Assignment on financial statement

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Assignment on financial statement

  1. 1. ASSIGNMENT ONANNUAL REPORT-2011 (GRAMMENPHONE) SUBMITTED TO:BANGLADESH UNIVERSITY IN SCHOOL OF BUSINESS SUBMITTED BY: MD. RAKIBUL HASAN MBA 28th BATCH I D- 201213228004 SUBMITTED COURSE: INTERNATIONAL ACCOUNTING STANDARD COM-522 SEMESTER: SPRING SUBMITTED DATE : 4/05/2012 1
  2. 2. In the name of Allah, the Beneficent, the Merciful.May 4, 2012To,Course instructorMaster of Business AdministrationBangladesh UniversitySub: Submission of the Assignment.Dear Sir,It is our pleasure to submit the Assignment on subject IAS (International AccountingStandards). This has arranged to one as the partial fulfillment of our accounting program.The financing and accounting program was valuable experience for us. We found ourAssignment work challenging and interesting.We have tried our level best to follow the guidelines of you. The whole experience of thisAssignment enabled us to get an insight into the real life solution. We will be happy toprovide further clarification regarding this Assignment whenever necessary.Sincerely yours,Student of MBA 28th Batch 2
  3. 3. ACKNOWLEDGEMENTSFirst of all we would like to express my humble gratitude to the Almighty Allah who has helpedus to complete the Assignment successfully. We are also grateful to the people who helped us tocomplete the Assignment. We must acknowledge our debt to our course instructor Departmentof Business Administration, University of Bangladesh for his valuable time, consideration andexpert touch on the report. He has continuously helped, cooperated and advised us how toprevail over the problem; We have faced in preparing the Assignment. We are also thankful tohim for his valuable suggestions regarding the Assignment.We are grateful to the department of M. B. A. University of Bangladesh to give us suchopportunity of the practical situation of financial reporting.Thanks to allStudents of MBA 28th, 27 th and 23 rd batch 3
  4. 4. Table of Context Particulars Page No.1 History of GP: 52 Corporate Governance of Grameenphone 63 Board Organization & Structure 6-74 Control Environment in Grameenphone 85 Board Committees 8-106 Corporate information 117 Objective 128 Findings of Annual Report 139 Financial Review - 2011 13-1510 Conclusion 15 4
  5. 5. History of GP:Before Grameenphone’s inception, the phone was for a selected urbanized few. The cellphone was a luxury: a flouting accessory for the select elite.The mass could not contemplatemobile telephony as being part of their lives. Grameenphone started its journey with theVillage Phone program: a pioneering initiative to empower rural women of Bangladesh. Thename Grameenphone translates to “Rural phone”. Starting its operations on March 26, 1997,the Independence Day of Bangladesh, Grameenphone has come a long way. Grameenphonepioneered the then breakthrough initiative of mobile to mobile telephony and became the firstand only operator to cover 98% of the country’s people with network.Since its inception Grameenphone has built the largest cellular network in the country withover 13,000 base stations in more than 7000 locations. Presently, nearly 99 percent of thecountrys population is within the coverage area of the Grameenphone network.Grameenphone has always been a pioneer in introducing new products and services in thelocal market. GP was the first company to introduce GSM technology in Bangladesh when itlaunched its services in March 1997.Grameenphone was also the first operator to introduce the pre-paid service in September1999. It established the first 24-hour Call Center, introduced value-added services such asVMS, SMS, fax and data transmission services, international roaming service, WAP, SMS-based push-pull services, EDGE, personal ring back tone and many other products andservices. The entire Grameenphone network is also EDGE/GPRS enabled, allowing access tohigh-speed Internet and data services from anywhere within the coverage area. There arecurrently nearly 2.6 million EDGE/GPRS users in the Grameenphone network.Today, Grameenphone is the leading telecommunications service provider in Bangladeshwith more than 36 million subscribers as of December 2011.Furthermore, • Grameenphone has so far invested more than BDT 17,093 crore to build the network infrastructure • Grameenphone is one of the largest taxpayers in the country, having contributed more than BDT 24,517 crore in direct and indirect taxes to the Government Exchequer over the years. • There are now more than 1600 GP Service Desks across the country covering nearly all upazilas of all districts and 94 Grameenphone Centers in all the divisional cities • Grameenphone has more than 5000 full and temporary employees. • 300,000 people are directly dependent on Grameenphone for their livelihood, working for the Grameenphone dealers, retailers, scratch card outlets, suppliers, vendors, contractors and others. 5
