Page 158 - Pakistan Oilfields Limited - Annual Report 2021
P. 158

NOTES TO AND FORMING


          PART OF THE FINANCIAL STATEMENTS

          FOR THE YEAR ENDED JUNE 30, 2021




           32.      OPERATING SEGMENTS

                    The financial statements have been prepared on the basis of a single reportable segment. Revenue
                    from external customers for products of the Company is disclosed in note 23.
                    Revenue from two major customers of the Company constitutes 67% of the total revenue during the
                    year ended June 30, 2021 (June 30, 2020: 66%).
                                                                                 2021              2020
                                                                                      Rupees ('000)
           33.      CASH FLOWS FROM OPERATING ACTIVITIES

                    Profit before taxation                                       20,678,334        21,734,396

                    Adjustments for:
                      Depreciation                                                1,466,825         1,498,587
                      Fair value adjustment on investments
                      classified as fair value through profit or loss                   (29)              (46)
                      Amortization of development and decommissioning costs       2,211,754         2,409,826
                      Finance costs                                                 254,791         2,206,210
                      Exchange loss/(gain) on financial assets                    1,244,935          (900,086)
                      Gain on sale of property, plant and equipment                 (28,230)           (5,931)
                      Dividend from subsidiary and associated companies             (58,138)         (118,025)
                      Income on bank deposits                                     (1,968,150)       (3,099,834)
                      Dividend on investments classified as fair value through profit or loss   (730)   (36,820)
                      Provision for staff compensated absences                       (3,469)             (957)
                      Provision for slow moving stores and spares                    60,072            42,486
                      Re-measurement (loss)/gain on staff retirement benefit plans   (134,725)         18,255

                      Cash flows before working capital changes                  23,723,240        23,748,061
                    Effect on cash flows due to working capital changes:
                      (Increase) in stores and spares                              (220,860)         (622,505)
                      Decrease/ (increase) in stock in trade                        121,674          (101,874)
                      Decrease in trade debts                                       295,352         1,274,245
                      (Increase) in advances, deposits,
                        prepayments and other receivables                          (402,999)        (1,113,265)
                      Increase in trade and other payables                        2,286,087         4,080,050
                                                                                  2,079,254         3,516,651

                    Cash flows generated from operations                         25,802,494        27,264,712
                      (Increase) in long term loans and advances                    (10,423)             (450)
                      Increase in long term deposits                                 12,283            16,373
                      Taxes paid                                                  (6,227,800)       (3,850,336)
                      Actual decommissioning cost paid                              (97,037)         (167,742)

                    Net cash generated from operating activities                 19,479,517        23,262,557







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