| Pakistan International Airlines Corporation |
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| Annual
Report 1999 |
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| CONTENTS |
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| Notice
of 43rd Annual General Meeting |
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| Board
of Directors and Management |
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| Directors'
Report |
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| Highlights |
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| Chairman's
Review |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Statement
Under Section 237 of the Companies Ordinance, 1984 |
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| Five
Year Summary |
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| NOTICE
OF 43rd ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that the 43rd Annual General Meeting of the
Shareholders of Pakistan |
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| International
Airlines Corporation will be held at 0900 hours on Saturday, 23rd September
2000, behind |
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| Airport
Hotel, Quaid-e-Azam International Airport, Karachi to transact the following
business: |
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| 1.
To confirm the Minutes of the 42rid Annual General Meeting held on 27th March
1999. |
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| 2.
To receive and adopt the audited Accounts for the Financial Year ended 31st
December 1999, |
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| together
with the Auditors' and Directors' Reports. |
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| 3.
To elect two Directors against vacancies as required under Sections 6 & 7
of the PIAC Act, 1956, |
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| in
place of Mr. Shaukat Tarin and Mr. Mohammedmian Soomro who have resigned as
Directors |
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| PIAC Board. |
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| 4.
To transact any other business which may legally be transacted at the Annual
General Meeting, with |
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| the
permission of the Chair. |
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By Order of the Board |
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SALAHUDDIN |
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| Karachi:
28th August, 2000 |
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Secretary-PIAC |
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| Notes: |
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| 1)
Nomination for election of Directors should be filed so as to reach the
office of Secretary-PIAC, |
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| Quaid-e-Azam
International Airport, Karachi by 1000 hours on Friday the 15th September,
2000, in |
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| accordance
with Rule No. 21 of PIAC Rules, 1958. |
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| 2)
The Share Transfer Books of the Corporation will remain closed from 15th
September 2000 to 29th |
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| September,
2000 (both days inclusive). Transfer documents received in order upto 1730
hours |
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| by
15th September 2000 will be in time for registration of transfer of shares. |
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| 3)
A Shareholder entitled to attend and vote at the General Meeting is entitled
to appoint another |
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| Shareholder
as Proxy. Proxies and Powers of Attorney in order to be effective, must be
deposited |
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| at
the Head Office of the Corporation not less than 48 hours before the time
fixed for holding the |
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| Meeting
i.e. up to 0900 hours 21st September 2000 unless the Power of Attorney has
already been |
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| registered
in the Corporation books, and must be duly stamped, signed and witnessed. |
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| 4)
Shareholders are requested to promptly notify any change in their addresses. |
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| 5)
Entry at the Meeting place will start at 0730 hours and close at 0900 hours.
Shareholders' cooper- |
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| ation
in this regard will be appreciated. |
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| 6)
CDC account holders will further have to follow the under-mentioned
guidelines as laid down in |
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| Circular
No. 1 dated 26th January, 2000 issued by Securities & Exchange Commission
of Pakistan. |
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| A.
For attending the meeting |
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| i. In case of Individuals, the account holder
or sub-account holder and/or the
person whose secu- |
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| rities
are in group account and their registration details are uploaded as per the
Regulations, shall |
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| authenticate
his Identity by showing his original National Identity Card (NIC) or original
passport at |
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| the
time of attending the Meeting. The Shareholders registered on CDS are also
requested to bring |
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| their
Participants I. D. numbers and account numbers in CDS. |
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| ii.
In case of a corporate entity, the Board or Directors' Resolution/Power of
Attorney with specimen |
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| signature
of the nominee shall be produced (Unless it has been provided earlier) at the
time of |
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| Meeting. |
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| B.
For appointing Proxies: |
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| i.
In case or Individuals, the account holder or sub-account holder and/or the
person whose secu- |
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| rities
are in group account and their registration details are uploaded as per the
Regulations, shall |
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| submit
the proxy form as per the above requirement. |
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| ii.
The proxy form shall be witnessed by two persons whose names, addresses and
NIC numbers shall |
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| be
mentioned on the form. |
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| iii.
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished with |
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| the proxy form. |
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| iv.
