Professional Documents
Culture Documents
Grameenphone Ltd.
Condensed Consolidated Statement of Financial Position (Un-audited)
as at 30 June 2011
As at
30 June 2011
Taka
As at
31 December 2010
Taka
4
5
69,712,238,616
6,686,280,462
12,656,194
76,411,175,272
71,696,092,118
6,991,416,098
12,594,949
78,700,103,165
668,782,646
452,182,906
3,998,052,746
1,093,337,272
1,095,975,517
3,866,358,121
19,916,027,849
31,090,717,057
107,501,892,329
834,355,326
484,842,481
5,247,945,772
928,020,269
1,621,637,839
2,753,729,110
18,931,502,552
30,802,033,349
109,502,136,514
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
22,163,153,447
45,662,435,604
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
26,874,256,053
50,373,538,210
257
268
449,786,840
5,019,805,838
9,936,041,536
179,226,838
15,584,861,052
444,639,879
5,019,805,838
11,201,083,512
162,876,392
16,828,405,621
8,861,658,924
4,538,524,255
2,278,383,935
2,653,424,671
15,973,904,614
195,082,427
134,516,729
564,142,536
11,054,957,325
46,254,595,416
107,501,892,329
10,183,877,792
4,814,490,250
2,248,977,889
2,451,869,531
13,396,693,877
155,699,144
38,263,621
581,904,397
8,428,415,914
42,300,192,415
109,502,136,514
Notes
Assets
7
8
9
10
Total assets
Equity and Liabilities
Shareholders' equity
Share capital
Share premium
Capital reserve
Deposit from shareholders
General reserve
Retained earnings
11
Current liabilities
Accounts payable
Payable to government and autonomous bodies
Unearned revenue
VAT payable
Income tax provision
Accrued interest
Other liabilities
Deferred connection revenue
Provision for expenses
12
13
14
15
The annexed notes 1 to 22 form an integral part of these condensed consolidated financial statements.
Sd/-
Sd/-
_________________
Tore Johnsen
Chief Executive Officer
__________________________
Raihan Shamsi
Deputy Chief Executive Officer &
Chief Financial Officer
Grameenphone Ltd.
Condensed Consolidated Statement of Comprehensive Income (Un-audited)
for the half-year ended 30 June 2011
Revenue
Cost of network operations:
Direct cost of network revenue
Network operation and maintenance expenses
Depreciation and amortisation
Notes
1 January to
30 June 2011
Taka
1 January to
30 June 2010
Taka
1 April to
30 June 2011
Taka
1 April to
30 June 2010
Taka
16
43,404,139,050
35,809,552,182
22,732,340,759
18,768,013,312
17
(8,850,289,485)
(3,264,003,788)
(7,178,018,128)
(19,292,311,401)
24,111,827,649
(7,723,920,410)
(2,707,484,235)
(7,527,339,536)
(17,958,744,181)
17,850,808,001
(4,496,889,929)
(1,754,452,456)
(3,523,575,663)
(9,774,918,048)
12,957,422,711
(4,365,908,118)
(1,582,095,688)
(3,801,924,208)
(9,749,928,014)
9,018,085,298
Gross profit
Other income, net
Operating expenses:
General and administrative expenses
Selling and distribution expenses
Depreciation and amortisation
36,721,864
22,348,535
21,717,607
10,730,865
(4,632,317,355)
(4,741,968,021)
(701,344,522)
(10,075,629,898)
14,072,919,615
(3,885,619,660)
(4,107,731,599)
(739,852,932)
(8,733,204,191)
9,139,952,345
(2,381,677,697)
(2,055,027,078)
(345,374,145)
(4,782,078,920)
8,197,061,398
(1,984,722,053)
(2,875,479,529)
(365,098,724)
(5,225,300,306)
3,803,515,857
748,375,341
(566,488,223)
3,700,968
14,258,507,701
230,072,663
276,242,954
7,960,048
9,654,228,010
373,618,057
(272,225,759)
3,465,854
8,301,919,550
102,145,524
168,474,125
(1,323,080)
4,072,812,426
(7,492,060,131)
6,766,447,570
(4,821,282,413)
4,832,945,597
(4,402,949,294)
3,898,970,256
(2,397,036,950)
1,675,775,476
6,766,447,570
4,832,945,597
3,898,970,256
1,675,775,476
6,766,447,581
(11)
4,832,945,596
1
3,898,970,288
(32)
1,675,775,446
30
18
Operating profit
20
21
5.01
3.58
The annexed notes 1 to 22 form an integral part of these condensed consolidated financial statements.
