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Notes to the Financial Statements 147 30. CASH AND CASH EQUIVALENTS 2008 2007 Note (Rupees in ‘000) Cash and bank balances 19 3,407,239 3,311,908 Short-term running finances 10 (907,909) (2,357,180) 2,499,330 954,728 31. DISCONTINUED OPERATIONS During the year ended September 30, 2006, Siemens AG announced that globally the Communication (COM) carrier network activities of SAG would be carved out and merged into a new company (with 50:50 stake holding), called Nokia Siemens Networks, with Nokia as the other partner. Further, SAG’s COM enterprise network business would also be separated to form a new entity. During the year ended September 30, 2007, the Board of Directors and the shareholders of the Company approved the carve out of COM carrier and enterprise network activities of the Company to Nokia Siemens Networks Pakistan (Private) Limited (NSN) and Siemens Enterprise Communications (Private) Limited (SEN) respectively, at their respective fair market values. The COM carrier activities of the Company, including the COM carrier activities of CTI, have been carved out to NSN effective April 1, 2007 at sale proceeds aggregating Rs 2,294.210 million. The COM enterprise activities of the Company have also been carved out to a separate entity at the sale proceed of Rs 156.484 million, effective August 2, 2007. Profits attributable to the discontinued operations were disclosed on the face of profit and loss account. Cash flows from discontinued operations 2008 2007 Note (Rupees in ‘000) Net cash flows from operating activities - . 872,619 Net cash flows from investing activities - . (5,817) Net cash flows from discontinued operations - . 866,802 32. AUDITORS' REMUNERATION Audit fee 1,985 1,303 Tax representation and advisory services 964 500 Special reports and certifications, review of half yearly accounts, audits of workers' profits participation fund and gratuity fund 693 1,112 Out of pocket expenses 271 171 3,913 3,086 33. LONG-TERM CONSTRUCTION CONTRACTS Contract revenue for the year 16,712,661 12,410,030 Contract costs incurred to date 37,161,718 30,838,676 Gross profit realised to date 3,562,596 2,939,339 Balance of advances received 4,956,481 1,120,306 Retention money receivable 6,272,974 3,500,623 Gross amount due from customers 6,288,646 3,742,678 Estimated future costs to complete projects in progress 33.1 17,582,527 2,911,430 33.1 As part of application of percentage of completion method on contract accounting, the plan costs are estimated. These estimates are based on the prices of materials and services applicable at that time, forecasted increases and expected completion date at the time of such estimation. Such estimates are reviewed at regular intervals. Any subsequent changes in the prices of materials and services compared to forecasted prices and changes in the time of completion affect the results of the subsequent periods.
148 Notes to the Financial Statements 34. REMUNERATION OF THE CHIEF EXECUTIVE, DIRECTOR AND EXECUTIVES The aggregate amounts charged in the financial statements in respect of remuneration and fringe benefits of the chief executive, director and executives of the Company are as follows: 2008 2007 Chief Chief Executive Director Executives Executive Director Executives ----------------------------------------------------------(Rupees in ‘000)-------------------------------------------------------- Managerial remuneration 77,271 44,925 451,230 44,694 38,252 352,180 Retirement benefits and Company's contribution to provident fund 2,222 - . 26,692 1,390 - . 17,764 Perquisites and benefits: - Group insurance and medical 117 128 5,178 104 31 3,264 - (Reversal of accrual) / accrual for share based payments (3,760) (4,397) 2,289 28,026 7,810 3,392 - Long service bonus - . - . 2,338 - . - . 957 - Rent and others 6,227 4,322 - . 3,576 2,501 - . 82,077 44,978 487,727 77,790 48,594 377,557 Number of persons 1 1 165 1 1 109 34.1 In addition to the above, remuneration and fringe benefits of one expatriate executive (2007: one) hired for a project amounted to Rs 5.600 million (2007: Rs 2.200 million). 34.2 The aggregate amount charged in these financial statements in respect of directors' fee paid to eight directors (2007: six) was Rs 170,000 (2007: Rs 114,000). No fee was paid to any alternate director (2007: fee paid to one alternate director was Rs 10,000). 34.3 The chief executive, director and one hundred and twenty nine executives (2007: ninety two) have been provided with free use of Company's cars. Chief Executive Officer has been provided with free maintenance and furnishing of accommodation. Further, a director has also been provided with the Company's owned and maintained furnished accommodation. 34.4 The chief executive and a director have been provided with telephone facility at their residences. 34.5 The above balances include an amount of Rs 178.681 million (2007: Rs 194.584 million) on account of compensation to key management personnel, the details of which are as follows: 2008 2007 Note (Rupees in ‘000) Short-term employee benefits 180,082 151,774 Post-employment benefits 4,309 3,442 Other long-term benefits 158 140 (Reversal of accrual) / accrual for share based payments 34.5.1 (5,868) 39,228 178,681 194,584
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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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