3Q Accounts

8/11/2019 3Q Accounts

1/17

AES LAL PIR (PRIVATE) LIMITED

BALANCE SHEET

AS AT 30 SEPTEMBER 2009

September 30, September 30,

Note 2009 2009

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 8 31,862 383,193

Finance lease receivable 9 6,187,903 74,419,678

Derivative financial instrument -

Security deposits 271 3,259

Trade and other receivables 11 55,583 668,477

6,275,619 75,474,607

CURRENT ASSETS

Stores, spare parts and other consumables 10 712,714 8,571,554

Fuel stock 165,357 1,988,689

Trade and other receivables 11 3,214,198 38,655,999

Current portion of finance lease receivable 9 439,544 5,286,231Current portion of derivative financial instrument - -

Sales tax refundable 472,810 5,686,315

Cash and bank balances 12 202,828 2,439,339

5,207,451 62,628,127

Non-current asset classified as held-for-sale - -

TOTAL ASSETS 11,483,070 138,102,734

SHARE CAPITAL AND RESERVES

Share capital 13 3,453,079 95,000,000Capital reserve - retained payments reserve 14 107,004 1,835,403

Currency translation reserve - (91,197,402)

Other reserve - parent's share-based compensation 15 36,428 514,730

Retained earnings 6,218,562 111,889,605

9,815,073 118,042,336

NON-CURRENT LIABILITIES

Employee benefit obligations 16 19,499 234,507

19,499 234,507

CURRENT LIABILITIES

Current portion of interest bearing borrowings - -

Short-term running finance 17 1,309,500 15,748,884

Trade and other payables 18 338,998 4,077,007

1,648,498 19,825,891

TOTAL EQUITY AND LIABILITIES 11,483,070 138,102,734

The annexed notes from 1 to 27 form an integral part of these financial statements.

(Rupees in thousand) *(US Dollars)

CHIEF EXECUTIVE DIRECTOR


2/17


PROFIT AND LOSS ACCOUNT

FOR THE NINE MONTHS PERIOD ENDED 30 SEPTEMBER 2009

September 30, September 30,

Note 2009 2009

Revenue 20 13,149,750 163,350,933

Operating costs 22 (11,192,766) (139,040,571)

Gross profit 1,956,984 24,310,362

Administrat ive expenses 23 (164,155) (2,039,193)

Other operating expenses 24 (6,830) (84,845)

Operating profit 1,785,999 22,186,324

Finance cost 25 (479,423) (5,955,565)

Other operating income 21 61,023 758,050

Profit before tax 1,367,599 16,988,809

Taxation 26 (7,599) (94,398)

Profit for the year 1,360,000 16,894,411


(Rupees in thousand) *(US Dollars)



3/17


CASH FLOW STATEMENT


Sep tember 30, September 30,

2009 2009

A. CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 1,367,599 16,988,809

Adjustments to reconcile profit before tax to net cash flows

Depreciation 6,800 84,472

Provision for gratuity 8,185 101,677

Provision for stock option expense 2,519 31,292

Provision for long-term compensation 821 10,199

Provision for slow moving / obsolete stores and spares 532 6,609

Provision for doubtful debts - -

Provision against WWF - net receivable from WAPDA - -Assets held for sales - -

Loss/(gain) on sale of property, plant and equipment (6,950) -

Interest income (17,495) 217,329

Finance cost 479,423 5,955,565

1,841,434 23,395,952

Working capital adjustments

Stores, spare parts and other consumables (24,156) (1,883,619)

Fuel stock (91,507) (1,257,187)

Trade and other receivables 3,276,524 41,633,088

Sales tax refundable (68,887) (1,685,360)

Trade and other payables (97,387) (245,492)

2,994,587 36,561,431

Cash generated from operations 4,836,021 59,957,383

Finance cost paid (529,466) (7,476,221)

Employee benefits paid (33,849) (55,300)

Income tax refunded / (paid) - net (5,532) (67,418)

Net cash flows from operating activities 4,267,174 52,358,443

B. CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (3,730) (52,669)

Proceeds from sales of property, plant and equipment held for sale 25,803 364,346

Finance lease repayments received 270,653 3,821,701

Security deposits - -

Trade and other receivables - non current (36,080) (509,461)

Interest received 17,046 240,695

(Rupees in thousand) (US Dollars)