Sd/_________________
Tore Johnsen
Chief Executive Officer
Sd/__________________________
Raihan Shamsi
Deputy Chief Executive Officer &
Chief Financial Officer
2.89
1.24
Grameenphone Ltd.
Condensed Consolidated Statement of Changes in Equity (Un-audited)
for the half-year ended 30 June 2011
Share
capital
Taka
Share
premium
Taka
Capital
reserve
Taka
Deposit
from
shareholders
Taka
General
reserve
Taka
Retained
earnings
Taka
Non controlling
interest
Taka
Total
Taka
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
26,655,044,251
50,154,326,408
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
2,341,710,571
28,996,754,822
2,341,710,571
52,496,036,979
4,832,945,596
-
100
100
4,832,945,597
-
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
(8,101,800,132)
25,727,900,286
101
(8,101,800,132)
49,227,182,544
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
26,874,256,053
268
50,373,538,478
6,766,447,581
-
(11)
-
6,766,447,570
-
(11,477,550,187)
22,163,153,447
257
(11,477,550,187)
45,662,435,861
13,503,000,220
7,840,225,942
14,446,452
1,880,178
2,139,729,365
Grameenphone Ltd.
Condensed Consolidated Statement of Cash Flows (Un-audited)
for the half-year ended 30 June 2011
1 January to
30 June 2011
Taka
1 January to
30 June 2010
Taka
44,714,170,378
35,297,564,669
(2,496,002,401)
(18,383,392,819)
1,039,631,935
(937,676,717)
(6,179,891,370)
(26,957,331,372)
17,756,839,006
(3,342,697,445)
(12,835,560,392)
638,834,981
(80,482,089)
(4,679,884,497)
(20,299,789,442)
14,997,775,227
(3,990,368,199)
9,778,310
(189,436,321)
(61,245)
(1,112,629,011)
(5,282,716,466)
(4,317,046,858)
32,689,355
(359,695,978)
(58,187)
(4,644,111,668)
(11,488,545,721)
(1,051,522)
(11,489,597,243)
(1,886,014,721)
(8,101,800,132)
100
(84,420,611)
(10,072,235,364)
984,525,297
281,428,195
18,931,502,552
19,916,027,849
14,601,313,087
14,882,741,282
Grameenphone Ltd.
Notes to the condensed consolidated financial statements
as at and for the half-year ended 30 June 2011
1.
Reporting entity
1.1
Company profile
Grameenphone Ltd (hereinafter referred to as "GP"/"Grameenphone"/"the company"/"theparent company") is a
public limited company incorporated in Bangladesh in 1996 under the Companies Act 1994 with its registered
address at Celebration Point, Road 113/A, Gulshan, Dhaka, Bangladesh. In July 2010, the registered office of
the company was shifted to GPHOUSE, Bashundhara, Baridhara, Dhaka 1229. GP was initially registered as a
private limited company and subsequently converted into a public limited company on 25 June 2007. During
November 2009, GP listed its shares with both Dhaka and Chittagong Stock Exchanges. In 2010,
Grameenphone formed a wholly owned subsidiary namely Grameenphone IT Ltd (hereinafter referred to as
"GPIT"/ "the subsidiary company"), to provide IT services to itself and also to external customers. GPIT
launched its commercial operation from 1 April 2010.
These condensed consolidated financial statements comprise the company and its subsidiary, Grameenphone IT
Ltd (together referred to as "the group").
1.2
Nature of business
The group is primarily involved in providing mobile telecommunication services (voice, data and other related
services) and IT related services in Bangladesh. Grameenphone obtained its radio system operating licence
from the Ministry of Posts and Telecommunications (MOPT), Government of Bangladesh, commencing from
11 November 1996 and launched commercial operation on 26 March 1997. Telecommunication network of the
company covers all divisional towns and districts of the country. The company also provides international
roaming services through international roaming agreements with various operators of different countries across
the world.
2.
Basis of preparation
These condensed consolidated financial statements have been prepared in accordance with International
Accounting Standard/Bangladesh Accounting Standard (IAS/BAS) 34: Interim Financial Reporting and
relevant guidelines issued by the Securities and Exchange Commission, Bangladesh and should be read in
conjunction with the consolidated financial statements as at and for the year ended 31 December 2010 of the
group, the year for which the last full annual financial statements were prepared.
