ordinance 1984.
3.17.2 Deferred tax
Deferred tax is recognized and measured in accordance with IAS 12: Income Taxes following balance sheet liability
method. Deferred tax liabilities are the amount of income taxes payable in the future years in respect of taxable tem-
porary differences. Deferred tax assets are the amount of income tax recoverable in future years in respect of deduct-
ible temporary differences and unused tax losses. Deferred tax assets and liabilities are recognized for the future tax
consequences of the timing difference arising between the carrying values of assets, liabilities, income and expendi-
ture and their respective tax basis. Deferred tax assets and liabilities are measured using tax rates and tax laws that
have been enacted or substantially enacted at the balance sheet date. The impact of changes on the account in the
deferred tax assets and liabilities has also been recognized in the profit and loss statement.


3.18 Earnings per share (EPS)

Earnings per share has been calculated in accordance with IAS 33: “Earnings per Share”. Earnings per share has been pre-
sented on the face of the profit and loss statement as required in the said IAS. Basic and diluted EPS should be presented
even if the amounts are negative i.e., a loss per share.
3.19 Basic earnings per share
Basic earnings per share is calculated by dividing profit attributable to ordinary equity holders of the company (the numerator)
by the weighted average number of ordinary shares outstanding (the denominator) during the year. The denominator (number
of shares) is calculated by adjusting the number of shares in issue at the beginning of the year by the number of shares issued
during the year, multiplied by a time-weighting factor.
3.20 Diluted earnings per share
Dilution is reduction in earnings per share or an increase in profit per share resulting from the assumption that convertible
instruments are converted, that options or warrants are exercised, or that ordinary shares are issued upon the satisfaction
of specified conditions. Diluted EPS is calculated by adjusting the earnings and number of shares for the effects of dilutive
options and other dilutive potential ordinary shares.
3.21 Financial instruments
As per IFRS 7 “Financial Instruments: Disclosures” all financial instruments are presented in a way so that users are enabled
to evaluate the significance and nature and extent of risks arising from financial instruments to which the entity is exposed
during the year and how the entity manages those risks.
3.22 Investment in fixed deposits
Investment in fixed deposits is shown in the financial statements at its cost and interest income is recognized quarterly.
3.23 Cash and cash equivalents
Cash and cash equivalents include cash in hand, balance and deposits with financial institutions that are readily convertible
into known amounts of cash and which are subject to an insignificant risk of changes in value.
3.24 Advances
Advances with no stated interest are measured at the original amount if the effect of discounting is immaterial.
3.25 Contribution to worker’s profit participation fund
This is required to be made in terms of section 234(1)(b) of Bangladesh Labor Act 2006 (as amended in 2013) 5% of the net
profit of each year, not later than nine (9) months from the close of that year, is required to be transferred to the fund, the pro-
portion of the payment to the participation fund and the welfare fund being 80:10:10. The remaining 10% of the amount of net
profit shall be paid by the company to the workers’ welfare foundation fund, as formed under the provision of the Bangladesh
Worker’s Welfare Foundation Act 2006. Of the 80% being transferred to the participation fund, two-third has to be distributed
in equal proportions to all the members (beneficiary) of the fund in cash and one-third has to be invested in accordance with
the manner as stated in section 242 of that Act.
The Company makes provision @ 5% of its net profit as a contribution to worker’s profit participation fund before tax and
charging such expense in accordance with The Bangladesh Labor Act 2006 (as amended in 2013). “
3.26 Finance lease
The company has leased out 6.42 acres of land to United Ashuganj Energy Ltd (UAEL) vide agreement dated 17 octeber
2013, which is part of the 16.43 acres land allotted to APSCL by Bangladesh Railway vide agreement dated 19 September
2013. This lease has been classified and accounted for as a finance lease in accordance with IAS 17” Leases”.
Advance land lease rent has initially been recognized at an amount equal to net investment in the lease and presented as a
liability.
Income from lease rent amortization shall recognized equally over the lease year, ie,15 years.


3.27 Expenses
The definition of expenses encompasses losses as well as those expenses that arise in the course of the ordinary activities
of the entity. Expenses that arise in the course of the ordinary activities of the entity include, for example, direct costs, wages
and depreciation. They usually take the form of an outflow or depletion of assets such as cash and cash equivalents, inven-
tory, property, plant and equipment.
Losses represent other items that meet the definition of expenses and may, or may not, arise in the course of the ordinary
activities of the entity. Losses represent decreases in economic benefits and as such they are no different in nature from other
expenses. Hence, they are not regarded as a separate element in this conceptual framework.
3.28 Significant contract
Power purchase agreement
The company has entered into a PPA with BPDB, whereby BPDB agrees to purchase all net electricity outputs of the facility.
BPDB is also required to provide natural gas to the facility sufficient to meet the full requirements of the facility. The PPA can
be extended during the final twelve months of its term upon mutual agreement of the company and BPDB.
The company delivers electricity only as requested by BPDB. The price paid by BPDB for electricity comprises a fuel cost
recovery tariff and an operations and maintenance tariff.
The operations and maintenance tariff is structured to cover the operating, administration and general expenses of the com-
pany, as well as to provide a return on equity to the shareholders. The operations and maintenance tariff is IAS and on the
number of kilowatt-hours of electricity delivered.
The company has recognized revenue of BDT 23,049,896,486 during the year ended 30 June 2019 and BDT 21,773,269,662
during the year ended 30 June 2018 under this agreement.
3.29 Related party disclosure:
As per International Accounting Standard (IAS -24) the parties are considered to be related if one of the party has the ability
to control the other party or exercise significant influence over the other party in making financial and operating decisions.
The company carried out transactions in the ordinary course of business on an arm’s length basis with its related parties.
3.30 Information of company loan
3.30.1 Subordinated loan – debt service liability (See note 16)
Financed by Inherited from BPDB
Loan type Subordinated loan
Rate of interest Interest free
Repayment schedule N/A
Sanctioned amount BDT 10,252,300,000
3.30.2 Government loans (see note 18)
450 MW (North) (see note 18.1)
Financed by Government of Bangladesh
Loan agreement between Government of Bangladesh and Ashuganj Power Station Company Limited
Loan agreement no. 20.812.006.02.00.053.2011.103
Loan agreement date 15 November 2011
Loan type Long term loan
Loan sanction date 01 November 2011
Purpose of loan Construction of Ashugang 450 MW Combined Cycle Power Plant (North)
Rate of interest 3% per annum
Repayment year 20 years including grace year of 5 years in 20 annual consecutive installments
Security type None
Repayment schedule Details are given in Annex 6
Overhauling unit # 3, 4 & 5 (see note 18.2)

Financed by Government of Bangladesh


Loan agreement between The loan was inherited from BPDB

Purpose of loan Rehabilitation / Modernization of Ashuganj Power Station Complex (Units 3, 4 and
5)
Repayment year None
Security type None
3.30.3 Bangladesh Power Development Board (BPDB) loans (see note 19)
Financed by BPDB
Loan agreement between None. However financing was resolved through minutes of board meeting
Loan agreement date 29 March 2016, 18 April 2016 and 15 May 2016, 26 September 2016 and
16 December 2016, 02 May 2017
Loan sanction date 29 March 2016, 18 April 2016 and 15 May 2016
Purpose of loan Debt Service Reserve Account (DSRA) and Debt Service Accrual Account (DSAA)
Funding, Funding DSA Debt Service Account 225 MW Plant ECA Loan, Payment
of DAB (Dispute Adjudication Board)
Sanctioned amount BDT 328 crore, BDT 130 crore, BDT 96.16 crore
Repayment schedule None
3.30.4 Foreign loans (see note 20)

Overhauling unit # 3, 4 and 5 (see note 20.1)
Financed by Kreditenstalt Fur Wiederaufbau (KFW)
Loan agreement between Ashuganj Power Station Company Limited and Government of Bangladesh
Loan agreement date 13 March 2005
Loan sanction date 13 March 2005
Purpose of loan Modernization of Ashuganj Power Station Complex (Units3, 4 and 5)
Sanctioned amount BDT 930,286,856
Repayment year 18 years including a grace year of 3 years in 15 annual consecutive installments
Security type None
ADB loan (450 MW - North) (see note 20.2)

Financed by Asian Development Bank
Loan agreement no 2769-BAN
Loan agreement date 29 July 2012
Loan sanction date 04 January 2012
Purpose of loan Power system efficiency improvement project - Ashuganj 450MW CCPP (North)
construction project
Sanctioned amount US$ 228,000,000
Repayment year 20 years including grace year of 5 years in 30 semi-annual consecutive install-
ments
Security type N/A
IDB loan (450 MW - North) (see note 20.3)

Financed by Islamic Development Bank


Loan agreement no BD-0163
Loan agreement date 14-Feb-13
Loan sanction date 14 July 2012
Purpose of loan Power system efficiency improvement project - Ashuganj 450MW CCPP (North)
construction project
Repayment year 20 years including grace year of 5 years in 30 semi-annual consecutive install-
ments
Security type N/A
3.30.5 Export Credit Agency (ECA) (see note 21)
450 MW (South) Project (see note 21.1):

CESCE facility
Financed by CESCE facility with HSBC being the coordinating arranger of the facility
Loan agreement between CESCE lenders and Ashuganj Power Station Company Limited
Purpose of loan Installation of Ashuganj 450MW CCGT (South) Power Plant
Loan agreement date 20 December 2012
Loan sanction date 20 December 2012
Rate of interest LIBOR+ Margin 4.5% (Original)
Revised interest rate LIBOR+ Margin 3% (Revised agreement was not provided to us
LIBOR 2.98% fixed (hedged) with flexi-start interest rate swap feature included
Repayment year Repayment starts from the date falling six months after the final completion date
of the project or the date falling 36 months after the original signing date of the
agreement (the starting point of credit), whichever is earlier, in 20 instalments, due
in every six months
Security type Sovereign guarantee
Repayment schedule Details are given in Annex 11.a
HERMES facility
Financed by HERMES facility with HSBC being the coordinating arranger of the facility
Loan agreement between HERMES lenders and Ashuganj Power Station Company Limited
Rate of interest (Commercial interest reference rate 2.08%+ Commercial interest reference rate
surcharge 0.85%) = 2.93%
LIBOR None
in every six months
Repayment schedule Details are given in Annex 11.b


Multilateral Investment Guarantee Agency (MIGA) facility

Financed by MIGA (Commercial Tranche A + Commercial Tranche B) facility with HSBC being
the coordinating arranger of the facility
Loan agreement between MIGA lenders and Ashuganj Power Station Company Limited
Rate of interest LIBOR + Margin 2.50%
LIBOR 2.98% fixed (hedged) with flexi-start interest rate swap feature included
in every six months
Repayment schedule Details are given in Annex 11.c
ONDD facility
Financed by ONDD facility with HSBC being the coordinating arranger of the facility
Loan agreement between ONDD lenders and Ashuganj Power Station Company Limited
Rate of interest LIBOR + Margin 2.20%
LIBOR 2.98% fixed (hedged) with flexi start interest rate swap feature included
in every six months
Repayment schedule Details are given in Annex 11.d
225 MW Project (See note 21.2):

HERMES facility
Financed by HERMES facility with Standard Chartered Bank and Korea Finance Corporation
being the coordinating arrangers of the facility
Loan agreement between HERMES lenders and Ashuganj Power Station Company Limited
Purpose of loan Installation of Ashuganj 225MW CCGT Power Plant
Rate of interest LIBOR + Margin 2.20% + Mandatory cost (if any
LIBOR 3.69% (5.89%-2.2%) fixed (hedge)
Repayment year Repayment starts from the date falling 5 working days after the final completion
date of the project or the date falling 30 months after the financial close (the start-
ing point of credit), whichever is earlier, in 20 instalments, due in every six months
Repayment schedule Details are given in Annex 12.a


K-sure facility
Financed by K-sure facility with Standard Chartered Bank and Korea Finance Corporation be-
ing the coordinating arrangers of the facility
Loan agreement between K-sure lenders and Ashuganj Power Station Company Limited
Purpose of loan Installation of Ashuganj 225MW CCGT Plant
Rate of interest LIBOR + Margin 2.7% + Mandatory cost (if any)
LIBOR 3.69% (6.39%-2.7%) fixed (hedged)
Repayment year Repayment starts from the date falling 5 working days after the final completion
date of the project or the date falling 30 months after the financial close (the start-
ing point of credit), whichever is earlier in 20 instalments, due in every six months
Repayment schedule Details are given in Annex 12.b
3.31 Power plant status

Current project:
3.31.1 Unit - 3, 4, 5
Name of the project Unit - 3, 4, 5
Location Ashuganj, Brahmanbaria-3402
Capacity 128MW ,137MW, 129MW
Commercial operation date 17 December 1986, 04 May 1987, 21 March 1988
Finance by Inherited from BPDB through Provisional Vendor’s Agreement
Fuel type Natural gas
3.31.2 50 MW plant
Name of the project 50MW GE
Capacity 45MW
Commercial operation date 17 March 2012
Finance by APSCL own fund
3.31.3 225MW CCPP project

Name of the project Ashuganj 225MW CCPP Project
Capacity 223MW
Commercial operation date Simple cycle: 27 April 2015, combined cycle: 10 December 2015
Finance by ECA Financing and APSCL own fund
Fuel Type Natural gas
3.31.4 450MW CCPP (South) project

Name of the project Ashuganj 450MW CCPP (South) Project
Capacity 383MW
Commercial operation date Combined cycle: 22 July, 2016
Finance by ECA financing and APSCL own fund
3.31.5 450MW CCPP (North) project


Name of the project Ashuganj 450MW CCPP (North) Project

Capacity 386MW
Commercial operation date Simple Cycle: 14 February 2017, Combined cycle: 11 June, 2017
Finance by ADB, IDB , GoB and APSCL own fund
Upcoming project :
3.31.6 Ashuganj 400 (± 5%) MW Combined Cycle Power Plant (East)

Name of the project Ashuganj 400 (±5%) MW Combined Cycle Power Plant (East)
Net Capacity in MW 420 MW
Date of Commencement 16 July 2018
Commercial operation date 31 December 2020 (Simple Cycle), 29 June 2021 (Combined Cycle)
Finance by ADB, IDB , GoB and APSCL own fund
Estimated cost BDT 2,931.36 Crore
3.31.7 Patuakhali 1320 MW Super Thermal Power Plant Project

Name of the project Land Acquisition, Land Development and Protection for Patuakhali 1320 MW Su-
per Thermal Power Plant Project
Project Location Debpur, Dhankhali, Patchjunia & Chalitabunia Mouza of Kalapara Upzilla Under
Patuakhali District.
Capacity in MW 1320 MW
Date of Commencement: 1st January, 2018
Date of Completion 30 June, 2021
Finance by GoB and APSCL own fund
Fuel type Coal
Estimated Cost of the Project: BDT. 81,951.46 Lac


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
4.00 Property, plant and equipment : Tk. 87,851,420,662

Cost
Opening balance 35,305,899,804 34,522,376,195
Add: Addition during the year 320,266,307 393,496,350
Add: Transfer from Capital Work in Progress 74,280,792,636 390,027,259
Closing balance 109,906,958,748 35,305,899,804
Accumulated depreciation
Opening balance 20,146,077,585 18,178,988,381
Add: Charge for the year 1,909,460,500 1,967,089,204
Closing balance 22,055,538,085 20,146,077,585
Written down value at 30 June 2019 Annex-1 87,851,420,662 15,159,822,219
5.00 Deferred expenditure : Tk. 0

Opening balance - 390,027,259
Add: Addition during the year - -
- 390,027,259
Less: Amortisation for the year - -
Less: Transfer to Property, plant and equipment - 390,027,259
Closing balance - -
Deferred expenditure consists of cost of spare parts of plant and machinery and other major repair and maintenance expenses. As
per decision of 235 Board meeting of APSCL, deferred expenditure should be transferred to Property, plant and equipment.
6.00 Investment in UAEL : Tk. 304,050,000 304,050,000 304,050,000
We have departure IFRS 9 (The equity investment) in UAEL should have been recorded as fair value through profit and loss or other
comprehensive income. We departure from the IFRS 9 because the fair value of this equity investment can not be determined. If we
had followed IFRS 9 properly then they would be adjust in the investment in UAEL amount and the retained earnings amount.
7.00 Capital works-in-progress : Tk. 2,290,171,829
225 MW Combined Cycle Power Plant 7.01 - 16,115,340,447

450 MW (South) Project 7.02 - 34,063,089,916
450 MW (North) Project 7.03 - 25,521,810,171
200 MW Modular Project 7.04 - 168,164,667
400 MW (East) Project 7.05 2,264,746,058 36,755,472
Patuakhali 1320 MW Super Thermal Power Plant Project 7.06 25,425,771 7,641,826
2,290,171,829 75,912,802,499
APSCL is going to implement new power plants 400 MW (East) Project and Patuakhali 1320 MW Super Thermal Power Plant Project.
All costs in such projects are shown as capital works-in-progress.