  6. 6. Corporate Governance of Grameenphone:Grameenphone (GP) firmly believes that business operation means dealing with thestakeholders with trust and confidence and there is a link between stakeholders value andgovernance. With that objective in view, GP has been working relentlessly to createlong-term stakeholders value through providing as well as maintaining vastlyinnovative, easy-to-use and best-value telecommunications services in the market. Inpursuing these objectives, the Board of Directors of the Company is committed to highstandards of Corporate Governance which it believes are critical to business integrity andperformance. As a responsible corporate citizen, GP is also committed to maintaining fullransparency and positive business conduct internally and towards the community with whichGP carries out its business, including its suppliers, customers and business partners. At thesame time the Company expects that all its Board of Directors, employees andsuppliers would act with honesty, integrity and openness. Being a public listedcompany, the Board of Directors of Grameenphone has a pivotal role to play inmeeting stakeholders’ interests. In discharging such obligations, the Board of Directorsand the Management Team of Grameenphone are committed to maintaining effectiveCorporate Governance through a culture of accountability, transparency, well-understoodpolicies and procedures. The Board of Directors and the Management Team also endeavorto comply with all applicable laws of Bangladesh and all internally documented regulations,policies and procedures. Hence, GP is a diligently transparent company and maintainshighest level of integrity and accountability practiced on a global standard. Board Organization & Structurea) Role of the BoardThe Directors of the Board are appointed by the Shareholders at the Annual General Meeting(AGM) and accountable to the Shareholders. The Board is responsible for ensuring thatthe business activities are soundly administered and effectively controlled. TheDirectors of the Board keep themselves informed about the Companys financial position andensure that its activities, accounts and asset management are subject to adequate control. TheBoard also ensures that Grameenphone Policies & Procedures and Codes of Conduct areimplemented and maintained, and the Company adheres to generally accepted principles forgood governance and effective control of Company activities. In addition to the other legalguidelines, the Board has also adopted “Governance Guidelines for the Board” forensuring better governance in the work and the administration of the Board. The Board is alsoguided by a Delegation of Authority which spells out the practices and processes indischarging its responsibilities. 6
  7. 7. b) Board CompositionThe Board in GP is comprised of nine Directors, including the Chairman who is elected fromamongst the members. In compliance with the Corporate Governance Guidelines issued bythe Securities and Exchange Commission (SEC) and as per the provision of the Articles ofAssociation (AoA) of the Company, the Board of Directors has appointed an IndependentDirector in 2010. We believe that our Board has the optimum level of knowledge, composureand technical understanding about Company’s business which, combined with its diversity ofculture and background stands as the perfect platform to perform and deliver. Stands as theperfect platform to perform and deliver.C. Board MeetingsThe AoA of the Company requires the Board to meet at least four times a year or more whenduly called for in writing by a Board member. Dates for Board Meetings in a year are decidedin advance and Notice of each Board Meeting is served in writing well in advance. SuchNotice contains detailed statement of business to be transacted at each meeting. The Boardmeets for both scheduled meetings and on other occasions to deal with urgent and importantmatters that require attention.d) Division of work for the Board and Chief Executive Officer (CEO)The roles of the Board and Chief Executive Officer are separate and deligation ofresponsibilities is clearly established, set out in writing and agreed by the Board toensure transparency and better corporate governance. To that end, GP has also adopted“Governance Guidelines for Chief Executive Officer”. The CEO is the authoritative head forday-to-day management in GP. He acts to reasonably ensure that GP operates business asper the Articles of Association, decisions made by the Board and Shareholders, aswell as according to Grameenphone Policies and Procedures and applicable regulatorylegislations.e) Subsidiary’s RelationshipThe Board of Directors of the subsidiary company of GP is obliged to provide the Board ofDirectors of GP with any information which is necessary for an evaluation of the Company’sposition and the result of the Company’s activities. GP notifies the subsidiary company’sBoard of Directors about the matters which may be of importance to the Company as awhole. GP also notifies the subsidiary company’s Board of Directors about decisions whichmay be of importance to the subsidiary company before a final decision is made.f) Access to InformationThe Board recognizes that the decision-making process is highly dependent on the quality ofinformation furnished. In furtherance to this, every Director has access to allinformation within the Company. Throughout their tenure in office, the Directors arecontinually updated on the Company’s business and the regulatory and industry specificenvironments in which it operates. These updates are by way of written briefings andmeetings with senior executives and, where appropriate, external sources. 7