Even though these condensed consolidated financial statements contain a prior year adjustment, the reporting
format follows requirement of IAS/BAS 34 only as those are considered appropriate and applicable in such
circumstances.
3.
Accounting policies
The same accounting policies, presentation and methods of computation have been followed in these condensed
consolidated financial statements as were applied in the preparation of the consolidated financial statements of
the group as at and for the year ended 31 December 2010.
Name of assets
Addition
during
the period
Taka
As at
30 June
2011
Taka
As at
1 January
2011
Taka
Depreciation
Disposal/
Charged
Adjustment
during the
during
the period
the period
Taka
Taka
Carrying amount
As at
30 June
2011
Taka
As at
30 June
2011
Taka
As at
31 December
2010
Taka
Freehold assets
127,709,029,019
17,604,824,659
(27,589,250,639)
117,724,603,039
65,642,723,849
7,098,000,150
(14,355,315,148)
58,385,408,851
59,339,194,188
62,066,305,170
4,139,246,427
131,848,275,446
18,505,362,619
36,110,187,278
(17,596,205,522)
(45,185,456,161)
5,048,403,524
122,773,006,563
65,642,723,849
7,098,000,150
(14,355,315,148)
58,385,408,851
5,048,403,524
64,387,597,712
4,139,246,428
66,205,551,598
7,678,321,508
139,526,596,954
36,110,187,278
(45,185,456,161)
7,678,321,508
130,451,328,071
2,187,780,988
67,830,504,837
165,899,616
7,263,899,766
(14,355,315,148)
2,353,680,604
60,739,089,455
5,324,640,904
69,712,238,616
5,490,540,520
71,696,092,118
As at
1 January
2011
Taka
Disposal/
Adjustment
during
the period
Taka
Name of assets
As at
1 January
2011
Taka
Addition
during
the period
Taka
Freehold assets
10,931,511,847
10,738,536
244,760,095
11,176,271,942
413,815,428
424,553,964
Disposal/
Adjustment
during
the period
Taka
As at
30 June
2011
Taka
-
(10,738,536)
(10,738,536)
As at
1 January
2011
Taka
Amortisation
Disposal/
Charged
Adjustment
during the
during
the period
the period
Taka
Taka
Carrying amount
As at
30 June
2011
Taka
As at
30 June
2011
Taka
As at
31 December
2010
Taka
10,942,250,383
4,288,344,023
615,462,885
4,903,806,908
6,038,443,475
6,643,167,823
647,836,987
11,590,087,370
4,288,344,023
615,462,885
4,903,806,908
647,836,987
6,686,280,462
348,248,275
6,991,416,098
Inventories
As at
30 June 2011
Taka
Handset, data card and other device
SIM card
Scratch card
3,253,033,226
394,229,400
315,238,435
23,292,409
12,259,276
3,998,052,746
4,877,394,453
180,435,548
153,522,463
22,995,771
13,597,537
5,247,945,772
281,599,710
428,123,981
214,613,571
169,000,010
1,093,337,272
156,269,520
428,123,981
182,467,922
161,158,846
928,020,269
360,856,734
209,451,419
525,667,364
1,095,975,517
458,566,739
188,441,730
974,629,370
1,621,637,839
1,772,866
19,914,254,983
19,916,027,849
3,737,483
18,927,765,069
18,931,502,552
33,814,432,155
(5,425,742,051)
28,388,690,104
35%
9,936,041,536
37,521,403,533
(5,518,307,785)
32,003,095,748
35%
11,201,083,512
2,391,806,666
6,257,044,447
212,807,811
8,861,658,924
2,246,290,076
7,622,500,562
315,087,154
10,183,877,792
10
133,374,666
633,598,995
67,381,665
834,355,326
Other receivables
Accrued interest
Receivable from Ericsson
Receivable from other Telenor entities
Receivable from other external parties
274,824,868
385,285,468
8,672,310
668,782,646
As at
31 December 2010
Taka
12 Accounts payable
Liability for capital expenditure
Payable for expenses
Other payables
As at
31 December 2010
Taka
200,823,911
1,332,615,123
1,533,439,034
2,690,490,184
5,793,600
308,801,437
4,538,524,255
226,000,964
1,388,092,365
1,614,093,329
2,869,736,536
10,908,544
319,751,841
4,814,490,250
13,396,693,877
13,396,693,877
8,757,102,106
22,153,795,983
(6,179,891,369)
15,973,904,614
12,228,778,445
(2,341,710,571)
9,887,067,874
12,512,235,175
22,399,303,049
(9,002,609,172)
13,396,693,877
14.1 Income tax provision amounting to Tk. 2,341,710,571 has been reversed from the opening balance of income tax
provision and added to the opening balance of retained earnings of the year 2010, as it is considered to be in excess
of requirements.