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
7.01 225 MW Combined Cycle Power Plant : Tk. 0

Cost
Opening balance 18,337,617,842 18,137,337,719
Add: Addition during the year 1,516,678,509 5,127,297
Add: Prior year adjustment - 195,152,826
19,854,296,351 18,337,617,842
Opening balance 2,222,277,395 1,528,922,342
Less: Depreciation during the year 759,349,097 693,355,053
Closing balance 2,981,626,492 2,222,277,395
16,872,669,859 16,115,340,447
Less: Transferred to PPE (16,872,669,859) -
Written down value at 30 June 2019 Annex-2 - 16,115,340,447
7.02 450 MW (South) Project : Tk. 0
Cost
Opening balance 36,463,934,285 31,162,954,735
Add: Addition during the year - 5,521,817,876
Less: Prior year adjustment - (220,838,326)
36,463,934,285 36,463,934,285
Opening balance 2,400,844,369 1,111,736,871
Less: Depreciation during the year 1,389,883,063 1,289,107,498
Closing balance 3,790,727,432 2,400,844,369
32,673,206,853 34,063,089,916
Less: Transferred to PPE (32,673,206,853) -
7.03 450 MW (North) Project : Tk. 0
Cost
Opening balance 26,527,920,504 23,815,353,244
Add: Addition during the year 49,390,910 2,712,567,260
26,577,311,414 26,527,920,504
Opening balance 1,006,110,333 49,588,133
Less: Depreciation during the year 1,004,449,824 956,522,200
Closing balance 2,010,560,157 1,006,110,333
24,566,751,257 25,521,810,171
Less Transferred to PPE (24,566,751,257) -
7.04 200 MW Modular Project : Tk. 0
Opening balance 168,164,667 168,164,667
Less: Depreciation during the year - -
Closing balance 168,164,667 168,164,667
Less: Transferred as PPE (As Land) (168,164,667) -
Closing Balance 30 June 2019 Annex-3D - 168,164,667


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
7.05 400 MW (East) Project : Tk. 2,264,746,058

Opening balance 36,755,472 19,120,219
Add: Addition during the year 2,227,990,586 17,635,253
2,264,746,058 36,755,472
Closing balance Annex-3E 2,264,746,058 36,755,472
7.06 Patuakhali 1320 MW Super Thermal Power Plant Project : Tk. 25,425,771
Opening balance 7,641,826 -
25,425,771 7,641,826
Closing balance Annex-3F 25,425,771 7,641,826
8.00 Store Materials : Tk. 2,321,519,732

In stores 8.01 2,179,379,015 2,025,834,618
In-transit 8.02 142,140,717 262,539,507
2,321,519,732 2,288,374,125
8.01 In stores (*) : Tk. 2,179,379,015
Opening balance 2,025,834,618 1,184,111,240
Add: Prior year adjustment - 847,330,482
Restated Opening Balance 2,025,834,618 2,031,441,722
Add: Purchase during the year 1,036,289,709 648,885,403
3,062,124,327 2,680,327,125
Less: Consumption during the year (882,745,312) (654,492,507)
Closing balance 2,179,379,015 2,025,834,618
As a part of the Power Sector Development and Reform Program of the Government of Bangladesh, Ashuganj Power Station
Company Ltd was incorporated. The assets and liabilities of Ashuganj Power Station Complex (APS), Ashuganj Combined
Cycle Power Plant, PPTC & RAO have been transferred to APSCL through a provisional vendor’s agreement between AP-
SCL and BPDB. The accounting year of APSCL was started on 1st June 2003 and at that time the store balance was BDT
93.97 Crore in its financial statements. Afterwards, APSCL conducted a physical store verification by Khan Wahab Shafique
Rahman & Co. (Chartered Accountants Firm) as on 31st October 2018 store balance was BDT 1,961,808,739 as per that
verification report. However as per accounts, store balance was BDT 1,114,478,257 as on 31st October 2018. Therefore a
difference of BDT 847,330,842 (BDT 1,961,808,739 - BDT 1,114,478,257) arise in the store balance which is adjusted as per
IAS-8 ( Changes in Accounting Policy, Changes in Accounting Estimates and Correction of Prior year Error). So store balance
and retained earnings have been restated. It was approved in 261 th Board Meeting which held on 14 November 2019.
8.02 In-transit (*) : Tk. 142,140,717
Opening balance 262,539,507 83,047,595
836,574,252 605,016,967
Less: Transfer to in store (694,433,535) (342,477,460)
Closing balance 142,140,717 262,539,507
The above amount represents the cost of spare parts and other materials namely, equipment’s, accessories of electrical items
and other materials necessary for generation of power including goods in transit which comprise customs duty and VAT de-
ducted at source at the time of import.


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
9.00 Advances, deposits and pre-payments : Tk. 771,215,189
Advances
Advance Income tax 9.01 60,775,668 72,563,651
Temporary advance 29,478,331 19,605,050
Advance to Agrodoot Bangladesh Scouts 120,000 120,000
Mobilization Payment LTP (10 yrs.) 655,494,269 -
Advance to ABB Ltd. 174,061
Advance for Dhaka Office - -
Advance office rent (Patuakhali) 234,000 24,000
746,276,329 92,312,701
Deposits
Titas Gas T & D Ltd (security deposit) 635,485 635,485
Customs security deposit (For 50 MW gas engine project) - 50,500
Bank Guarantee to Commissioner to Customs House, Dhaka 848,506 742,337
Bank Guarantee to Commissioner to Customs House, Chittagong 11,637,837 -
BG, The Chief Controller of Import & Export, Gov. bd 5,708,516 -
BG, The Commissioner of Customs, Benapole 5,708,516 -
Security Deposit (Dhaka office) 300,000 300,000
Trust Filling Station (Dhaka) 100,000 100,000
24,938,860 1,828,322
771,215,189 94,141,023
9.01 Advance Income tax : Tk. 60,775,668
Opening balance 72,563,651 13,240,318
Addition during the year :
Income tax deducted at source on bank interest 17,651,808 6,941,988
Income tax deducted at source on Dividend income - 56,558,880
Advance Company Income Tax 15,000,000
Income Tax deducted as Import Stage 28,353,871 9,281,118
133,569,330 86,022,304
Less: Adjustments during the year (72,793,662) (13,458,653)
Closing balance 60,775,668 72,563,651
10.00 Accounts and other receivable : Tk. 5,519,879,137

Accounts receivable from BPDB 10.01 5,298,979,045 6,987,798,308
Other receivable 10.02 220,900,092 99,729,118
5,519,879,137 7,087,527,426
10.01 Accounts receivable from BPDB : Tk. 5,298,979,045
Opening balance 6,987,798,308 3,851,435,686
Add: Electricity sales to BPDB during the year 23,049,896,486 21,773,269,662
Debt service liability due 10.1.1 - (389,717,454)
30,037,694,794 25,234,987,894
Less: Fuel cost paid by BPDB 1,861,309,266 1,714,735,604
Cash collection during the year 20,059,906,483 14,678,653,982
Loan adjustment 2,817,500,000 1,853,800,000
Closing balance 5,298,979,045 6,987,798,308


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
10.02 Other receivables : Tk. 220,900,092

Accrued interest on FDR 43,214,421 11,314,010
Operational insurance premium (450 MW-North) 87,246,915 88,415,108
Operational insurance premium (225 MW) 79,525,207 -
Operational insurance premium (450 MW-south) - -
Receivable from Employees 10,913,549 -
220,900,092 99,729,118
10.1.1 Debt service liability (DSL) : Tk. 0
DSL against government loan 10.1.A 2,452,241,383 2,381,733,040
DSL against foreign loan 10.1.B 8,288,147,164 8,241,155,508
10,740,388,547 10,622,888,548
Less: Adjusted DSL 5,165,751,228 5,048,251,228
5,574,637,320 5,574,637,320
Less: Opening balance 5,574,637,320 5,184,919,866
Closing balance - 389,717,454
10.1.A DSL against government loan : Tk. 2,452,241,383
Opening balance 2,381,733,040 2,079,087,594
Add: Principal due during the year 22,360,003 213,130,596
Interest accrued during the year 48,148,340 89,514,850
Closing balance 2,452,241,383 2,381,733,040
Break-up of the above figure
Principal 1,720,543,869 1,698,183,866
Interest 731,697,514 683,549,174
2,452,241,383 2,381,733,040
10.1.B Debt service liability (DSL) against foreign loan : Tk. 8,288,147,164
Opening balance 8,241,155,508 8,100,283,500
Add: Principal due during the year - 66,449,060
Interest accrued during the year 46,991,656 74,422,948
Closing balance 8,288,147,164 8,241,155,508
Break-up of the above figure
Principal 4,632,291,143 4,632,291,143
Interest 3,463,985,304 3,416,993,648
Foreign currency fluctuation loss 191,870,717 191,870,717
8,288,147,164 8,241,155,508
11.00 Short Term Deposit : Tk. 2,537,590,798

Short term Fixed Deposit Annex- 5(B) 2,537,590,798 -
2,537,590,798 -
12.00 Cash and cash equivalents : Tk. 12,977,352,130
Cash in hand - -
Cash at bank Annex- 4 12,317,046,605 4,926,848,028
Fixed Deposit Account Annex- 5(A) 507,805,469 931,908,554
Cash and cash equivalents as previously reported 12,824,852,074 5,858,756,582
Effects of exchange rate changes on cash and cash equivalents 152,500,056 150,520,033
12,977,352,130 6,009,276,615


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
13.00 Share capital : Tk. 6,615,000,000
Authorised capital
3,000,000,000 ordinary shares of BDT 10 each 30,000,000,000 30,000,000,000
Issued, subscribed and paid-up capital
661,500,000 ordinary shares of BDT 10 each & previous year BDT 100 each 6,615,000,000 6,615,000,000
Shareholding position:
Name of shareholder/representative No. of shares No. of shares
Bangladesh Power Development Board (BPDB), Chairman 661,470,960 66,147,096
Bangladesh Power Development Board (BPDB), Member (Generation) 10 1
Bangladesh Power Development Board (BPDB), Member ( Planning and Development) 10 1
Power Division - Secretary, MOPEMR 19,000 1,900
Energy and Mineral Resources Division - Secretary, MOPEMR 10 1
Finance Division - Secretary, Ministry of Finance 10,000 1,000
Planning Division - Secretary, Ministry of Planning 10 1
Total number of shares 661,500,000 66,150,000
14.00 Equity of BPDB : Tk. 5,572,614,964

Assets as on 01 June 2003 16,057,600,000 16,057,600,000
Assets taken over for overhauling Unit # 3 1,630,955,483 1,630,955,483
Total assets transferred from BPDB 17,688,555,483 17,688,555,483
Government loan 971,682,193 971,682,193
Foreign loan 4,289,400,000 4,289,400,000
Debt service liability (DSL) 10,252,300,000 10,252,300,000
Total liabilities transferred from BPDB 15,513,382,193 15,513,382,193
Provision for equity 14.1 4,146,519,000 4,146,519,000
Provision for equity 14.2 5,118,841,874 5,118,841,874
Provision for equity 14.3 746,080,800 746,080,800
12,186,614,964 12,186,614,964
Less: Transferred to paid-up capital 6,614,000,000 6,614,000,000
5,572,614,964 5,572,614,964
14.1 Provision for equity (Units # 3, 4 and 5) has been increased for handing over of overhauling projects.
14.2 Provision for equity has been added at the time of fixation of new tariff as per proposed vendor’s agreement.
14.3 Projects completion report (PCR) of overhauling projects (Unit # 3, 4 and 5) has been completed, so added remaining equity.
15.00 Direct grant : Tk. 344,182,000 344,182,000 344,182,000
An amount of BDT 344,182,000 was received as grant from Kreditenstalt Fur Wiederaufbau (KFW) in the year 2011. This was initially
classified as “Foreign Loan” but as per instruction of PCR, this grant has to be shown as equity of the company after finalisation of
Projects Completion Report (PCR). The PCR was finalised in November 2013, following which the said amount has been reclassified
as equity for the financial year 2013-14. However, no shares were allotted against the said amount.


