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
156 PAKISTAN OILFIELDS LIMITED