PAKGEN POWER LIMITED BOARD OF DIRECTORS Mr. Ghazanfar Hussain Mirza Chairman Mr. Aurangzeb Firoz Mr....
Transcript of PAKGEN POWER LIMITED BOARD OF DIRECTORS Mr. Ghazanfar Hussain Mirza Chairman Mr. Aurangzeb Firoz Mr....
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PAKGEN POWER LIMITED
PROTECTINGPOWERING TODAY
TOMORROW........!
HALF YEARLY REPORTFOR THE PERIOD ENDED
JUNE 30, 2019
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02 CompanyProfile03 Directors’Report04 Directors’Report(Urdu)05 Auditors’ReporttotheMembersonReviewofCondensedInterim FinancialInformation06 CondensedInterimBalanceSheet08 CondensedInterimProfitandLossAccount andOtherComprehensiveIncome09 CondensedInterimCashFlowStatement10 CondensedInterimStatementofChangesinEquity11 SelectedNotestotheCondenseInterimFinancialInformation
CONTENTS
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PAKGEN POWER LIMITED
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COMPANY PROFILE
THE COMPANY PakgenPowerLimited(“theCompany”)wasincorporatedinPakistanon22June1995undertheCompaniesOrdinance,1984 (NowCompanied Act, 2017). The registered office issituated at 53-A, Lawrence Road, Lahore. The principalactivitiesoftheCompanyaretoown,operateandmaintainanoilfiredpowerstation(“theComplex”)havinggrosscapacityof365MWinMehmoodKot,Muzaffargarh,Punjab,Pakistan.
BOARD OF DIRECTORS Mr.GhazanfarHussainMirza Chairman Mr.AurangzebFiroz Mr.ShahidMalik Dr.ArifBashir Mr.FarrukhIfzal Mr.HassanNawazTarar Mr.BadarUlHassan
CHIEF EXECUTIVE OFFICER MianHassanMansha
AUDIT COMMITTEE Mr.FarrukhIfzal Chairman Mr.AurangzebFiroz Mr.ShahidMalik
HUMAN RESOURCE & Mr.FarrukhIfzalChairman REMUNERATION(HR &R) MianHassanMansha COMMITTEE Mr.GhazanfarHussainMirza
CHIEF FINANCIAL OFFICER Mr.TanvirKhalid
COMPANY SECRETARY Mr.KhalidMahmoodChohan
BANKERS OF THE HabibBankLimited COMPANY TheBankofPunjab SilkBankLimited UnitedBankLimited AlliedBankLimited NationalBankofPakistan BankAlfalahLimited FaysalBankLimited AskariBankLimited HabibMetropolitanBankLimited MCBBankLimited(FormerlyNIBBankLimited) BankIslamicPakistanLimited AlBarakaBank(Pakistan)Limited
AUDITOR OF THE RiazAhmad&Co. COMPANY CharteredAccountants
LEGAL ADVISOR OF Mr.M.AurangzebKhan THE COMPANY AdvocateHighCourt
REGISTERED OFFICE 53-A,LawrenceRoad, Lahore-Pakistan UAN:042-111-11-33-33
HEAD OFFICE 1-B,AzizAvenue,Gulberg-V, Lahore-Pakistan Tel:042-35717090-96 Fax:042-35717239
SHARE REGISTRAR CentralDepositoryCompanyofPakistanLimited CDCHouse,99-B,Block-B,S.M.C.H.S Shahra-e-Faisal,Karachi-74400 Tel:(92-21)111-111-500 Fax:(92-21)34326053
PLANT MehmoodKot,Muzaffargarh, Punjab-Pakistan.
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DIRECTORS’ REPORT
TheDirectorsofPakgen Power Limited “the Company”arepleased topresent their reporttogetherwithoperationalandfinancialresultsofyourCompanyfortheperiodended30June2019.
Wereportthatduringtheperiodunderreviewpowerplantbyachievingalltheoperatingstandardsdispatched234.259MWHofelectricityascomparedwith549.534MWHdispatchedduringthecorrespondingperiodofthepreviousfinancialyear.Resultantly,thecapacityfactorremainedat15.4%asagainst36.3%demonstratedinthecomparablesixmonthsofthepreviousfinancialyear.
Operation Financial Results:
ThefinancialresultsoftheCompanyforperiodended30June2019areasfollows:
PERIOD ENDED Financial Highlights 30 June 30June 2019 2018
Revenue(Rs‘000’) 6,734,197 9,191,417Grossprofit(Rs‘000’) 2,000,710 1,069,263Grossprofitratiotorevenue(%) 29.7 11.63Aftertaxprofit(Rs‘000’) 1,323,896 627,712Aftertaxprofitratiotorevenue(%) 19.66 6.82Earningspershare(Rs) 3.56 1.69
TheCompanyhaspostedaftertaxprofitofRupees1.323billionasagainstRs627.712millionprofitearnedinthecomparativeperiod.ThenetprofitsoftheCompanydemonstratedtheearningsperShareofRs.3.56asagainstRs.1.69pershareinthecorrespondingpreviousperiod.
OursolecustomerCPPA-GremainsunabletomeetitsobligationsinaccordancewiththePowerPurchaseAgreement (PPA)whicharesecuredunderasovereignguaranteeofGovernmentofPakistan.Ason30June2019,anamountofRupees18.610billionwasoutstandingagainstCPPA-Gof theseRupees1.041billionwasclassifiedoverdue. TheCompany ispursuingthematter, collectivelywithother IPPson IPPAC (IndependentPowerProducerAdvisoryCouncil)platform,withtherelevantauthoritiesandministries.
Duringtheperiod,JanuarytoJune2019,CompanyproducedandsoldelectricityforfivemonthsexceptforthemonthofMarch2019.TheplantwasonstandbymodeforthemonthofMarchduetolownationaldemand.ThiswasasperinstructionsofNationalPowerControlCenter(NPCC).
Corporate objectives:
Beingaresponsibleandreliableenergycompany,weaimtofacilitatethenationinreducingitscostofenergybymaintaininghighefficiencyandavailabilityofplant.