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
16.00 Retained earnings : Tk. 8,137,146,691

Opening balance 4,420,263,013 431,546,000
Add: Prior year adjustment (Store Balance) 16.1 - 847,330,482
Restated opening balance 4,420,263,013 1,278,876,482
Add: Profit for the year 4,047,633,678 3,295,847,982
8,467,896,691 4,574,724,464
Less: Dividend paid 330,750,000 165,375,000
Closing balance 8,137,146,691 4,409,349,464
Add: Prior Year adjustment (WPPF Fund) 16.2 - 10,913,549
Restated Closing Balance 8,137,146,691 4,420,263,013
16.1 Prior year adjustment (Store balance related): Stocks in Store Balance of Books of Accounts has rectified after physical verification
of store balance which is Tk. 847,330,482 as per IAS-8 (Accounting policies, changes in accounting estimates and errors).
16.2 Prior year adjustment (WPPF Fund): Workers’ Profit Participation Fund (WPPF) expense shown in the statement of profit/
loss and other comprehensive income for the year ended 30 June 2018 where the expense was overstated by Tk. 10,913,548
due to incorrect calculation. Now it is rectified.
17.00 Subordinated loan- debt service liabilities : Tk. 10,252,300,000

Transferred from BPDB 10,252,300,000 10,252,300,000
10,252,300,000 10,252,300,000
Debt service liabilities (DSL) arises from debt service liability in accordance of provisional vendor’s agreement and subsequently it
will converted to Equity of BPDB which is under process. It was treated as non-current liabilities in the statement of financial position
of APSCL and now it will be treated as subordinated loan and shown as separately instead of non- current liabilities as per letter
reference no. 2513/BOB/(SOCI)/unnoyn-01/85 dated 27 November 2012 of BPDB.
18.00 Government loan : Tk. 2,314,010,157
450 MW (North) 18.01 771,425,489 2,079,463,456
Overhauling unit # 3, 4 & 5 18.02 1,482,584,668 1,391,814,075
400 MW (East) 18.03 60,000,000 -
2,314,010,157 3,471,277,531
18.01 450 MW (North) : Tk. 771,425,489
Opening balance 2,079,463,456 1,859,463,456
Add: Addition during the year - 220,000,000
Less: Transferred to Govt. Equity (60%) 18.1 (A) 1,247,678,074 -
Less: Repayment during the year (Refund to Bangladesh Bank) 5,529,297 -
826,256,085 2,079,463,456
Less: Current portion 54,830,596 -
Non-current portion 771,425,489 2,079,463,456
18.02 Overhauling unit # 3, 4 & 5 : Tk. 1,482,584,668
Opening balance 1,391,814,075 1,818,075,267
Add: Addition previous year current portion 213,130,596 -
Less: Repayment during the year (22,360,003) (213,130,596)
1,582,584,668 1,604,944,671
Less: Current portion (100,000,000) (213,130,596)
Non-current portion 1,482,584,668 1,391,814,075


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
18.03 400 MW (East) : Tk. 60,000,000

Opening balance - -
Add: Addition during the year 60,000,000 -
Less: Repayment during the year - -
60,000,000 -
Less: Current portion - -
Non-current portion 60,000,000 -
19.00 Loan from BPDB (*) : Tk. 0

Opening balance 541,600,000 4,741,600,000
Add: Addition previous year current portion 2,400,000,000 -
Less: Repayment during the year 2,700,000,000 1,800,000,000
Less: Current portion 241,600,000 2,400,000,000
Repayment year: BDT 10 crore per month will have to be adjusted from electricity bills of plants 1 to 6 for the above three (3) loans.
Thereafter, 20 crore per month will be adjusted after starting of commercial operation of 450 MW north project.
20.00 Foreign loan : Tk. 25,181,454,798

Overhauling unit # 3, 4 and 5 20.01 587,395,712 520,946,652
ADB loan(450 MW - north) 20.02 14,522,322,385 15,585,675,920
IDB loan(450 MW - north) 20.03 8,220,162,589 8,805,441,403
ADB loan(400 MW - east) 20.04 999,185,832 -
IDB loan(400 MW - east) 20.05 852,388,280 -
25,181,454,798 24,912,063,975
20.01 Overhauling unit # 3, 4 and 5 : Tk. 587,395,712
Opening balance 520,946,652 653,844,772
Less: Repayment during the year - (66,449,060)
587,395,712 587,395,712
Less: Current portion - (66,449,060)
Non-current portion 587,395,712 520,946,652
20.02 ADB loan(450 MW - North) : Tk. 14,522,322,385
Opening balance 15,585,675,920 13,913,818,880
Add: Addition during the year - 1,671,857,040
15,585,675,920 15,585,675,920
Less: Current portion 1,063,353,535 -
20.03 IDB loan(450 MW - North) : Tk. 8,220,162,589
Opening balance 8,805,441,403 7,979,312,618
Add: Addition during the year - 826,128,785
8,805,441,403 8,805,441,403
Less: Current portion 585,278,814 -


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
20.04 ADB loan(400 MW - East) : Tk. 999,185,832

Opening balance - -
999,185,832 -
20.05 IDB loan(400 MW - East) : Tk. 852,388,280
Opening balance - -
852,388,280 -
21.00 Export credit agency (ECA) loan : Tk. 28,330,610,719

450 MW (South) Project 21.01 19,179,691,442 22,497,415,958
225 MW Project 21.02 9,150,919,277 9,082,552,428
28,330,610,719 31,579,968,386
21.01 450 MW (South) Project : Tk. 19,179,691,442
CESCE facilities 21.01.1 2,087,713,164 2,550,236,097
HERMES facilities 21.01.2 3,849,343,897 4,701,700,608
MIGA facilities 21.01.3 7,043,083,270 8,624,498,071
ONDD facilities 21.01.4 2,915,096,689 3,535,349,174
Interest during construction year (IDCP) 21.01.5 932,808,398 932,808,398
Add: Effect of exchange rate changes 21.01.6 2,351,646,024 2,152,823,610
19,179,691,442 22,497,415,958
The company has arranged an ECA loan facility for 450 MW CCPP power plant, amounting to USD 420 million. The loan
will be drawn within three years of the availability year and should be repaid with interest within 10 years after the project
completion. The ECA loan was received in USD and it was converted to BDT at the rate prevailing on the disbursement date.
21.01.1 CESCE facilities : Tk. 2,087,713,164

Opening balance 2,550,236,097 2,949,708,789
Add: Addition previous year current portion 455,920,766 508,330,422
2,550,438,717 3,006,156,863
21.01.2 HERMES facilities : Tk. 3,849,343,897

Opening balance 4,701,700,608 5,310,595,913
Add: Addition previous year current portion 834,980,010 1,056,268,953
4,699,448,945 5,536,680,618


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
21.01.3 MIGA facilities : Tk. 7,043,083,270

Opening balance 8,624,498,071 10,171,251,060
Add: Addition previous year current portion 1,558,841,293 1,557,121,820
Less: Repayment during the year (1,558,148,513) (1,545,033,516)
8,625,190,851 10,183,339,364
Less: Current portion (1,582,107,581) (1,558,841,293)
21.01.4 ONDD facilities : Tk. 2,915,096,689
Opening balance 3,535,349,174 3,682,890,359
Add: Addition previous year current portion 611,398,848 1,069,840,912
3,535,620,893 4,146,748,022
21.01.5 Interest during construction year (IDCP) : Tk. 932,808,398

Opening balance 932,808,398 1,153,646,724
932,808,398 932,808,398
21.01.6 Effect of exchange rate changes : Tk. 2,351,646,024

Opening balance 2,152,823,610 1,044,007,309
2,351,646,024 2,152,823,610
21.02 225 MW Project : Tk. 9,150,919,277
HERMES facilities 21.02.1 2,594,487,518 3,059,685,309
K-SURE facilities 21.02.2 5,193,154,236 4,614,561,685
Interest during construction year (IDCP) 21.02.3 572,523,657 572,523,657
Add: Effect of exchange rate changes 21.02.4 790,753,866 835,781,777
9,150,919,277 9,082,552,428
The company has arranged an ECA loan facility for 225 MW CCPP power plant, amounting to USD 193 million for the said
plant. The loan will be drawn within three years of the availability year and should be repaid with interest within 10 years
after the project completion. The ECA loan was received in USD and it was converted to BDT at the rate prevailing on the
disbursement date.
21.02.1 HERMES facilities : Tk. 2,594,487,518

Opening balance 3,059,685,309 4,155,490,325
3,174,974,630 3,614,849,296


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
21.02.2 K-SURE facilities : Tk. 5,193,154,236

Opening balance 4,614,561,685 6,276,834,738
Add: Addition during the year 1,816,006,400 -
6,310,549,723 5,456,713,456
Less: Current portion (1,117,395,487) (842,151,771)
21.02.3 Interest during construction year (IDCP) : Tk. 572,523,657

Opening balance 572,523,657 377,370,831
Add: prior year adjustment - 195,152,826
Restated opening balance 572,523,657 572,523,657
Add: Addition - -
Closing balance 572,523,657 572,523,657
21.02.4 Effect of exchange rate changes : Tk. 790,753,866

Opening balance 835,781,777 229,752,802
Add: Addition during the year (45,027,911) 606,028,975
790,753,866 835,781,777
22.00 Deferred tax : Tk. 6,839,249,561 Annex-10 6,839,249,561 5,555,080,347
23.00 Advance land lease rent UAEL : Tk. 222,970,000

Opening balance 243,240,000 263,510,000
Add: Addition during the year 23.01 - -
Less: Adjustment during the year 20,270,000 20,270,000
Less: Current portion - 20,270,000
Closing balance 222,970,000 243,240,000
23.01 APSCL received from United Ashuganj Energy Limited (UAEL) BDT 304,050,000 against upfront lease rent of demised
premises of 6.42 acres of land for 15 years. BDT 304,050,000 is to be amortised within the lease year, i.e, 15 years. Yearly
amortisation of the land lease rent is BDT 20,270,000.
Not later than 1 year 20,270,000 20,270,000
Later than 1 year not later than 5 years 81,080,000 81,080,000
Later than 5 years 141,890,000 162,160,000
222,970,000 243,240,000
24.00 Deferred- liabilities for gratuity : Tk. 559,024,365
Opening balance 320,304,670 255,231,634
Add: Provision made during the year 263,719,695 81,273,036
584,024,365 336,504,670
Less: Payment made during the year 25,000,000 16,200,000
Closing balance 559,024,365 320,304,670


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
25.00 Provision for income tax : Tk. 1,070,361,169

Opening balance 1,063,541,998 1,024,812,189
Add: Provision made during the year 25.01 140,536,247 133,717,076
1,204,078,245 1,158,529,265
Less: Adjustment with AIT/payment during the year 133,717,076 94,987,267
Less: Adjustment for over provision - -
Closing balance 1,070,361,169 1,063,541,998
25.01 This comprises of as under:
Minimum corporate income tax of BDT 140,536,247 which is calculated in accordance with section 82 C of Income Tax
Ordinance 1984 as imposed by the Finance Act 2017.
Calculation of minimum tax : Tk. 140,536,247
Revenue 23,049,896,486 21,773,269,662
Other operating income 164,576,831 159,652,231
Finance income 208,234,554 353,257,469
Gross receipts 23,422,707,871 22,286,179,362
Minimum tax @ 0.60% on gross receipts of 140,536,247 133,717,076
26.00 Current portion of Loan : Tk. 7,258,407,928
BPDB loan- current portion 26.01 241,600,000 2,400,000,000
Overhauling loan - current portion 26.02 100,000,000 279,579,657
ECA loan- current portion 26.03 5,213,344,985 4,858,456,675
Loan for 450 MW (N) Plant 26.04 1,703,462,943 -
7,258,407,928 7,538,036,332
26.01 BPDB loan- current portion : Tk. 241,600,000
Opening balance 2,400,000,000 -
2,641,600,000 2,400,000,000
Less: payment during the year 2,400,000,000 -
Closing balance 241,600,000 2,400,000,000
26.02 Overhauling loan - current portion : Tk. 100,000,000
379,579,657 279,579,657
Less: Payment during the year 279,579,657 -
Closing balance 100,000,000 279,579,657
26.03 ECA loan- current portion : Tk. 5,213,344,985
Opening balance 4,858,456,675 4,211,434,964
Add: Addition during the year 5,336,944,058 5,443,057,760
Less: Payment during the year (4,982,055,748) (4,796,036,049)
Closing balance 5,213,344,985 4,858,456,675
26.04 Loan for 450 MW (N) Plant : Tk. 1,703,462,943
Opening balance - -
Add: Addition during the year 1,703,462,943 -
Less: Payment during the year - -
Closing balance 1,703,462,943 -


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
27.00 Liabilities for interest expense : Tk. 3,255,156,858

Accrued interest on 450 MW (North) Government loan 27.01 95,113,102 57,636,998
Accrued interest on overhauling unit # 3, 4 and 5 Government loan (note 27.2) 27.02 - 117,093,258
Accrued interest on loan from BPDB 27.03 307,350,110 246,352,110
Accrued interest on overhauling unit # 3, 4 and 5 Foreign loan 27.04 162,721,530 208,349,804
Accrued interest on ADB loan(450 MW - north) 27.05 1,573,481,073 617,169,867
Accrued interest on IDB loan(450 MW - north) 27.06 891,701,513 352,478,273
Accrued interest on ECA loan(450 MW - South) 27.07 34,951,673 34,951,673
Accrued interest on ECA loan(225 MW CCCP Project) 27.08 50,535,117 9,144,449
Accrued Interest on Bond 139,302,740 -
3,255,156,858 1,643,176,432
27.01 Accrued interest on 450 MW (North) Government loan : Tk. 95,113,102

95,113,102 57,636,998
Less: Adjustment during the year - -
Closing balance 95,113,102 57,636,998
27.02 Accrued interest on overhauling unit # 3, 4 and 5 Government loan : Tk. 0

Opening balance 117,093,258 175,639,887
117,093,258 175,639,887
Less: Adjustment during the year 117,093,258 (58,546,629)
27.03 Accrued interest on loan from BPDB : Tk. 307,350,110

Opening balance 246,352,110 122,293,151
307,350,110 246,352,110
Closing balance 307,350,110 246,352,110
27.04 Accrued interest on overhauling unit # 3, 4 and 5 Foreign loan : Tk. 162,721,530
Opening balance 208,349,804 312,524,706
208,349,804 312,524,706
Less: Adjustment during the year (45,628,274) (104,174,902)
Closing balance 162,721,530 208,349,804
27.05 Accrued interest on ADB loan(450 MW - North) : Tk. 1,573,481,073

Opening balance 617,169,867 30,000,298
1,573,481,073 617,169,867
Closing balance 1,573,481,073 617,169,867


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
27.06 Accrued interest on IDB loan(450 MW - North) : Tk. 891,701,513

Opening balance 352,478,273 16,918,994
891,701,513 352,478,273
Closing balance 891,701,513 352,478,273
27.07 Accrued interest on ECA loan(450 MW - South) : Tk. 34,951,673
660,668,239 34,951,673
Less: Adjustment during the year 625,716,566 -
Closing balance 34,951,673 34,951,673
27.08 Accrued interest on ECA loan(225 MW CCCP Project) : Tk. 50,535,117
415,203,967 9,144,449
Less: Adjustment during the year (364,668,850) -
Closing balance 50,535,117 9,144,449
28.00 Trade payable : Tk. 1,657,775,898
Fuel cost payable Unit 3,4 & 5 28.01 111,209,169 642,390,431
Fuel cost payable 50 MW Gas Engine 28.02 52,229,472 83,444,395
Fuel cost payable 225 MW CCPP project 28.03 501,854,445 302,865,160
Fuel cost payable 450 MW CCPP south 28.04 539,142,173 388,556,583
Fuel cost payable 450 MW CCPP north 28.05 406,304,591 790,571,150
Other Accounts payable 47,036,048 33,076,059
1,657,775,898 2,240,903,778
28.01 Fuel cost payable Unit 3,4 & 5 : Tk. 111,209,169
Opening balance 642,390,431 442,875,383
1,972,518,435 2,357,126,035
Closing balance 111,209,169 642,390,431
28.02 Fuel cost payable 50 MW Gas Engine : Tk. 52,229,472
Opening balance 83,444,395 49,721,450
283,250,417 306,088,740
Less: Payment during the year (231,020,945) (222,644,345)
Closing balance 52,229,472 83,444,395
28.03 Fuel cost payable 225 MW CCPP project : Tk. 501,854,445
Opening balance 302,865,160 239,489,670
1,489,941,471 1,249,355,556
Less: Payment during the year (988,087,026) (946,490,396)
Closing balance 501,854,445 302,865,160


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
28.04 Fuel cost payable 450 MW CCPP south : Tk. 539,142,173

Opening balance 388,556,583 311,293,720
2,001,654,816 1,870,332,480
Closing balance 539,142,173 388,556,583
28.05 Fuel cost payable 450 MW CCPP north : Tk. 406,304,591
Opening balance 790,571,150 312,636,257
2,911,634,567 1,692,703,628
Less: Payment during the year (2,505,329,976) (902,132,478)
Closing balance 406,304,591 790,571,150
29.00 Liabilities for expenses : Tk. 421,369,335
Provision for uncollectable receivable 183,793,917 183,793,917
Withholding taxes 97,671,000 30,532,318
VAT payable 122,255,769 66,534,227
Security deposit (contractors and suppliers) 1,214,280 8,014,280
School fund 7,087,635 7,020,595
Overtime expense payable 8,871,687 7,298,923
Conveyance payable - 244,719
Provision for audit fees 230,000 230,000
Elegant builders payable 104,576 104,576
Income tax consultancy fee payable 60,000 60,000
Provision for physical inventory verification 50,000 50,000
Dividend payable 30,471 15,961
421,369,335 303,899,516
30.00 Worker’s profit participation fund : Tk. 273,616,957
Opening balance 229,184,513 84,324,709
Add: Provision made during the year 273,616,957 229,184,513
502,801,470 313,509,222
Less: Payment made during the year 229,184,513 84,324,709
Closing balance 273,616,957 229,184,513
Restated closing balance 273,616,957 218,270,964
Prior year adjustment (WPPF Fund): Workers’ Profit Participation Fund (WPPF) expense shown in the statement of profit/ loss and other comprehen-
sive income for the year ended 30 June 2018 where the expense was overstated by Tk. 10,913,548 due to incorrect calculation. Now it is rectified.
31.00 Revenue (Sales) : Tk. 23,049,896,486
Capacity payment 31.01 16,414,242,624 15,136,696,272
Energy payment (O & M price) 31.02 1,968,577,060 2,585,246,112
Energy payment (fuel price) 31.03 4,441,557,714 3,888,306,330
Adjustment consumer price index (450 MW-S) 108,585,582 79,338,223
Adjustment consumer price index (225 MW) 60,308,516 44,401,166
Adjustment consumer price index (450 MW-N) 56,624,990 39,281,559
23,049,896,486 21,773,269,662
The entire sales of the company are made to Bangladesh Power Development Board and recognized on the basis of Power Purchase
agreement with BPDB for various segments of the performance of the said contract, like, capacity payment, energy payment, etc.


