Page 242 - Pakistan Oilfields Limited - Annual Report 2021

NOTES TO AND FORMING

PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2021

43.2 Associated Companies incorporated outside Pakistan with whom the Group had entered into
transaction or had agreements are as follows:

i) Name of undertaking The Attock Oil Company Limited
ii) Country of Incorporation United Kingdom
iii) Basis of association Parent Company
iv) Aggregate %age of shareholding 52.77%

44. CONTRIBUTORY PROVIDENT FUND

Investments out of provident fund have been made in accordance with the provisions of section
218 of the Companies Act, 2017 and the rules formulated for the purpose.
2021 2020
Rupees (‘000)

45. CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 23,059,685 19,613,716
Adjustments for:
Depreciation 1,475,965 1,508,562
Fair value adjustment on investments
classified as fair value through profit or loss (29) (46)
Amortization of other intangible assets 65,019 65,820
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 assets (28,230) (5,931)
Share of profit/(loss) of associated companies (793,414) 939,262
(Reversal of impairment) / impairment on investment in
associated company (1,625,412) 1,130,160
Income on bank deposits (1,975,928) (3,110,684)
Income on investments at amortised cost (7,099) (9,534)
Dividend on investments classified as fair value through
profit or loss (730) (36,820)
Provision for slow moving stores and spares 60,072 42,486
Provision for staff compensated absences (3,469) (957)
Provision for un-funded gratuity plan - CAPGAS 2,220 132
Measurement (loss)/gain on staff retirement
benefit plans (136,054) 18,364
Reversal of provision for decommissioning cost
in excess of actual costs incurred - (5,127)

Cash flows before working capital changes 23,804,076 23,865,353

240 PAKISTAN OILFIELDS LIMITED