| Pakistan International Airlines |
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| (Annual
Report 1996-97) |
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|
| CONTENTS |
|
| Notice
of 41 st Annual General Meeting |
|
|
|
| Board
of Directors and Management |
|
|
|
| Directors'
Report |
|
|
|
| Highlights |
|
| Chairman's
Review |
|
|
|
| Auditors'
Report to the Members |
|
|
|
| Balance
Sheet |
|
|
|
| Profit
& Loss Account |
|
|
|
| Statement
of Changes in Financial Position |
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|
|
| Notes
to the Accounts |
|
|
|
| Pattern
of Shareholding |
|
|
|
| Statement
Under Section 237 of the Companies Ordinance, 1984 |
|
|
| Five
Year Summary |
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| NOTICE
OF 41sT ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that the 41sT Annual General Meeting of the Shareholders of |
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| Pakistan
International Airlines Corporation will be held at 0900 hours on Tuesday,
30th December, |
|
| 1997,
behind Airport Hotel, Quaid-e-Azam International Airport Karachi, to transact
the following |
|
| business: |
|
| 1.
To confirm the minutes of the 40th Annual General Meeting held on 31 st December, 1996. |
|
| 2.
To receive and adopt the audited Accounts for the year ended 30'h June, 1997,
together with |
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| the
Auditors' and Directors' reports. |
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| 3.
To consider and pass with or without modification the following resolution as
a resolution |
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| under
Section 208 of the Companies Ordinance, 1984: |
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| "RESOLVED
that an advance of Rs. 201.63 million in US Dollars to an Associated company
- |
|
| PIA
Investments Limited is hereby approved." |
|
| 4.
To transact any other business which may legally be transacted at any AGM |
|
|
| Notes: |
|
| a}
The Share Transfer Books of the Corporation will remain closed from 24th
December, 1997, |
|
| to
6th January, 1998, both days inclusive. Transfer documents received in order
during the |
|
| office
hours by Tuesday 23rd December, 1997, will be in time for registration of
transfer of |
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| shares. |
|
|
| b}
A shareholder entitled to attend and vote at the General Meeting is entitled
to appoint another |
|
| Shareholder
as Proxy. Proxies and Powers of Attorney in order to be effective, must be |
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| deposited
at the Head Office of the Corporation not less than 48 hours before the time
fixed |
|
| for
holding the Meeting unless the Power of Attorney has already been registered
in the |
|
| Corporation
books, and must be duly stamped, signed and witnessed. |
|
|
| c}
Shareholders are requested to promptly notify the Corporation of any change
in their |
|
| addresses. |
|
|
| Entry
at the Meeting place will start at 0800 hours and close at 0900 hours.
Shareholders |
|
| cooperation
in this regard will be appreciated. |
|
|
|
| BOARD
OF DIRECTORS |
|
MANAGEMENT |
|
| As
on 5th December, 1997 |
|
As on 5th December, 1 |
|
| Shahid
Khaqan Abbasi |
Chairman - PIAC |
Shahid Khaqan Abbasi |
|
| Lt.
Gen.(Retd) Iftikhar Ali Khan |
|
Chairman-PIAC |
|
| Asfandyar
Wali |
|
Arshad Mahmud |
|
| Mansoor
Hayat Tamman |
|
Officiating Managing
Director |
|
| Air
Marshal (Retd) Dilawar Hussain |
|
Dr. S.M.M.Shah |
|
| Razzaque
Dawood |
|
Deputy Managing Director
(Special Projects)' |
|
| S.A.