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
31.01 Capacity payment : Tk. 16,414,242,624

(i) Unit 3,4,5
July ............................................................................................................................... 228,994,747 239,976,502
August .......................................................................................................................... 228,994,747 239,976,502
September.................................................................................................................... 228,994,747 239,976,502
October ........................................................................................................................ 228,994,747 239,976,502
November..................................................................................................................... 228,994,747 239,976,502
December..................................................................................................................... 228,994,747 239,976,502
January......................................................................................................................... 228,994,747 239,976,502
February ....................................................................................................................... 228,994,747 239,976,502
March ........................................................................................................................... 228,994,747 239,976,502
April .............................................................................................................................. 228,994,747 228,994,747
May .............................................................................................................................. 228,994,747 228,994,747
June.............................................................................................................................. 228,994,747 228,994,747
2,747,936,964 2,846,772,759
(ii) 50 MW plant
July ............................................................................................................................... 29,505,136 21,771,644
August .......................................................................................................................... 29,505,136 23,115,342
September.................................................................................................................... 29,505,136 25,217,386
October ........................................................................................................................ 29,505,136 24,870,120
November..................................................................................................................... 29,505,136 23,242,829
December..................................................................................................................... 29,505,136 22,060,150
January......................................................................................................................... 19,755,162 23,819,011
February ....................................................................................................................... 21,871,787 22,337,295
March ........................................................................................................................... 19,755,162 21,627,017
April .............................................................................................................................. 29,505,136 29,505,136
May .............................................................................................................................. 29,505,136 29,505,136
June.............................................................................................................................. 29,505,136 29,505,136
326,928,335 296,576,202
(iii) 225 MW plant
July ............................................................................................................................... 287,829,262 279,567,226
August .......................................................................................................................... 287,829,262 281,785,067
September.................................................................................................................... 260,003,103 231,533,009
October ........................................................................................................................ 254,387,441 289,796,348
November..................................................................................................................... 288,336,061 104,335,740
December..................................................................................................................... 280,060,414 266,001,658
January......................................................................................................................... 276,935,715 288,316,139
February ....................................................................................................................... 278,138,923 290,126,053
March ........................................................................................................................... 272,989,877 287,195,763
April .............................................................................................................................. 269,952,112 287,195,763
May .............................................................................................................................. 269,998,812 287,702,562
June.............................................................................................................................. 269,998,812 287,829,262
3,296,459,794 3,181,384,590


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
(iv) 450 MW (South) plant

July ............................................................................................................................... 501,568,716 473,255,363
August .......................................................................................................................... 499,610,976 499,879,566
September.................................................................................................................... 499,925,104 498,677,490
October ........................................................................................................................ 500,451,048 499,484,413
November..................................................................................................................... 500,714,021 504,863,899
December..................................................................................................................... 500,714,021 506,208,771
January......................................................................................................................... 500,714,021 507,015,694
February ....................................................................................................................... 503,343,741 507,822,617
March ........................................................................................................................... 502,554,825 460,087,003
April .............................................................................................................................. 503,501,525 379,387,625
May .............................................................................................................................. 503,606,714 488,714,879
June.............................................................................................................................. 503,606,714 503,044,360
6,020,311,426 5,828,441,680
(v) 450 MW (North) plant
July ............................................................................................................................... 383,952,481 315,178,405
August .......................................................................................................................... 383,952,481 315,178,405
September.................................................................................................................... 384,153,867 315,343,018
October ........................................................................................................................ 384,556,639 315,836,852
November..................................................................................................................... 384,758,024 319,129,088
December..................................................................................................................... 328,351,425 319,952,147
January......................................................................................................................... 134,370,201 271,432,200
February ....................................................................................................................... 357,454,787 310,448,482
March ........................................................................................................................... 365,835,995 231,676,428
April .............................................................................................................................. 378,064,025 200,096,477
May .............................................................................................................................. 308,622,854 277,082,783
June.............................................................................................................................. 331,202,732 359,053,032
4,125,275,511 3,550,407,317
Capacity payment adjustment ..................................................................................... 102,669,406 566,886,276
Total capacity payment 16,414,242,624 15,136,696,272
31.02 Energy payment (O & M) : Tk. 1,968,577,060

(i) Unit 3,4,5
July ............................................................................................................................... 137,541,810 171,892,827
August .......................................................................................................................... 127,065,162 167,556,063
September.................................................................................................................... 135,088,988 218,476,725
October ........................................................................................................................ 136,088,093 221,466,387
November..................................................................................................................... 167,391,815 208,905,919
December..................................................................................................................... 124,942,792 197,550,282
January......................................................................................................................... 119,867,144 89,520,936
February ....................................................................................................................... 94,850,676 77,757,152
March ........................................................................................................................... 113,980,963 137,412,224
April .............................................................................................................................. 21,110,386 144,986,691
May .............................................................................................................................. 11,517,850 137,760,246
June.............................................................................................................................. 65,073,269 123,659,034
1,254,518,948 1,896,944,486


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
(ii) 50 MW plant
July ............................................................................................................................... 20,735,289 20,104,836
August .......................................................................................................................... 18,460,853 21,350,978
September.................................................................................................................... 19,110,654 23,289,474
October ........................................................................................................................ 16,451,097 22,974,152
November..................................................................................................................... 19,973,372 20,798,639
December..................................................................................................................... 16,315,507 20,402,062
January......................................................................................................................... 18,241,605 22,020,289
February ....................................................................................................................... 13,226,617 18,635,484
March ........................................................................................................................... 18,215,476 19,975,617
April .............................................................................................................................. 14,692,723 18,861,849
May .............................................................................................................................. 17,632,517 21,763,086
June.............................................................................................................................. (43,614) 21,103,142
193,012,096 251,279,608
(iii) 225 MW plant
July ............................................................................................................................... 8,359,196 9,643,613
August .......................................................................................................................... 8,818,735 9,674,538
September.................................................................................................................... 7,539,729 7,651,491
October ........................................................................................................................ 7,602,635 9,525,221
November..................................................................................................................... 8,109,815 3,186,400
December..................................................................................................................... 8,279,928 8,660,105
January......................................................................................................................... 7,856,526 8,429,122
February ....................................................................................................................... 7,926,801 8,798,441
March ........................................................................................................................... 8,822,542 8,567,077
April .............................................................................................................................. 8,150,883 6,050,208
May .............................................................................................................................. 8,822,687 2,433,659
June.............................................................................................................................. 8,676,809 8,442,008
98,966,286 91,061,883
(iv) 450 MW (South) plant
July ............................................................................................................................... 12,979,593 13,176,086
August .......................................................................................................................... 12,718,426 12,609,527
September.................................................................................................................... 13,471,881 8,749,280
October ........................................................................................................................ 14,712,390 16,037,729
November..................................................................................................................... 13,180,608 15,341,929
December..................................................................................................................... 14,382,530 14,978,740
January......................................................................................................................... 13,581,251 10,103,862
February ....................................................................................................................... 9,174,847 12,642,523
March ........................................................................................................................... 12,538,581 6,834,995
April .............................................................................................................................. 12,600,658 9,758,264
May .............................................................................................................................. 14,253,586 13,346,697
June.............................................................................................................................. 13,220,088 13,643,190
156,814,439 147,222,822


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
(v) 450 MW (North) plant

July ............................................................................................................................... 26,774,410 15,859,286
August .......................................................................................................................... 26,343,787 16,505,073
September.................................................................................................................... 29,368,306 16,768,982
October ........................................................................................................................ 28,542,304 13,772,314
November..................................................................................................................... 13,475,101 21,259,060
December..................................................................................................................... 18,999,001 4,266,468
January......................................................................................................................... 5,711,362 21,600,501
February ....................................................................................................................... 22,611,679 21,117,209
March ........................................................................................................................... 24,951,635 17,859,317
April .............................................................................................................................. 23,765,746 12,407,991
May .............................................................................................................................. 21,287,415 20,478,178
June.............................................................................................................................. 23,434,545 16,842,934
265,265,291 198,737,313
Total energy payment (O & M Price) 1,968,577,060 2,585,246,112
31.03 Energy payment (fuel price) : Tk. 4,441,557,714

(i) 225 MW plant
July ............................................................................................................................... 101,812,067 102,956,619
August .......................................................................................................................... 107,509,094 103,523,837
September.................................................................................................................... 91,080,809 81,965,507
October ........................................................................................................................ 93,895,320 104,647,168
November..................................................................................................................... 103,702,040 36,293,528
December..................................................................................................................... 106,949,385 98,721,035
January......................................................................................................................... 99,808,958 97,471,777
February ....................................................................................................................... 96,167,102 96,436,569
March ........................................................................................................................... 105,916,809 102,400,798
April .............................................................................................................................. 98,013,206 74,333,073
May .............................................................................................................................. 104,944,357 30,316,420
June.............................................................................................................................. 104,170,711 103,131,003
1,213,969,858 1,032,197,334
(ii) 450 MW (South) plant
July ............................................................................................................................... 142,093,492 152,427,251
August .......................................................................................................................... 145,044,706 147,535,703
September.................................................................................................................... 146,677,372 99,595,828
October ........................................................................................................................ 158,227,308 172,898,980
November..................................................................................................................... 146,930,043 165,462,374
December..................................................................................................................... 158,070,446 162,991,604
January......................................................................................................................... 151,916,248 126,481,442
February ....................................................................................................................... 104,395,627 143,585,838
March ........................................................................................................................... 140,788,616 93,648,046
April .............................................................................................................................. 137,541,676 115,435,994
May .............................................................................................................................. 154,336,424 154,253,673
June.............................................................................................................................. 145,263,870 148,744,162
1,731,285,828 1,683,060,895


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
(iii) 450 MW (North) plant

July ............................................................................................................................... 149,642,577 96,075,852
August .......................................................................................................................... 147,239,529 98,261,128
September.................................................................................................................... 162,433,586 98,882,640
October ........................................................................................................................ 158,425,323 80,937,474
November..................................................................................................................... 75,621,639 120,119,652
December..................................................................................................................... 111,877,117 26,805,232
January ........................................................................................................................ 33,961,622 131,127,229
February ....................................................................................................................... 128,803,979 125,874,058
March ........................................................................................................................... 141,064,570 103,704,029
April .............................................................................................................................. 133,934,032 76,295,561
May .............................................................................................................................. 121,945,823 118,470,702
June.............................................................................................................................. 131,352,231 96,494,544
1,496,302,028 1,173,048,101
Total energy payment (fuel price) 4,441,557,714 3,888,306,330
32.00 Cost of sales : Tk. 12,247,234,932

Fuel cost - gas and diesel 32.01 5,938,068,274 6,119,641,693
Depreciation on plant and machinery (Annex 1) 1,228,602,501 1,291,338,160
Depreciation on overhauling (Annex 1) 607,036,786 607,036,786
Depreciation on project cost (Annex 2) 3,153,681,984 2,938,984,754
Repair and maintenance 32.02 1,319,845,387 524,817,445
12,247,234,932 11,481,818,838
32.01 Fuel cost - gas and diesel : Tk. 5,938,068,274
Cost of gas
(i) Unit -3, 4, 5
July ............................................................................................................................... 147,338,773 169,822,893
August .......................................................................................................................... 134,575,618 164,443,186
September.................................................................................................................... 143,443,725 222,035,833
October ........................................................................................................................ 142,422,161 217,576,677
November..................................................................................................................... 173,931,601 209,247,692
December..................................................................................................................... 132,922,660 196,139,076
January......................................................................................................................... 125,517,936 92,594,864
February ....................................................................................................................... 99,736,669 78,821,934
March ........................................................................................................................... 119,009,692 141,779,695
April .............................................................................................................................. 25,288,188 147,346,594
May .............................................................................................................................. 16,772,762 143,046,406
June.............................................................................................................................. 69,168,219 131,395,802
1,330,128,004 1,914,250,652
(ii) 50 MW plant
July ............................................................................................................................... 21,481,655 20,728,671
August .......................................................................................................................... 19,078,010 21,914,455
September.................................................................................................................... 19,995,674 23,815,552
October ........................................................................................................................ 17,142,321 23,474,869
November..................................................................................................................... 20,572,873 21,106,351
December..................................................................................................................... 16,847,622 20,758,931
January......................................................................................................................... 18,934,243 22,154,747
February ....................................................................................................................... 13,524,152 18,969,319
March ........................................................................................................................... 18,650,996 20,155,128
April .............................................................................................................................. 15,413,842 19,191,442
May .............................................................................................................................. 18,164,634 22,454,641
June.............................................................................................................................. - 21,643,184
199,806,022 256,367,290


