Managemnt in Accounting

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Consolidated Financial Statements
For the year ended June 30, 2011
87 Annual Report 2011
88 Pakistan Telecommunication Group
Auditors’ Report to the Members on Consolidated Financial Statements We have audited the annexed consolidated financial statements comprising consolidated statement of financial position of Pakistan Telecommunication Company Limited (the Holding Company) and its subsidiary company, Pak Telecom Mobile Limited as at June 30, 2011 and the related consolidated statement of comprehensive income, consolidated statement of cash flows and consolidated statement of changes in equity together with the notes forming part thereof, for the year then ended. We have also expressed separate opinion on the financial statements of Pakistan Telecommunication Company Limited. The financial statements of subsidiary company, Pak Telecom Mobile Limited, was audited by one of the joint auditors, A.F. Ferguson & Co., whose report has been furnished to us and our opinion, in so far as it relates to the amounts included for such company, is based solely on the report of the said joint auditor. These financial statements are the responsibility of the Holding Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. Our audit was conducted in accordance with the International Standards on Auditing and accordingly included such tests of accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the consolidated financial statements present fairly the financial position of Pakistan Telecommunication Company Limited and its subsidiary company as at June 30, 2011 and the results of its operations for the year then ended. 89 Annual Report 2011

Consolidated Statement of Financial Position
As at June 30, 2011
2011 2010
Note Rs ‘000 Rs ‘000
Equity and liabilities Equity
Share capital and reserves
Share capital 6 51,000,000 51,000,000
Revenue reserves
Insurance reserve 2,385,532 2,113,704
General reserve 30,500,000 30,500,000
Unappropriated profit 23,669,848 24,461,054
56,555,380 57,074,758
Unrealized gain on available-for-sale investments 30,590 – 107,585,970 108,074,758
Liabilities
Non-current liabilities
Long-term loans from banks 7 11,000,000 13,000,000
Liability against assets subject to finance lease 8 83,439 – Payable to PTA against license fee 9 138,246 169,847
Long-term security deposits 10 1,646,400 1,295,008
Deferred taxation 11 15,498,413 10,633,651
Employees’ retirement benefits 12 17,018,391 15,676,877 Deferred government grants 13 3,631,585 1,632,701
Long-term vendor liability 14 3,188,375 10,459,040
52,204,849 52,867,124
Current liabilities
Trade and other payables 15 34,306,442 33,697,723
Interest accrued 387,114 284,273
Short-term running finance 234,676 –
Current portions of:
Long-term loans from banks 7 9,000,000 –
Liability against assets subject to finance lease 8 32,075 – Payable to PTA against license fee 9 42,984 1,935,288
Long-term vendor liability 14 3,232,951 5,980,398
Unearned income 1,592,680 1,855,127
Dividend payable 3,375,631 3,375,631
52,204,553 47,128,440
Total equity and liabilities 211,995,372 208,070,322
Contingencies and commitments 16
The annexed notes from 1 to 50 form an integral part of these consolidated financial statements. Chairman
90 Pakistan Telecommunication Group
Consolidated Statement of Financial Position
As at June 30, 2011
2011 2010
Note Rs ‘000 Rs ‘000
Assets Non-current assets
Fixed assets
Property, plant and equipment 17 156,173,748 151,782,342 Intangible assets 18 3,906,996 4,017,475
160,080,744 155,799,817
Long-term investments 19 107,553 108,910
Long-term loans 20 552,760 337,210
160,741,057 156,245,937
Current assets
Stores, spares and loose...
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