COMPOSITION OF BOARD:
Total number of Directors:(a) Male 7(b) Female 0Composition:(i) IndependentDirectors 1(ii) OtherNon-executiveDirectors 6(iii) ExecutiveDirectors 1
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COMMITTEES OF THE BOARD:
Audit Committee of the Board:
Sr. # Name of Member1 Mr.FarrukhAfzal (Member/Chairman)2 Mr.AurangzebFiroz (Member)3 Mr.ShahidMalik (Member)
Human Resource & Remuneration (HR&R) Committee:
Sr. # Name of Member1 Mr.FarrukhIfzal Member/Chairman2 MianHassanMansha Member3 Mr.GhazanfarHusseinMirza Member
DIRECTORS’ REMUNERATION:
Thecompanydoesnotpayremunerationto itsnon-executivedirectors including independentdirectorsexceptformeetingfee.Aggregateamountofremunerationpaidtoexecutiveandnon-executivedirectorshavebeendisclosedinnote9oftheannexedfinancialstatements.
Acknowledgement:
Theboardappreciatesthemanagementforestablishingamodernandmotivatingworkingclimateandpromotinghighlevelsofperformanceinallareasofthepowerplant.Wealsoappreciatetheeffortsofthecompany’sworkforcefordeliveringremarkableresultsandwewishfortheirlongliferelationshipwiththeCompany.
For and on behalf of the Board of Directors
Mian Hassan Mansha Mr. Arif BashirChiefExecutiveOfficerDirectorLahore:27thAugust2019
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Introduction
WehavereviewedtheaccompanyingcondensedinterimstatementoffinancialpositionofPAKGENPOWERLIMITEDas at 30 June2019and the related condensed interim statement of profitor lossandother comprehensive income,condensed interimstatementof changes in equity,andcondensed interimstatementofcashflows,andnotesto thecondensed interimfinancialstatementsforthehalfyearthenended(here-in-afterreferredtoasthe“condensedinterimfinancialstatements”).ManagementisresponsibleforthepreparationandpresentationofthesecondensedinterimfinancialstatementsinaccordancewithaccountingandreportingstandardsasapplicableinPakistanforinterimfinancialreporting.Ourresponsibilityistoexpressaconclusiononthesecondensedinterimfinancialstatementsbasedonourreview.Thefiguresofthecondensedinterimstatementofprofitorlossandothercomprehensiveincomeforthequartersended30June2019and30June2018havenotbeenreviewedandwedonotexpressaconclusiononthemaswearerequiredtoreviewonlythecumulativefiguresforthehalfyearended30June2019.
Scope of Review
Weconductedour review inaccordancewith InternationalStandardonReviewEngagements2410, “Reviewof Interim Financial InformationPerformedby the IndependentAuditor of theEntity”.Areviewofcondensedinterimfinancialstatementsconsistsofmakinginquiries,primarilyofpersonsresponsibleforfinancialandaccountingmatters,andapplyinganalyticalandotherreviewprocedures.AreviewissubstantiallylessinscopethananauditconductedinaccordancewithInternationalStandardsonAuditingandconsequentlydoesnotenableustoobtainassurancethatwewouldbecomeawareofallsignificantmattersthatmightbeidentifiedinanaudit.Accordingly,wedonotexpressanauditopinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that theaccompanyingcondensedinterimfinancialstatementsarenotprepared,inallmaterialrespects,inaccordancewiththeaccountingandreportingstandardsasapplicableinPakistanforinterimfinancialreporting.
Emphasis of matter
WedrawattentiontoNote5.1.1tothecondensedinterimfinancialstatementswhichdescribestheuncertaintyregardingoutcomeofclaimslodgedbyCentralPowerPurchasingAgency(Guarantee)Limited,whichhavebeendisputedbytheCompany.Ourconclusionisnotqualifiedinrespectofthismatter.
Theengagementpartneron the review resulting in this independentauditor’s review report isMubasharMehmood.
RIAZ AHMAD & COMPANYChartered Accountants
Lahore:27thAugust2019
INDEPENDENT AUDITORS’ REVIEW REPORT TO THE MEMBERS OF PAKGEN POWER LIMITED REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS
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Un-audited Audited 30 June 31December Note 2019 2018 (Rupees in thousand)
EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorizedsharecapital 400,000,000(31December2018:400,000,000) ordinarysharesofRupees10each 4,000,000 4,000,000 Issued,subscribedandpaid-upsharecapital 372,081,591(31December2018:372,081,591) ordinarysharesofRupees10each 3,720,816 3,720,816Capitalreserve 116,959 116,959Revenuereserve-un-appropriatedprofit 13,621,691 12,855,905 Total equity 17,459,466 16,693,680 LIABILITIES NON-CURRENT LIABILITIES Longtermfinance-secured 4 - -Employeebenefit-gratuity 29,313 29,349
29,313 29,349CURRENT LIABILITIES Tradeandotherpayables 598,212 527,540Accruedmark-up/profit 217,362 126,510Shorttermborrowings 12,899,821 11,093,800Currentportionoflongtermfinance 4 111,456 334,369Unclaimeddividend 13,886 6,732
13,840,737 12,088,951
Total liabilities 13,870,050 12,118,300 CONTINGENCIES AND COMMITMENTS 5 TOTAL EQUITY AND LIABILITIES 31,329,516 28,811,980
Theannexednotesformanintegralpartofthesecondensedinterimfinancialstatements.
