Annual Report 2012 - Dialog

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36 l Dialog Axiata PLC l Annual Report 2012 Report of the Board Audit Committee External Audit The BAC reviewed the External Audit Plan including the scope and the fee for the annual audit and also had discussions with the external auditors prior to the year-end audit to discuss their audit approach and procedures, including matters relating to the scope of the audit. The BAC reviewed the results of the external audit and the recommendations contained in the Management Letters arising from the audits of the quarterly and annual financial statements, and ensured appropriate follow up actions were taken. The independence and objectivity of the external auditors were reviewed by the BAC, which held the view that the services outside the scope of the statutory audit provided by the external auditors have not impaired their independence. The BAC recommended to the Board that Messrs PricewaterhouseCoopers be re-appointed as the external auditors for the financial year 2013. Internal Audit The BAC is supported by the Group Internal Audit Division, which is headed by Mr. Izrin Hashim, the Group Chief Internal Auditor who reports directly to the BAC. The Division has a mix of expertise in the disciplines of Finance, Information Technology, Sales & Marketing, and Network Engineering. The Division leverages global best practices and has an on going knowledge sharing and training program with the Axiata Group. The Division’s audit plans are reviewed and approved by the BAC and follow up actions are monitored. The performance of the Internal Audit Division is appraised by the BAC on an annual basis against the audit plan and predetermined key performance indicators. The Group Chief Internal Auditor’s periodic reports detailing control issues and recommendations are reviewed by the BAC and follow actions in regard to past and present recommendations are monitored. The Group Internal Audit Division performed 29 audit assignments and highlighted key risk issues with recommendations for action. In addition, the division co-ordinated and updated the follow-up action reviews on external audit issues. Conclusion The BAC is satisfied that the Group’s accounting policies, internal controls and risk management processes are adequate to provide reasonable assurance that the financial affairs of the Group are managed in accordance with Group policies and accepted accounting standards. On behalf of the Board Audit Committee. Mohamed Muhsin, FCA Chairman, Board Audit Committee 30th March, 2013
Table 1: Market information on DIAL Share Figure 1: Share Volumes & Relative Performance vs Market 130.0 120.0 110.0 100.0 90.0 80.0 70.0 Annual Report 2012 l Dialog Axiata PLC l 37 DIAL Share Information 2012 Q4 Q3 Q2 Q1 2011 Share information Highest Price (Rs.) 9.40 9.20 9.40 7.20 8.00 12.20 Lowest Price (Rs.) 5.10 7.80 5.90 5.10 6.00 7.50 Closing Price (Rs.) 8.30 8.30 9.00 6.20 7.10 7.80 Trading statistics Number of Trades’000 11.3 2.0 4.2 2.9 2.2 14.5 % of Total Market Trades 0.6 0.6 0.6 0.8 0.4 0.3 Number of shares traded (Mn) 255 73 97 63 22 311 % of Total Shares Traded 2.6 3.4 3.1 3.5 0.8 1.3 % of Public float 21.2 6.1 8.1 5.2 1.8 26.0 Turnover (Rs. Mn) 1,837 614 694 376 153 2,949 Avg. Daily Turnover (Rs. Mn) 7.6 10.1 11.2 6.4 2.6 12.3 % of Total Market Turnover 0.9 1.5 1.2 1.1 0.2 0.5 Market Capitalisation (Rs. Mn) 67,593 67,593 73,294 50,491 57,821 63,521 % of Total Market Capitalisation 3.1 3.1 3.2 2.7 2.9 2.9 Index Volume ‘000 60.0 0.00 2-Jan 2-Mar 1-May 30-Jun 29-Aug 28-Oct 27-Dec Share Volume DIAL ASPI MPI 25,000.00 20,000.00 15,000.00 10,000.00 5,000.00
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Page 3 and 4: Introduction to the Company Dialog
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Page 13 and 14: Mr. Moksevi Prelis Independent, Non
Page 15 and 16: Mr. James Maclaurin Non-Independent
Page 17 and 18: Group NPAT Rs. Mn +23% 7,000 6,000
Page 19 and 20: Gross Debt to Equity 2.0 1.5 1.0 0.
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Page 27 and 28: EBITDA Annual Report 2012 l Dialog
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