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Notes to the Financial Statements 145 24. OTHER OPERATING INCOME 2008 2007 Note (Rupees in ‘000) Exchange gain 107,506 67,360 Profit on sale of property, plant and equipment 15,606 15,796 Sales tax refund - . 2,022 Balances no longer payable written back 39,006 4,557 Gain on sale of marketable securities 22,084 - . Rental income - . 9,010 Others - . 14,631 184,202 113,376 25. FINANCIAL INCOME AND EXPENSES Mark-up from trade and other receivables 7,832 3,685 Income on amounts placed with banks under deposit accounts 118,990 255,193 Financial income 126,822 258,878 Interest on workers' profits participation fund 6,836 1,215 Mark-up on short-term finances 91,551 147,002 Mark-up on trade and other payables 13,401 21,947 Commission on guarantees 81,095 16,489 Bank charges for services 62,383 106,681 (Reversal of provision) / provision for discounting on long-term receivables (1,474) 23,605 Financial expenses 253,792 316,939 Net finance costs 126,970 58,061 26. INCOME TAX EXPENSE Current - For the year 1,257,271 913,864 - For prior years 76,571 102,585 1,333,842 1,016,449 Deferred (448,707) (35,569) 26.1 885,135 980,880 26.1 Reconciliation of income tax expense for the year Accounting profit 2,564,203 1,964,574 Enacted tax rate 35% 35% Tax on accounting profit at enacted rate 897,471 687,601 Tax effect of income assessed under Presumptive Tax Regime (90,489) 190,086 Tax effect of expenses that are not allowable in determining taxable income 1,582 608 Prior years' tax expense 76,571 102,585 885,135 980,880 26.2 The Company makes provision for taxation based on its understanding of the tax laws and regulations and on the basis of advices from its tax consultants. These provisions may require change in case these laws and regulations are interpreted differently by tax authorities and Company’s appeals are not accepted at various forums.
146 Notes to the Financial Statements 27. PROFIT ON SALE OF DISCONTINUED OPERATIONS 2008 2007 Note (Rupees in ‘000) Consideration received - . 2,450,694 Identifiable (assets) / liabilities disposed off Property, plant and equipment - . (101,729) Intangible assets (including goodwill of Rs 374.340 million) - . (377,321) Long-term receivables and prepayments - . (6,711) Inventories - . (226,529) Trade receivables - . (523,334) Other receivables - . (47,305) Employees' long service bonus - . 1,103 Trade and other payables - . 751,902 Provisions - . 205,167 Net assets disposed off - . (324,757) Profit on sale of discontinued operations - . 2,125,937 Income tax on above - . (628,309) - . 1,497,628 28. BASIC AND DILUTED EARNINGS PER SHARE Profit for the year 1,679,068 2,481,322 (No. of shares) Weighted average number of ordinary shares 8,247,037 8,247,037 (Rupees) Basic and diluted earnings per share 203.60 300.87 29. CASH GENERATED FROM OPERATIONS 2008 2007 (Rupees in ‘000) Profit before tax including profit on sale of discontinued operations 2,564,203 4,090,511 Adjustment for non-cash expenses and other items: Depreciation and amortisation 211,231 225,112 Profit on sale of property, plant and equipment (15,606) (15,796) Profit on sale of discontinued operations - . (2,125,937) Other non-current liabilities 10,086 2,785 Gratuity expense 29,267 22,436 Long-term receivables and prepayments (25,553) (516,717) Deferred liability - . (46,891) Retention money payable (17,269) 35,436 Financial expenses 253,792 293,334 Financial income (126,822) (258,878) Working capital changes 29.1 1,229,927 (2,818,018) 4,113,256 (1,112,623) 29.1 Working capital changes Increase in current assets Inventories (1,421,941) (940,931) Trade receivables (4,493,234) (1,808,827) Other receivables (664,309) (727,165) (6,579,484) (3,476,923) Increase in current liabilities Trade and other payables 6,917,119 131,561 Provisions 892,292 527,344 7,809,411 658,905 1,229,927 (2,818,018)
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1 Annual Report 2008 Pakistan Answe
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Mission 3 Mission To realize our vi
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Contents 5 Corporate Governance At
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Corporate Strategies 7 Overall Corp
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Our Values 9 Our values Highest per
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Code of conduct and ethics 11 We ar
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14 Board of Directors Board of Dire
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16 Board of Directors Mr. Klaus Ste
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18 Committees Board Committees Mana
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20 Information to Stakeholders Key
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22 Information to Stakeholders Vert
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24 Directors’ Report Dear Shareho
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26 Directors’ Report Performance
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28 Directors’ Report Industry Sec
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30 Directors’ Report Within Count
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32 Directors’ Report Corporate Go
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34 Directors’ Report Board of Dir
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36 Directors’ Report Changes in t
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38 Directors’ Report Reviewed aud
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40 Directors’ Report Enterprise R
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42 Directors’ Report Corporate Co
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44 Directors’ Report
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46 Directors’ Report 2,500 Nation
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48 Directors’ Report Human Excell
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50 Directors’ Report Investment i
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52 Directors’ Report 3i Program S
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54 Directors’ Report Cash Flow Ma
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56 Directors’ Report Acknowledgem
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58 Fit4 2010 Fit4 2010 - Tapping th
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60 Fit4 2010 Operational Excellence
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62 Fit4 2010 We succeed through our
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64 Fit4 2010 Leadership Excellence
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66 Innovation at Siemens "Companies
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68 Power Transmission & Distributio
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82 Industry, Infrastructure & Power
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94 Automation & Drives
Page 96 and 97: 96 Automation & Drives Generating S
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Page 100 and 101: 100 Medical, OEM Onshore, Transport
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Page 122 and 123: Statement of Compliance 121 16. All
Page 124 and 125: Auditors’ Report 123 Auditors’
Page 126 and 127: Balance Sheet 125 Siemens (Pakistan
Page 128 and 129: Cash Flow Statement 127 Siemens (Pa
Page 130 and 131: Notes to the Financial Statements 1
Page 156 and 157: Investors Relations 155 Notice of M
Page 158 and 159: Investors Relations 157 Siemens (Pa
Page 160 and 161: Investors Relations 159 Registrar a
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