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NOTES TO AND FORMING
PART OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2020
224
PAKISTAN OILFIELDS LIMITED
National Refinery Limited
Attock Petroleum Limited
Attock Information Technology
Services (Pvt) Limited
2020
2019
2020
2019
2020
2019
Rupees ('000)
Rupees ('000)
Rupees ('000)
Summarised statements of
comprehensive income
Net revenue
125,612,646
160,906,197
201,078,720
223,054,352
142,949
126,892
(Loss)/ profit for the year
(4,063,762)
(8,692,427)
1,008,294
3,960,606
59,222
49,300
Other comprehensive income
27,983
100,679
3,984
(2,497)
-
-
Total comprehensive income
(4,035,779)
(8,591,748)
1,012,278
3,958,109
59,222
49,300
Dividend received from associates
-
199,917
104,771
215,362
-
-
18.4
The carrying value of investment in National Refinery Limited at June 30, 2020 is net of impairment
loss of Rs 5,434,289 thousand (2019: Rs 4,304,128 thousand).The carrying value is based on a
valuation analysis carried out by an external investment advisor engaged by the Group. 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%).
18.5
Based on a valuation analysis carried out by themanagement, the recoverable amount of investment
in Attock Petroleum 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 3.60%
(2019: 5.35%), a terminal growth rate of 4.0% (2019: 4.0%) and a capital asset pricing model based
discount rate of 15.43% (2019: 18.53%).
2020
2019
Rupees ('000)
19.
LONG TERM LOANS AND ADVANCES, CONSIDERED GOOD
Long term loans and advances to employees
51,511
54,076
Less: Amount due within twelve months, shown
under current loans and advances - note 23
24,788
27,803
26,723
26,273
19.1
Loans and advances to employees are for general purpose and for house rent advance which are
recoverable in up to 60 and 36 equal monthly installments respectively and are secured by an
amount due to the employee against provident fund. These loans and advances are interest free.
These do not include any amount receivable from the Chief Executive and Directors. These loans
have not been discounted, as the impact is considered insignificant.