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
(iii) 225 MW plant

July ............................................................................................................................... 98,744,369 100,364,706
August .......................................................................................................................... 105,612,553 100,764,285
September.................................................................................................................... 88,937,969 79,938,413
October ........................................................................................................................ 94,027,980 101,707,024
November..................................................................................................................... 99,627,225 35,646,756
December..................................................................................................................... 102,555,888 94,622,297
January......................................................................................................................... 95,715,882 100,325,383
February ....................................................................................................................... 92,576,213 93,631,862
March ........................................................................................................................... 102,815,631 100,157,717
April .............................................................................................................................. 99,578,422 72,306,791
May .............................................................................................................................. 103,637,774 30,265,782
June.............................................................................................................................. 103,246,405 100,134,870
1,187,076,311 1,009,865,886
(iv) 450 MW plant (South)
July ............................................................................................................................... 135,327,130 141,592,019
August .......................................................................................................................... 133,005,683 132,152,850
September.................................................................................................................... 140,214,259 92,056,874
October ........................................................................................................................ 146,773,471 160,949,076
November..................................................................................................................... 139,409,549 154,030,898
December..................................................................................................................... 145,864,380 150,484,651
January......................................................................................................................... 140,059,637 117,424,627
February ....................................................................................................................... 93,301,951 131,110,975
March ........................................................................................................................... 130,317,698 90,680,207
April .............................................................................................................................. 128,102,576 104,939,312
May .............................................................................................................................. 143,223,252 141,349,293
June.............................................................................................................................. 137,498,647 142,267,978
1,613,098,233 1,559,038,760
(v) 450 MW plant (North)
July ............................................................................................................................... 157,639,463 130,409,430
August .......................................................................................................................... 166,339,009 113,175,425
September.................................................................................................................... 178,436,346 113,030,116
October ........................................................................................................................ 156,326,309 103,970,320
November..................................................................................................................... 76,666,681 134,443,309
December..................................................................................................................... 149,402,531 36,602,880
January ........................................................................................................................ 44,694,895 142,718,281
February ....................................................................................................................... 131,056,804 128,910,930
March ........................................................................................................................... 140,903,547 121,152,902
April .............................................................................................................................. 133,395,602 111,116,698
May .............................................................................................................................. 141,829,544 138,830,410
June.............................................................................................................................. 131,079,445 105,706,670
1,607,770,176 1,380,067,371
Total cost of gas 5,937,878,746 6,119,589,959
Total cost of gas 5,937,878,746 6,119,589,959
Cost of diesel 189,528 51,734
Total fuel cost - gas and diesel 5,938,068,274 6,119,641,693


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
32.02 Repair and maintenance : Tk. 1,319,845,387

Chemical and gas consumption 26,816,057 42,706,662
Lube oil, grease, Vaseline etc. 25,012,700 33,349,546
Spare parts 374,160,490 288,730,404
Repair and maintenance plant and machinery 893,856,140 160,030,833
1,319,845,387 524,817,445
33.00 Other operating Income : Tk. 164,576,831
Sale of scraps 61,523,936 40,671,283
Forfeited of pay order 712,948 1,457,152
House rent 71,614,918 90,224,761
Received electricity bill from house rent 1,474,731 255,868
Income from lease rent amortization 20,270,000 20,270,000
Income from recruitment 3,750,660 1,401,100
Income from power plant training center 98,600 94,200
Sale of hydrogen gas 43,190 22,082
Sale of tender documents 1,592,005 1,891,100
Miscellaneous income 3,495,843 3,364,685
164,576,831 159,652,231
34.00 Personnel expenses : Tk. 1,315,113,463
Salary and allowances (executive directors) 12,764,237 12,282,519
Salary and allowances (workers) 340,232,382 322,767,254
Salary and allowances (officers) 354,988,727 313,161,851
KPI bonus - 40,497,037
Overtime allowance 47,857,489 46,308,385
Employer’s contribution to CPF 40,717,522 36,818,495
Festival allowances (workers) 30,742,400 28,858,991
Leave encashment 40,170,010 29,561,960
Domestic gas and electricity for employees 23,450,180 19,808,751
Festival allowances (officers) 35,937,843 31,050,295
Salaries (casual employees) 40,293,768 36,636,240
Uniform and liveries 6,129,280 2,418,930
Education allowance 5,483,685 5,310,818
Conveyance 28,710,358 27,078,690
Bangla new year allowance 7,129,072 6,408,728
Group insurance premium 7,750,449 7,403,981
Employees welfare and recreation expenses 2,788,617 2,392,607
Festival allowances (casual employees) 5,628,460 5,546,442
Gratuity 34.01 265,278,615 82,421,736
Festival allowances (executive directors) 1,365,973 1,295,080
Medical expenses re-imbrued 17,694,396 13,851,912
1,315,113,463 1,071,880,702
34.01 Gratuity : Tk. 265,278,615
Gratuity (executive directors) 7,139,047 1,650,895
Gratuity (officers) 120,295,452 42,666,496
Gratuity (worker) 136,285,196 36,955,645
Gratuity (casual employees) 1,558,920 1,148,700
265,278,615 82,421,736


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
35.00 Office and Other Expenses : Tk. 128,320,547

Director’s honorarium 2,144,000 2,592,000
Board meeting expenses 804,948 956,645
Committee meeting expenses 4,132,332 3,382,079
AGM and EGM expenses 5,957,534 3,734,837
Audit fee 230,000 230,000
Hospitalization benefit 137,654 429,606
Legal expenses 16,379,325 7,169,582
Advertising and procurement processing expenses 13,327,851 5,136,564
Recruitment and appointment affairs expenses 1,033,831 2,092,130
Printing and stationery 8,329,605 4,085,752
Postage, internet and telephone 3,113,615 2,745,578
Newspapers and periodicals 307,845 342,155
Entertainment 1,983,712 2,013,424
Training and education 4,245,329 2,083,035
Honorarium to technical committee members - -
Bank charges 1,638,865 743,758
Travelling and daily allowances 11,985,661 15,901,188
Physical Inventory Verification 1,501,240 -
Fees for Income Tax Consultant - -
Defense service expense 2,001,862 2,033,965
Bond issue expense 13,600,048 11,115,250
Corporate office maintenance (Dhaka office) 1,727,617 1,486,098
Business development expense 33,737,673 31,367,430
128,320,547 99,641,076
36.00 Repair and maintenance : Tk. 157,203,603
Carriage inward, freight and handling 2,081,922 1,353,426
Insurance expenses (vehicle) 790,961 937,122
Cleaning and gardening 7,841,225 10,111,403
Building maintenance 41,724,713 32,832,473
Roads and other civil maintenance 3,027,708 2,863,042
Electrical maintenance 3,423,944 3,554,516
Rent, rates and taxes 44,404,763 77,077,643
Annual license renewal fees 2,300,000 5,453,700
Consultancy services 27,037,893 11,221,467
Transformer oil, silica Jell, etc. 744,024 815,591
Other operating expenses 8,041,390 3,669,010
Repair of office equipment and furniture 265,219 79,670
Fuel for transport 8,132,618 6,952,368
Vehicle rent 1,250,080 1,300,330
Vehicle maintenance 6,137,143 3,837,778
157,203,603 162,059,539
37.00 Depreciation expenses : Tk. 73,821,213
As per existing value Annex 1 (A) 73,821,213 68,714,258
73,821,213 68,714,258
38.00 Finance income : Tk. 208,234,554
Interest income 208,234,554 70,463,069
Dividend income - 282,794,400
208,234,554 353,257,469


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
39.00 Financial expenses : Tk. 3,577,271,750

Interest on government loan (overhauling) 48,148,340 89,514,850
Interest on loan from BPDB 60,998,000 124,058,959
Interest on foreign loan (overhauling) 46,991,656 74,422,948
Interest on 225 MW ECA loan 661,484,304 732,013,387
Interest on 450 MW (South) ECA loan 1,250,057,690 1,357,666,442
Interest on bond 139,302,740 -
Interest on 450 MW (North) 1,533,010,552 981,785,628
Loan adjustment of overhauling (162,721,532) (162,721,532)
3,577,271,750 3,196,740,682
40.00 Foreign currency fluctuation (gain)/loss : Tk. 177,786,267

225 MW ECA loan (45,027,433) 606,028,977
450 MW (South) ECA loan 198,821,032 1,108,816,303
Purchasing Material 510,500
USD bank account 23,482,168 (93,211,265)
177,786,267 1,621,634,015
41.00 Earnings per share

Profit after tax 4,047,633,678 3,295,847,982
Profit/(loss) after tax 4,047,633,678 3,295,847,982
Profit attributable to ordinary shareholders 4,047,633,678 3,295,847,982
Total weighted average number of shares 661,500,000 66,150,000
Profit attributable to ordinary shareholders 4,047,633,678 3,295,847,982
Weighted-average number of ordinary shares outstanding during the year 41.01 661,500,000 661,500,000
Number of shares as dilutive potential ordinary shares 41.2 41.02 1,616,909,696 1,616,909,696
Weighted-average number of ordinary shares outstanding during the year/year (diluted) 2,278,409,696 2,278,409,696
Basic earnings per share 6.12 4.98
Diluted earnings per share 1.78 1.45
The calculation of diluted earnings/(loss) per share has been based on the following profit/(loss) attributable to ordinary shareholders and
weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. The
shares currently in the form of Equity of BPDB, Direct Grant, Subordinated loan - debt service liabilities (note 14,15 and 17) which will be
converted to share capital of the company after observing due regulatory processes are stated as dilutive potential ordinary shares here.
41.01 Weighted average number of ordinary shares outstanding during the year
Weighted no.
Time weight
of share
Year 2019
At 01 July 2018 (no. of shares) 365/365 661,500,000
Total weighted average no. of ordinary shares outstanding at the end of the year
Year 2018
At 01 July 2017 (no. of shares) 365/365 661,500,000
Total weighted average no. of ordinary shares outstanding at the end of the year. 365/365 661,500,000


41.02 Weighted average number of diluted ordinary shares outstanding during the year
Weighted no.
Time weight
of share
Year 2019
At 01 July 2018 (no. of shares)
Equity of BPDB 365/365 557,261,496
Direct grant 365/365 34,418,200
Subordinated loan - debt service liabilities 365/365 1,025,230,000
Total weighted average no. of ordinary shares outstanding at the end of the year. 1,616,909,696
Year 2018
At 01 July 2017 (no. of shares)
Equity of BPDB 365/365 557,261,496
Direct grant 365/365 34,418,200
Subordinated loan - debt service liabilities 365/365 1,025,230,000
Total weighted average no. of ordinary shares outstanding at the end of the year. 1,616,909,696
Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
42.00 Related parties disclosure

In accordance with IAS 24: Related Party Disclosures, amount of transactions during the year and outstanding balances as of the
end of report year with the entity’s related parties are disclosed as follows:
Name of the Re- Nature of

Nature of Transaction
lated Party Relationship
(A) Accounts Receivable
Opening balance 6,987,798,308 3,851,435,686
Addition during the year:
Sales 23,049,896,486 21,773,269,662
Other adjustment -
Adjustment for debt service liability (DSL) -
Payment / adjustment made during the year:
Fuel cost paid by BPDB (receivable) (1,861,309,266) (1,714,735,604)
Cash collection (20,059,906,483) (14,678,653,982)
Loan adjustment (2,817,500,000) (1,853,800,000)
Debt service liability (DSL) - (389,717,454)
Closing balance 5,298,979,045 6,987,798,308
(B) Other Receivable
Bangladesh Pow-
Majority Share- Opening balance 88,415,108 141,918,893
er Development
holder Less: Received operational insurance (88,415,108) (141,918,893)
Board (BPDB)
Add: Operational insurance premium 166,772,122 88,415,108
Closing balance 166,772,122 88,415,108
(C) Loan from BPDB
Opening balance 541,600,000 4,741,600,000
Addition during the year 2,400,000,000 -
Payment made during the year (2,700,000,000) (1,800,000,000)
Current portion (241,600,000) (2,400,000,000)
(D) Interest on BPDB Loan
Opening balance 246,352,110 122,293,151
Add: Accrued during the year 60,998,000 124,058,959
Closing balance 307,350,110 246,352,110


Weighted no.
Time weight
of share
42.01 Key management personnel compensation comprises:

Short term benefits (salary and other allowances) 55,620,815 42,645,253
Post employment benefits (provident fund) 6,597,557 5,204,464
Post employment benefits (Gratuity) 6,872,455 5,421,316
Total 69,090,827 53,271,033
(*) Key management personnel includes employees of the rank of Deputy General Manager and above.
No. of key Management Personnel 22 17
(*) No loans to Directors of the Company were given during the year.
42.02 Investment in related party
APSCL has no investment in related party.
42.03 Loan from related party (BPDB) : Tk. 0
Opening Balance 541,600,000 4,741,600,000
Addition during the year 2,400,000,000 -
Payment during the year (2,700,000,000) (1,800,000,000)
Current Portion (241,600,000) (2,400,000,000)
Non-Current Portion - 541,600,000
43.00 Bond Payable

As per IFRS 9 Bond Payable in the financial statements should be measure in amortized cost under effective interest rate method.
However this bond is floating rate based and as per IFRS 9 B5. 4.5 for floating rate financial assets and floating rate financial liability
periodic re-estimation of cash flows to reflect the movement of the market rate of interest alters the effective interest rate. If floating
rate financial assets or floating rate financial liability is recognised initially at an amount equal to the principle receivable or payable
on matuarity, re-estimating the future interest payments normally has no significant effects on the carrying amount of the assets or
the liability.
44.00 Contingent Assets

Contingent asset is a possible asset that arises from past events, the existence of which can be confirmed only by the occurrence
or nonoccurrence of one or more uncertain future events not wholly within the control of the entity. A contingent asset must not be
recognized. Only when the realization of the related economic benefits is virtually certain should recognition take place provided that
it can be measured reliably because, at that point, the asset is no longer contingent. During the considering year July 2018 to June
2019 APSCL had not contingent asset.
45.00 Contingent Liabilities

Contingent liability is a possible obligation that arises from past events, the existence of which can be confirmed only by the occur-
rence or nonoccurrence of one or more uncertain future events not wholly within the control of the entity. Contingent liability should
not be recognized in the financial statements, but may require disclosure. A provision should be recognized in the year in which
the recognition criteria of provision have been met. During the considering year July 2018 to June 2019 APSCL had not contingent
liability.
46.00 Events After balance sheet date

The Board of Directors of APSCL has recommended a cash dividend @ 6% on paid up capital amounting to BDT 396,900,000 for the
year ended 30 June 2019 in its meeting dated 21 November 2019. The dividend will be subject to approval of the shareholders in the
next 19th Annual General Meeting scheduled to be held on 4th December 2019. There are no other events identified after the date of
the statement of financial position which require adjustment or disclosure in the accompanying financial statements.
47.00 Number of employees and remuneration of Managing Director

Number of employees 757 750
Managing Director remuneration 3,634,889 3,406,020


48.00 Capital Commitments

Bangladesh Securities Exchange Commission (BSEC) has been approved APSCL to issue bond of Tk. 500 crore on 12th April, 2018.
APSCL has already raised BDT 500 crore through private placement from nine (09) institutions (Government Bank-04, Private Bank-
02 & Government Financial Institution-03). Afterwards, Bangladesh Securities Exchange Commission (BSEC), on its 692nd Meeting
held on July 2nd, 2019, has approved APSCL to issue the public placement of BDT 100 Crore Non-Convertible Fully Redeemable
Coupon Bearing Bond. The subscription process of BDT 100 Crore public offering is on going.
49.00 Financial Risk management