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITIONAs at 30 June 2019
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
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Un-audited Audited 30 June 31December Note 2019 2018 (Rupees in thousand) ASSETS NON-CURRENT ASSETS FixedAssets 6 7,229,391 7,680,263Longterminvestment - -Longtermloanstoemployees 28,709 30,205Longtermsecuritydeposit 300 300
7,258,400 7,710,768 CURRENT ASSETS Stores,sparepartsandotherconsumables 879,166 832,661Fuelstock 630,916 516,398Tradedebts 18,610,462 16,939,272Loans,advancesandshorttermprepayments 394,930 378,385Loanstoassociatedcompany 1,833,481 1,000,000Otherreceivables 220,050 276,445AccruedInterest 17,200 9,258Salestaxrecoverable 1,184,646 1,145,615Cashandbankbalances 300,265 3,178
24,071,116 21,101,212 TOTAL ASSETS 31,329,516 28,811,980
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
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CONDENSED INTERIM STAEMENT OF PROFIT AND LOSS ACCOUNT AND OTHER COMPREHENSIVE INCOME (UN-AUDITED) FOR THE HALF YEAR ENDED 30 JUNE 2019
Half Year Ended Quarter Ended 30 June 30 June 30 June 30 June Note 2019 2018 2019 2018 (Rupees in thousand) (Rupees in thousand) SALES 6,734,197 9,191,417 3,172,476 5,079,953COSTOFSALES 7 (4,733,475) (8,122,154) (2,177,142) (4,575,723) GROSSPROFIT 2,000,722 1,069,263 995,334 504,230 ADMINISTRATIVEEXPENSES (94,907) (84,253) (27,148) (26,822)OTHEREXPENSES (1,388) (1,657) (906) (926)OTHERINCOME 77,439 18,663 47,959 15,599 PROFITFROMOPERATIONS 1,981,854 1,002,016 1,015,239 492,081 FINANCECOST (657,958) (374,304) (338,105) (199,598) PROFITBEFORETAXATION 1,323,908 627,712 677,134 292,483TAXATION - - - -
PROFITAFTERTAXATION 1,323,908 627,712 677,134 292,483 OTHERCOMPREHENSIVEINCOME: ITEMSTHATWILLNOTBERECLASSIFIEDTOPROFITORLOSS - - - - ITEMSTHATMAYBERECLASSIFIEDSUBSEQUENTLYTOPROFITORLOSS - - - - OTHERCOMPREHENSIVEINCOME - - - - TOTALCOMPREHENSIVEINCOMEFORTHEPERIOD 1,323,908 627,712 677,134 292,483 EARNINGSPERSHARE-BASICANDDILUTED(RUPEES) 3.56 1.69 1.82 0.79 Theannexednotesformanintegralpartofthesecondensedinterimfinancialstatements.
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED 30 JUNE 2019
RESERVES SHARE Capital Revenue TOTAL CAPITAL Retained Un- EQUITY payments appropriated reserve profit ( - - - - - - - - - -- - -Rupees in thousand - - - - - - - -- - - ) Balance as at 31 December 2017 - audited 3,720,816 116,959 11,766,41515,604,190 Transactionwithowners-Finaldividendfortheyearended31December2017@Rupee1pershare - - (372,082) (372,082) Profitforthehalfyearended30June2018 - - 627,712 627,712Othercomprehensiveincomeforthehalfyearended30June2018 - - - -Totalcomprehensiveincomeforthehalfyearended30June2018 - - 627,712 627,712 Balance as at 30 June 2018 - un-audited 3,720,816 116,959 12,022,04515,859,820 Profitforthehalfyearended31December2018 - - 857,429 857,429Othercomprehensivelossforthehalfyearended31December2018 - - (23,569) (23,569)Totalcomprehensiveincomeforthehalfyearended31December2018 - - 833,860 833,860 Balance as at 31 December 2018 - audited 3,720,816 116,959 12,855,90516,693,680 Transactionwithowners-Finaldividendfortheyearended31December2018@Rupee1.5pershare - - (558,122) (558,122) Profitforthehalfyearended30June2019 - - 1,323,9081,323,908Othercomprehensiveincomeforthehalfyearended30June2019 - - - -
Totalcomprehensiveincomeforthehalfyearended30June2019 - - 1,323,9081,323,908 Balance as at 30 June 2019 - un-audited 3,720,816 116,959 13,621,69117,459,466 Theannexednotesformanintegralpartofthesecondensedinterimfinancialstatements.
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
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CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE HALF YEAR ENDED 30 JUNE 2019 Half Year Ended 30 June 30June Note 2019 2018 (Rupees in thousand)CASH FLOWS FROM OPERATING ACTIVITIES Cash utilized in operations 8 (223,603) (1,189,187) Financecostpaid (566,802) (367,758)Interestincomereceived 68,728 17,824Netincreaseinlongtermloanstoemployees (126) (49,069)Incometaxpaid (2,739) (6,425)Gratuitypaid (7,704) (7,016)
Net cash used in operating activities (732,550) (1,601,631) CASH FLOWS FROM INVESTING ACTIVITIES Capitalexpenditureonfixedassets (2,504) (14,553) Net cash used in investing activities (2,504) (14,553) CASH FLOWS FROM FINANCING ACTIVITIES Repaymentoflongtermfinance (222,913) (222,913)Loanreceivedfromrelatedparty - 870,000Dividendpaid (550,967) (356,771) Netcashfrom/(usedin)financingactivities (773,880) 290,316 Net decrease in cash and cash equivalents (1,508,934) (1,325,868) Cash and cash equivalents at beginning of the period (11,090,622) (9,132,822) Cash and cash equivalents at end of the period (12,599,556) (10,458,690) CASH AND CASH EQUIVALENTS Cashinhand 214 230Cashatbanks 300,051 127,592Shorttermborrowings (12,899,821) (10,586,512)
(12,599,556) (10,458,690)
Theannexednotesformanintegralpartofthesecondensedinterimfinancialstatements.
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
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SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)FOR THE HALF YEAR ENDED 30 JUNE 2019
1. THECOMPANYANDITSOPERATIONS PakgenPowerLimited(“theCompany”)wasincorporatedinPakistanon22June1995
undertherepealedCompaniesOrdinance,1984(NowCompaniesAct,2017).Theregisteredoffice of theCompany is situated at 53-A, LawrenceRoad, Lahore. TheCompany’sordinarysharesarelistedonPakistanStockExchangeLimited.TheprincipalactivitiesoftheCompanyaretoown,operateandmaintainanoilfiredpowerstation(“theComplex”)havinggrosscapacityof365MWinMehmoodKot,Muzaffargarh,Punjab,Pakistan.TheCompanyhasaPowerPurchaseAgreement(PPA)withitssolecustomer,CentralPowerPurchasingAgency(Guarantee)Limited(CPPA-G)for30yearswhichcommencedfrom01February1998.