4/17

Net cash from investing activities 273,692 3,864,613


5/17

2009 2009

C. CASH FLOWS FROM FINANCING ACTIVITIES

Payments of interest bearing borrowings - -

Dividend paid (379,031) (4,679,390)

Net cash used in financing activities (379,031) (4,679,390)

D. EFFECT OF EXCHANGE RATE CHANGES ON CASH 1,338,608

Net decrease in cash and cash equivalents (A+B+C) 4,161,835 52,882,274

Cash and cash equivalents at beginning of the year (5,120,409) (65,062,376)

Cash and cash equivalents at end of the year (958,574) (12,180,102)

CASH AND CASH EQUIVALENTS

Cash in hand 45 572

Cash at bank 202,783 2,576,658

Short-term running finance (1,161,402) (14,757,332)

(958,574) (12,180,102)


____________________________

CHIEF EXECUTIVE



6/17

Revenue

Balance as at 1 Janu ary 2008 3,453,079 107,004 14,695 7,300,637 10,875,415

Profit for the year - - - 889,397 889,397

Value of employee services under IFRS 2 - - 16,695 - 16,695.00

Total recognized income and expense for the year - - 16,695 889,397 906,092

Interim dividend @ Rs. 7.58 per share - - - (2,952,441) (2,952,441)

Balance as at 31 December 2008 3,453,079 107,004 31,390 5,237,593 8,829,066

Profit for the year - - - 1,360,000 1,360,000

Value of employee services under IFRS 2 (note: 6.3) - - 5,038 - 5,038.00

Total recognized income and expense for the year - - 5,038 1,360,000 1,365,038

Dividends @ Rs. 8.55 per share- 2009 - - - (379,031) (379,031)

Balance as at 30 Sep 2009 3,453,079 107,004 36,428 6,218,562 9,815,073

Balance as at 1 January 2008 95,000,000 1,835,403 241,156 (44,699,399) 124,891,219 177,268,379

Net exchange differences on translation of foreign operationscharged to equity - - - (40,077,531) - (2,216,779)

Net income recognised directly in equity - - - (40,077,531) - (2,216,779)

Profit for the year - - - - 12,532,297 31,114,234

Value of employee services under IFRS 2 - - 212,135 - - 65,835

Total recognised income and expense for the year - - 212,135 (40,077,531) 12,532,297 28,897,455

Interim dividend @ $ 0.12 per share - - - - (37,748,932) (42,673,855)

Balance as at 31 December 2008 95,000,000 1,835,403 453,291 (84,776,930) 99,674,584 163,557,815

Net exchange differences on translation of foreign operationscharged to equity - - - (6,420,472) - (6,420,472)

Net income recognised directly in equity - - - (6,420,472) - (6,420,472)

Profit for the year - - - - 16,894,411 16,894,411

Value of employee services under IFRS 2 (note: 6.3) - - 61,439 61,439

Total recognised income and expense for the year - - 61,439 - 16,894,411 16,955,850

Dividends @ Rs. 0.11 per share 2009 - - - - (4,679,390) (4,679,390)

Balance as at 30 Sep 2009 95,000,000 1,835,403 514,730 (91,197,402) 111,889,605 118,042,336



TOTAL

------------------------- (Rupees in thousand) -------------------------

STATEMENT OF CHANGES IN EQUITY


AES LA L PIR (PRIVATE) L IMITED

DESCRIPTIONRetained

payments

reserveShare Capital

Retained

earnings

Other Reserve -

parent's share based

compensation

Reserves

Capital

TotalShare Capital

Retained

payments

reserve

Currency

Translation

Reserve

-

----------------------------------- *(US Dollars) -----------------------------------

DESCRIPTION

Other Reserve -

parent's share based

compensation

Retained

Earnings


7/17


8/17


9 FINANCE LEASE RECEIVABLE

Minimum

lease Present

payments value

Within one year 1,661,714 439,544

After one year but not more than five years 5,220,089 1,874,412

More than five years 7,173,578 1,890,586

14,055,381 4,204,542

Unguaranteed residual value 2,422,905 2,422,905

Gross investment in finance lease 16,478,286 6,627,447

Unearned finance income (9,850,839)

Total finance lease receivables 6,627,447 6,627,447

Current portion (439,544) (439,544)