The proxy shall produce his original NIC or original passport at the time of
the Meeting. |
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| v.
In case of a corporate entity, the Board of Directors' Resolution/Power of
Attorney with specimen |
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| signatures
of the proxy holder shall be submitted (unless it has been provided earlier
alongwith |
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| proxy
form of the Company). |
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| BOARD
OF DIRECTORS |
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| Lt.
Gen. (Retd) Nasim Rana |
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| Secretary
Defence & Chairman - PIAC |
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| Mueen Afzal |
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| Secretary
General Finance |
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| &
Economic Affairs Division |
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| Air
Marshal Muhammad Farooq Qari |
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| Vice
Chief of the Air Staff |
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| Air
Marshal (Retd) Aliuddin |
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| Director
General CAA |
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| Asad Ali Khan |
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| M.
H. K. Khaishgi |
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| Dr.
Salman Shah |
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| Sher
Afgan Malik |
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| Managing
Director - PIAC |
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| Arif Majeed |
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| Acting
Director Finance |
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| Salahuddin |
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| Secretary
- PIAC |
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| Registered
Office |
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| PIA Building |
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| Quaid-e-Azam
International Airport |
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| Karachi-
Pakistan |
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| MANAGEMENT |
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| Lt.
Gen. (Retd) Nasim Rana |
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| Secretary
Defence & Chairman - PIAC |
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| Sher
Afgan Malik |
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| Managing
Director |
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| M.
Rashid Hasan |
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| Director
Corporate Planning |
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| M.F. Ansari |
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| Director
Special Projects |
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| AVM S. J. Raza |
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| Director
Precision Engineering |
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| Brig.
Nayyar Afzal |
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| Director
Administration |
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| Capt.
Shahnawaz Dara |
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| Acting
Director Flight Operations |
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| Nazir A. Kehar |
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| Officiating
Director Engineering |
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| Sikandar Elahi |
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| Acting
Director Customer Services |
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| DIRECTORS'
REPORT |
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| The
Directors have pleasure in placing before you their report together with the
Audited Accounts for |
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| the
year ended December 31, 1999. |
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| ACCOUNTS |
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(Rupees in million) |
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| Loss
for the year |
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1,453 |
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| Provision
for taxation |
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599 |
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------------------ |
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| Loss
after taxation |
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2,052 |
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| Loss
brought forward |
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3,727 |
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| Loss
carried forward |
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5,779 |
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========== |
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| CHAIRMAN'S
REVIEW |
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| The
Directors endorse the Chairman's Review |
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| DIRECTORS |
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| Since
the last Annual General Meeting held on 27th March 1999, changes have
occurred in the Board |
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| of
Directors of the Corporation. Lt. Gen. (Retd) Nasim Rana joined and Mr.
Shahid Khaqan Abbasi left the |
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| Corporation
as Chairman. Mr. Mueen Afzal, Air Marshal Muhammad Farooq Qari, Air Marshal
(Retd) |
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| Aliuddin,
Mr. Arif Ali Khan Abbasi, Mr. Sher Afgan Malik, Mr. Asad Ali Khan, Mr. M. H.
K. Khaishgi and |
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| Dr.
Salman Shah joined as Directors on the Board. During the period, Lt. Gen.
(Retd) Iftikhar Ali Khan, Sirdar |
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| Zulfiqar
Ali Khan Khosa, Sardar Mansoor Hayat Tamman, Mr. Adnan Aurangzeb, Air Marshal
(Retd) Dilawar |
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| Hussain,
Mr. S. A. Rahman, Syed Yawar Ali, Mr. Wasay Jalil, Mr. Arif Ali Khan Abbasi,
Mr. Shaukat Tarin and |
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| Mr.
