Annual Report 2012 - Dialog

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120 l Dialog Axiata PLC l Annual Report 2012 Notes to the Financial Statements 33 Reclassification of comparatives As reported Current previously presentation Note Group Company Group Company reference 2011 2011 2011 2011 Revenue a,c,d 45,637,211 41,776,308 45,412,002 41,729,199 Direct costs c,d (25,114,415) (22,494,294) (24,949,185) (22,494,294) Distribution costs a (6,325,231) (5,906,107) (6,265,252) (5,858,998) Net finance costs b (295,414) (305,402) (447,129) (457,117) (a) Star point expenses previously classified under distribution costs are reclassified under revenue, based on requirements of IFRIC 13 Customer loyalty programmes. (b) Dividend on rated cumulative redeemable preference shares previously classified in the statement of changes in equity is now presented under finance costs, based on the requirements of LKAS 32 Financial instruments; Presentation. (c) Revenue share on agent fee related to Dialog Television (Private) Limited previously classified under direct costs is reclassified under revenue, based on requirements of LKAS 18 on principal agent relationship. (d) Reimbursement of electricity from other operators in DBN previously classified under revenue are reclassified under direct cost to be in line with Group classifications. 34 Contingencies (a) Pending litigations The Group has contingent liabilities in respect of legal claims arising in the ordinary course of business. It is not anticipated that any material liabilities will arise from such legal claims, except the claim involving Electroteks Network Services (Private) Limited, where as a matter of prudence a provision has been made in the financial statements, as disclosed in note 20. (b) Assessment in respect of Value Added Tax (VAT) Value Added Tax (VAT) assessment issued by Department of Inland Revenue (DIR) in respect of year of assessment 2006/2007 have been determined by the Commissioner General of Inland Revenue (CGIR) on 28th January 2011. Subsequent to the determination of CGIR, it was concluded on 31st January 2012 that VAT refund of Rs. 928,127,301 is due to the Company, of which Rs. 304,606,824 was refunded on 28th August 2012. Further, DIR has started full VAT audit for the years of assessment 2008 – 2010, based on the outcome so far, total VAT exposure on disallowable input credits is amounting to Rs. 104,000,000/- which is fully provided in the financial statements as at 31st December 2012.
(c) Inquiry by Sri Lanka Customs Annual Report 2012 l Dialog Axiata PLC l 121 In August 2008, Sri Lanka Customs (SLC) detained a shipment of CDMA Customer Premises Equipment (CPE), belonging DBN and commenced an investigation into the eligibility of these items falling under the duty exemptions granted under the terms and conditions of the agreement with the Board of Investment of Sri Lanka. The shipment was cleared by submitting bank guarantees and thereafter shipments of CPE were cleared by paying duty ‘under protest’. The main contention of SLC was that the CDMA CPE could not be considered a fixed asset. Having completed the investigation, SLC commenced an inquiry into this matter on 30 January 2009 and this inquiry is still in progress. No assessment has been made as at the date of the statement of financial position. The Directors are of the opinion that no material liability would result from the inquiry and accordingly no provision has been made in the financial statements. (d) Guarantees Guarantees given by the Company as at 31 December 2012 is amounting to Rs. 421,205,212. 35 Commitments (a) Capital commitments Capital expenditure contracted for at the statement of financial position date but not yet incurred: Group Company 2012 2011 2012 2011 Supply of telecommunication equipment 10,861,284 1,349,257 8,200,687 948,418 (b) Financial commitments The Group has the following annual commitments; Currency Amount (‘000) Annual fee to the Board of Investment of Sri Lanka LKR 1,424 Site rental LKR 2,020,916 Annual maintenance contracts LKR 1,645,714 Rental to Axiata Lanka (Private) Limited LKR 7,920 (c) Other commitments There were no other material financial commitments outstanding at the end of the reporting period.
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Dialog Axiata PLC l Annual Report 2
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Introduction to the Company Dialog
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Annual Report 2012 l Dialog Axiata
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Mr. Moksevi Prelis Independent, Non
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Mr. James Maclaurin Non-Independent
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Group NPAT Rs. Mn +23% 7,000 6,000
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Gross Debt to Equity 2.0 1.5 1.0 0.
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Dialog Axiata PLC - Financial Revie
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EBITDA Annual Report 2012 l Dialog
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Table 1: Market information on DIAL
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Figure 4: Trend in Composition of S
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Financial Reports Annual Report of
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46 l Dialog Axiata PLC l Annual Rep
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