  8. 8. Board CommitteesFor better, quicker and furnished flow of information and thereby exercising effectivegovernance, the Board has also constituted a number of Committees and has delegated certainresponsibilities to the Board Committees to assist in discharging responsibilities. The roleof Board Committees is to advise and make recommendations to the Board. EachCommittee operates in accordance with the Terms of Reference (TOR) approved by theBoard. The Board reviews the TOR of the Committees from time to time. The Board appointsthe members and the Chairman of each Committee. Control Environment in GrameenphoneIn implementing and ensuring the right Governance in Grameenphone, the Board andManagement Team ensure the following:a) Beyond Budgeting Management Model“Beyond Budgeting” is a strategic management model that focuses on relating strategywith actions and emphasizes on regular monitoring of the KPIs with a realisticpredictive model – the five-quarter rolling forecast. This enables a forward-looking andaction oriented approach towards managing the business. The resource allocations aredynamic and are based on the intended actions linked with the strategy. It aims to build aculture of freedom through responsibility and thereby leading to increasedresponsiveness to surrounding changes.The model focuses on initiatives to minimize the gap between the targets (KPIs) andforecasts. The corporate level initiatives are cascaded down at divisional as well asindividual levels and reviewed and monitored on a continuous basis against the forecasts,which serves as a radar screen, showing the future outcome of actions undertaken. Targets/KPIs are set on relative terms to reflect the changes in business environment and thusensuring a performance culture focused on attainting the target and steering theCompany towards fulfilling its strategic ambitions.b) Financial ReportingGrameenphone has strong financial reporting procedures in line with the requirementsof International Financial Reporting Standard (IFRS), Bangladesh Accounting Standard(BAS) and other related local legislations. In Grameenphone, financial reports aregenerated from ERP (Enterprise Resource Planning) system. Apart from the statutoryreporting, Grameenphone also maintains regular reporting to its group company,Telenor which consolidates all its subsidiaries’ financial information in its consolidatedFinancial Statements.c) Operational ExcellenceOperational Excellence has been one of the key focus areas for Grameenphone since 2008.One of its major cost and operational efficiency initiatives has been the swapping of networkequipment. This will not only improve the network quality and capacity, but will also reduce 8
  9. 9. fuel and power consumptions significantly. Moving to its corporate headquarter“GPHouse” and associated benefits such as waste water recycling, reduced illuminationrequirement, paperless approval systems and various scale effects are some of the notableefficiency drives in addition to numerous large and small efficiency initiatives across thecompany. Grameenphone has also made significant strides in green initiatives which havereduced its carbon footprint and led to increased utilization of solar energy. From year 2011,Grameenphone has undertaken a companywide Cost Transformation Project which aimstowards streamlining GP processes thereby optimizing costs and making the Companymore efficient in the years to come.d) Business Review and Financial ReviewBusiness Review and Financial Review are conducted quarterly. The purpose of BusinessReview is to ensure strategic control and follow-up of results based on the prevailing strategicobjectives and value drivers and key changes to risk exposure. Financial Review providesthe internal quarterly results follow-up for the Company. The purpose is to provide ananalysis of the economic and financial situations, which will then form the basis forexternal reporting and presentations, and to provide quality assurance for the financialreporting. In addition, internal review on monthly financial results is conducted byCEO and CFO on a monthly basis.e) Management of AssetsGrameenphone, in its pursuit of best quality network for its subscribers, has been investing incutting edge telecom technology since its inception. Transparency and accountability isensured at all stages from acquisition to disposal to protect the interest of Shareholders.Internationally accepted safety measures have been implemented and periodic physicalverification is undertaken on test basis to safeguard the assets and to ensurerepresentational faithfulness of reported numbers. All the assets are adequately insuredagainst industrial risks with local and international insurance companies.f) Statutory AuditStatutory Audit of the Company is governed by the Companies Act, 1994 and Securities andExchange Rules 1987. As per these regulations, auditors are appointed at each AnnualGeneral Meeting (AGM) and their remuneration is also fixed by the Shareholders at theAGM. Appropriate structure is in place as per corporate governance best practices to ensureindependence of statutory auditors. In addition to the audit of annual financial statements,the auditors also carry out interim audit and review the quarterly financials of theCompany. 