2. BASISOFPREPARATION 2.1 Thesecondensedinterimfinancialstatementshavebeenpreparedinaccordancewiththe
accountingandreportingstandardsasapplicableinPakistanforinterimfinancialreporting.The accounting and reporting standards as applicable inPakistan for interim financialreportingcompriseof:
• InternationalAccountingStandard(IAS)34,InterimFinancialReporting,issuedbythe
InternationalAccountingStandardsBoard(IASB)asnotifiedundertheCompaniesAct,2017;and
• ProvisionsofanddirectivesissuedundertheCompaniesAct,2017. WheretheprovisionsofanddirectivesissuedundertheCompaniesAct,2017differwith
therequirementsofIAS34,theprovisionsofanddirectivesissuedundertheCompaniesAct,2017havebeenfollowed.
2.2 These condensed interim financial statements do not include all the information and
disclosures required in annual financial statements and shouldbe read in conjunctionwith the annual audited financial statements of theCompany for the year ended 31December2018.Thesecondensedinterimfinancialstatementsareun-audited,however,havebeensubjectedtolimitedscopereviewbytheauditorsandarebeingsubmittedtotheshareholdersasrequiredbytheListedCompanies(CodeofCorporateGovernance)Regulations,2017andSection237oftheCompaniesAct,2017.
3. ACCOUNTINGPOLICIES Theaccountingpolicies andmethodsof computationsadopted for thepreparationof
thesecondensedinterimfinancialstatementsaresameasappliedinthepreparationoftheprecedingauditedannualpublishedfinancialstatementsoftheCompanyfortheyearended31December2018exceptforthechangesinaccountingpoliciesasstatedinnote3.2totheseunconsolidatedinterimfinancialstatements.
3.1 Critical accounting estimates and judgments Thepreparationofthesecondensedinterimfinancialstatementsinconformitywithapproved
accounting standards requires the useof certain critical accounting estimates. It alsorequiresmanagementtoexerciseitsjudgmentintheprocessofapplyingtheCompany’saccountingpolicies.Estimatesandjudgmentsarecontinuallyevaluatedandarebasedonhistoricalexperienceandother factors, includingexpectationsof futureeventsthatarebelievedtobereasonableunderthecircumstances.
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Duringpreparationofthesecondensedinterimfinancialstatements,thesignificantjudgmentsmadebythemanagementinapplyingtheCompany’saccountingpoliciesandkeysourcesofestimationanduncertaintywerethesameasthosethatappliedintheprecedingauditedannualpublishedfinancialstatementsoftheCompanyfortheyearended31December2018.
3.2 Changes in accounting policies due to applicability of certain international Financial Reporting Standards (IFRS)
Thefollowingchangesinaccountingpolicieshavetakenplaceeffectivefrom01January
2019: 3.2.1 IFRS 9 “Financial Instruments” TheCompanyhasadoptedIFRS9“Financial Instruments”from01January2019.The
standardintroducednewclassificationandmeasurementmodelsforfinancialassets.Afinancialassetshallbemeasuredatamortisedcostifitisheldwithinabusinessmodelwhoseobjectiveistoholdassetsinordertocollectcontractualcashflowswhichariseonspecifieddatesandthataresolelyprincipalandinterest.Adebtinvestmentshallbemeasuredatfairvaluethroughothercomprehensiveincomeifitisheldwithinabusinessmodelwhoseobjectiveistobothholdassetsinordertocollectcontractualcashflowswhichariseonspecifieddatesthataresolelyprincipalandinterestaswellassellingtheassetonthebasisofitsfairvalue.AllotherfinancialassetsareclassifiedandmeasuredatfairvaluethroughprofitorlossunlesstheCompanymakesanirrevocableelectiononinitialrecognitiontopresentgainsand lossesonequity instruments inothercomprehensiveincome.Despite these requirements, a financial assetmaybe irrevocably designatedasmeasuredatfairvaluethroughprofitor losstoreducetheeffectof,oreliminate,anaccountingmismatch.Forfinancialliabilitiesdesignatedatfairvaluethroughprofitorloss,thestandardrequirestheportionofthechangeinfairvaluethatrelatestotheCompany’sowncreditrisktobepresentedinothercomprehensiveincome(unlessitwouldcreateanaccountingmismatch).NewsimplerhedgeaccountingrequirementsareintendedtomorecloselyaligntheaccountingtreatmentwiththeriskmanagementactivitiesoftheCompany.Newimpairmentrequirementsusean‘expectedcreditloss’(‘ECL’)modeltorecogniseanallowance.Impairmentismeasuredusinga12-monthECLmethodunlessthecreditriskonafinancialinstrumenthasincreasedsignificantlysinceinitialrecognitioninwhichcasethelifetimeECLmethodisadopted.Forreceivables,asimplifiedapproachtomeasuringexpectedcreditlossesusingalifetimeexpectedlossallowanceisavailable.
TheCompany has adopted IFRS9without restating the prior year results.However,
subsequenttothereportingperiod,theSecuritiesandExchangeCommisionofPakistan(SECP)videitscimmunicationhasexemptedtheapplicabilityofIFRS9inrespectofdebtsduefromGovernmentofPakistantopowersupplycompaniesforalimitedperiodofthreeyearsi.e.till30June2021.Hence,expectedcreditlossesinrespectoftradedebtsduefromCPPA-G,thesolecustomeroftheCompany,whicharebackedbysovereignguaranteeofGovernmentofPakistanhavenotbeenconsideredinthesecondensedinterimfinancialstatements.
Key changes in accounting policies resulting from application of IFRS 9 i) Classificationandmeasurementoffinancialinstruments IFRS9largelyretainstheexistingrequirementsinIAS39“FinancialInstruments:Recognition
andMeasurement”fortheclassificationandmeasurementoffinancialliabilities.However,itreplacesthepreviousIAS39categoriesforfinancialassetsi.e.loansandreceivables,fairvaluethroughprofitor loss(FVTPL),availableforsaleandheldtomaturitywiththecategoriessuchasamortisedcost,fairvaluethroughprofitorloss(FVTPL)andfairvaluethroughothercomprehensiveincome(FVTOCI).