The company has exposures to the following risks from its use of financial instruments:
a. Credit risk
b. Liquidity risk
c. Market risk
The Board has overall responsibility for the establishment and oversight of the company’s risk management framework. The Board
oversees how management monitors compliance with risk management policies and procedures and reviews the adequacy of the
risk management framework in relation to risk faced by the company. The Board is assisted in its oversight role by Audit Committee,
undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the
Audit Committee.
Credit Risk: Credit risk is the risk of financial loss to the company if a customer or counterparty fails to meet its contractual obliga-
tions. The company’s sales are made to Bangladesh Power Development Board (BPDB) under the conditions of long term Power
Purchase Agreement (PPA). Sales made to that entity are fully secured by Letters of Credit issued by local scheduled banks.
Liquidity Risk: Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due. The com-
pany’s approach to managing liquidity is to ensure as far as possible that it will always have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the company’s
reputation. Typically management ensures that it has sufficient cash and cash equivalent to meet expected operational expenses,
including the servicing of financial obligation through preparation of cash forecast, prepared based of time line of payment of the
financial obligation and accordingly arrange for sufficient fund to make the expected payment within due date.
Market Risk: Market risk is the risk that changes in market forces such as foreign exchanges rates and interest rate that will affect
the company’s income or value of its holding of financial instruments. The objectives of market risk management are to manage and
control market risk exposures within acceptable parameters, while optimizing the return. APSCL has already taken necessary mea-
sures such as interest rate SWAP in order to address such market risk.
50.00 Land
As per vendor’s agreement Bangladesh Power Development Board (BPDB) has transferred assets and liabilities to APSCL. But
ownership of land was not transferred to APSCL because the value of the land shall be assessed by the authority as described in
Article-72 (GHA) of the immovable Property Acquisition Manual, 1997. For the transfer of Immoveable Property from one Govern-
ment Agency to another Government Agency the Article 72 of the Immoveable Property Acquisition Manual, 1997 shall be followed.
However land shall be transferred to the company after obtaining approval from the Land, Finance and Ministry of Law, Justice and
Parliamentary Affairs.
Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
51.00 Financial Ratios

51.01 Current Ratio : 1.73 : 1 1.19 : 1
Current asset 24,127,556,986 15,479,319,189
Current liabilities 13,956,958,145 13,028,099,019
51.02 Quick Ratio : 1.56 :1 1.011 :1
Quick asset/Liquid asset 21,806,037,254 13,190,945,064
Quick liabilities 13,956,958,145 13,039,012,568


Amount in Taka
Notes June 30, 2019 June 30, 2018
BDT BDT
51.03 Net Asset Value (NAV) per share (restated)

Net assets (Total assets- liabilities) 21,916,621,729 16,952,059,977
Number of ordinary shares outstanding 661,500,000 661,500,000
Net Asset Value (NAV) per share 33.132 25.63
51.04 Net Operating Cash Flow Per Share (NOCFPS)
Net operating cash flows 12,680,590,158 9,202,921,962
Number of ordinary shares outstanding 661,500,000 661,500,000
Net Operating Cash Flows Per Share (NOCFPS) 19.17 13.91
51.05 Debt Equity Ratio : 3.24 4.17
Long term debt 71,078,375,674 70,757,209,892
Shareholders equity 21,916,621,729 16,952,059,977
1.61 1.67
51.06 DSCR NI+D+I+FC 11,253,853,753 11,871,775,709
P+I 6,969,707,076 7,121,645,082
51.07 Earnings/(loss) per share
Basic earnings/(loss) per share (BDT 10 per share) 6.12 4.98
Net Income 4,047,633,678 3,295,847,982
No. of Share Issued 661,500,000 661,500,000
Diluted earnings/(loss) per share (BDT 10 per share) 1.78 1.45
Net Income 4,047,633,678 3,295,847,982
Diluted No. of Share 2,278,409,696 2,278,409,696
52.00 General
(i) Figures in these notes and in the annexed financial statements have been rounded off to the nearest BDT.
(ii) Previous year’s figures have been rearranged, wherever considered necessary, to conform to current year’s presentation with-
out causing any impact on the operating results for the year and value of assets and liabilities at the end of that year as shown
in the financial statements under reporting.
(iii) These notes form an integral part of the annexed financial statements and accordingly are to be read in conjunction therewith.

DETAILS OF PROPERTY, PLANT AND EQUIPMENT

As at 30 June 2019
ANNEX - 1
Cost Depreciation Carrying amount/

Addition Written down
Particulars Transfer to O & M Total at June 30, Rate (%) Charge for the Total at June 30, value at 30 June
At July 01,2018 during the At July 01, 2018
during the period 2019 period 2019 2019
period
BDT BDT BDT BDT BDT BDT BDT BDT
Land 202,613,197 30,928,428 168,164,667 401,706,292 - - - - 401,706,292
Building 2,528,717,721 27,634,875 - 2,556,352,596 1.55 - 13.33 787,879,322 52,015,289 839,894,611 1,716,457,985
Plant and machinery 23,886,470,988 243,548,568 74,112,627,969 98,242,647,525 5 - 40 14,295,402,469 1,228,602,501 15,524,004,970 82,718,642,555
Office equipment’s 59,050,629 12,879,902 - 71,930,531 10 - 33.33 37,717,340 8,924,603 46,641,943 25,288,588
Vehicles 105,891,846 532,400 - 106,424,246 12.5 52,866,938 9,061,394 61,928,332 44,495,914
Furniture and fixtures 24,640,423 4,742,134 - 29,382,557 20 19,460,060 3,819,926 23,279,986 6,102,571
Overhauling project 8,498,515,000 - - 8,498,515,000 7.14 4,952,751,456 607,036,786 5,559,788,242 2,938,726,758
Total 2019 35,305,899,804 320,266,307 74,280,792,636 109,906,958,748 20,146,077,585 1,909,460,500 22,055,538,085 87,851,420,662
Total 2018 34,912,403,454 393,496,350 390,027,259 35,305,899,804 18,178,988,381 1,967,089,204 20,146,077,585 15,159,822,219
Annex 1 (A)
Total depreciation 1,909,460,500

Less: Depreciation of plant and machinery - COGS 1,228,602,501
Less: Depreciation overhauling project - COGS 607,036,786
73,821,213
Depreciation on property, plant and equipment 1,909,460,500
Depreciation for 225 MW 759,349,097
Depreciation for 450 MW CCPP (south) 1,389,883,063
Depreciation for 450 MW CCPP (north) 1,004,449,824
Total depreciation 5,063,142,484

DEVELOPMENT/PROJECT COST
For the period ended 30 June 2019
ANNEX - 2
Cost Depreciation
Written down value
Error cor- Addition during Total at 30 June Rate Charge for the Total at 30 June at 30 June 2019
Particulars At 01 July 2018 At 01 July 2018
rection the year 2019 (%) period 2019
BDT BDT BDT BDT BDT BDT BDT BDT
225 MW Combined
Cycle Power Plant 18,337,617,842 - 1,516,678,509 19,854,296,351 4 2,222,277,395 759,349,097 2,981,626,492 16,872,669,859
(Annex 3A)
450 MW (South) Project

36,463,934,285 - - 36,463,934,285 4 2,400,844,369 1,389,883,063 3,790,727,432 32,673,206,853
(Annex 3B)
450 MW (North) Project

26,527,920,503 - 49,390,910 26,577,311,413 4 1,006,110,333 1,004,449,824 2,010,560,157 24,566,751,256
(Annex 3C)
Total 81,329,472,630 - 1,566,069,419 82,895,542,049 5,629,232,097 3,153,681,984 8,782,914,081 74,112,627,968

DETAILS OF CAPITAL WORK-IN-PROGRESS

As at 30 June 2019
225 MW COMBINED CYCLE POWER PLANT Annex-3A
01 July 2018 Addition during the period 30 June 2019

Particulars
BDT BDT BDT
Office furniture 739,730 739,730
Building 1,928,052 1,928,052
Land development 3,701,442 3,701,442
Civil works 22,373,367 22,373,367
Advance payment against LC 2,035,083,078 2,035,083,078
Plant and machinery 11,700,766,434 1,460,203,712 13,160,970,146
LC commission 159,397,771 159,397,771
Bank charges and others 579,323 579,323
Premium 1,856,064,509 1,856,064,509
Fees, rent, rates and taxes 888,459,438 56,474,797 944,934,235
Printing and stationary 289,801 289,801
Consultancy services 13,851,148 13,851,148
Entertainment 121,037 121,037
Travelling and daily allowance 200,528 200,528
Office equipment 712,260 712,260
Store equipment 5,947,774 5,947,774
Salary and allowances 10,418,562 10,418,562
CD VAT 1,078,691,630 1,078,691,630
Other operating expense 5,440,786 5,440,786
Interest expense 265,596,439 265,596,439
Legal expense 92,101,907 92,101,907
Error Correction 195,152,826 195,152,826
Total 18,337,617,842 1,516,678,509 19,854,296,351
450 MW (South) project Annex-3B

Particulars
BDT BDT BDT
Legal fee 4,217,333 - 4,217,333
Civil works 4,228,868 - 4,228,868
Office equipment 1,270,730 - 1,270,730
Office furniture 1,332,458 - 1,332,458
Interest expense 1,908,431,730 - 1,908,431,730
Loan processing fee 463,600,277 - 463,600,277
Premium 5,536,272,023 - 5,536,272,023
Fees, rent, rent and taxes 1,252,365,707 - 1,252,365,707
CD VAT 1,366,024,099 - 1,366,024,099
ORM REF (VAT) commitment fee 55,773,210 - 55,773,210
LC commission and charges 315,884,716 - 315,884,716
Consultancy services 24,367,659 - 24,367,659
Bank charges and others 32,718,278 - 32,718,278
Salary and allowances 22,149,668 - 22,149,668
Printing and stationary 498,072 - 498,072
Other operating expense 520,475 - 520,475
Entertainment 112,438 - 112,438
Design, installation and others 8,685,157,901 - 8,685,157,901
Plant , machinery and equipment 13,359,097,026 - 13,359,097,026
15% down payment 3,650,749,943 - 3,650,749,943
Error Correction (220,838,326) - (220,838,326)
Total 36,463,934,285 - 36,463,934,285


As at 30 June 2019
ANNEX - 1
450 MW (North) project Annex-3C

Particulars
BDT BDT BDT
Land development/civil works 144,094,964 8,616,229 152,711,193
Building 4,541,759 40,774,681 45,316,440
Travelling and daily allowance 52,800 - 52,800
Office equipment 1,171,330 - 1,171,330
Advertisement 1,778,178 - 1,778,178
Consultancy service 138,179,342 - 138,179,342
Printing and stationary 294,826 - 294,826
Advance payment (installation and others) 1,417,242,504 - 1,417,242,504
Plant and machinery 22,502,518,834 - 22,502,518,834
Bank charge 176,898 - 176,898
CD VAT 722,209,286 - 722,209,286
CD VAT account (1,730,718) - (1,730,718)
Interest expense 1,437,865,902 - 1,437,865,902
Legal expense 62,500 - 62,500
Other operating expense 236,090 - 236,090
Fees, rent, rates and taxes 113,638,188 - 113,638,188
Office furniture 1,185,585 - 1,185,585
Salary and allowances 44,044,505 - 44,044,505
Total 26,527,920,504 49,390,910 26,577,311,415
200 MW Modular Project Annex-3D

Particulars
BDT BDT BDT
Legal expense 291,000 - 291,000
Land 167,862,967 - 167,862,967
Total 168,164,667 - 168,164,667


As at 30 June 2019
400 MW (East) project Annex-3E

Particulars
BDT BDT BDT
Office furniture 1,291,501 - 1,291,501
Civil Works 70,200 236,671,637 236,741,837
Office equipment 1,070,950 22,000 1,092,950
Entertainment 422,305 101,175 523,480
Consultancy service 955,000 32,742,838 33,697,838
Plant & Machinery - 1,929,418,442 1,929,418,442
Bank Charges & Others - 2,328,115 2,328,115
Vehicle rent 1,522,060 391,416 1,913,476
Advertisement 5,905,859 - 5,905,859
Office & Other Expense 1,946,799 1,946,799
Travelling and daily allowance 44,250 - 44,250
Salary and allowances 24,151,652 14,704,185 38,855,837
Honorarium expense 69,339 - 69,339
Legal expense 143,750 - 143,750
Vehicle 9,068,000 9,068,000
Meeting Expense - 22,772 22,772
Safety materials 164,600 - 164,600
Printing and stationary 944,006 573,207 1,517,213
Total 36,755,472 2,227,990,586 2,264,746,058
Patuakhali 1320 MW Super Thermal Power Plant Project Annex-3F

Particulars
BDT BDT BDT
Consultancy service 3,641,000 1,991,801 5,632,801
Entertainment 268,289 171,276 439,565
Salary and allowance 2,261,118 6,914,170 9,175,288
Printing and stationary 13,469 55,998 69,467
Conveyance 133,420 363,340 496,760
Office maintenance 140,780 460,500 601,280
Savior (For land acquisition) 225,000 690,000 915,000
Rent rates and taxes 718,750 143,750 862,500
Fuel For Vehicle - 40,000 40,000
Office Equipment - 474,010 474,010
Office Rent 240,000 459,600 699,600
Vehicle - 4,957,500 4,957,500
Legal fee - 575,000 575,000
Vehicle Rent - 487,000 487,000
Total 7,641,826 17,783,945 25,425,771

CASH AT BANK
ANNEX - 4
Cash at bank on STD/SND account
30 June 2019 30 June 2018

SL Bank Branch Types of account Account No.
BDT BDT
1 HSBC Tejgaon SND 107067 196,427 206,861
2 HSBC Tejgaon SND 107232 954,840,248 3,270,891
3 Standard Chartered Bank Gulshan SND 387301 127,086 128,426
4 Standard Chartered Bank Gulshan STD 873008 1,500,000,000 -
5 Janata Bank Local Office STD 1745 7,058,391 14,888,310
6 Janata Bank (450 N) Local Office STD 1902 34,252,359 40,628,788
7 Janata Bank Corporate Office STD 1065 124,957,131 -
8 Janata Bank Corporate Office STD 892 304,384,202 171,593,626
9 Rupali Bank Corporate Office STD 175 409,355,863 -
10 Rupali Bank Corporate Office STD 172 224,500 -
11 Trust Bank Ashuganj STD 16 5,359,618 3,737,481
12 Sonali Bank Ashuganj STD 11 5,338,197 3,080,885
13 Exim Bank Ashuganj STD 21352 3,484,163 18,272,035
14 Exim Bank Ashuganj STD 3040 279,602,332 -
15 Pubali Bank Ashuganj STD 42 9,449,144 4,152,632
16 Brac Bank Gulshan HPA 744001 508,464,989 -
17 City Bank Gulshan HPA 575001 1,016,275,000 -
18 Eastern Bank Gulshan HPA 393991 511,699,629 -
Total STD/SND account (A) 5,675,069,279 259,959,934
Cash at bank on restricted account :
SL Bank Branch Types of account Account No. BDT BDT

1 HSBC (*) Tejgaon DSAA 16 53 198,834
2 HSBC (*) Tejgaon DSRA 17 2,217,327,221 2,171,413,264
3 HSBC (*) Tejgaon PPA Proceeds 19 352,017,552 1,813,157
4 HSBC (*) Tejgaon Disbursement 69 231,398 229,362
5 HSBC (*) Tejgaon PPA Proceeds 70 1,868,981,247 591,630,000
6 Standard Chartered Bank (*) Gulshan Disbursement 017302 14,691,603 14,695,481
7 Standard Chartered Bank (*) Gulshan PPA Proceeds 017303 450,589,761 277,773,009
8 Standard Chartered Bank (**) Gulshan DSA 017304 1,120,501,461 905,369,881
9 Standard Chartered Bank (**) Gulshan PPA Proceeds 027303 617,637,030 703,765,105
Total in Restricted Account (B) 6,641,977,326 4,666,888,094
Total cash at bank (A+B) 12,317,046,605 4,926,848,028
(*) As per common terms agreement (CTA) APSCL shall not be permitted to make any withdrawal from the Debt Service Reserve
Account (DSRA). APSCL can withdraw the amount from the PPA account after fulfilling certain conditions and with the consent
of the intercreditor agent.
(**) As per common terms agreement (CTA) APSCL shall not be permitted to make any withdrawal from the Debt Service Account
(DSA). APSCL can withdraw the amount from the PPA account after fulfilling certain conditions and with the consent of the inter-
creditor agent.