Mohammedmian Soomro relinquished the charge as Directors. The Board welcomes
the new Directors |
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| and
offers thanks to the outgoing Directors. |
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| AUDITORS'
REPORT |
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| The
auditors' report to the members contain some observations which are explained
hereunder: |
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| (a)
The auditors were unable to observe the taking of physical inventories of
stores & spares as of |
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| December
31, 1999 since they were appointed subsequent to the year end. Consequently
the auditors |
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| were
unable to perform any cutoff procedures, since they were not able to note
down the last document |
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| numbers
of the underlying records of the Corporation on that date. Due to the nature
of the Corporation |
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| record
& quantum of stores and spares it was deemed inadvisable to perform
taking of physical |
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| inventories
and cutoff procedures at a subsequent date and work back to the year-end. |
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| (b)
Without qualifying their opinion, the auditors have drawn attention to the
accumulated loss and liquidity |
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| problem
of the Corporation. These Financial Statements have been prepared on a going
concern basis |
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| in
view of the remedial steps being taken by the management of the Corporation
explained in 1.2 of the |
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| notes
to the financial statements and as referred to in the Chairman's Review. |
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| PATTERN
OF SHAREHOLDING |
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| The
pattern of shareholding is available at Page No. 34 |
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For and on behalf of the Board |
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Lt. Gen. (Retd) Nasim Rana |
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|
Chairman |
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| HIGHLIGHTS |
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1999 |
* 1998 |
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| Revenue |
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(Rs. in million) |
35,492 |
52,308 |
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| Costs
and expenditure |
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(Rs. in million) |
36,945 |
50,037 |
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| (Loss)/profit
before taxation |
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(Rs. in million) |
(1,453) |
2,271 |
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| Net worth |
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(Rs. in million) |
2,236 |
4,288 |
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| Revenue
passenger kilometres |
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(000) |
10,653,462 |
16,470,037 |
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| Passenger
load factor |
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59.7% |
66.7% |
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| Revenue
tonne kilometres |
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(000) |
1,306,518 |
2,084,938 |
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| Revenue
load factor |
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51.0% |
56.4% |
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| *1998
figures are for Jul 97-Dec 98 period (18 months) |
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| CHAIRMAN'S
REVIEW |
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| Dear
Shareholders |
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| It
is my privilege to present the Corporation's Annual Report for the financial
year 1999. This presentation |
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| provides
me an opportunity to update you on the state of the national airline, its
recent performance, present |
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| challenges
and the strategy to address these challenges. |
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| The
financial results are summarized below: |
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1999 |
* 1998 |
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(Rupees in
thousand) |
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| Revenue |
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35,492 |
52,308 |
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| Costs
and expenditure |
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36,945 |
50,037 |
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| (Loss)/profit
before taxation |
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(1,453) |
2,271 |
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| Provision
for taxation |
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|
599 |
262 |
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| (Loss)/profit
after taxation |
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(2,052) |
2,009 |
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| *1998
figures are for Jul 97-Dec 98 period (18 months). |
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| The
financial statements show an after tax loss of Rs. 2,052 million for the year
which has been arrived at |
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| after
taking into account certain provisions/write offs in respect of investments
and advances in loss |
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| making
subsidiaries (Rs 251 million), obsolescence in aircraft spares (Rs 472
million), amortisation/ |
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| charge
off of cost of early retirement schemes (Rs 535 million) and Duty Free Shops
(Rs 60 million). |
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| The
expenditures being reported include cost absorption of Rs 600 million on the
Sabre project which did not |
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| generate
return in the year. Likewise the accounts include extraordinary income
arising on disposal of Equant |
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| (Sita)
shares (Rs. 1224 million). |
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| As
required under revised International Accounting Standard 19, aggregate
liability amounting to Rs 1,896 |
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| million
for accumulated paid leave has been recognised which hitherto was being
accounted on payment |
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| basis.
Accordingly, an amount of Rs 137 million has been charged against the current
year's accounts and |
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| the
balance amount of Rs 1,759 million pertaining to prior years adjusted against
the retained earnings. With |
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| this
adjustment and the current year's loss, the accumulated loss exceeds the
available reserves by Rs 1,649 |
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| million. |
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| Admittedly,
the year under review was indeed a difficult period for the airline as major
economic indicators |
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| recorded
a downturn. Adverse revenue performance, increase in operating costs and lack
of operational |
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| integrity
combined to produce an unsatisfactory financial performance. Because of the
loss situation, the |
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| Corporation
experienced acute pressure on its liquidity which necessitated resort to
short term borrowing for |
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| meeting
operational commitments. |
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| In
order, however, to make a realistic assessment of the performance, financial
results must be seen in the |
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| backdrop
of the adverse operating environment and unforeseen developments taking place
in the year 1999 |
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| which
restricted growth and hindered profitable operation. |
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| As
a sequel to the Government's new aviation policy, the opening of Northern
gateways in early part of the |
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| year
unleashed fierce competition from local and foreign carriers causing capacity
glut and consequent price |
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| war.
