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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
222
PAKISTAN OILFIELDS LIMITED
2020
2019
Rupees ('000)
18.
LONG TERM INVESTMENTS IN ASSOCIATED COMPANIES -
EQUITY BASIS
Beginning of the year
13,135,926
17,353,491
Share of (loss)/ profit of associated companies
(939,262)
(1,890,241)
Impact of IFRS 9
-
(23,337)
Share of other comprehensive income/ (loss) of associated
companies
7,276
24,995
Impairment loss against investment in National Refinery
Limited
(1,130,160)
(1,913,703)
Dividend received during the year
(104,771)
(415,279)
End of the year
10,969,009
13,135,926
18.1 The Group's interest in associates are as follows:
Quoted
National Refinery Limited - note 18.3
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 Cost Rs 8,046,635 thousand (2019: 8,046,635
thousand) Quoted market value as at June 30, 2020:
Rs 2,144,703 thousand (2019: Rs 2,268,451 thousand)
8,396,489
10,535,594
Attock Petroleum Limited (APL) - note 18.3
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 Cost Rs 1,562,938 thousand (2019: 1,562,938
thousand) Quoted market value as at June 30, 2020: Rs
2,131,735 thousand; (2019: Rs 2,015,160 thousand)
2,537,432
2,571,166
Unquoted
Attock InformationTechnology Services (Pvt) Limited (AITSL)
450,000 (2019: 450,000) fully paid
ordinary shares of Rs 10 each
35,088
29,166
10,969,009
13,135,926
All associated companies are incorporated in Pakistan. All associated companies have share capital
consisting solely of ordinary shares, which are held directly by the Group. Although the Group has
less than 20 percent shareholding in APL and AITSL, these have been treated as associates since the
Group has representation on their Board of Directors.
18.2
No investment was made in subsidiary and associated companies during the year.