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  • ANNUAL REPORT 13

    99

    CONSOLIDATEDFINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2013

  • ANNUAL REPORT 13

    101

    AUDITORS REPORT TO THE MEMBERS ON CONSOLIDATED FINANCIAL STATEMENTS

    We have audited the annexed consolidated financial statements comprising consolidated statement of financial position of Pakistan Telecommunication Company Limited (the Holding Company) and its subsidiary companies, Pak Telecom Mobile Limited and U Microfinance Bank Limited as at December 31, 2013 and the related consolidated statement of profit and loss, consolidated statement of comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity together with the notes forming part thereof, for the year then ended. We have also expressed separate opinions on the financial statements of the Holding Company and its subsidiary companies. These financial statements are the responsibility of the Holding Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

    Our audit was conducted in accordance with the International Standards on Auditing as applicable in Pakistan and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances.

    In our opinion, the consolidated financial statements present fairly the financial position of the Holding Company and its subsidiary companies as at December 31, 2013 and the results of their operations for the year then ended.

    A.F. Ferguson & Co.Chartered AccountantsIslamabadDated: February 02, 2014

    Engagement Partner: S. Haider Abbas

  • PAKISTAN TELECOMMUNICATION GROUP

    102

    CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT DECEMBER 31, 2013 December 31, December 31, July 01, 2013 2012 2012 Note Rs000 Rs000 Rs000 (Restated) (Restated)

    Equity and liabilities Equity Share capital and reserves Share capital 6 51,000,000 51,000,000 51,000,000 Revenue reserves Insurance reserve 2,958,336 2,678,728 2,678,728 General reserve 30,500,000 30,500,000 30,500,000 Unappropriated profit 34,815,636 27,936,755 31,660,096 68,273,972 61,115,483 64,838,824 Unrealized gain on available for sale investments 89,785 51,789 62,977 119,363,757 112,167,272 115,901,801 Liabilities Non-current liabilities Long term loans from banks 7 - 18,750,000 20,000,000 Liability against assets subject to finance lease 8 58,438 70,348 75,265 License fee payable 9 93,847 126,246 118,932 Long term security deposits 10 1,494,253 1,479,740 1,662,397 Deferred taxation 11 14,864,399 15,065,102 16,998,691 Employees retirement benefits 12 33,320,384 32,631,927 23,326,949 Deferred government grants 13 5,123,099 3,991,818 4,083,022 Long term vendor liability 14 6,584,473 3,032,264 2,227,858 61,538,893 75,147,445 68,493,114 Current liabilities Trade and other payables 15 49,435,746 37,171,466 31,384,208 Interest accrued 120,251 205,846 248,146 Short term running finance 16 605,487 - 1,688,703 Current portion of: Long term loans from banks 7 - 1,750,000 500,000 Liability against assets subject to finance lease 8 31,977 31,977 31,983 License fee payable 9 51,151 47,212 44,476 Long term vendor liability 14 6,109,004 12,546,663 5,665,900 Unearned income 2,432,129 2,458,492 2,628,247 58,785,745 54,211,656 42,191,663 Total equity and liabilities 239,688,395 241,526,373 226,586,578 Contingencies and commitments 17The annexed notes 1 to 55 are an integral part of these consolidated financial statements.

    Chairman

  • ANNUAL REPORT 13

    103

    December 31, December 31, July 01, 2013 2012 2012 Note Rs000 Rs000 Rs000 (Restated) (Restated)

    Assets Non-current assets Fixed assets Property, plant and equipment 18 156,428,185 152,183,985 149,893,160 Intangible assets 19 6,191,581 3,936,746 3,547,121 162,619,766 156,120,731 153,440,281 Long term investments 20 109,259 108,219 110,870 Long term loans and advances 21 3,955,888 3,557,317 4,133,080 Investment in finance lease 22 38,781 - - 166,723,694 159,786,267 157,684,231

    Current assets Stores, spares and loose tools 23 3,675,813 2,935,121 2,972,824 Stock in trade 24 453,665 293,871 436,067 Trade debts 25 17,864,435 15,873,745 10,164,030 Loans and advances 26 1,387,119 1,076,809 2,538,023 Deposits 27 78,809 83,446 65,191 Investment in finance lease 22 12,927 - - Accrued interest 28 509,512 353,739 175,661 Recoverable from tax authorities 29 15,861,583 18,770,215 18,811,420 Receivable from the Government of Pakistan 30 2,164,072 2,164,072 2,164,072 Prepayments and other receivables 31 2,782,281 2,532,246 1,849,623 Short term investments 32 22,950,405 30,616,399 25,853,301 Cash and bank balances 33 5,224,080 7,040,443 3,872,135 72,964,701 81,740,106 68,902,347