34/35Annual Report 2011Corporate Governanceg) Internal AuditInternal Audit supports the Company in achieving its objectives by bringing asystematic and disciplined approach to evaluate and improve the effectiveness of itsrisk management, control and governance processes. In order to ensure organizationalindependence of Internal Audit, the Head of Internal Audit reports functionally to theAudit Committee and administratively to the Chief Executive Officer. 9
  10. 10. Grameenphone Internal Audit is empowered to carry out its activities in Grameenphone andits subsidiaries. Internal Audit activity is governed by the Internal Audit Charter, whichis approved by the Board. Grameenphone Internal Audit department discharges itsassurance and consulting activities through management of three distinct audit streams:Finance, Technology and General Business processes. Additionally, a separate team isresponsible for quality assurance of internal audit activity. A risk-based annual auditplan is in place, which takes into consideration the strategic imperatives and majorrisks surrounding Grameenphone, while considering pervasive audit needs.Grameenphone Internal Audit also works closely with Telenor Group Internal Audit insharing knowledge and resources to ensure achievement of internal audit deliverables.h) Internal ControlCorporate Governance is well-built in GP and is reached to even greater height in terms ofsound internal control pursuits within the organization. In 2011, the practice has beenshifted from passive to active ascontrol owner/performers are now getting more involved, aware and proactive toensure internal control rather than being enforced. Partnering among Board of Directors,Management and Employees of the Company has made this continuous success storyof pursuing Sarbanes Oxley Act in GP since 2006. The outcome of the effort is awardwinning and true fair representation of financial report.The scope of Internal Control overFinancial Reporting (ICFR) includes Company Level Control (CLC) along with GeneralComputer Control (GCC) as well to ascertain operational efficacy, consistent and dependablefinancial reporting, information security and legal compliance. This reasonable assurance hasbecome even more crucial after being a listed company in the country’s Stock Exchanges.i) Dividend PolicyThe Board of Directors has established a consistent Dividend Policy which forms the basisfor the proposals on dividend payments that it makes to the Shareholders taking intoconsideration the business performance of the Company and its strategic initiatives. TheBoard believes that it is in the best interest of Grameenphone to draw up a long-termand predictable Dividend Policy. The objective of the policy is to allow the Shareholdersto make informed investment decisions.j) Risk Management & Risk MitigationRisk Management at Grameenphone is concerned with earning competitive returnsfrom the Company’s various business activities at acceptable risk level. It supports theCompany’s competitiveness by developing a culture, practice and structure thatsystematically recognizes and addresses future opportunities whilst managing adverseeffects (i.e. threats) through recognizing risk and acting appropriately upon it. TheCompany has well defined risk management policy, procedures and processes to mitigatestrategic and enterprise level risks. 10
  11. 11. FOR THE YEAR ENDED 31 DECEMBER 2011A. Corporate informationGrameenphone Ltd (hereinafter referred to as "GP"/"Grameenphone"/"the company")is a public limited company incorporated in Bangladesh in 1996 under the CompaniesAct 1994 and has its registered address at GPHOUS Bashundhara, Baridhara, Dhaka1229. GP was initially registered as a private limited company and subsequently convert intoa public limited company on 25 June 2007. During November 2009, GP listed its shares withboth Dhaka and Chittagong Stock Exchanges. The immediate parent of GP is Telenor MobileCommunications AS and the ultimate parent is Telenor AS both the companies areincorporated in Norway. On 28 January 2010, Grameenphone formed a wholly ownedsubsidiary namely Grameen phone IT Ltd (hereinafter referred to as "GPIT"/ "the subsidiarycompany"), to provide IT services to GP a to external customers. GPIT launched itscommercial operation on 1 April 2010. These financial statements as at and for the yearended 31 December 2011 include consolidated and separate finance statements. Theconsolidated financial statements comprise the company and its