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POWERGRID

All Eps Dividend Board Agm Q1 Q2 Q3

POWERGRID 18-Nov-2020

(Continuation news of POWERGRID): either at the year-end or any time during the year under audit. As such we are unable to confirm the authenticity of the physical existence of PPE as of 30 June 2020. Out of the total assets of the Company, PPE is 48.82% which remains unverified as to its quantity. Moreover, the Company has never performed impairment test of its PPE which is also a non-compliance with IAS 36. 3. As disclosed in note # 5 to the financial (cont.7)

POWERGRID 18-Nov-2020

(Continuation news of POWERGRID): at BDT 142,908,891,274. No fixed assets register with the required information was available. Some items of PPE have been received by the Company from Bangladesh Power Development Board (BPDB, previously PDB) and Dhaka Power Development Company (DPDC, previously DESA) without conducting physical verification and valuation thereof. It is also noted that no physical verification of PPE was conducted (cont.6)

POWERGRID 18-Nov-2020

(Continuation news of POWERGRID): is disclosed in note # 4 to the financial statements. Had the accounting base been consistent with note # 4, both the deferred tax expense and the deferred tax liability would have increased by BDT 1,977,197,165 as on 30 June 2020, with a consequential reduction jn net profit after tax, earnings per share (EPS) and net asset value (NAV). 2. As disclosed in Note # 4 to the financial statements, the carrying amount of PPE is reported (cont.5)

POWERGRID 18-Nov-2020

(Continuation news of POWERGRID): financial statements, the Company discloses Deferred Tax Liabilities amounting to BDT 7,197,693,144. While calculating the Accounting base of property, plant and equipment, the Company deducted foreign exchange losses (recognized as PPE from acquisition dates till the year ended on 30 June 2020) amounting to BDT 7,908,788,661 from the PPE amounts. The PPE amount (including accumulated foreign exchange losses capitalized) (cont.4)

POWERGRID 18-Nov-2020

(Continuation news of POWERGRID): in Bangladesh currency equivalent to the foreign currency loan liabilities, relating to acquisition of such PPE, due to change in exchange rates during the year ended on 30 June 2020. Again, in note # 5 to the financial statements, the Company reports capitalizing of BDT 1,447,482,853 as an addition to capital work in progress for the ongoing projects resulting from the increase in Bangladesh currency equivalent to the foreign (cont.2)

POWERGRID 18-Nov-2020

(Continuation news of POWERGRID): currency loan liabilities, relating to the acquisition of such capital work in progress, due to change in exchange rates during the year ended on 30 June 2020. As per Para-28 of IAS-21: Effects of Changes in Foreign Exchange Rate, the said amount should be recognized as a loss in the Statement of Profit or Loss and Other Comprehensive Income. The Company describes the reason for such capitalization in note # 2.1. In note # 17 to the (cont.3)

POWERGRID 18-Nov-2020

The auditor of the Power Grid Company of Bangladesh Ltd has given the "Qualified Opinion"& "Emphasis of Matter" paragraphs in the Auditor's Report for the year ended on 30 June 2020. In this regard, we may disseminate the following news through our online trading system: Qualified Opinion: 1.In note #2.1 to the financial statements, the Company reports an amount of BDT 87,595,532 as addition to property, plant and equipment (PPE) resulting from increase (cont.1)

POWERGRID 08-Nov-2020

(Q1 Un-audited): EPS was Tk. 1.91 for July-September 2020 as against Tk. 1.85 for July-September 2019; NOCFPS was Tk. 2.94 for July-September 2020 as against Tk. 3.96 for July-September 2019. NAV per share was Tk. 114.11 as on September 30, 2020 and Tk. 97.24 as on September 30, 2019.

POWERGRID 08-Nov-2020

There will be no price limit on the trading of the shares of the Company today (08.11.2020) following its corporate declaration, however, as per the BSEC Order No. BSEC/CMRRCD/2001-07/04 dated March 19, 2020, the floor price shall be applicable accordingly.

POWERGRID 08-Nov-2020

The Board of Directors has recommended 20% cash dividend for the year ended on June 30, 2020. Date of AGM: 16.01.2021, Time: 10:00 AM, Venue: Digital Platform. Record Date: 26.11.2020. The Company has also reported EPS of Tk. 4.45, NAV per share of Tk. 110.39 and NOCFPS of Tk. 17.63 for the year ended on June 30, 2020 as against Tk. 5.39 (restated), Tk. 92.97 (restated) and Tk. 9.98 (restated) respectively for the same period of the previous year.

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