    Total assets 239,688,395 241,526,373 226,586,578

    President & CEO

  • CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED DECEMBER 31, 2013

    Chairman President & CEO

    Six months Year ended period ended December 31, December 31, 2013 2012 Note Rs000 Rs000 (Restated)

    Revenue 34 131,224,212 62,474,688 Cost of services 35 (83,066,707) (38,377,117) Gross profit 48,157,505 24,097,571

    Administrative and general expenses 36 (17,505,161) (8,142,045) Selling and marketing expenses 37 (8,755,376) (4,337,137) Voluntary separation scheme cost 38 - (9,467,268) (26,260,537) (21,946,450) Operating profit 21,896,968 2,151,121 Other income 39 4,537,731 2,059,065 Finance costs 40 (2,641,604) (1,927,964) Loss on disposal of property, plant and equipment - (182,070) 23,793,095 2,100,152 Share of profit / (loss) from an associate 1,209 (2,155) Profit before tax 23,794,304 2,097,997 Provision for income tax Group (8,041,360) (991,183) Associate (169) (496) 41 (8,041,529) (991,679) Profit for the year / period 15,752,775 1,106,318

    Earnings per share - basic and diluted (Rupees) 42 3.09 0.22

    The annexed notes 1 to 55 are an integral part of these consolidated financial statements.

    PAKISTAN TELECOMMUNICATION GROUP

    104

  • CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2013 Six months Year ended period ended December 31, December 31, 2013 2012 Rs000 Rs000 (Restated)

    Profit for the year / period 15,752,775 1,106,318

    Other comprehensive loss for the year / period Items that will not be reclassified to profit and loss: Remeasurement loss on defined benefit plans (5,294,372) (7,430,244) Tax effect of remeasurement loss on defined benefit plans 1,800,086 2,600,585 (3,494,286) (4,829,659)

    Items that may be reclassified subsequently to profit and loss: Unrealized gain arising during the year / period 87,291 16,899 Gain on disposal transferred to income for the year / period (49,295) (28,087) Unrealized gain on available for sale investments - net of tax 37,996 (11,188) Other comprehensive loss for the year / period - net of tax (3,456,290) (4,840,847)

    Total comprehensive income / (loss) for the year / period 12,296,485 (3,734,529)

    The annexed notes 1 to 55 are an integral part of these consolidated financial statements.

    Chairman President & CEO

    ANNUAL REPORT 13

    105

  • CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2013 Six months Year ended period ended December 31, December 31, 2013 2012 Note Rs000 Rs000 (Restated)

    Cash flows from operating activities Cash generated from operations 44 59,933,406 26,837,453 Long term security deposits 14,513 (182,657) Employees retirement benefits paid (778,579) (924,868) Payment of voluntary separation scheme cost (54,305) (5,143,842) Payment made to Pakistan Telecommunication Employees Trust - net (8,478,000) (3,479,631) Finance costs paid (2,503,974) (1,960,214) Income tax paid (4,034,423) (835,303) Net cash inflows from operating activities 44,098,638 14,310,938

    Cash flows from investing activities Capital expenditure (28,774,294) (13,986,518) Acquisition of intangible assets (636,921) (574,086) Acquisition of U Microfinance Bank Limited - net of cash - (79,762) Proceeds from disposal of property, plant and equipment 112,714 195,599 Proceeds from disposal of investments - 754,059 Long term loans and advances (188,843) 594,294 Investment in finance lease (65,360) - PTA WLL license fee paid (49,275) - Return on long term loans and short term investments 2,244,308 711,134 Government grants received 1,662,822 - Dividend income on long term investments - 15,000 Net cash outflows from investing activities (25,694,849) (12,370,280)

    Cash flows from financing activities Long term loans paid (20,500,000) - Long term vendor liability (2,885,450) 7,685,169 Liability against assets subject to finance lease (11,910) (4,923) Dividend paid (5,094,273) (795) Net cash (outflows) / inflows from financing activities (28,491,633) 7,679,451 Net (decrease) / increase in cash and cash equivalents (10,087,844) 9,620,109 Cash and cash equivalents at the beginning of the year / period 37,656,842 28,036,733 Cash and cash equivalents at the end of the year / period 45 27,568,998 37,656,842

    The annexed notes 1 to 55 are an integral part of thes

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