Rahman |
|
Badshah Gul |
|
| Syed
Yawar Ali |
|
Director Procurement
& Logistic |
|
| Wasay
Jalil |
|
Kaleem Malik |
|
| Mohammedmian
Soomro |
|
Director Customer
Services |
|
| Shaukat
Tarin |
|
Shahid M. Islam |
|
| Ghazanfar
Mashkoor |
|
Director Finance &
Information Systems |
|
| Secretary-
PIAC |
|
AVM Muhammad Afzal |
|
|
Director Precision
Engineering |
|
|
Capt. Humayun Jameel |
|
|
Director Administration |
|
|
Kamaluddin Hussain |
|
|
Director Corporate
Planning |
|
|
Haider Jalal |
|
|
Director Marketing |
|
|
Capt. S. Idrees Ahmed |
|
|
Director Flight
Operations |
|
|
Mushtaq Ali Qureshi |
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|
Director Engineering
& Maintenance |
|
| Registered
Office |
|
| PIA
Building |
|
| Quaid-e-Azam
International Airport |
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| Karachi-
Pakistan |
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|
|
| DIRECTORS'
REPORT |
|
| The
Directors have pleasure in placing before you their report together with the
Audited |
|
| Annual
Accounts for the year ended June 30, 1997. |
|
|
| ACCOUNTS |
|
(Rupees in thousand) |
|
| (Loss)
for the year |
|
(4,602,837) |
|
| Provision
for taxation |
( 192,125) |
|
| Loss
after taxation |
|
(4,794,962) |
|
| Profit
brought forward |
667,737 |
|
|
---------- |
|
| (Loss)
carried forward |
(4,127,225) |
|
|
========== |
|
|
|
| CHAIRMAN'S
REVIEW |
|
| The
Directors endorse the Chairman's Review. |
|
|
| DIRECTORS |
|
| Since
the last Annual General Meeting held on 31 st December, 1996, changes have |
|
| occurred
in the Board of Directors of the Corporation. Mr. Shahid Khaqan Abbasi,
joined the |
|
| Corporation
as Chairman PIAC and Mr. Hasan Raza Pasha, relinquished charge as Chairman
PIAC |
|
| Board.
Lt. General (Retd.) Iftikhar Ali Khan, Mr. Asfandyar Wali, Mr. Mansoor Hayat
Tamman, AVM |
|
| (Retd.)
Dilawar Hussain, Mr. Razzaque Dawood, Mr. S.A. Rahman, Syed Yawar Ali, Mr.
Wasay Jalil, |
|
| Mr.
Shaukat Tarin and Mr. Mohammedmian Soomro joined as Board Members. Air
Marshal Parvaiz |
|
| Mehdi
Qureshi, Mr. Mueen Afzal, Mr. Shuja-uI-Hasan, Mr. Hafeezullah Ishaq, Lt.
Gen.(Retd.) Alam |
|
| Jan
Mahsud, Mr. Abubakr I. Chundrigar and Mr. Shaukat Tarin, relinquished charge
as Board |
|
| Members,
Mr. M.B. Abbasi and Mr. Muhammad Younus Dalia also ceased to be Board
Members. |
|
| The
Board welcomes the new Directors and wishes to place on record its
appreciation of the valuable |
|
| services
rendered by the outgoing Chairman and Members of the Board. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
pattern of shareholding is available at Page No. 29 |
|
|
|
| HIGHLIGHTS |
|
|
1996-97 |
1995-96 |
|
|
|
|
|
|
|
| Revenue |
|
(Rs. in million) |
32,732 |
27,505 |
|
| Costs
and expenditure |
|
(Rs. in million) |
32,809 |
27,150 |
|
| (Loss)/profit
before taxation |
(Rs. in million) |
(4,603) |
208 |
|
| Net worth |
|
(Rs. in million) |
3,888 |
8,683 |
|
| Revenue
passenger kilometres |
(000) |
11,660,447 |
10,592,323 |
|
| Passenger
load factor |
|
6.50% |
63.90% |
|
| Revenue
tonne kilometres |
(000) |
1,494,808 |
1,402,311 |
|
| Revenue
load factor |
|
56.40% |
55.50% |
|
|
|
| CHAIRMAN'S
REVIEW |
|
| Dear
Shareholders, |
|
| It
is my privilege to present the Corporation's Annual Report for the financial
year 1996-97. I take this |
|
| opportunity
to update you on the state of the national airline, its past performance as
well as the future |
|
| prospects
and plans. |
|
|
| The
financial results are summarised below: |
|
|
1996-97 |
1995-96 |
|
|
(Rupees in million) |
|
| Revenues |
|
32,732 |
27,506 |
|
| Cost
and expenditure |
|
36,335 |
27,298 |
|
| Profit