6,187,903 6,187,903

Minimum

lease Present

payments value

Within one year 19,984,838 5,286,231

After one year but not more than five years 62,780,124 22,542,877

More than five years 86,274,032 22,737,397

169,038,994 50,566,505

Unguaranteed residual value 29,139,404 29,139,404

Gross investment in finance lease 198,178,398 79,705,909

Unearned finance income (118,472,489) -

Total finance lease receivables 79,705,909 79,705,909

Current portion (5,286,231) (5,286,231)

74,419,678 74,419,678

The Company's business is the generation of electricity. For that purpose, the Company entered into PPA

with WAPDA to secure contracted revenues for a minimum period of 30 years. The term of the PPA

entered into is a substantial portion of the asset's useful economic life.

The interest rate used to discount future minimum lease payments under the lease is based on a pattern

reflecting a constant periodic rate of return on the lessors net investment in the finance lease. The

effective interest rate is approximately 29% per annum.

2009

(Rupees in thousand)

2009

(US Dollars)


9/17


Note 2009 2,009

10 STORES, SPARE PARTS AND OTHER CONSUMABLES

Stores, spares and other consumables 775,125 9,322,149

Provision for slow moving spares 10.1 (62,411) (750,595)

712,714 8,571,554

10.1 Provision for s low moving spares

Opening balance 55,215 664,051

Charge for the year - -

Reversal - -

Exchange rate difference - -

Closing balance 55,215 701,588

Note 2009 2,009

11 TRADE AND OTHER RECEIVABLES

Trade receivables 2,241,575 26,958,615

-Provision for impairment of trade receivables (32,305) (388,521)

Trade receivables - net 2,209,270 26,570,094

Prepayments 48,998 589,281

Receivable from other related parties 11.1 200,270 2,408,575

Interest receivable 994 11,954

19.1.1 245,665 2,954,523

11.2 6,608 79,472

Advances

- for expenses 3,551 42,707

- to suppliers 478,806 5,758,427- others -

Advance income tax - net 1,052 12,652

Others 8,580 103,189

Loans to employees 65,987 793,602

3,269,781 39,324,476

Non current portion of loans to employees (55,583) (668,477)

3,214,198 38,655,999

Workers' profit participation fund - receivable from WAPDA

Worker's welfare fund - net receivable from WAPDA

(US Dollars)




10/17

AES LAL PIR (PRIVATE) LIMITED11.1 This represents amount receivable from group companies against expenses incurred on behalf of such companies.

Note 2009 2,009

11.2 Worker's welfare fund - net receivable from WAPDA

Opening balance 6,608 79,472-

Provision made during the year 21 - -

Exchange rate difference on translation6,608 83,964

11.3 Movement in the provision for impairment of trade receivables is as follows:

Note 2009 2,009

Opening balance 32,305 3-

Provision for receivables impairment 21 -

Exchange difference on translation 410,486

Receivables written off during the year -

Closing balance 32,305 410,483

12 CA SH AND BA NK BAL ANCES

Cash in hand 45 541

Cash at bank: -

Deposit accounts - US Dollars 15,783 189,816

Deposit accounts - Japanese Yen 146 1,756

15,929 191,572

Savings accounts 147,283 1,771,319

Current accounts 39,571 475,906

202,828 2,439,338

(US Dollars)

(US Dollars)




11/17

AES LAL PIR (PRIVATE) LIMITED2,009

13 SHARE CAPITAL

Authorised capital:

500,000,000 Ordinary shares of Rs. 10 each 5,000,000

2009 2,009


Issued, subscribed and paid-up capital:

266,340,197 Ordinary shares of Rs.10 each

fully paid in cash 2,663,402 33,842,465

789,677 10,034,015

3,453,079 43,876,480

13.1

13.2 CAPITAL RISK MANAGEMENT

2009 2,009

Trade and other payables 338,998 4,077,007

Cash and cash equivalents 1,106,672 13,309,545

Net debt 1,445,670 17,386,552

Equity 9,815,073 118,042,336

Capital and net debt 11,260,743 135,428,888

Gearing ratio 13% 0

14 CAPITAL RESERVE - Retained payments reserve

2009 2,009

Retained payment reserve 107,004 1,835,403

AES Transpower Inc., which is the holding company, held 255,152,566 (2008: 255,152,566) Ordinary shares of Rs. 10 each as on 31December 2009.