This change was something airline was unprepared for as the Northern gateways
have been protected |
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| traffic
outlets. PIA's passenger traffic specially in the most lucrative markets
flowing from these gateways |
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| recorded
a sharp drop which caused the system seat factor to fall to 60% This fall was
accompanied by a |
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| substantial
drop in yields as PIA tried to retain its market share by reducing fares and
responding to |
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| competitor's
fare war. |
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| In
addition to above, the security concerns flowing from the tension in the
region in the wake of the Kargil |
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| crisis
caused many ethnic passengers to postpone their travel plans which induced a
nosedive in PIA's |
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| carriage
during the peak summer season. The freight traffic also did not perform
satisfactorily owing to |
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| capacity
constraint on passenger aircraft and non-availability of dedicated freighter
service. As a result, the |
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| freight
revenues recorded a sizeable drop. Thus the required improvement in transport
revenues did not |
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| materialise. |
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| The
airline's operating cost structure was adversely affected in the second half
from the sharp increase in the |
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| price
of fuel. This increase pushed up the airlines fuel bill by Rs. 1.3 billion
compared to the first half. The |
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| additional
cost from fuel remained unrecovered as the low tariff structure was
maintained. The airline was |
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| also
loaded with additional cost incurred on the implementation of the Sabre
project which remained |
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| unremunerated
during the year. |
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| The
aforesaid factors adversely affected the profitability of the Corporation and
caused a loss situation. A |
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| positive
development during the year was the induction of five Cathy Pacific B747-300
aircraft on lease to |
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| replace
PIA's own aging B747-200 aircraft. The induction of these aircraft has
enabled PIA's product to be |
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| comparable
with its competitors in the key markets where these have been deployed. This
has positioned |
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| the
airline to be able to vigorously exploit growth potential in these markets. |
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| The
airline aggressively responded to the adverse performance in 1999 by taking a
number of corrective |
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| measures
and formulating a business plan to overcome the losses so as to put the
Corporation on the path |
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| of
profitable growth and healthier cash flows. As part of this plan, the airline
has focussed attention on |
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| restructuring
and rationalising its routes network by redeployment of fleet to profitable
routes and by closing |
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| down
uneconomical routes/sectors. |
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| In
pursuance of this strategy, loss making services to Amman, Cairo, Damascus,
Nairobi, Zurich, Male, |
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| Almaty,
Baku and Tehran have already been discontinued. The capacity retrieved from
this closure has been |
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| redeployed
on profitable routes. Manchester with full traffic rights has replaced
Shannon as a transit point on |
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| its
North American services thus providing opportunity for additional revenue
growth. Services to Tripoli and |
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| Hongkong
have been started while additional flights to London have been mounted.
Birmingham has been |
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| introduced
as an additional point in UK. Operations in Far East have been restructured
in line with traffic |
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| demand.
In response to excess capacity deployment by competitors on Gulf region, PIA
has also mounted |
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| additional
capacity to counter competition there and contain loss of market share. The
airline is determined |
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| to
retain itself as a major operator in the Gulf region. |
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| The
airline has also revised the tariff structure introduced in 1999 based on the
then prevailing low oil prices |
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| and
this now has been implemented. Accordingly, yield increase has been achieved
on all International |
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| sectors
from June.2000. Likewise, Domestic tariff has been revised from 16th August
2000. |
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| Management's
focus thus is on a revenue led recovery to pull out the airline from the
present financial |
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| situation.
This is being achieved through a combination of higher traffic growth by
retrieval of lost market |
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| share
and increase in fares which have recently been implemented. To support
marketing efforts in |
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| achieving
enhanced revenue performance, the airline is paying attention on improving
level of services |
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| specially
in the area of reservation, check-in and inflight as these have been the
source of much passenger |
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| complaints. |
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| To
contain expenditure level, strict austerity measures have been imposed while
wage revisions have been |
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| frozen.
