Page 204 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

2021 2020
Rupees ('000)

6. SHARE CAPITAL

Authorised capital

500,000,000 (2020: 500,000,000) ordinary shares of Rs 10 each 5,000,000 5,000,000
Issued, subscribed and paid up capital

Shares issued for cash 20,200,000
(2020: 20,200,000) ordinary shares 202,000 202,000

Shares issued as fully paid bonus shares
263,655,104 (2020: 263,655,104) ordinary shares 2,636,551 2,636,551

283,855,104 (2020: 283,855,104) ordinary shares of Rs 10 each 2,838,551 2,838,551
6.1 The Company is a subsidiary of The Attock Oil Company Limited which held 149,794,518 (2020:
149,794,518) ordinary shares at the year end.

2021 2020
Rupees ('000)

7. CAPITAL RESERVE

Bonus shares issued by subsidiary/associated companies 71,395 71,395
Special reserve - note 7.1 15,437 15,429
Utilised special reserve - note 7.2 1,941,044 1,941,044
2,027,876 2,027,868

7.1 This represents the Group’s share of post-acquisition profit set aside as a special reserve by associated
companies on account of expansion and modernisation of refineries or to offset against any future
loss of Rs 15,196 thousand (2020: Rs 15,196 thousand), as a result of the directive of the Government
to divert net profit after tax above 50 percent of paid-up capital and maintenance reserve of Rs 241
thousand (2020: Rs 233 thousand) retained by an associated company to pay for major maintenance
expenses in terms of Power Purchase Agreement. Special reserves are not available for distribution.

7.2 This represents the Group’s share of amounts utilised by associated companies out of the Special
Reserve for upgradation and expansion of the refineries.

2021 2020
Rupees ('000)
8. REVENUE RESERVES
Insurance reserve - note 8.1 200,000 200,000
General reserve - note 8.2 7,077,325 7,077,325
Unappropriated profit 30,810,225 29,706,730
38,087,550 36,984,055

202 PAKISTAN OILFIELDS LIMITED