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Condensed Financial Information Condensed Interim Statement of Financial Position Contents Corporate Information .......................................................................................03 Directors’ Report ..............................................................................................04 Condensed Financial Information Condensed Interim Statement of Financial Position ..........................................08 Condensed Interim Income Statement ..............................................................10 Condensed Interim Statement of Comprehensive Income.................................11 Condensed Interim Statement of Cash Flows ...................................................12 Condensed Interim Statement of Changes in Equity .........................................14 Notes to and forming part of the Condensed Interim Financial Information ........15 Condensed Consolidated Financial Information Condensed Interim Consolidated Statement of Financial Position .....................36 Condensed Interim Consolidated Income Statement ........................................38 Condensed Interim Consolidated Statement of Comprehensive Income ...........39 Condensed Interim Consolidated Statement of Cash Flows ..............................40 Condensed Interim Consolidated Statement of Changes in Equity ....................42 Notes to and forming part of the Condensed Interim Consolidated Financial Information .......................................................................................................43 WATEEN TELECOM LTD 1 Corporate Information Board of Directors Auditors H.H. Nahayan Mabarak Al Nahayan A.F. Ferguson & Co. Zouhair Abdul Khaliq Chartered Accountants Jinah Hajali PIA Building, 3rd Floor, Adeel Khalid Bajwa 49 - Blue Area, P.O. Box 3021, Naeem Zamindar Islamabad Abid Hasan Independent Director Registered Office 4th Floor, New Auriga Complex, Khwaja Ahmad Hosain Independent Director Main Boulevard, Gulberg II, Lahore Present Place of Business Management Team 2-E-II, Oberoi House, Gulberg III, Lahore Naeem Zamindar Chief Executive Officer Share Registrar Faisal Masood Ali Khan THK Associates (Pvt.) Limited Chief Financial Officer 2nd Floor, State Life Building No. 3, Sajid Farooq Hashmi Dr. Zia-ud-Din Ahmed Road, Karachi Company Secretary & Head of Legal Faisal Sattar Bankers Chief Technology Officer Standard Chartered Bank (Pakistan) Limited Asad Rezzvi Bank Al Habib Limited Chief Transformation Officer Habib Bank Limited Junaid Sheikh Bank Alfalah Limited General Manager LDI Business Unit National Bank of Pakistan Hamid Mohyuddin Pak Libya Holding Company (Pvt.) Limited General Manager Enterprise Business Unit Summit Bank Limited (Formerly Arif Habib Anwar Khan Bank Limited) General Manager Consumer Business Unit Askari Bank Limited Naila Bhatti Soneri Bank Limited General Manager Media Pak Brunei Investment Company Limited Saleem Akhtar The Bank of Khyber General Manager Business Development HSBC Bank Middle East Limited Brig (Retd.) Mazhar Qayyum Butt Allied Bank Limited General Manager Corporate Affairs United Bank Limited Zafar Iqbal Dubai Islamic Bank Limited General Manager HR, Admin & Infrastructure The Bank of Punjab Sohaib Sheikh Head of Marketing Legal Advisors Omar Zia Ijaz Ahmed & Associates Head of Audit, Risk & Governance (Advocates & Legal Consultants) Suite No. 425, 4th Floor, Siddique Trade Centre, 72 Main Boulevard, Gulberg, Lahore, Pakistan Phone: 042-35817200 Email: [email protected] WATEEN TELECOM LTD 3 Directors’ Report The Directors of the Company are Our net income and resulting loss per share pleased to present the un-audited continued to suffer from increasing cost of financial results for the first quarter financing. The ongoing currency devaluation ended September 30, 2013 further weighed heavily on our dollar denominated debt. The unrealized currency The financial highlights for the first quarter translation losses amounted to an astronomical ended September 30, 2013 are summarized PKR 1,241 Million. as below: Our management is in the process of 3 months ended renegotiating terms with the lenders and Period Sep - 13 Sep - 12 working towards successful re-negotiation Revenue - PKR million 1,666 2263 of more favorable financing terms for current debt. Cost of Sales – PKR million 1,168 1,998 EBITDA - PKR million 183 (114) DISCUSSION OF THE BUSINESS UNITS Loss per share - PKR (2.55) (1.28) CARRIER: Overall, carrier started the year with a very healthy sign as we signed the first major Wateen’s financial performance in the first fiber network upgrade plan for 3G requirements quarter continued to be effected by ongoing of one of the competing mobile operators. macroeconomic challenges including inflation, Wateen shall enable the operator with dark law & order situation