In addition, Management is pushing ahead with the rightsizing of
offices/manpower abroad as well |
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| as
closure of non- productive offline stations. Rationalisation/restructuring of
domestic operations is being |
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| examined
with the view to reduce losses. |
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| High
fuel prices continue to be a source of considerable concern as this is
adversely impacting on a |
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| financial
turnaround. Airlines fuel bill in the last six months has more than doubled
from this level of prices. |
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| I
am happy to state that aircraft utilisation has been optimised as a result of
routes rationalisation and the |
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| extra
capacity is being managed through existing fleet. As a result of the
management's strenuous efforts for |
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| reorganisation
and restructuring the activities, and implementing a new marketing strategy,
passenger |
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| traffic
has picked up since January 2000 and in the last three months it is showing
growth of over 15%. The |
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| increase
in fares, though belated, will enable recovery onwards of the enhanced fuel
cost which has been |
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| badly
hurting the airline. The impact of measures already implemented and those
under implementation will |
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| come
in the second half of year 2000. Management is hopeful that the airline will
be able to restore its |
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| profitable
path soon. |
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| The
issue of cash flow constraint is being vigorously addressed by pursuing the
following strategy: |
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| *
Restructuring of some of the short term debt. |
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| *
Disinvestment of PIA-IL as a matter of priority. As an interim measure
airline is pursuing PIA-IL |
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| to
arrange return of PIA's USS 61 million which it advanced in 1997 and the
funds are expected |
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| shortly. |
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| *
Sale of surplus B747-200 aircraft/spares. |
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| *
Disposal of non-productive investments. |
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| The
aviation industry worldwide is presently characterised by increasing
deregulation and cut throat |
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| competition.
For PIA, the new operating climate offers much challenge as well as immense
opportunities for |
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| profitable
growth. The airline has to prepare itself for even fiercer competition in the
new millennium where the |
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| survival
of the fittest will mean a high degree of operational discipline, rigorous
cost efficiency and excellent |
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| service
standards to achieve a competitive edge. This requires doing away with
inertia and complacency. A |
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| futuristic
approach with stress on innovation and change is the call of the day.
Fortunately, the airline has the |
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| ability
and resilience to meet the challenges of the new millennium. |
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| I
am confident that with the continued support of Government of Pakistan,
traditional Bankers, our valued customers |
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| and
shareholders, we shall Inshallah be able to bring about a turnaround in the
near future. |
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|
Yours sincerely |
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|
Lt. Gen. (Retd) Nasim Rana |
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|
Chairman |
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| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed Balance Sheet of Pakistan International Airlines
Corporation as at December |
|
| 31,
1999 and the related Profit and Loss Account and the Cash Flow Statement
together with the notes forming |
|
| part
thereof, for the year then ended and we state that we have obtained all the
information and explanations |
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| which
to the best of our knowledge and belief were necessary for the purposes of
