Annual Report 2012 - Dialog

46 l Dialog Axiata PLC l Annual Report 2012
Annual Report of the Board of Directors
Statement of Directors’ Responsibility
The Directors are responsible for preparing and presenting the financial statements of the Company and the Group to reflect
a true and fair view of the state of affairs. The Directors are of the view that these financial statements have been prepared in
conformity with the requirements of the Sri Lanka Financial Reporting Standards, the Companies Act, No. 07 of 2007 and
the Listing Rules of the Colombo Stock Exchange. The detail statement of Directors’ responsibility is included in page 50.
Review of Business
The state of affairs of the Company and the Group as at 31st December, 2012 is set out in the statements of financial
position on page 52. An assessment of the financial performance of the Company and the Group is set out in the
statements of comprehensive income on page 53.
Property, Plant and Equipment
The movements in property, plant and equipment during the year are set out in note 8 to the financial statements.
Market Value of Properties
The Directors are of the view that the carrying values of properties stated in note 8 to the financial statements reflect their fair
value.
Reserves
The aggregate values of reserves and their composition are set out in the statements of changes in equity of the Company
and the Group on pages 54 and 55 to the financial statements.
Dividends
The Board of Directors has recommended a tax-free final dividend of Rs 0.33 per share amounting to Rs. 2,687,446,874 for
the financial year 2012, subject to the approval of the shareholders at the Annual General Meeting.
Substantial Shareholdings
The parent company, Axiata Investments (Labuan) Limited, held 83.32 percent of the ordinary shares in issue of the
Company as at 31st December, 2012. The main shareholders of the Company and the corresponding holding percentages
are set out below:
2012 2011
Name of shareholder No. of Holding No. of Holding
shares percentage shares percentage
Axiata Investments (Labuan) Limited 6,785,252,765 83.32% 6,785,252,765 83.32%
HSBC-BBH Genesis Smaller Companies 191,221,640 2.35% 191,221,640 2.35%
Employees Provident Fund 177,463,109 2.18% 165,411,989 2.03%
Dialog Axiata Employees ESOS Trust 158,572,462 1.95% 158,572,462 1.95%
Sri Lanka Insurance Corporation Limited-Life Fund 74,585,920 0.92% 74,585,920 0.92%
HSBC-SSBT-Morgan Stanley and Co International 74,129,958 0.91% 1,458,337 0.02%
CB NY S/A -International Finance Corporation 64,086,800 0.79% 64,086,800 0.79%
HSBC-BBH-Genesis Emerging Markets Opportunities Fund 55,345,900 0.68% 55,345,900 0.68%
Browns Investments (Private) Limited 44,991,400 0.55% 44,990,600 0.55%
BNY-CF Ruffer Investment Funds : CF Ruffer Pacific Fund 44,314,300 0.54% 44,314,300 0.54%
As at 31st December, 2012, the public held 14.73 percent (2011 - 14.73 percent) of the ordinary shares in issue of the
Company.