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Investmentsandotherfinancialassets a)Classification From01January2019,theCompanyclassifiesitsfinancialassetsinthefollowing
measurementcategories: ·thosetobemeasuredsubsequentlyatfairvalue(eitherthroughothercomprehensive
income,orthroughprofitorloss),and ·thosetobemeasuredatamortisedcost TheclassificationdependsontheCompany’sbusinessmodel formanagingthe
financialassetsandthecontractualtermsofthecashflows. Forassetsmeasuredatfairvalue,gainsandlosseswilleitherberecordedinprofit
orlossorothercomprehensiveincome.Forinvestmentsindebtinstruments,thiswilldependonthebusinessmodelinwhichtheinvestmentisheld.Forinvestmentsin equity instruments, thiswill dependonwhether theCompany hasmade anirrevocable election at the time of initial recognition to account for the equityinvestment at fair value through other comprehensive income. TheCompanyreclassifiesdebtinvestmentswhenandonlywhenitsbusinessmodelformanagingthoseassetschanges.
b) Measurement Atinitialrecognition,theCompanymeasuresafinancialassetatitsfairvalueplus,
inthecaseofafinancialassetnotatfairvaluethroughprofitorloss,transactioncoststhataredirectlyattributabletotheacquisitionofthefinancialasset.Transactioncostsoffinancialassetscarriedatfairvaluethroughprofitorlossareexpensedinprofitorloss.
Financialassetswithembeddedderivativesareconsideredintheirentiretywhen
determiningwhethertheircashflowsaresolelypaymentofprincipalandinterest. Debt instruments SubsequentmeasurementofdebtinstrumentsdependsontheCompany’sbusiness
modelformanagingtheassetandthecashflowcharacteristicsoftheasset.Thereare threemeasurement categories intowhich theCompany classifies its debtinstruments:
Amortised cost Financialassetsthatareheldforcollectionofcontractualcashflowswherethosecash
flowsrepresentsolelypaymentsofprincipalandinterestaremeasuredatamortisedcost.Interestincomefromthesefinancialassetsisincludedinotherincomeusingthe effective interest ratemethod.Any gain or loss arising onderecognition isrecogniseddirectlyinprofitorlossandpresentedinotherincome/(otherexpenses)togetherwithforeignexchangegainsandlosses.Impairmentlossesarepresentedasseparatelineitemintheprofitorloss.
Fair value through other comprehensive income (FVTOCI) Financialassetsthatareheldforcollectionofcontractualcashflowsandforselling
thefinancialassets,where theassets’cashflows representsolelypaymentsofprincipalandinterest,aremeasuredatFVTOCI.Movementsinthecarryingamountare taken through other comprehensive income, except for the recognition ofimpairmentlosses(andreversalofimpaimentlosses),interestincomeandforeignexchangegainsandlosseswhicharerecognisedinprofitorloss.Whenthefinancialassetisderecognised,thecumulativegainorlosspreviouslyrecognisedinother
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comprehensiveincomeisreclassifiedfromequitytoprofitorlossandrecognisedinotherincome/(otherexpenses).Interestincomefromthesefinancialassetsisincludedinotherincomeusingtheeffectiveinterestratemethod.Foreignexchangegainsandlossesarepresentedinotherincome/(otherexpenses)andimpairmentlossesarepresentedasseparatelineitemintheprofitorloss.
Fairvaluethroughprofitorloss(FVTPL) AssetsthatdonotmeetthecriteriaforamortisedcostorFVTOCIaremeasured
atFVTPL.AgainorlossonadebtinstrumentthatissubsequentlymeasuredatFVTPLisrecognisedinprofitorlossandpresentednetwithinotherincome/(otherexpenses)intheperiodinwhichitarises.
Equity instruments TheCompanysubsequentlymeasuresallequityinvestmentsatfairvalueforfinancial
instrumentsquotedinanactivemarket,thefairvaluecorrespondstoamarketprice(level1).Forfinancialinstrumentsthatarenotquotedinanactivemarket,thefairvalueisdeterminedusingvaluation techniques includingreference to recentarm’s lengthmarkettransactionsortransactionsinvolvingfinancialinstrumentswhicharesubstantiallythesame(level2),ordiscountedcashflowanalysisincluding,tothegreatestpossibleextent,assumptionsconsistentwithobservablemarketdata(level3).
Fair value through other comprehensive income (FVTOCI) Where theCompany’smanagementhaselected topresent fairvaluegainsand
lossesonequityinvestmentsinothercomprehensiveincome,thereisnosubsequentreclassificationoffairvaluegainsandlossestostatementofprofitorloss.Impairmentlosses(andreversalofimpairmentlosses)onequityinvestmentsmeasuredatFVTOCIarenotreportedseparatelyfromotherchangesinfairvalue.
Fairvaluethroughprofitorloss(FVTPL) Changesinthefairvalueofequityinvestmentsatfairvaluethroughprofitorlossare
recognisedinotherincome/(otherexpenses)intheprofitorlossasapplicable. Dividendsfromsuchinvestmentscontinuetoberecognisedinprofitorlossasother
incomewhentheCompany’srighttoreceivepaymentsisestablished. ii) Impairment From01January2019,theCompanyassessesonaforwardlookingbasistheexpected
creditlossesassociatedwithitsdebtinstrumentscarriedatamortisedcostandFVTOCI.Theimpairmentmethodologyapplieddependsonwhethertherehasbeenasignificantincreaseincreditrisk.
Forotherreceivables, theCompanyappliesthesimplifiedapproachpermittedby IFRS
9,whichrequiresexpectedlifetimelossestoberecognisedfrominitialrecognitionofthereceivables.
iii) Hedge accounting IFRS9requiresthathedgeaccountingrelationshipsarealignedwithitsriskmanagement
objectivesandstrategyandtoapplyamorequalitativeandforward-lookingapproachtoassessinghedgeeffectiveness.
Thereisnoimpactofthesaidchangeonthesecondensedinterimfinancialstatements
asthereisnohedgeactivitycarriedonbytheCompanyduringtheperiodended30June2019.
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iv) ImpactsofadoptionofIFRS9onthesecondensedinterimfinancialstatementsas on 01 January 2019
On01January2019,theCompany’smanagementhasassessedwhichbusinessmodels
applytothefinancialassetsheldbytheCompanyatthedateofinitialapplicationofIFRS9(01January2019)andhasclassifieditsfinancial instrumentsintoappropriateIFRS9categories.