(US Dollars)

78,967,742 Ordinary shares of Rs.10 each issued asfully paid for consideration other than cash


Under clause 9.11 of the Power Purchase Agreement (PPA), the Company is required to maintain Retained Payments Fund ("thereserve"). Initially the fund was established at one twenty fourth of the annual operating and maintenance budget of the Company's firstyear of operations less fuel expenses. The fund can be only be utilized to pay expenses on major maintenance for proper operation ofthe Complex in case of non availability of sufficient funds. The reserve fund needs to be replenished for the monies utilized by theCompany.

(US Dollars)(Rupees in thousand)


12/17

AES LAL PIR (PRIVATE) LIMITED15 Employees stock option reserve 2009 2,009

Opening Balance 31,390 453,291

Value of employee services under IFRS 2 5,038 49,916

Transfer of reserve from AES Pak Gen (Private) Company - -

Closing Balance 36,428 514,730

Note 2009 2,009

16

Provision for gratuity 16.1 8,184 98,426

Provision for long-term compensation 16.2 11,315 136,081

19,499 234,507

16.1 Provision for gratuity

The principal assumptions used in the valuation of gratuity are as follows:

2,009

- Discount rate 10% per annum

- Expected rate of increase in salaries 8% per annum

2009 2,009

The amount recognized in the balance sheet are as follows:

Present value of defined benefit obligation 37,296 473,901

Unrecognized actuarial loss (3,077) 39,098-

34,219 434,803

The movement in provision for gratuity recognized in the balance sheet is as follows:

Opening liability 18,949 374,852

Charge for the year 19,406 274,019

Benefits paid (4,136) 52,554-

Exchange difference on translation - 161,514-

Liability recognized at the balance sheet date 34,219 434,803

Movement in the present value of the defined benefit obligation:

Obligation at beginning of year 22,026 239,809

Current service cost 12,177 171,943

Past service cost 5,334 75,318

Interest cost 1,895 26,758

Benefits paid (4,136) 52,554-

Actuarial loss - -

Exchange difference on translation - 12,627

Obligation at end of year 37,296 473,901

Charge for the year recognized in profit and loss account

Current service cost 12,177 171,943

Past service cost 5,334 75,318

Interest cost 1,895 26,758

Transitional liability recognized - -

- 19,406 274,019



EMPLOYEE BENEFITS OBLIGATION



13/17

AES LAL PIR (PRIVATE) LIMITED16.2

2009 2,009

17 SHORT-TERM RUNNING FINANCE

Working capital finance -secured 1,161,402 13,967,763

Add: Interest accrued thereon 148,098 1,781,121

1,309,500 15,748,884

Note 2009 2,009

18 TRADE AND OTHER PAYABLES

Creditors 86,233 1,037,093

Accrued expenses 88,962 1,069,914

Payable to other related parties 18.1 90,479 1,088,158

Workers' profit participation fund payable 57,553 692,169

-

Worker Welfare Fund payable 7,990 96,093

Others 7,781 93,579

338,998 4,077,006

Trade payables are non-interest bearing and are normally settled on 30 days terms.

Other payables are non-interest bearing and have an average term of 1-3 months.

18.1 This represents amount payable to group companies against expenses incurred on behalf of the Company.

18.2 Workers' profit participation fund payable

Opening balance 150,631 1,811,585

Allocation for the year - -

Payment made to the fund - -

Closing balance 150,631 1,811,585



This represents the amount of a provision created against performance bonus to executives of the Company for meeting their allocatedbudgets. The amount of bonus is paid in third year of accrual.

18.2 &

19.1.1


14/17

AES LAL PIR (PRIVATE) LIMITED19 CONTINGENCIES AND COMMITMENT

19.1 Cont ingencies

19.1.1

The changes to the law will not affect the aforementioned petition filed by the Company.