30,191,757
112,790,922
1,467,557,824
2,710,419,312
32,078,162
69,573,677
781,616,435
563,291,857
1,387,732,208
2,967,258,635
923,683,616
8,762,920
11,054,957,325
8,705,560
81,454,862
1,302,937,127
2,046,458,804
26,643,930
62,799,455
776,568,213
703,940,472
711,382,083
1,953,597,498
749,139,910
4,788,000
8,428,415,914
16 Revenue
Traffic revenue
Subscription revenue
Connection revenue
Roaming revenue
Interconnection revenue
Other operating revenue
Other non- mobile revenue
1 January to
30 June 2011
Taka
1 January to
30 June 2010
Taka
1 April to
30 June 2011
Taka
1 April to
30 June 2010
Taka
35,419,920,634
296,591,578
133,844,619
297,541,534
4,126,707,526
1,869,270,644
1,260,262,515
43,404,139,050
29,642,061,686
318,043,131
130,603,008
203,479,586
3,448,340,682
1,389,581,523
677,442,566
35,809,552,182
18,603,465,949
144,209,896
67,936,830
166,676,621
2,135,989,423
979,152,884
634,909,156
22,732,340,759
15,288,243,948
155,400,134
54,869,328
100,052,506
1,829,996,731
749,829,796
589,620,869
18,768,013,312
1,848,513,128
1,498,326,037
106,943,349
354,155,269
2,251,795,659
2,691,367,286
99,188,757
8,850,289,485
1,886,158,242
1,142,416,825
98,518,170
350,436,067
1,874,293,784
2,364,885,707
7,211,615
7,723,920,410
933,401,655
694,405,387
56,966,777
178,280,302
1,180,121,073
1,387,472,241
66,242,494
4,496,889,929
950,141,074
842,840,016
50,838,286
174,588,682
985,323,358
1,358,014,480
4,162,222
4,365,908,118
3,827,803,337
521,338,355
392,826,329
4,741,968,021
330,284,629
232,062,076
3,545,384,894
4,107,731,599
1,697,718,830
200,654,806
156,653,442
2,055,027,078
2,619,438,099
159,331,584
96,709,846
2,875,479,529
(388,103,274)
(8,201,853)
(23,234,353)
(419,539,480)
1,167,914,821
748,375,341
(3,402,510)
(383,276,378)
(8,046,124)
(40,232,777)
(434,957,789)
665,030,452
230,072,663
(194,434,053)
(4,106,869)
(9,531,623)
(208,072,545)
581,690,602
373,618,057
(699,981)
(191,264,337)
(4,029,377)
(26,288,769)
(222,282,464)
324,427,988
102,145,524
8,757,102,106
(1,265,041,975)
7,492,060,131
6,323,329,540
(1,502,047,127)
4,821,282,413
4,556,674,824
(153,725,530)
4,402,949,294
3,119,411,301
(722,374,351)
2,397,036,950
1 January to
30 June 2010
1 April to
30 June 2011
6,766,447,581
4,832,945,596
3,898,970,288
1,675,775,446
1,350,300,022
1,350,300,022
1,350,300,022
1,350,300,022
5.01
3.58
2.89
1.24
1 April to
30 June 2010
No diluted earnings per share is required to be calculated for the periods presented as GP has no dilutive potential ordinary shares.
22 Other disclosures
22.1 Related party disclosures
Except for the regular transactions, there was no significant related party transaction during the quarter ended 30 June 2011.
22.2 Capital commitments
There was no significant change in the commitments made by the company during the quarter ended 30 June 2011.
22.3 Events after the reporting period
There was no significant event after the reporting period that requires either disclosure of or adjustment to these condensed
consolidated financial statements.
10