ReclassificationsoffinancialinstrumentsonadoptionofIFRS9 Ason01January2019,theclassificationandmeasurementoffinancialinstrumentsofthe
Companywereasfollows:
Measurement category Carrying amounts Original New Original New Difference (IAS 39) (IFRS 9) - - - - - - Rupees - - - - - -
Non-currentfinancialassets Longtermloanstoemployees Loansandreceivables Amortisedcost 30,205 30,205 - Longtermsecuritydeposits Loansandreceivables Amortisedcost 300 300 - Currentfinancialassets Tradedebts Loansandreceivables Amortisedcost 16,939,272 16,939,272 - Loantoassociatedcompany Loansandreceivables Amortisedcost 1,000,000 1,000,000 - Loanstoemployees Loansandreceivables Amortisedcost 15,520 15,520 - Otherreceivables Loansandreceivables Amortisedcost 153 153 - Accruedinterest Loansandreceivables Amortisedcost 9,258 9,258 - Cashandbankbalances Loansandreceivables Amortisedcost 3,178 3,178 - Non-currentfinancialliabilities Longtermfinance-secured Amortisedcost Amortisedcost - - - Currentfinancialliabilities Tradeandotherpayables Amortisedcost Amortisedcost 447,119 447,119 - Accruedmark-up/profit Amortisedcost Amortisedcost 126,510 126,510 - Shorttermborrowings Amortisedcost Amortisedcost 11,093,800 11,093,800 - Currentportionoflongtermfinance Amortisedcost Amortisedcost 334,369 334,369 - Unclaimeddividend Amortisedcost Amortisedcost 6,732 6,732 -
3.2.2 IFRS 15 ‘Revenue from Contracts with Customers’ TheCompanyhasadoptedIFRS15from01January2019.Thestandardprovidesasingle
comprehensivemodelforrevenuerecognition.Thecoreprincipleofthestandardisthatanentityshallrecogniserevenuetodepictthetransferofpromisedgoodsorservicestocustomersatanamountthatreflectstheconsiderationtowhichtheentityexpectstobeentitledinexchangeforthosegoodsorservices.Thestandardintroducedanewcontract-based revenue recognitionmodelwith ameasurement approach that is basedon anallocationofthetransactionprice.Thisisdescribedfurtherintheaccountingpoliciesbelow.Creditriskispresentedseparatelyasanexpenseratherthanadjustedagainstrevenue.ContractswithcustomersarepresentedinaCompany’sstatementoffinancialpositionasacontractliability,acontractasset,orareceivable,dependingontherelationshipbetweentheCompany’sperformanceand thecustomer’spayment.Customeracquisitioncostsandcoststofulfilacontractcan,subjecttocertaincriteria,becapitalisedasanassetandamortisedoverthecontractperiod.
TheCompany has adopted IFRS15by applying themodified retrospective approach
according towhich theCompany is not required to restate theprior year results. Theapplicationof IFRS15doesnothaveany impacton the revenue recognitionpolicyofthecompanyandtherefore,thecumulativeeffectofinitiallyapplyingthisstandardasanadjustmenttotheopeningbalanceofun-appropriatedprofitintheperiodofinitialapplicationisRupeesNil.
i) Key changes in accounting policies resulting from application of IFRS 15 TheCompanyrecognisesrevenueasfollows:
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a) Sale of electricity RevenuefromsaleofelectricitytotheCPPA-G,thesolecustomeroftheCompany,isrecorded
onthebasisofnetelectricaloutputdeliveredandcapacitymadeavailableatratesspecifiedunderthePowerPurchaseAgreement(PPA).PPAisacontractoveraperiodof30years.
b) Interest Interest income is accrued on a time proportion basis by reference to the principal
outstandingandtheapplicablerateofreturn. 3.3 Exemption from applicability of certain requirements of IFRS 16 Subsequent to the reporting period, SECP vide its communication has extended the
earlierexemptionfromtherequirementsofInternationalFinancialReportingInterpretationCommittee(IFRIC)4‘DeterminingWhetheranArrangementContainsaLease’,nowIFRS16‘Leases’toallcompanies,whichhaveenteredintopowerpurchaseagreementsbefore01January2019.Therefore,theCompanyisnotrequiredtoaccountfortheportionofitsPowerPurchaseAgreement(PPA)withCPPA-GasaleaseunderIFRS16‘Leases’.
Un-audited Audited 30 June 31December 2019 2018 (Rupees in thousand)4. LONG-TERMFINANCE-SECURED Openingbalance 334,369 780,194 Less:Repaidduringtheperiod/year 222,913 445,825
111,456 334,369 Less:Currentportionshownundercurrentliabilities 111,456 334,369
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5. CONTINGENCIESANDCOMMITMENTS 5.1 Contingencies Thereisnosignificantchangeinthestatusofcontingenciesasdisclosedinthepreceding
audited annual published financial statements of theCompany for the year ended31December2018exceptforthefollowing:
5.1.1CentralPowerPurchasingAgency(Guarantee)Limited(CPPA-G)hasraisedinvoicesfor
liquidateddamagestotheCompanyfrom11thto21st(uptoApril2019)agreementyear(aftertakingintoaccountforcedoutageallowancestipulatedunderthetermsofPowerPurchaseAgreement)onaccountofshortsupplyofelectricitybytheCompany,whichwasduetocashconstraintsoftheCompanyasaresultofdefaultbyCPPA-Ginmakingtimelypayments.LiquidateddamagesinvoicedtotheCompanyamountstoRupees6,266.08million (31December2018:Rupees6,266.06million).Outof these, theCompanyhasacceptedandpaidRupees4,006.41million(31December2018:Rupees4,006.39million).TheCompanydisputesandrejectsbalanceclaimsonaccountofliquidateddamagesthatareraisedbyCPPA-GonthepremisethatitsfailuretodispatchelectricitywasduetoCPPA-G’snon-paymentofduesontimelybasistotheCompanyandconsequentialinabilityoftheCompanytomaketimelypaymentstoitsfuelsupplierthatresultedininadequatelevelofelectricityproductionowingtoshortageoffuel.AgainstthesetheCompanyhasraisedinvoicedisputenoticestoCPPA-G.TheCompanyappointedmediationexpertunderthemechanismgiveninthePowerPurchaseAgreement(PPA).On22June2017,themediationexpertgavehisdecisioninfavouroftheCompany.However,thisdecisionisnotbindingoneitherparty.