/ (Loss) before Taxation |
|
(4,603) |
208 |
|
| Provision
for Taxation |
|
(192) |
(143) |
|
| Profit
/ (Loss) after Taxation |
|
(4,795) |
65 |
|
|
| The
financial statements show a loss for the year of Rs. 4,795 million which has
used up all the |
|
| accumulated
reserves of the Corporation. This crisis situation has been reached as a
result of years of |
|
| complacency,
loss of direction, neglect of the customer, inadequate investments in core
activities and |
|
| heavy
investments in non-core businesses. Recognising this situation and in order
to turn the airline |
|
| around,
the Government has appointed a new Board of Directors delegated with the
necessary |
|
| authority
and mandate. |
|
|
| The
aging aircraft fleet and infrastructure means that PIA shall continue to face
higher operational |
|
| costs
and losses as we enter the new millennium unless remedial steps are initiated
on priority. |
|
| Therefore
the immediate task at hand is to establish a new strategic direction and a
radical new |
|
| identity
for PIA backed by an ambitious three year programme of investment in new
services, |
|
| products,
aircraft, facilities and training. Our mission is to make PIA the preferred
airline in its markets |
|
| consistently
exceeding customer expectations by providing convenient, reliable and safe
air |
|
| transportation
while earning sustainable profits and continuing to be a caring employer. |
|
|
| The
major challenges ahead for the Corporation are to regain its market share and
profitability. This |
|
| is
not likely to be an easy task with competition intensifying and air fares
being forced down |
|
| regularly.
In this difficult operating environment, it is extremely important to make
the airline cost |
|
| competitive,
better customer services oriented, and to restore operational and financial
discipline. |
|
|
| To
meet these challenges, the airline has embarked on a re-structuring and
re-engineering |
|
| programme
including increasing employee productivity and right sizing employee numbers,
review of |
|
| employee
benefits and compensation, disinvestment from all non-core activities, focus
on improved |
|
| customer
services, induction of state of the art information systems and technology,
review of route |
|
| structures
and marketing policies, expansion of distribution channels to increase market
share and |
|
| yields,
specific revenue enhancement measures, curtailment of costs and overheads,
optimised fleet |
|
| deployment,
and establishing appropriate strategies to meet the interest rate and
currency exposures |
|
| and
fuel price fluctuations. |
|
|
| To
supplement the in-house fleet planning process, leading international
specialist consultants have |
|
| been
appointed for the purpose of preparing a plan to replace PIA's aging aircraft
fleet over the next |
|
| three
years, enhance fleet utilisation, and optimise fleet deployment. Similarly,
in other areas of airline |
|
| activity,
proposals are currently being evaluated to appoint consultants including
outsourcing of |
|
| functions.
This prudent approach is being taken to ensure independent evaluations are
available to the |
|
| Board
of Directors for making such crucial decisions upon which the future
viability of the Corporation |
|
| itself
is dependant. Examples of past decisions where this prudent approach would
have avoided |
|
| huge
continual losses include fleet acquisition, investments in international
hotel properties and non |
|
| airline
engineering facilities. |
|
|
| As
a matter of priority PIA's involvement in it s associated company, PIA
Investments Limited, is being |
|
| pursued
