Wateen HY Report Dec 2010.pdf

CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT (UN-AUDITED)
FOR THE SIX MONTHS PERIOD ENDED DECEMBER 31, 2010
6 months to
December 31, June 30,
2010 2009
(Rupees in thousand)
CASH FLOW FROM OPERATING ACTIVITIES
Loss before taxation (3,900,450) (1,755,611)
Adjustment of non cash items:
Depreciation and amortisation 990,472 762,748
Finance cost 1,284,594 963,734
(Profit)/loss on sale of operating assets 6,798 (23,328)
Deferred grant recognised during the period (25,939) –
Provisions and write off (note 22) 1,542,537 18,273
Provision for employees’ retirement benefits 4,052 6,655
3,801,858 1,728,082
(98,593) (27,529)
Changes in working capital:
Decrease/(Increase) in trade debts 2,002,607 (384,933)
Decrease/(Increase) in contract work in progress 8,004 (9,527)
Decrease in stores, spares and loose tools 19,203 336,191
(Increase)/Decrease in advances, deposits,
prepayments and other receivables (285,259) 561,588
Increase in cross currency and interest rate swap liability 160,550 43,813
(Decrease)/Increase in trade and other payables (1,159,330) 235,153
745,776 782,285
Employees’ retirement benefits paid (6,661) –
Taxes refund/(paid) 37,786 (28,958)
Cash flows from operating activities 678,308 725,798
CASH FLOW FROM INVESTING ACTIVITIES
Property, plant and equipment additions (including finance cost) (1,920,356) (2,809,024)
Intangible assets additions (4,300) –
Sale of property, plant and equipment 10,000 163,656
Long term deposits receivable – (paid)/received (34,412) 213
Long term prepayments 7,811 8,815
Advance against purchase of shares (85,000) –
Cash flows from investing activities (2,026,257) (2,636,340)
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WATEEN TELECOM LIMITED half yearly report dec ‘10