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TheCompanyfiledcaseforarbitrationintheInternationalChamberofCommerce(ICC)toresolvethefollowingmatters,asperthemechanismallowedbyPPAforresolutionsofdisputes:
-Onvariousoccasions,CPPA-Ghassoughttosetoffamountsallegedlyowedtoitas
liquidateddamagesagainstamountsitmustpaytotheCompanyaspartofitsobligationstomakecapacitypayments.On8 January2018,CPPA-Gwrote to theCompany,threateningtosetoffatotalofRupees2.4billionwhichitconsidersasallegedlyduetoit,againstcapacitypaymentinvoicestobeissuedbytheCompany.Thefar-reachingimplicationsofCPPA-G’sthreattotakeunilateralactionlefttheCompanywithnooptionbuttoapproachthecourtsofPakistanforinterimrelief,untilthemattergetsresolvedfinallythrougharbitration,inaccordancewiththeprovisionsofthePPA.Initsordersdated16January2018,theLahoreHighCourtsuspendedthelegaleffectofCPPA-G’s8January2018letteronaninterimbasis.
-InSeptemberandNovember2015,CPPA-GsentanumberofletterstotheCompany,
purportingtodeductamountsfromtheenergypaymentsduetotheCompanyonthebasisthatithadprocuredfuelfromsuppliersotherthanthePakistanStateOilCompanyLimited(“PSO”).AmountswithheldonthisaccountfromtheinvoicesoftheCompanytotaledRupees4.9million.PPAdoesnotallowCPPA-GtodisputeinvoicesonthebasisthatfuelwasprocuredfromaproviderotherthanPSO.NeitherisCPPA-Gpermittedtoretroactivelydisputeinvoices,manymonthsoryearsaftertheyhavebecomedue.
-CPPA-GisrequiredtoprovideandrenewaLetterofCredit.LetterofCreditmustallow
access to “immediately available funds”,which “shall be in anamount equal to anaggregateoftwo(2)Monthsofcapacitypaymentsplusenergypayments”.CPPA-GhasfailedtorenewtheLettersofCredit,followingtheirexpiryon23December2010.
-Inadditiontoitspersistentfailuretomaketimelyenergyandcapacitypayments,CPPA-G
hasalsofailedtocomplywithitsobligationtopayinteresttotheCompany.PPAprovidesthat“Latepaymentsshallbearinterest”.Asaresult,atotalofRupees449.95millioninunpaidinterestisdueatthedateofthelatestinvoicesubmittedbytheCompany(tillthedateofrequestforarbitration).
-ForanumberofyearsCPPA-Ghasbeenissuingdespatchinstructionsrequestingthe
Companytorunthepowerplantcontinuouslyatalowminimumload,ortoperformsignificantrampingupordownatshortnotice.Thecontinuedoperationofthepowerplantsatlowloadaswellasrampingupordownatshortnoticegivesrisetoahostofoperatingproblems,includingerosionofthevalvesandhighboilervibrations,whichcausesthepowerplanttoshutdown.
Duringtheperiodended30June2019,anarbitratorhasbeenappointedwhowillframethe
caseandthecaseisstillpendingforhearing.Theultimateoutcomeofthemattercannotpresentlybedetermined,andconsequently,noprovisionforsuchliquidateddamageshasbeenmadeinthesecondensedinterimfinancialstatements.
Un-audited Audited 30 June 31December 2019 2018 (Rupees in thousand)5.2 Commitments
5.2.1Commitmentsinrespectoflettersofcreditfor capitalexpenditure - 4,992 5.2.2Commitmentsinrespectofotherthan capitalexpenditure 35,065 7,455
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Un-audited Audited 30 June 31December 2019 2018 (Rupees in thousand)6. FIXEDASSETS Operatingfixedassets(Note6.1) 7,186,776 7,634,699 Capitalwork-in-progress(Note6.2) 42,615 45,564
7,229,391 7,680,263 6.1 Operatingfixedassets Openingbookvalue 7,634,699 8,482,603 Add:Costofadditionsduringtheperiod/ year(Note6.1.1) 5,453 75,528 Less:Bookvalueofderecognitionsduringthe period/year(Note6.1.2) 58 1,915 Less:Depreciationchargedduringtheperiod/year 453,318 921,517
Closingbookvalue 7,186,776 7,634,699 6.1.1 Cost of additions Plantandmachinery 4,135 73,319 Officeequipment 13 572 Furnitureandfittings 461 557 Vehicles - 65 Electricequipmentandappliances 844 1,015 5,453 75,528 6.1.2 Book value of derecognitions Plantandmachinery -Cost 1,245 5,254 -Less:Accumulateddepreciation 1,187 3,339 58 1,9156.2 Capital work-in-progress Plantandmachinery 42,615 45,564
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Un-audited Un-audited Half Year Ended Quarter Ended 30 June 30 June 30 June 30 June 2019 2018 2019 2018 (Rupees in thousand) (Rupees in thousand) 7. COSTOFSALES
Fuelcost 3,745,153 7,199,905 1,624,858 4,086,787 Operationandmaintenancecosts 252,521 234,013 172,686 132,833 Insurance 284,086 229,074 142,043 114,537 Depreciation 451,696 459,111 238,940 242,838 LiquidateddamagestoCPPA-G 19 51 10 25 Others - - (1,395) (1,297)
4,733,475 8,122,154 2,177,142 4,575,723 Un-audited Half Year Ended 30 June 30June 2019 2018 (Rupees in thousand)
8. CASHUTILIZEDINOPERATIONS Profitbeforetaxation 1,323,908 627,712 Adjustments for non-cash charges and other items: Depreciation 453,318 461,030 Provisionforgratuity 7,668 7,016 Lossonderecognitionofoperatingfixedassets 58 388 Interestincome (76,670) (17,824) Financecost 657,958 374,304 Cashflowsfromoperatingactivitiesbefore workingcapitalchanges 2,366,240 1,452,626 Working capital changes (Increase)/decreaseincurrentassets: Stores,sparepartsandotherconsumables (46,505) (48,423) Fuelstock (114,518) (481,401) Tradedebts (1,671,190) (1,952,997) Loan,advancesandshort-termprepayments (12,185) (1,041,704) Loanstoassociatedcompany (833,481) - Otherreceivables 56,395 (31,206) Salestaxrecoverable (39,031) 1,096,361