for disinvestment as, apart from the financial investment and exposure, the
debt servicing and |
|
| interest
costs are materially affecting adversely both the Corporation's cash flows
and profitability. The |
|
| process
of disinvestment from other subsidiaries and non-core activities has already
been initiated. |
|
| I
am pleased to report however, that with the continued support of our
traditional bankers and tighter |
|
| cash
management, our overall cash position continues to improve. I am confident
that PIA shall |
|
| continue
to easily meet all its financial obligations in keeping with its past
performance. The debt |
|
| servicing
and rentals for the outstanding long term borrowing and hire purchase
commitments on one |
|
| Boeing
737-300 and six Airbus A-310-300 aircraft and allied spares shall be met from
the |
|
| operational
cash flows. |
|
|
| The
Board of Directors stand committed to providing the Corporation with the
required direction and |
|
| vision,
and I am confident that with all our collective efforts we shall Inshallah be
able to realize HA's |
|
| tremendous
potential by achieving its short-term objectives and long term goals. |
|
|
| I
would like to take this opportunity to thank all our customers for their
loyalty, our shareholders and |
|
| other
stakeholders for their support, and all the employees for their continued
endeavours. |
|
|
|
Yours sincerely, |
|
|
( Shahid Khaqan Abbasi ) |
|
|
Chairman |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of Pakistan International Airlines
Corporation as at June 30, |
|
| 1997
and the related profit and loss account and statement of changes in financial
position, together with the notes |
|
| forming
part thereof, for the year then ended and we state that we have obtained all
the information and explana- |
|
| tions
which to the best of our knowledge and belief were necessary for the purposes
of our audit and, after due ver- |
|
| ification
thereof, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the Corporation as
required by the Pakistan |
|
| International
Airlines Corporation Act, 1956 and rules made thereunder and the Companies |
|
| Ordinance,
1984; |
|
|
| b)
in our opinion, the balance sheet and profit and loss account together with
the notes thereon have been |
|
| drawn up: |
|
|
| (i)
in conformity with the Pakistan International Airlines Corporation Act, 1956; |
|
|
| (ii)
in conformity with the Companies Ordinance, 1984 and are in agreement with
the books of |
|
| account
and are further in accordance with accounting policies consistently applied; |
|
|
| (c)
in our opinion: |
|
| (i)
the expenditure incurred during the year was for the purpose of the
Corporation's business; and |
|
| (ii)
the business conducted, investment made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the Corporation; |
|
|
| (d)
in our opinion, and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, profit and loss account and the statement of changes in financial
position, together with |
|
| the
notes forming part thereof, give the information required by the Companies
Ordinance, 1984 in |
|
| the
manner so required and except for the contents of note 26.3 in respect of
provision for pension |
|
| which
has been charged off fully which is inconsistent with the requirements of
International Accounting |
|
| Standards
IAS 19, respectively give a true and fair view of the state of the
Corporation's affairs as at |
|
| June
30, 1997 and of the loss and the changes in financial position for the year
then ended; and |
|
| (e)
in our opinion, no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| SIDAT
HYDER QAMAR MAQBOOL & CO. |
|