FIXED DEPOSIT ACCOUNT (FDR)

ANNEX - 5
30 June 2019 30 June 2018

SL Bank Branch Types of account Account No.
BDT BDT
1 AB Bank Bangshal FDR - 50,000,000
2 AB Bank Bangshal FDR 54,580,426 51,015,625
3 AB Bank Bangshal FDR 10,000,000 -
4 AB Bank Bhairav FDR 10,631,785 10,000,000
5 AB Bank Bhairav FDR 10,829,462 10,173,625
6 AB Bank Ashuganj FDR - 10,201,750
7 Al-Arafah Islami Bank Ashuganj FDR 10,609,030 10,000,000
8 Al-Arafah Islami Bank Ashuganj FDR 10,747,449 10,163,562
9 BIFFL Dhaka FDR 500,000,000 -
10 BRAC Bhairav FDR - 10,198,747
11 BRAC Mitford FDR 10,752,780 10,000,000
12 City Bank Bhairav FDR - 10,000,000
13 City Bank Dhaka FDR 500,000,000 -
14 City Bank Uttara FDR - 20,000,000
15 DBH Dhaka FDR 500,000,000 -
16 Dhaka Bank Ashuganj FDR 10,699,595 10,000,000
17 Dhaka Bank Bhairav FDR 10,699,595 10,000,000
18 Dhaka Bank Bijoynagar FDR 21,368,939 20,000,000
19 Dhaka Bank Ashuganj FDR 10,900,981 10,188,003
20 EXIM Bank Ashuganj FDR 53,401,400 50,000,000
21 EXIM Bank Ashuganj FDR - 16,177,892
22 EXIM Bank Ashuganj FDR - 153,037,500
23 EXIM Bank Ashuganj FDR 54,242,206 50,900,000
24 ICB Dhaka FDR 500,000,000 -
25 IFIC Bank Ashuganj FDR 13,115,629 12,327,695
26 IFIC Bank Ashuganj FDR 21,720,431 20,382,500
27 Islami Bank Ashuganj FDR 21,544,556 20,351,123
28 Jamuna Bank Ashuganj FDR 10,665,403 10,000,000
29 Jamuna Bank Ashuganj FDR 16,838,018 15,627,293
30 Mercantile Bank Ashuganj FDR 10,800,569 10,185,625
31 MTBL Dilkhusha FDR 64,979,445 61,269,818
32 MTBL Dhaka FDR 300,000,000 -
33 One Bank Mawna FDR - 50,956,250
34 One Bank Dhaka FDR 100,000,000 -
35 Premier Bank Bhairav FDR 10,608,978 10,000,000
36 Premier Bank Ashuganj FDR - 10,191,250
37 Premier Bank Ashuganj FDR - 10,191,250
38 Prime Bank Ashuganj FDR - 10,240,000
39 Pubali Bank Ashuganj FDR - 16,024,425
40 Shahjalal Islami Bank Mothijheel FDR 21,324,366 20,000,000
41 Shahjalal Islami Bank Ashuganj FDR 10,728,678 10,157,500
42 Sonali Bank Ashuganj FDR - 11,947,120
43 Southeast Bank Dilkhusha FDR - -
44 Southeast Bank Dhaka FDR 100,000,000 -
45 Trust Bank Ashuganj FDR 10,579,084 10,000,000
46 UCBL Dilkhusha FDR 53,027,462 50,000,000
47 UCBL Dilkhusha (F.Ex) FDR - 50,000,000
Total in FDR Account 3,045,396,267 931,908,554

STATEMENT OF FDR (3 MONTHS)

As at 30.06.2019
Annex - 5 (A)
Principal Period Value of FDR by Maturity Rate of

SL FDR No. Name of the Bank Branch Date of FDR
Amount (Months) maturity date Interest
1 02560100215434 Exim Bank Ltd Ashuganj 50,000,000 03(Three) 54,242,206 14.05.19 14.08.19 7.00%
2 02560100219345 (0688953) Exim Bank Ltd Ashuganj 50,000,000 03(Three) 53,401,400 24.04.19 24.07.19 6.00%
Sub-Total 100,000,000 107,643,606
4 0330004253 (0234328) Jamuna Bank Ltd. Ashuganj 10,000,000 03(Three) 10,665,403 24.04.19 24.07.19 7.00%
Sub-Total 10,000,000 10,665,403
5 159886/55173/14 MTBL Dilkusha 50,000,000 03(Three) 64,979,445 15.04.19 15.07.19 6.00%

Sub-Total 50,000,000 64,979,445
6 456142/2014 IFIC Ashuganj 10,000,000 03(Three) 13,115,629 16.04.19 16.07.19 7.00%

7 1256159/456142/2018 IFIC Ashuganj 20,000,000 03(Three) 21,720,431 14.05.19 14.08.19 7.00%
Sub-Total 30,000,000 34,836,059
8 3552423 AB Bank Bangshal 50,000,000 03(Three) 54,580,426 14.05.19 14.08.19 8.00%

9 3549557 AB Bank Bhairab 10,000,000 03(Three) 10,829,462 14.05.19 14.08.19 6.00%
10 003-56-0783 AB Bank Bhairab 10,000,000 03(Three) 10,631,785 24.04.19 24.07.19 6.00%
Sub-Total 70,000,000 76,041,674
11 20501760500497208 Islami Bank Ashuganj 20,000,000 03(Three) 21,544,556 16.05.19 16.08.19 6.67%
Sub-Total 20,000,000 21,544,556
12 002.341.19 or 257360 Dhaka Bank Ashuganj 10,000,000 03(Three) 10,900,981 16.05.19 16.08.19 8.50%
13 106.341.13 (267827) Dhaka Bank Bijoy Nagar 20,000,000 03(Three) 21,368,939 22.04.19 22.07.19 8.50%
14 00234128 (257372) Dhaka Bank Ashuganj 10,000,000 03(Three) 10,699,595 23.04.19 23.07.19 8.50%
15 241.340.18 (268507) Dhaka Bank Bhairab 10,000,000 03(Three) 10,699,595 29.04.19 29.07.19 8.50%
Sub-Total 50,000,000 53,669,109
16 117141123829534 Mercantile Bank Ashuganj 10,000,000 03(Three) 10,800,569 14.05.19 14.08.19 6.00%
Sub-Total 10,000,000 10,800,569
17 0521310008484 Al-Arafah Is. Bank Bhairab 10,000,000 03(Three) 10,747,449 15.05.19 15.08.19 5.85%
18 1301310001459 (0631190) Al-Arafah Is. Bank Ashuganj 10,000,000 03(Three) 10,609,030 05.05.19 05.08.19 5.85%
Sub-Total 20,000,000 21,356,479
19 300653100002368 Shahjalal Is. Bank Ashuganj 10,000,000 03(Three) 10,728,678 20.05.19 20.08.19 6.00%
20 400553100060101 (0385219) Shahjalal Is. Bank Motijheel 20,000,000 03(Three) 21,324,366 23.04.19 23.07.19 7.00%
Sub-Total 30,000,000 32,053,045
21 0721430000000165 (0564365) UCBL Dilkusha 50,000,000 03(Three) 53,027,462 24.04.19 29.07.19 6.00%
Sub-Total 50,000,000 53,027,462
22 181243224 (0211565) Premier Bank Bashgari 10,000,000 03(Three) 10,608,978 23.04.19 23.07.19 6.00%
Sub-Total 10,000,000 10,608,978
23 0039030011058 (219269) Trust Bank Ashuganj 10,000,000 03(Three) 10,579,084 07.05.19 07.08.19 6.00%
Sub-Total 10,000,000 10,579,084
Total 460,000,000 507,805,469

STATEMENT OF FDR (MORE THAN 03 MONTHS)

As at 30.06.2019
Annex - 5 (B)
Principal Period Value of FDR by Date of Maturity Rate of

SL FDR No. Name of the Bank Branch
Amount (Months) maturity FDR date Interest
1 0462 Jamuna Bank Ltd. Ashuganj 10,000,000 6 (six) 16,838,018 11.06.19 11.12.19 7.50%
Sub-Total 10,000,000 16,838,018
2 0002-0330137701 MTBL Principal 100,000,000 12 (Twelve) 100,000,000 02.05.19 02.05.20 10.00%

Sub-Total 300,000,000 300,000,000
5 3583751 AB Bank Bangshal 10,000,000 09 (Nine) 10,000,000 28.11.18 28.08.19 8.75%

Sub-Total 10,000,000 10,000,000
6 15563039444270001 Brac Bank Mitford 10,000,000 06 (Six) 10,752,780 07.03.19 07.09.19 7.00%
Sub-Total 10,000,000 10,752,780
7 0011971/1/1852 ICB Head Office 100,000,000 12 (Twelve) 100,000,000 05.05.19 05.05.20 10.00%
Sub-Total 500,000,000 500,000,000
12 71000180276 DBH Finance Head Office 100,000,000 12 (Twelve) 100,000,000 05.05.19 05.05.20 11.00%
Sub-Total 500,000,000 500,000,000
17 0794140000092 (201853) One Bank Mawna 100,000,000 12 (Twelve) 100,000,000 05.05.19 05.05.20 10.75%
Sub-Total 100,000,000 100,000,000
18 001024500041384 Southeast Bank Gulshan 50,000,000 12 (Twelve) 50,000,000 02.05.19 02.05.20 10.00%
19 001024500041385 Southeast Bank Gulshan 50,000,000 12 (Twelve) 50,000,000 02.05.19 02.05.20 10.00%
Sub-Total 100,000,000 100,000,000
20 4482593575001 City Bank Head Office 250,000,000 12 (Twelve) 250,000,000 02.05.19 02.05.20 10.00%
21 4482593575002 City Bank Head Office 250,000,000 12 (Twelve) 250,000,000 02.05.19 02.05.20 10.00%
Sub-Total 500,000,000 500,000,000
22 201905000001 BIFFL Head Office 500,000,000 06 (Six) 500,000,000 26.05.19 26.11.19 9.50%
Sub-Total 500,000,000 500,000,000
Total 2,530,000,000 2,537,590,798
Grand Total 2,990,000,000 3,045,396,267

GOVERNMENT LOANS
Annex-6
Repayment schedule of loan given by Government of Bangladesh for 450 MW (North)
Total Investment : BDT 3,527,166,000

Equity portion (60%) : BDT 2,116,300,000
Loan portion (40%) : BDT 1,410,866,000
Repayment period : 20 years including 5 years grace period
Rate of interest : 3% per annum
Beginning balance Yearly fixed amount to be Yearly interest to be paid Total payment (Capital+In-
Year Ending balance BDT
BDT paid (Capital) BDT BDT terest) BDT
1 1,410,866,000 - 42,326,000 42,326,000 1,410,866,400

2 1,410,866,000 - 42,326,000 42,326,000 1,410,866,400
3 1,410,866,000 - 42,326,000 42,326,000 1,410,866,400
4 1,410,866,000 - 42,326,000 42,326,000 1,410,866,400
5 1,410,866,000 - 42,326,000 42,326,000 1,410,866,400
6 1,410,866,000 94,057,800 42,326,000 136,383,800 1,316,808,600
7 1,316,809,000 94,057,800 39,504,300 133,562,000 1,222,750,900
8 1,222,751,000 94,057,800 36,682,500 130,740,300 1,128,693,100
9 1,128,693,000 94,057,800 33,860,800 127,918,600 1,034,635,400
10 1,034,635,000 94,057,800 31,039,100 125,096,800 940,577,600
11 940,578,000 94,057,800 28,217,300 122,275,100 846,519,800
12 846,520,000 94,057,800 25,395,600 119,453,400 752,462,100
13 752,462,000 94,057,800 22,573,900 116,631,600 658,404,300
14 658,404,000 94,057,800 19,752,100 113,809,900 564,346,600
15 564,347,000 94,057,800 16,930,400 110,988,200 470,288,800
16 470,289,000 94,057,800 14,108,700 108,166,400 376,231,000
17 376,231,000 94,057,800 11,286,900 105,344,700 282,173,300
18 282,173,000 94,057,800 8,465,200 102,523,000 188,115,500
19 188,116,000 94,057,800 5,643,500 99,701,200 94,057,800
20 94,058,000 94,057,800 2,821,700 96,879,500 -

FOREIGN LOANS
ANNEX - 7
Repayment schedule of loan given by Kreditenstalt Fur Wiederaufbau (KFW) for Overhauling unit # 3, 4 and 5
Interest rate : 8%
Installment : 18 years including 3 years grace period 15 equal consecutive yearly installment
EURO : 32,301,627 (1 Euro = BDT 72)
Total loan : BDT 2,325,717,139
Equity (60%) : BDT 1,395,430,283
Debt (40%) : BDT 930,286,856
Total principal Repayment of Installment

Installment Interest @ 8%
Installment due date amount principal amount (principal+ interest)
serial no.
BDT BDT BDT BDT
Mar 2007 to Sep 2007 - - 43,413,387 43,413,387
1 01 Oct 2007 930,286,856 62,019,124 - 62,019,124
2 01 Oct 2008 868,267,732 62,019,124 69,461,419 131,480,542
3 01 Oct 2009 806,248,608 62,019,124 64,499,889 126,519,012
4 01 Oct 2010 744,229,484 62,019,124 59,538,359 121,557,482
5 01 Oct 2011 682,210,361 62,019,124 54,576,829 116,595,952
6 01 Oct 2012 620,191,237 62,019,124 49,615,299 111,634,423
7 01 Oct 2013 558,172,113 62,019,124 44,653,769 106,672,893
8 01 Oct 2014 496,152,989 62,019,124 39,692,239 101,711,363
9 01 Oct 2015 434,133,866 62,019,124 34,730,709 96,749,833
10 01 Oct 2016 372,114,742 62,019,124 29,769,179 91,788,303
11 01 Oct 2017 310,095,618 62,019,124 24,807,649 86,826,773
12 01 Oct 2018 248,076,495 62,019,124 19,846,120 81,865,243
13 01 Oct 2019 186,057,371 62,019,124 14,884,590 76,903,713
14 01 Oct 2020 124,038,247 62,019,124 9,923,060 71,942,183
15 01 Oct 2021 62,019,123 62,019,124 4,961,530 66,980,654

FOREIGN LOANS
ANNEX - 8
Repayment schedule of loan given by Asian Development Bank for 450 MW (North)
Repayment period : 20 Years (including grace period 5 years)