(2,660,515) (2,459,370) Decreaseintradeandotherpayables 70,672 (182,443)
(223,603) (1,189,187)
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9. TRANSACTIONSWITHRELATEDPARTIES Relatedpartiesof theCompanycompriseofassociatedcompanies,keymanagement
personnelandstaffretirementbenefitplans.TheCompanyinthenormalcourseofbusinesscarriesouttransactionswiththeserelatedparties.Detailsoftransactionswithrelatedpartiesareasfollows:
(Un-audited) (Un-audited) Half Year Ended Quarter Ended 30 June 30June 30 June 30June 2019 2018 2019 2018 (Rupees in thousand) (Rupees in thousand) Relationship with Nature of the Company transaction Associated Insurancepremium 334,295 271,686 166,352 134,290 companies Insuranceclaims 525 364 144 364 Rentexpense 3,139 3,139 1,569 1,569 Flyingservices 36,830 29,463 18,722 10,063 Dividend 300,928 124,471 300,928 124,471 Boardinglodgingservices 33 17 33 - Purchaseofstores 145 180 145 180 Loanmade 3,044,962 1,000,000 2,312,100 1,000,000 Loanrecovered 2,211,481 - 1,499,481 - Interestcharged 74,013 14,713 45,242 14,713 Loanobtained 314,308 870,000 166,520 870,000 Loanrepaid 314,308 - 166,520 - Interestpaid 1,043 5,769 664 5,769 Keymanagement personnel Remuneration 15,870 16,064 4,842 5,041 Staffretirement Contributionto benefitsplans providentfund 8,499 8,583 4,056 4,272 Contributiontogratuityfund 7,668 7,016 3,834 3,508
Un-audited Audited 30 June 31December 2019 2018 (Rupees in thousand) Period end balances: Shorttermloanreceivablefromassociatedcompany 1,833,481 1,000,000 Accruedinterestonloantoassociatedcompanies 17,200 9,258 10. RECOGNIZEDFAIRVALUEMEASUREMENTS-FINANCIALINSTRUMENTS (i) Fair value hierarchy Certainfinancialassetsandfinancialliabilitiesarenotmeasuredatfairvalueifthecarrying
amountsareareasonableapproximationoffairvalue.Duetoshorttermnature,carryingamountsofcertainfinancialassetsandfinancialliabilitiesareconsideredtobethesameastheirfairvalue.Forthemajorityofthenon-currentreceivables,thefairvaluesarealsonotsignificantlydifferenttotheircarryingamounts.Judgementsandestimatesaremadeindeterminingthefairvaluesofthefinancialinstrumentsthatarerecognisedandmeasuredatfairvalueinthesecondensedinterimfinancialstatements.Toprovideanindicationaboutthereliabilityoftheinputsusedindeterminingfairvalue,theCompanyclassifyitsfinancialinstrumentsintothefollowingthreelevels.However,asatthereportingdate,theCompanyhasnosuchtypeoffinancialinstrumentswhicharerequiredtobegroupedintotheselevels.Theselevelsareexplainedasunder:
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Level 1:Thefairvalueoffinancialinstrumentstradedinactivemarkets(suchaspubliclytradedderivatives,andtradingandavailable-for-salesecurities)isbasedonquotedmarketpricesattheendofthereportingperiod.ThequotedmarketpriceusedforfinancialassetsheldbytheCompanyisthecurrentbidprice.Theseinstrumentsareincludedinlevel1.
Level 2:Thefairvalueoffinancialinstrumentsthatarenottradedinanactivemarket(for
example, over-the-counter derivatives) is determinedusing valuation techniqueswhichmaximisetheuseofobservablemarketdataandrelyaslittleaspossibleonentity-specificestimates.Ifallsignificantinputsrequiredtofairvalueaninstrumentareobservable,theinstrumentisincludedinlevel2.
Level 3: Ifoneormoreofthesignificantinputsisnotbasedonobservablemarketdata,
theinstrumentisincludedinlevel3.Thisisthecaseforunlistedequitysecurities. 11. EVENTSAFTERTHEREPORTINGPERIOD TheBoardofDirectorsof theCompanyat theirmeetingheldon27August2019has
proposedcashdividendofRupeesNilpershare.However,thiseventhasbeenconsideredasanon-adjustingeventunderInternationalAccountingStandard(IAS)10‘EventsaftertheReportingPeriod’andhasnotbeenrecognizedinthesecondensedinterimfinancialstatements.
12. FINANCIALRISKMANAGEMENT TheCompany’sfinancialriskmanagementobjectivesandpoliciesareconsistentwiththose
disclosedintheprecedingauditedannualpublishedfinancialstatementsoftheCompanyfortheyearended31December2018.
13. CORRESPONDINGFIGURES InordertocomplywiththerequirementsofInternationalAccountingStandard34“Interim
FinancialReporting”,thecondensedinterimstatementoffinancialpositionandcondensedinterimstatementofchangesinequityhavebeencomparedwithbalancesofauditedannualpublishedfinancialstatementsofprecedingfinancialyear,whereas,thecondensedinterimstatementofprofitorlossandothercomprehensiveincome,condensedinterimstatementofcashflowshavebeencomparedwiththeamountsofcomparableperiodofimmediatelyprecedingfinancialyear.
Correspondingfigureshavebeenre-arrangedandreclassified,wherevernecessaryforthe
purposeofcomparison,however,nosignificantre-arrangementsandreclassificationshavebeenmadeinthesecondensedinterimfinancialstatements.
14. DATEOFAUTHORISATIONFORISSUE Thesecondensedinterimfinancialstatementswereauthorizedforissueon27August2019
bytheBoardofDirectorsoftheCompany. 15. GENERAL FigureshavebeenroundedofftothenearestthousandRupees,unlessotherwisestated.
CHIEF EXECUTIVE DIRECTOR CHIEF FINANCIAL OFFICER
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PAKGEN POWER LIMITED
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53 - A, Lawrence Road, Lahore. Tel: 042 - 36367812 - 16
Fax: 042 - 36367414 I UAN: 042 - 111-11-33-33
PAKGEN POWER LIMITED