Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan
Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan
118Notes to the Financial Statements24. OTHER OPERATING INCOME 2007 2006Note (Rupees in ‘000)Exchange gain 160,760 - .Profit on sale of property, plant and equipment 15,796 15,769Sales tax refund 2,022 28,809Balances no longer payable written back 4,557 6,557Rental income 9,010 1,128Others 14,631 447206,776 52,71025. FINANCIAL INCOME AND EXPENSESMark-up from trade and other receivables 3,685 1,454Income on amounts placed with banksunder deposit accounts 255,193 80,768Financial income 258,878 82,222Interest on workers' profits participation fund 1,215 9,068Mark-up on short-term finances 147,002 92,943Mark-up on trade and other payables 21,947 7,727Commission on guarantees 16,489 15,047Bank charges for services 106,681 74,154Provision for discounting on long-term receivables 23,605 50,314Financial expenses 316,939 249,253Net finance costs 58,061 167,03126. INCOME TAX EXPENSECurrent- For the year 913,864 929,049- For prior years 102,585 88,4741,016,449 1,017,523Deferred (35,569) (233,739)26.1 980,880 783,78426.1 Reconciliation of income tax expense for the yearAccounting profit 1,964,574 1,508,320Enacted tax rate 35% 35%Tax on accounting profit at enacted rate 687,601 527,912Tax effect of income assessed underPresumptive Tax Regime 190,086 151,296Tax effect of expenses that are not allowablein determining taxable income 608 16,102Prior years' tax expense 102,585 88,474980,880 783,78426.2 The Company makes provision for taxation based on its understanding of the tax laws and regulations and on the basis of advices from its taxconsultants. These provisions may require change in case these laws and regulations are interpreted differently by tax authorities and Company’sappeals are not accepted at various forums.
Notes to the Financial Statements 11927. PROFIT ON SALE OF DISCONTINUED OPERATIONS 2007(Rupees in ‘000)Consideration received 2,450,694Identifiable (assets) / liabilities disposed offProperty, 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 1,103Trade and other payables 751,902Provisions 205,167Net liabilities disposed off (324,757)Profit on sale of discontinued operations 2,125,937Income tax on above (628,309)1,497,62828. BASIC AND DILUTED EARNINGS PER SHARE 2007 2006(Rupees in ‘000)Profit for the year 2,481,322 727,006(No. of shares)Weighted average number of ordinary shares 8,247,037 7,769,597(Rupees)Basic and diluted earnings per share 300.87 93.5729. CASH GENERATED FROM OPERATIONS 2007 2006Note (Rupees in ‘000)Profit before tax including profit on saleof discontinued operations 4,090,511 1,508,320Adjustment for non-cash expenses and other items:Depreciation and amortisation 225,112 219,846Amortisation of goodwill - . 5,652Profit on sale of property, plant and equipment (15,796) (15,769)Profit on sale of discontinued operations (2,125,937) - .Employees' long service bonus 2,785 2,864Long-term receivables and prepayments (516,717) (236,294)Deferred liability (46,891) (3,841)Retention money payable 35,436 31,309Financial expenses 293,334 198,939Financial income (258,878) (82,222)Working capital changes 29.1 (2,795,582) 115,893(1,112,623) 1,744,69729.1 Working capital changes(Increase) / decrease in current assetsInventories (940,931) (662,983)Trade receivables (1,808,827) (2,630,651)Other receivables (704,729) 247,433(3,454,487) (3,046,201)Increase in current liabilitiesTrade and other payables 131,561 2,538,493Provisions 527,344 623,601658,905 3,162,094(2,795,582) 115,893
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Notes to the Financial Statements 11927. PROFIT ON SALE OF DISCONTINUED OPERATIONS 2007(Rupees in ‘000)Consideration received 2,450,694Identifiable (assets) / liabilities disposed offProperty, 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 1,103Trade and other payables 751,902Provisions 205,167Net liabilities disposed off (324,757)Profit on sale of discontinued operations 2,125,937Income tax on above (628,309)1,497,62828. BASIC AND DILUTED EARNINGS PER SHARE 2007 2006(Rupees in ‘000)Profit for the year 2,481,322 727,006(No. of shares)Weighted average number of ordinary shares 8,247,037 7,769,597(Rupees)Basic and diluted earnings per share 300.87 93.5729. CASH GENERATED FROM OPERATIONS 2007 2006Note (Rupees in ‘000)Profit before tax including profit on saleof discontinued operations 4,090,511 1,508,320Adjustment for non-cash expenses and other items:Depreciation and amortisation 225,112 219,846Amortisation of goodwill - . 5,652Profit on sale of property, plant and equipment (15,796) (15,769)Profit on sale of discontinued operations (2,125,937) - .Employees' long service bonus 2,785 2,864Long-term receivables and prepayments (516,717) (236,294)Deferred liability (46,8<strong>91</strong>) (3,841)Retention money payable 35,436 31,309Financial expenses 293,334 198,939Financial income (258,878) (82,222)Working capital changes 29.1 (2,795,582) 115,893(1,112,623) 1,744,69729.1 Working capital changes(Increase) / decrease in current assetsInventories (940,931) (662,983)Trade receivables (1,808,827) (2,630,651)Other receivables (704,729) 247,433(3,454,487) (3,046,201)Increase in current liabilitiesTrade and other payables 131,561 2,538,493Provisions 527,344 623,601658,905 3,162,094(2,795,582) 115,893
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