Installment : 30 semi-annual consecutive installment
Rate of interest : 4%
Total loan : USD 228,000,000
Interest on total
Installment Disbursement / Opening balance Principal amount Closing balance Principal + inter-
Interest @4% principal out-
sl. no. falling date USD fallen due USD USD est USD
standing USD
Grace period 5 Years 228,000,000 - - - - -
1 01 Feb 2017 228,000,000 7,600,000 220,400,000 4% 45,600,000 53,200,000
2 01 Aug 2017 220,400,000 7,600,000 212,800,000 4% 4,408,000 12,008,000
3 01 Feb 2018 212,800,000 7,600,000 205,200,000 4% 4,256,000 11,856,000
4 01 Aug 2018 205,200,000 7,600,000 197,600,000 4% 4,104,000 11,704,000
5 01 Feb 2019 197,600,000 7,600,000 190,000,000 4% 3,952,000 11,552,000
6 01 Aug 2019 190,000,000 7,600,000 182,400,000 4% 3,800,000 11,400,000
7 01 Feb 2020 182,400,000 7,600,000 174,800,000 4% 3,648,000 11,248,000
8 01 Aug 2020 174,800,000 7,600,000 167,200,000 4% 3,496,000 11,096,000
9 01 Feb 2021 167,200,000 7,600,000 159,600,000 4% 3,344,000 10,944,000
10 01 Aug 2021 159,600,000 7,600,000 152,000,000 4% 3,192,000 10,792,000
11 01 Feb 2022 152,000,000 7,600,000 144,400,000 4% 3,040,000 10,640,000
12 01 Aug 2022 144,400,000 7,600,000 136,800,000 4% 2,888,000 10,488,000
13 01 Feb 2023 136,800,000 7,600,000 129,200,000 4% 2,736,000 10,336,000
14 01 Aug 2023 129,200,000 7,600,000 121,600,000 4% 2,584,000 10,184,000
15 01 Feb 2024 121,600,000 7,600,000 114,000,000 4% 2,432,000 10,032,000
16 01 Aug 2024 114,000,000 7,600,000 106,400,000 4% 2,280,000 9,880,000
17 01 Feb 2025 106,400,000 7,600,000 98,800,000 4% 2,128,000 9,728,000
18 01 Aug 2025 98,800,000 7,600,000 91,200,000 4% 1,976,000 9,576,000
19 01 Feb 2026 91,200,000 7,600,000 83,600,000 4% 1,824,000 9,424,000
20 01 Aug 2026 83,600,000 7,600,000 76,000,000 4% 1,672,000 9,272,000
21 01 Feb 2027 76,000,000 7,600,000 68,400,000 4% 1,520,000 9,120,000
22 01 Aug 2027 68,400,000 7,600,000 60,800,000 4% 1,368,000 8,968,000
23 01 Feb 2028 60,800,000 7,600,000 53,200,000 4% 1,216,000 8,816,000
24 01 Aug 2028 53,200,000 7,600,000 45,600,000 4% 1,064,000 8,664,000
25 01 Feb 2029 45,600,000 7,600,000 38,000,000 4% 912,000 8,512,000
26 01 Aug 2029 38,000,000 7,600,000 30,400,000 4% 760,000 8,360,000
27 01 Feb 2030 30,400,000 7,600,000 22,800,000 4% 608,000 8,208,000
28 01 Aug 2030 22,800,000 7,600,000 15,200,000 4% 456,000 8,056,000
29 01 Feb 2031 15,200,000 7,600,000 7,600,000 4% 304,000 7,904,000
30 01 Aug 2031 7,600,000 7,600,000 - 4% 152,000 7,752,000

FOREIGN LOANS
ANNEX - 9
Repayment schedule of loan given by Islamic Development Bank for 450 MW (North)
Repayment period : 20 years (including grace period 5 years)
Installment : 30 semi-annual consecutive installment
Rate of Interest : 4%
Total loan : USD 200,000,000
Interest on total
Installment sl. Disbursement/ Opening balance Principal Closing balance Principal +
Interest @4% principal out-
no. falling date USD amount USD USD interest USD
standing USD
Grace period 5 Years 200,000,000 - - - - -
1 01 Feb2018 200,000,000 6,666,667 193,333,333 4% 42,666,640 49,333,307
2 01 Aug 2018 193,333,333 6,666,667 186,666,667 4% 3,866,667 10,533,333
3 01 Feb 2019 186,666,667 6,666,667 180,000,000 4% 3,733,333 10,400,000
4 01 Aug 2019 180,000,000 6,666,667 173,333,333 4% 3,600,000 10,266,667
5 01 Feb 2020 173,333,333 6,666,667 166,666,667 4% 3,466,667 10,133,333
6 01 Aug 2020 166,666,667 6,666,667 160,000,000 4% 3,333,333 10,000,000
7 01 Feb 2021 160,000,000 6,666,667 153,333,333 4% 3,200,000 9,866,667
8 01 Aug 2021 153,333,333 6,666,667 146,666,667 4% 3,066,667 9,733,333
9 01 Feb 2022 146,666,667 6,666,667 140,000,000 4% 2,933,333 9,600,000
10 01 Aug 2022 140,000,000 6,666,667 133,333,333 4% 2,800,000 9,466,667
11 01 Feb 2023 133,333,333 6,666,667 126,666,667 4% 2,666,667 9,333,333
12 01 Aug 2023 126,666,667 6,666,667 120,000,000 4% 2,533,333 9,200,000
13 01 Feb 2024 120,000,000 6,666,667 113,333,333 4% 2,400,000 9,066,667
14 01 Aug 2024 113,333,333 6,666,667 106,666,667 4% 2,266,667 8,933,333
15 01 Feb 2025 106,666,667 6,666,667 100,000,000 4% 2,133,333 8,800,000
16 01 Aug 2025 100,000,000 6,666,667 93,333,333 4% 2,000,000 8,666,667
17 01 Feb 2026 93,333,333 6,666,667 86,666,667 4% 1,866,667 8,533,333
18 01 Aug 2026 86,666,667 6,666,667 80,000,000 4% 1,733,333 8,400,000
19 01 Feb 2027 80,000,000 6,666,667 73,333,333 4% 1,600,000 8,266,667
20 01 Aug 2027 73,333,333 6,666,667 66,666,667 4% 1,466,667 8,133,333
21 01 Feb 2028 66,666,667 6,666,667 60,000,000 4% 1,333,333 8,000,000
22 01 Aug 2028 60,000,000 6,666,667 53,333,333 4% 1,200,000 7,866,667
23 01 Feb 2029 53,333,333 6,666,667 46,666,666 4% 1,066,667 7,733,333
24 01 Aug 2029 46,666,667 6,666,667 40,000,000 4% 933,333 7,600,000
25 01 Feb 2030 40,000,000 6,666,667 33,333,333 4% 800,000 7,466,667
26 01 Aug 2030 33,333,333 6,666,667 26,666,667 4% 666,667 7,333,333
27 01 Feb 2031 26,666,667 6,666,667 20,000,000 4% 533,333 7,200,000
28 01 Aug 2031 20,000,000 6,666,667 13,333,333 4% 400,000 7,066,667
29 01 Feb 2032 13,333,333 6,666,667 6,666,667 4% 266,667 6,933,333
30 01 Aug 2032 6,666,667 6,666,667 - 4% 133,333 6,800,000

DEFERRED TAX
ANNEX - 10
Deferred tax liability have been recognized and measured in accordance with the provision of IAS 12: Income Tax. Deferred tax liability
are attributable to the following:
2019 2018
Carrying amount of BDT BDT

Tax base
Particulars assets/(liabilities ) (Taxable)/ deductible (Taxable)/ deductible
BDT
BDT temporary difference temporary difference
BDT BDT
Land 401,706,292 - (401,706,292) (202,613,197)

Building 1,716,457,985 1,153,179,184 (563,278,801) (447,690,216)
Plant and machinery 11,544,741,344 5,190,328,296 (6,354,413,048) (6,958,329,356)
Office equipment’s 25,288,588 36,045,240 10,756,652 7,226,765
Vehicles 44,495,914 35,536,650 (8,959,264) (9,203,046)
Accounts receivable 5,298,979,045 - 5,298,979,045 -
Trade payable (1,657,775,898) - (1,657,775,898) -
Furniture and fixtures 6,102,571 17,055,705 10,953,134 9,028,287
225 MW CCPP project 16,872,669,859 10,141,489,073 (6,731,180,786) (5,271,277,574)
450 MW CCPP (south) 32,673,206,853 21,988,422,458 (10,684,784,395) (6,577,561,843)
450 MW CCPP (north) 24,566,751,256 19,150,769,873 (5,415,981,383) (1,645,086,467)
91,492,623,808 57,712,826,479 (26,497,391,035) (21,095,506,648)
Unused tax depreciation 3,321,215,567 5,223,848,515
Gratuity 380,305,580 -
Interest Expense Payable 3,255,156,858 -
(19,540,713,030) (15,871,658,133)
Deferred tax assets/(liability) @ 35% (6,839,249,561) (5,555,080,347)
Deferred tax (expenses)/Income (1,284,169,214) (924,940,681)

450 MW (SOUTH) PROJECT ECA LOAN

ANNEX - 11a

CESCE loan repayment schedule
Repayment
Repayment date Repayment amount (proportion)
number
First repayment date means the date falling six 1/20th of the amount described in clause 7.2(a) as per Common Terms
1
months after the starting point of credit Agreement (CTA)
2 6 months after first repayment date 1/19th of the amount described in clause 7.2(b) as per CTA
3 12 months after first repayment date 1/19thof the amount described in clause 7.2(b) as per CTA
114 months after first repayment date (being the
20 1/19th of the amount described in clause 7.2(b) as per CTA
final repayment date)

450 MW (SOUTH) PROJECT ECA LOAN

ANNEX - 11b

Hermes loan repayment schedule
Repayment
number
First repayment date means the date falling six 1/20th of the amount described in clause 7.10(a) as per Common
1
months after the starting point of credit Terms Agreement (CTA)
5 24 months after first repayment date 1/19th of the amount described in clause 7.10(b) as per CTA)
12 66 Months after first repayment date 1/19th of the amount described in clause 7.10(b) as per CTA
18 102 months after first repayment date 1/19th of the amount described in clause 7.10(b) as per CTA)


ANNEX - 11-c

MIGA commercial loan repayment schedule
Repayment
number
First repayment date means the date falling six 1/20th of the amount described in clause 7.6(a) as per Common Terms
1
months after the starting point of credit Agreement (CTA)


ANNEX - 1

ONDD loan repayment schedule
Repayment
number
First repayment date means the date falling six 1/20th of the amount described in clause 7.14(a) as per common terms
1
months after the starting point of credit agreement (CTA)

225 MW PROJECT ECA LOAN

ANNEX - 12-a
225 MW Project
Repayment schedule of Hermes loan
Repayment
number
First repayment date means the falling

1 six months after the starting point of 5% of the amount described in clause 8.6 as per Common Terms Agreement (CTA)
credit
2 6 months after first repayment date 5% of the amount described in clause 8.6 as per Common Terms Agreement (CTA)
114 months after first repayment date
20 5% of the amount described in clause 8.7 as per CTA
(being the final repayment date)

225 MW PROJECT ECA LOAN

ANNEX - 12-b
225 MW Project
Repayment schedule of K-sure loan
Repayment
number
First repayment date means the falling six months after 5% of the amount described in clause 8.2 as per Common Terms
1
the starting point of credit Agreement (CTA)
2 6 months after first repayment date 5% of the amount described in clause 8.2 as per CTA
114 months after first repayment date (being the final
20 5% of the amount described in clause 8.3 as per CTA
repayment date)

... achieve the overarching goal
of Vision 2021 and Vision 2041
through bringing stability to
the macro-economic structure
and achieving rapid economic
growth, Government has set
target to generate 24,000
MW, 40,000 MW and 60,000
MW by 2021, 2030 and 2041
respectively. Simultaneously
priority has been given for
construction of adequate
transmission and distribution
network to evacuate generated
power to the people
a TWA production : email: [email protected]
Scan code with a QR code reader-enable ASHUGANJ POWER STATION COMPANY LTD.
mobile phone to find out more about the Ashuganj, Brahamnbaria-3402
company Bangladesh
Phone : +880 8528 74004
Fax : +880 8528 74014, 74044
E-mail : [email protected], [email protected]
Web : www.apscl.gov.bd

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A S H U G A N J P O W E R S T A T I O N C O M PA N Y L T D .

(An Enterprise of Bangladesh Power Development Board)

About APSCL 05-13

ANNUAL REPORT 2018-2019 1

ANNUAL REPORT 2018-2019 3

4 ASHUGANJ POWER STATION COMPANY LTD.

ANNUAL REPORT 2018-2019 5

Year of Commission- Installed Capacity Present Net Capacity

ANNUAL REPORT 2018-2019 7

ANNUAL REPORT 2018-2019 9

APSCL at a Glance 28th June 2000.

LEGAL STATUS MANPOWER

AUTHORIZED CAPITAL NO. OF UNITS

PAID UP CAPITAL INSTALLED CAPACITY

BUSINESS PRESENT DERATED CAPACITY

AREA OF LAND COMPANY WEB SITE

10 ASHUGANJ POWER STATION COMPANY LTD.

12 ASHUGANJ POWER STATION COMPANY LTD.

Operational Management Team : Registered Office:

ANNUAL REPORT 2018-2019 13

ANNUAL REPORT 2018-2019 15

NET GENERATION (IN KWH)

16 ASHUGANJ POWER STATION COMPANY LTD.

ANNUAL REPORT 2018-2019 17

2018-19 2017-18 2016-17 2015-16 2014-15

Revenue 23,049,896,486 21,773,269,662 15,660,032,053 8,413,064,246 7,094,702,639

Cost of Sales 12,247,234,932 11,481,818,838 9,634,141,942 6,957,617,482 5,858,336,963

Gross Profit 10,802,661,554 10,291,450,824 6,025,890,111 1,455,446,764 1,236,365,676

Operating Profit 9,292,779,559 9,048,807,480 5,040,595,293 717,907,435 552,855,273

Net Profit 4,047,633,678 3,295,847,982 1,507,187,203 240,617,081 367,634,407

Total Liability 92,656,577,744 89,903,933,928 85,145,524,220 74,533,486,499 61,538,646,486

Total Equity 21,916,621,729 16,952,059,977 12,963,342,964 16,185,520,427 15,977,978,347

Net Fixed Asset 87,851,420,662 15,159,822,219 16,733,415,073 18,071,893,749 19,839,586,457

Current Asset 24,127,556,986 15,479,319,189 10,458,718,872 7,638,066,633 5,083,144,790

Current Liability 13,956,958,145 13,028,099,019 7,638,114,041 2,327,370,864 2,116,362,792

Operating Profit Margin 40.32% 41.56% 32.19% 8.53% 7.79%

Net Profit Margin 17.56% 15.14% 9.62% 2.86% 5.18%

Return on Equity 18.47% 19.44% 11.63% 1.49% 2.30%

Return on Net Fixed Asset 4.61% 21.74% 9.01% 1.33% 1.85%

Current Ratio 1.73 1.19 1.37 3.28 2.4

Quick Ratio 1.56 1.01 1.2 2.78 1.98

Debt Equity Ratio 3.24 4.17 5.98 4.68 3.72

DSCR 1.61 1.67 1.47 2.18 3.5

18 ASHUGANJ POWER STATION COMPANY LTD.

Net Generation in KwH Revenue

Net Profit Total Asset

Total Liability Total Equity

ANNUAL REPORT 2018-2019 19

ANNUAL REPORT 2018-2019 21

22 ASHUGANJ POWER STATION COMPANY LTD.

ANNUAL REPORT 2018-2019 23

Mr. Khaled Mahmood was born in Mymensingh on 23rd December 1958. He

24 ASHUGANJ POWER STATION COMPANY LTD.

DR. MD. QUAMRUL AHSAN

PROF. MAMTAZ UDDIN AHMED, FCMA

Mr. Mamtaz Uddin Ahmed, professor of Department of Accounting

ANNUAL REPORT 2018-2019 25

MR. KAMAL AHMED

26 ASHUGANJ POWER STATION COMPANY LTD.

MR. ABU ALAM CHOWDHURY