resulting in overall fiber in eleven different cities for meeting its dampened economic activity. As per the futuristic capacity requirements. Similarly we financial highlights summarised in the above secured new customers on the basis of our table, Wateen’s revenue for the three months increased services foot-print especially in period ended September 30, 2013 came out Baluchistan area.. Our subsidiary Wateen to PKR 1,666 million, 26% lower than the UK became fully operational and started corresponding period last year. This reduction contributing to overall traffic generation on a is on account of reduced LDI Inbound revenue regular basis. Further optimization will result but with better operating margins. in consistent and healthy traffic contribution from Global Voice market. Cellular Mobile The cost of sales decreased by PKR 830 Operators also entrusted our LDI infrastructure Million resulting in improved EBITDA. The with increasing outbound volume on Eid days improvment of the cost of sales is attributable showing heavy growth in the voice minutes to lower costs under the new LDI inbound handled by Wateen. On Satellite services, new traffic arrangements. EBITDA improved to expansion orders are in the pipeline ensuring a positive PKR 183 million as compared to higher share of wallet from the operators, negative PKR 114 million in the same period carriers and enterprise sector. last year on account of new LDI arrangement and company-wide cost rationalization initiatives. 4 First Quarter ended September 30, 2013 ENTERPRISE: In the enterprise segment, we DE-LISTING FROM THE STOCK have secured some major wins from leading EXCHANGES financial services institution providing over 90 On March 28, 2013, Warid Telecom branch network connectivity mainly on WiMax International LLC, UAE (WTI), informed network. We won another major banking the Company’s Board of Directors and client’s Cisco equipment and services order. management about its intention of acquiring all We also rolled out V3, first ever cloud based of the issued ordinary shares held by the other video conferencing service for Enterprise shareholders of the Company at a proposed customers in Pakistan. This year we have purchase price of PKR 4.50 (four and a half planned to bring more than 1,000 optical fiber rupees) per ordinary share, and consequent based enterprise links into our network. Our de-listing from the Karachi, Lahore, and strategy is to proactively plan our fiber network Islamabad stock exchanges. as per the customer need and design fiber The intrinsic value (fair price) of the Company’s solution based on locations such as business share as on December 31, 2012 was hubs, industrial and real estates. In the coming determined at PKR (30.66) based on certificate quarters, we will launch managed security issued by its auditors A.F. Ferguson & Co. WTI, services and cloud based collaboration which holds 54% of the total issued ordinary services for our enterprise segment. share capital of the Company, believes that the de-listing provides the shareholders with CONSUMER: On the consumer side, an exit from the business at a return of value management continues to work on cost which is in excess of that which they would optimization and scale down from unprofitable receive on an orderly disposal of the business. metropolitans to improve operating margins. In light of major organizational changes, The Company conveyed its intention to the consumer segment has stabilized, however, stock exchanges, as well the Security and in the absence of scales and competitive Exchange Commission of Pakistan (SECP) pressures, sustainable advantage may not in accordance with the Voluntary De-Listing be attained. Management is engaging other Provisions under Regulation 30-A(i), and the industry players to consolidate WiMAX Code of Corporate Governance set out in their operations. Consumer FTT(x) segment has respective Listing Regulations. secured better revenues than same period last period and continues to grow. WATEEN TELECOM LTD 5 Directors’ Report On August 29th 2013, the Company On January 7, 2014 the Company informed submitted the required information to stock the stock exchanges that as of December 26, exchanges. The Karachi Stock exchange vide 2013, the majority shareholders had bought Its letter dated September 17, 2013 agreed 215.41 million shares during the offer period: to the minimum price of Rs 4.5 per ordinary thus, raising its shareholding to 88.86% share and required the majority share holders of the total ordinary shares issued and the to purchase a minimum 92 million shares out stock exchanges were requested to delist of 283.94 million ordinary shares outstanding the shares of the company from respective with shareholders other than the majority stock exchanges. The stock exchanges shareholders
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