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NOTES TO AND FORMING
PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
149
PAKISTANOILFIELDS LIMITED
2020
2019
Percentage Amount
Percentage Amount
holding
Rs ('000)
holding
Rs ('000)
Associated companies
Quoted
National Refinery Limited
19,991,640 (2019: 19,991,640) fully paid
ordinary shares including 3,331,940 (2019:
3,331,940) bonus shares of Rs 10 each
Quoted market value as at June 30, 2020:
Rs 2,144,703 thousand (2019: Rs 2,268,451
thousand)
25
8,046,635
25
8,046,635
Attock Petroleum Limited (APL)
6,984,714 (2019: 6,984,714) fully paid
ordinary shares including 3,616,314 (2019:
3,616,314) bonus shares of Rs 10 each
Quoted market value as at June 30, 2020:
Rs 2,131,735 thousand;
(2019: Rs 2,015,160 thousand)
7
1,562,938
7
1,562,938
Unquoted
Attock Information Technology Services
(Pvt) Limited (AITSL)
450,000 (2019: 450,000) fully paid
ordinary shares of Rs 10 each
10
4,500
10
4,500
9,615,603
9,615,603
16.1
All subsidiary and associated companies are incorporated in Pakistan. Although the management has
less than 20 percent shareholding in APL and AITSL, these have been treated as associates since the
Company has representation on their Board of Directors.
16.2
Based on a valuation analysis carried out by an external investment advisor engaged by themanagement,
the recoverable amount of investment in National Refinery Limited exceeds its carrying amount. The
recoverable amount has been estimated based on a value in use calculation. These calculations have
been made on discounted cash flow based valuation methodology which assumes an average gross
profit margin of 3.43% (2019: 3.84%), a terminal growth rate of 3.0% (2019: 3.0%) and a capital asset
pricing model based discount rate of 18.20% (2019: 21.16%).