Wateen HY Report Dec 2010.pdf

CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
AS AT DECEMBER 31, 2010
Note
December 31, June 30,
2010 2010
(Rupees in thousand)
SHARE CAPITAL AND RESERVES
Authorised capital 1,000,000,000
(June 30, 2010: 1,000,000,000)
ordinary shares of Rs 10 each 10,000,000 10,000,000
Issued, subscribed and paid–up capital 6,174,746 6,174,746
617,474,620 (June 30, 2010: 617,474,620)
ordinary shares of Rs 10 each
General reserve 134,681 134,681
Accumulated loss (4,900,856) (2,099,760)
1,408,571 4,209,667
NON–CURRENT LIABILITIES
Long term finance – secured 5 – –
Medium term finance from an associated company – unsecured 6 – –
Long term finance from a shareholder – unsecured 7 2,063,379 –
Cross currency and interest rate swap – fair value 5.5 – 139,053
Obligations under finance leases 4,638 5,429
Long term deposits 64,759 110,455
2,132,776 254,937
DEFERRED LIABILITIES
Employees’ retirement benefits – 43,690
Deferred income tax liability 8 – 74,593
Deferred USF grant 9 1,046,248 827,159
1,046,248 945,442
CURRENT LIABILITIES
Current portion of long term finance – secured 5 11,858,743 12,411,659
Current portion of medium term finance from an
associated company – unsecured 6 600,000 –
Payable to supplier to be settled through long term finance – 433,798
Cross currency and interest rate swap liability 5.5 517,000 217,397
Current portion of obligations under finance leases 2,035 1,556
Finance from supplier – unsecured 77,941 77,668
Short term borrowings – secured 10 4,092,484 4,604,346
Trade and other payables 11 4,898,324 5,922,431
Interest / markup accrued 661,615 631,491
22,708,142 24,300,346
CONTINGENCIES AND COMMITMENTS 12
27,295,737 29,710,392
The annexed notes 1-26 are an integral part of this condensed interim financial information.
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WATEEN TELECOM LIMITED half yearly report dec ‘10