FORD, RHODES, ROBSON,
MORROW |
|
| Chartered
Accountants |
|
Chartered Accountants |
|
|
| Karachi:
December 5, 1997 |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1997 |
|
|
1997 |
1996 |
1997 |
|
|
Note |
(Rupees in thousand) |
(US$ in thousand) |
|
|
(note 31.3) |
|
|
| SHAREHOLDERS'
FUNDS |
|
| Share
Capital |
|
3 |
3,884,618 |
3,884,618 |
95,772 |
|
| Reserves |
|
4 |
3,487 |
4,798,449 |
86 |
|
|
|
---------- |
---------- |
---------- |
|
|
|
|
|
3,888,105 |
8,683,067 |
95,858 |
|
| SURPLUS
ON REVALUATION OF |
|
|
| FIXED
ASSETS |
|
5 |
5,709,640 |
10,640 |
140,766 |
|
| REDEEMABLE
CAPITAL AND |
|
|
| FINANCIAL
ARRANGEMENTS |
6 |
2,742,770 |
400,000 |
67,621 |
|
| LONG-TERM
LOANS |
|
7 |
786,410 |
817,703 |
19,388 |
|
| OBLIGATIONS
UNDER HIRE PURCHASE |
8 |
9,694,109 |
9,859,422 |
239,000 |
|
| LONG-TERM
DEPOSITS AND |
|
|
| OTHER
LIABILITIES |
|
9 |
1,653,655 |
442,713 |
40,769 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
| Current
maturity of long-term loans/ |
|
| obligations
under hire purchase |
7.8 |
1,827,073 |
1,501,290 |
45,045 |
|
| Short-term
loans |
|
10 |
2,870,674 |
2,667,698 |
70,774 |
|
| Creditors,
accrued expenses |
|
|
| and
other liabilities |
|
11 |
7,467,658 |
5,117,724 |
184,109 |
|
|
|
------------ |
------------ |
------------ |
|
|
|
12,165,405 |
9,286,712 |
299,928 |
|
| CONTINGENT
LIABILITIES |
|
| AND
COMMITMENTS |
|
12 |
-- |
-- |
-- |
|
|
|
------------ |
------------ |
------------ |
|
|
36,640,094 |
29,500,257 |
903,330 |
|
|
=========== |
=========== |
=========== |
|
| FIXED
ASSETS |
|
| Operating
assets |
|
13 |
26,641,858 |
19,987,177 |
656,832 |
|
| Capital
work-in-progress |
14 |
68,426 |
47,895 |
1,687 |
|
|
----------- |
----------- |
----------- |
|
|
26,710,284 |
20,035,072 |
658,519 |
|
| LONG-TERM
INVESTMENTS |
|
15 |
290,969 |
290,969 |
7,173 |
|
| LONG-TERM
ADVANCES |
|
16 |
2,413,874 |
1,337,631 |
59,512 |
|
| LONG-TERM
DEPOSITS AND OTHER |
|
|
| RECEIVABLES |
|
17 |
222,389 |
207,171 |
5,483 |
|
|
| CURRENT
ASSETS |
|
| Stores
and spares |
|
18 |
3,290,509 |
3,271,487 |
81,125 |
|
| Trade
debts |
|
19 |
2,487,988 |
2,526,660 |
61,339 |
|
| Advances,
deposits and prepayments |
20 |
601,615 |
576,064 |
14,832 |
|
| Other
receivables |
|
21 |
481,896 |
1,011,227 |
11,881 |
|
| Cash
and bank balances |
22 |
140,570 |
243,976 |
3,466 |
|
|
|
----------- |
----------- |
----------- |
|
|
7,002,578 |
7,629,414 |
172,643 |
|
|
----------- |
----------- |
----------- |
|
|
36,640,094 |
29,500,257 |
903,330 |
|
|
=========== |
=========== |
=========== |
|
| Auditors'
report is annexed herewith. |
|
| The
annexed notes form an integral part of these accounts |
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 1997 |
|
|
|
|
|
1997 |
1996 |
1997 |
|
|
Note |
(Rupees in thousand) |
(US$ in thousand) |
|
|
(note 31.3) |
|
|
| Revenue |
|
23 |
32,732,160 |
27,504,682 |
806,983 |
|
| Costs
and expenditure |
|
24 |
32,809,054 |
27,150,394 |
808,879 |
|
|
---------- |
---------- |
---------- |
|
|
(76,894) |
354,288 |
(1,896) |
|
| Other
charges |
|
| Financial
charges |
|
25 |
1,637,428 |
1,168,159 |
40,369 |
|
| Provision
for doubtful debts |
|
211,262 |
(35,000) |
5,209 |
|
| Other
provisions and adjustments |
26 |
3,647,801 |
-- |
89,933 |
|
|
|
---------- |
---------- |
---------- |
|
|
(5,496,491) |
(1,133,159) |
(135,511) |
|
|
| Other
income |
|
|
|
| Interest
and other income |
27 |
73,075 |
57,551 |
1,802 |
|
| Gain
on disposal of fixed assets |
28 |
24,231 |
9,556 |
597 |
|
| Exchange
gain on foreign |
|
|
| currency
advances |
|
16.2 |
873,242 |
-- |
21,529 |
|
| Advances
and provisions written back |
-- |
919,469 |
-- |
|
|