our audit and, after |
|
| due
verification thereof, we report that: |
|
|
| a)
we did not observe the taking of physical inventories of stores and spares as
of December 31, 1999 |
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| since
that date was prior to the date of our appointment as auditors of the
Corporation. We were |
|
| also
unable to perform any cut-off procedures, since we were not able to note down
the last |
|
| document
numbers of the underlying records of the Corporation on that date. Owing to
the nature |
|
| of
the Corporation's record of stores and spares, we were unable to satisfy
ourselves. as to the |
|
| quantities
of stores and spares by other alternative auditing procedures; |
|
|
|
|
| b)
in our opinion, proper books of account have been kept by the Corporation as
required by the |
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| Pakistan
International Airlines Corporation Act, 1956 and rules made thereunder and
the |
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| Companies
Ordinance, 1984; |
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|
|
|
| c)
in our opinion, the Balance Sheet and Profit and Loss Account together with
the notes thereon have |
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| been drawn up: |
|
|
|
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| 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 in accordance with accounting policies consistently applied
except for |
|
| the
changes as referred in notes 2.11 and 2.12, with which we concur; |
|
|
| d)
in our opinion: |
|
|
|
|
| i)
the expenditure incurred during the year was for the purpose of the
Corporation's |
|
| business; and |
|
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| ii)
the business conducted, investments made and the expenditure incurred during
the year |
|
| were
in accordance with the objects of the Corporation; |
|
|
| e)
except for the effects of adjustments, if any, that might have been
determined to be necessary in |
|
| view
of the matters stated in paragraph (a) above, 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 |
|
| Cash
Flow Statement, together with the notes forming part thereof, give the
information required |
|
| by
the Companies Ordinance, 1984 in a manner so required and respectively give a
true and fair |
|
| view
of the state of the Corporation's affairs as at December 31, 1999 and of the
loss and the cash |
|
| flows
for the year then ended; |
|
|
|
|
|
|
| f)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980; |
|
|
| Without
qualifying our opinion we draw attention to: |
|
|
| i)
note 1.2 to the financial statements wherein it is described that the
Corporation has incurred signif- |
|
| icant
losses and its current liabilities exceeded its current assets as at December
31, 1999. These |
|
| financial
statements have been prepared on a going concern basis in view of the
mitigating factors |
|
| described
in the aforesaid note. |
|
|
| ii)
note 19.1 of the accounts, which explains the reason for deferral and
amortization of the cost |
|
| incurred
on Mandatory and Voluntary Golden Handshake Scheme. |
|
|
|
M.YOUSUF ADIL SALEEM & CO. |
|
SIDAT HYDER QAMAR & CO. |
|
|
Chartered Accountants |
|
Chartered Accountants |
|
|
|
| Karachi:
August 24, 2000 |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 1999 |
|
|
|
1999 |
1998 |
1999 |
|
|
Note |
(Rupees in
thousand) |
(US$ in thousand) |
|
|
|
|
| SHAREHOLDERS'
FUNDS |
|
|
| Share capital |
|
3 |
3,884,618 |
3,884,618 |
75,210 |
|
| Reserves |
|
|
4,130,712 |
4,130,712 |
79,975 |
|
| Accumulated
loss |
|
|
(5,779,450) |
(3,727,336) |
(111,896) |
|
|
|
|
------------------ |
------------------ |
------------------ |
|
|
|
4 |
2,235,880 |
4,287,994 |
43,289 |
|
|
|
|
| SURPLUS
ON REVALUATION OF FIXED ASSETS |
5 |
4,858,652 |
5,709,640 |
94,069 |
|
| REDEEMABLE
CAPITAL |
|
6 |
3,461,242 |
1,456,176 |
67,013 |
|
| LONG-TERM
LOANS |
|
7 |
504,270 |
627,774 |
9,763 |
|
| OBLIGATIONS
UNDER FINANCE LEASE |
|
8 |
5,929 |
-- |
115 |
|
| OBLIGATIONS
UNDER HIRE PURCHASE |
|
9 |
5,889,343 |
7,394,466 |
114,024 |
|
| LONG-TERM
DEPOSITS AND OTHER LIABILITIES |
10 |
3,883,961 |
3,435,092 |
75,198 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
| Current
portion of long-term debts |
|
6-to-9 |
4,264,409 |
3,399,521 |
82,564 |
|
| Short-term
loans |
|
11 |
5,934,849 |
6,237,246 |
114,905 |
|
| Creditors,
accrued expenses and other liabilities |
|
12 |
10,415,218 |
8,717,192 |
201,650 |
|
|
|
|
20,614,476 |
18,353,959 |
399,119 |
|
|
|
|
|
| CONTINGENT
LIABILITIES AND COMMITMENTS |
13 |
|
|
|
|
------------------ |
------------------ |
------------------ |
|
|
41,453,753 |
41,265,101 |
802,590 |
|
|
|
|
|
------------------ |
------------------ |
------------------ |
|
| FIXED
ASSETS |
|
|
| Operating
assets |
|
14 |
24,142,667 |
25,109,750 |
467,428 |
|
| Capital
work-in-progress |
|
15 |
48,644 |
49,053 |