19.1.2

19.1.3

19.2 Co mm itment

Note 2009 2,009

20 REVENUE

Energy 10,398,953 129,179,540

Energy premium - -

Finance income 975,633 12,119,663

Contingent rental income 923,326 11,469,888

Service fee 583,016 7,242,438

Interest on delayed payments 268,822 3,339,404

Subsequently, the Inspecting Additional Commissioner of Income Tax (IACIT) re-opened the above assessment orders under section66A of the ITO, 79, creating an additional tax demand of Rs.781 million; US $ 12.73 million, by treating the assessment orders aserroneous and prejudicial to the interest of revenue. Completed assessments were reopened on the ground that while framing theassessments under section 52/86, the assessing officer failed to take cognizance of the fact that the Company failed to withhold tax, asrequired under section 50(3) of the ITO, 79, at the time of issuance of the shares to its Parent Company as consideration paid other thancash in lieu of Project Development Expenditure incurred by the parent company. The said reassessments made by IACIT were

contested by the company in Income Tax Appellate Tribunal (ITAT), Lahore. The ITAT remanded back the case to the IAC for re-examination with specific directions.

The Company has issued a letter of credit in favour of WAPDA for an amount of Rs. 596 mil lion; US $ 7.57 mil lion (2008: Rs. 596million; US $ 9.71 million) to meet its obligations under the PPA.

Against the decision of ITAT, the Company filed an application before the ITAT to refer the case to the High Court which was rejected.Thereafter, the Company filed a reference application directly before the Lahore High Court which is still pending for hearing. Based onthe legal advice, management asserts that the Company has a strong case and the probability of this liability arising is low. Accordingly,no provision has been made in these financial statements for such liability.


Management, based on the legal advice, asserts that if the Company does not succeed in the above petition and it is held that thescheme is applicable to the Company, any payments that the Company is ultimately required to make under the provision of the Act areconsidered as pass through items recoverable from WAPDA under the provisions of the PPA. Consequently, there will be no impact onits financial position and its results of operations, even if it does not succeed in the above petition.

Upto the year ended 31 December 2002, the Company had recorded and paid to the Federal Treasury contributions on its annual profitas per the provisions of the Companies Profit (Workers Participation) Act, 1968 (the Act).

The Company has entered into a contract for a period of thirty years for purchase of oil from Pakistan State Oil Company Limited.

The Deputy Commissioner of Income Tax (DCIT) made assessment orders (under section 52/86 of the Income Tax Ordinance, 1979[ITO 79]), creating tax demands aggregating to Rs.59 million; US $ 0.96 million, with respect to the assessment years 1995-1996, 1996-1997 and 1997-1998 on the alleged non-withholdingof income tax by the Company in respect of payments made to various resident andnon-resident persons against purchase of services rendered. The Company deposited the tax against the above assessment inaccordance with the departmental procedures. The Company filed an appeal before the Commissioner of Income Tax (Appeals) (CIT-Appeals) against the above orders who set aside the additions made by the DCIT in his assessment orders except one where thedirections to re-examine the issues is given.

Consequent to the amendments that have been made in the Act through the Finance Act, 2006, the Company is required to pay 5% ofits profits to WPPF from the financial year 2006. Based on the legal advice, the Company is not booking accruals of WWF consideringthe fact that the Company is not liable to pay WWF.

Based on the legal advice, the Company has filed a petition on 15 April 2004 in the Lahore High Court challenging the application of theAct to the Company on the ground that since inception the Company has not employed any persons who falls within the definition of theterm "Worker" as per the provisions of the Act. The Company asserts that it had erroneously deposited in the past certain sums withFederal Treasury as contributions of Workers Profit Participation Fund (WPPF) and Worker's Welfare Fund (WWF), although it wasnot

obligated to make such payments. The petition has been filed subsequent to the Company's receipt of the Central Board of Revenue'sIncome Tax/Wealth Tax Circle's letter dated 30 March 2004 directing the Company to allocate five percent of its net profit towards theWPPF and deposit the un-util ized amount of the WPPF in the Federal Treasury. The petition had been filed against the Labor,Manpower and Overseas Pakistani Division of Ministry of Labor, Manpower and Overseas Pakistanis .


15/17


13,149,750 163,350,933

Note 2009 2,009

21 OTHER OPERATING INCOME

Interest income 17,495 217,329

Bonus income 29,633 368,112

Exchange gain - -

Rent income 21.1 1,048 13,019Gain on sale of property, plant and equipment 6,950 86,335

Others 5,897 73,255

61,023 758,050

21.1

Note 2009 2,009

22 OPERATING COSTS

Fuel cost 22.1 10,914,553 135,584,509

Operation and maintenance cost 22.2 211,865 2,631,863Insurance cost 65,539 814,149

Others 809 10,050

11,192,766 139,040,571

22.1 Fuel cost

Fuel consumed:

Opening stock 73,850 1,042,785

Purchases during the year 11,006,060 155,408,924

Exchange difference on translation - 233,786-

11,079,910 156,217,923

Closing stock (165,357) 2,101,105-

10,914,553 154,116,817

Note 2009 2,009

22.2 Operation and maintenance costs

Power station salaries, wages and allowances 17,452 216,795

Repair and maintenance 116,628 1,448,795

Stores and spare parts consumed 45,853 569,602

Provision for slow moving / obsolete stores and spares 532 6,609

Power 31,400 390,062

Oil handling charges - -

211,865 2,631,863

Note 2009 2,009





(US Dollars)

Rent income is shared between the Company and AES Pak Gen (Private) Company, other related party, on a forty-five and fifty-fivebasis respectively.


16/17

AES LAL PIR (PRIVATE) LIMITED23 ADMINISTRATIVE EXPENSES

Salaries, benefits and other allowances 69,488 863,205

Bonus 5,785 71,863

Provident fund contributions 5,422 67,354

Provision for gratuity 16 8,185 101,677

Stock option expenses 2,519 31,292

Provision for long-term compensation 821 10,199

Traveling, conveyance and entertainment 6,030 74,907

Rent, rates and taxes 3,179 39,491

Communication and utilities 2,353 29,230Insurance cost 2,294 28,497

Repairs and maintenance 1,685 20,932

Printing and stationery 176 2,186

Advertisement and publicity 26 323

Legal and professional charges 8,879 110,298

Depreciation 5 6,800 84,472

Freight and octroi 168 2,087

Community welfare 21,157 262,820

Safety 6,542 81,267

Provision against WWF - net receivable from WAP 11.2 - -

Advertisement 185 2,298

Advance - written off - -

General expenses 12,461 154,795

164,155 2,039,193

24 OTHER OPERATING EXPENSES

Exchange loss - net 5,889 73,155

Loss on disposal of property, plant and equipment - -

Auditors' remuneration 941 11,689

Charity and donations - -

Workers' profit participation fund 24.1 - -

6,830 84,844

24.1 Workers' profit participation fund

Allocation for Workers' profit participation fund - -

Allocation to Workers' profit participation fund

recoverable from WAPDA - -

- -

25 FINANCE COST

Mark-up on interest bearing borrowings - -

Mark-up on short-term running finance 473,072 5,876,671

Commitment fee - -

Loss on changes in fair values of derivative -

financial instrument (NEC) 24.1 - -

Others 6,351 78,894

479,423 5,955,565


17/17


25.1

2009 2,009

26 TAXATION

Current 7,599 94,398

27 RELATED PARTY TRANSACTIONS

2009 2,009

Related party Nature of transaction

Holding companies Dividend paid 341,128 4,211,451

Other related parties Current account balance 1,120,953 14,243,367

180,519 2,293,761

1,409 17,903

Services received 12,913 164,079

6,402 81,347

10,007 127,154

686 8,717

27.1

Share of rent income earned

The Company'splant was partly financed through USD and JPY loans obtained from foreign banks. These loans were recoverable underNon Escalable Clause (NEC) portion of capacity revenue receipts that enable the Company to recover the loan and related interest costsin Pak rupees based on foreign currency conversion rates prevailing during the period to which the payments relate. The indexation inthe NEC for changes in foreign currency rates was considered as embedded derivative which was separated from host contract andvalued at fair value as a financial asset. This amount represents the loss on the changes in fair value of embedded derivative.


The numerical reconciliation between the average tax rate and the applicable tax rate has not been presented in these financialstatements as the total income of the Company except other income is exempt from levy of income tax under clause 132 of Part I andclause 15 of Part IV of the second schedule to the Income Tax Ordinance, 2001.

Staff retirement benefit plan Contribution made toprovident fund

Share of expenses incurred

The related parties of the Company comprise of parent company, other group companies (termed as other related parties), keymanagement personnel and staff retirement benefit plan. Transactions with related parties include expenses charged between groupcompanies. The outstanding balances with related parties at 31 December 2009 are included in note 11 and 18. Other significanttransactions with related parties are as follows:


The Company shares premises, employees and other common costs with its other related party (AES Pak Gen (Private) Company) onfifty-fifty basis in accordance with "Shared Facilities Agreement" .

Key management personnel Short term benefits

Retirement benefits

(US Dollars)

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