---------- |
---------- |
---------- |
|
|
|
970,548 |
986,576 |
23,928 |
|
|
---------- |
---------- |
---------- |
|
| (Loss)/profit
for the year |
|
(4,602,837) |
207,705 |
(113,479) |
|
| Provision
for taxation |
|
(192,125) |
(142,532) |
(4,737) |
|
|
---------- |
---------- |
---------- |
|
| (Loss)/profit
after taxation |
|
(4,794,962) |
65,173 |
( 118,216) |
|
| Accumulated
profit brought forward |
|
667,737 |
602,564 |
16,463 |
|
|
---------- |
---------- |
---------- |
|
| (Loss)/profit
carried forward |
|
(4,127,225) |
667,737 |
( 101,753) |
|
|
=========== |
=========== |
=========== |
|
| Auditors'
report is annexed herewith. |
|
| The
annexed notes form an integral part of these accounts |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED JUNE 30, 1997 |
|
|
|
1997 |
1996 |
1997 |
|
|
(Rupees in thousand) |
(US$ in thousand) |
|
|
(note 31.3) |
|
| CASH
FLOW FROM OPERATING ACTIVITIES: |
|
| (Loss)/profit
fo.r the year |
|
(4,602,837) |
207,705 |
(113,479) |
|
| Adjustments
for: |
|
| Depreciation |
|
2,155,001 |
2,076,593 |
53,130 |
|
| Capital
spares scrappage |
|
81,851 |
114,294 |
2,018 |
|
| Gain
on disposal of fixed assets |
|
(24,231) |
(9,556) |
(597) |
|
| Advances
and provisions written back |
-- |
(919,469) |
-- |
|
| Other
provisions and adjustments |
|
3,647,801 |
-- |
89,933 |
|
| Exchange
gain on foreign currency advance |
(873,242) |
-- |
(21,529) |
|
|
---------- |
---------- |
---------- |
|
| Operating
profit before working capital changes |
384,343 |
1,469,567 |
9,476 |
|
|
| (Increase)
in current assets |
|
|
|
| (after
adjusting Rs. 1,020,000) |
|
(496,570) |
(736,030) |
( 1 2,242) |
|
| Increase
in current liabilities (after adjusting |
|
| Rs.
1,800,000) |
|
789,964 |
1,962,272 |
19,476 |
|
| (increase)
in long-term deposits and |
|
| other
receivables |
|
( 15,218) |
(15,123) |
(375) |
|
| Increase/(Decrease)
in long-term deposits |
|
| and
other liabilities (after adjusting Rs. 827,801) |
383,141 |
(277,173) |
9,446 |
|
|
---------- |
---------- |
---------- |
|
| Cash
generated from operations |
|
1,045,660 |
2,403,513 |
25,781 |
|
| Taxes
paid |
|
(229,179) |
(139,370) |
(5,650) |
|
|
---------- |
---------- |
---------- |
|
| Net
cash from operating activities |
|
816,481 |
2,264,143 |
20,131 |
|
|
---------- |
---------- |
---------- |
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES: |
|
| Fixed
capital expenditure * |
|
(1,422,019) |
(1,177,765) |
(35,059) |
|
| Sale
proceeds on disposal of fixed assets |
29,544 |
14,697 |
728 |
|
| (Increase)
in long-term advances |
|
(203,001) |
(2,735) |
(5,005) |
|
|
---------- |
---------- |
---------- |
|
| Net
cash used in investing activities |
(1,595,476) |
(1,165,803) |
(39,336) |
|
|
---------- |
---------- |
---------- |
|
| CASH
FLOWS FROM FINANCING ACTIVITIES: |
|
| Redeemable
capital and financial arrangements |
2,342,770 |
-- |
57,759 |
|
| Repayments
of long-term borrowings |
|
(1,667,181) |
(1,644,222) |
(41,103) |
|
|
---------- |
---------- |
---------- |
|
| Net
cash used in financing activities |
675,589 |
(1,644,222) |
16,656 |
|
|
---------- |
---------- |
---------- |
|
| NET
(DECREASE)IN CASH |
|
(103,406) |
(545,882) |
(2,549) |
|
| CASH
AT BEGINNING OF YEAR |
|
243,976 |
789,858 |
6,015 |
|
|
---------- |
---------- |
---------- |
|
| CASH
AT END OF YEAR |
|
140,570 |
243,976 |
3,466 |
|
|
========= |
========= |
========= |
|
|
| *Net
of exchange difference on long-term loans (note 2.7 and 13.2) and revaluation
of aircraft fleet |
|
| of
Rs. 8,606 million (note 13). |
|
|
|
| NOTES
TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 1997 |
|
| 1.
STATUS AND ACTIVITY |
|
|