subsidiary (togetherreferred to as " group"/"the group"). The separate financial statements present thefinancial position and performance of Grameenpho Ltd. Statement of financial positionas at the beginning of 1 January 2010 represents individual financial statementGrameenphone Ltd as it had no subsidiary at that date. The group is primarily involved inproviding mobile telecommunication services (voice, data and other related services)Bangladesh and IT related services. The company also provides international roamingservices through international roaming agreements with various operators of differentcountries across the world. The Mobile Cellular License of Grameenphone, which wasacquired in 1996, expired on 10 November 2011 and is due renewal immediately thereafter.As per the License Renewal Guidelines issued by MoPT (Ministry of Posts aTelecommunications), Grameenphone has made necessary applications and also madepayment of all requisite fees regard to the said application.However, disagreements arose between Bangladesh Telecommunication RegulatoryCommission (BTRC) and the renewing operators on the issues of applicable VAT deductionon license fees and applicati of Market Competition Factor (MCF) to spectrum acquired in2008. Grameenphone, among other operators, referred the two issues to Supreme Courtfor clarification, on which the license renewal process became pending. However, tSupreme Court has made it clear that GP operation is to continue without anyhindrance or obstruction whatsoev Following from the Supreme Court instruction, BTRCalso issued letter to GP assuring that our operation will continue is until these two issuesare sorted out by the Court, upon which renewed license will be forthcoming. GPmanagement believes that the license will definitely be renewed in course of time, becauseboth BTRC and Grameenphone have intere in renewing the licence and license renewal perse is not the issue in contention. On 18 January 2012, the hearing of it case in High Courtcommenced with the participation of both GP and BTRC counsels, which is expected to beconclude within a very short time. Management therefore does not believe that there is anysignificant uncertainty about the entit ability to continue as a going concern. These financialstatements accordingly have been prepared on the basis of going concern assumption. 11
  12. 12. B. Objective:The objective of the financial statement presentation project is to establish a global standardthat will guide the organisation and presentation of information in the financial statements.Many companies are having a financial year ending December 31, and May each year will bethe month whereby all shareholders would receive the annual reports of their companies withFYE December 31. For an ordinary retail investor, the only complete information of acompany is from the annual report. The annual report contains data and information thatform the basis of fundamental analysis of the company. But unfortunately, the herd ofinvestor and traders do not really understand the significance of annual report, and they donot even bother to read the report they receive in CD or hardcopy every year. The worse isthat they depend solely on analyst reports from their brokers which they will receive weeksafter the annual report has been released. In order to avoid such types of problem everycompany should follow the rules and guidelines of IASs in lieu of making a useful financialstatement.Follow the proper guideline of IFRS and IAS is the most important to make a perfect annualreport. A useful financial statement is to a wide range of users in making economic decisionsFor listed company of Bangladesh IFRSs guidelines based financial statement in theannual report is so important to investors.From the analysis of the annual report, we can achieve the following objectives:1. Understanding the current operating performance, financial performance and future growthprospects2. Knowing the major owners, the Board and Management Team to assess their qualificationsand professional status and management quality3. Identifying red flags in operations and management, and an investor may try to get answersfrom the Board how they view the problems and what actions they are taking to resolve theproblems in the AGM.4. Knowing the performance of various business segments5. Assessing the strengths, weaknesses and growth potentials of the company6. Knowing the major market participants and changes of their shareholdings7. It will help in formulating investment decisions and strategies after a full analysis.Annual report analysis is not about merely calculating financial ratios using the data from thereport, but it is about using those financial data and ratios and information provided to form aprediction of the company. 12
  13. 13. C.1 Findings of Annual Report: 1. Presentation of Financial Statement- IAS-1 (Notes 1 to 53) 2. Property , plant and equipment- IAS-16, Notes-4 3. Intangible Assets- IAS-38, Notes-5 4. Inventories- IAS-2, Notes-8 5. Revenue- IAS-18, Notes-34 6. Earning per share- IAS-33, Notes-45 7. Employee benefits- IAS-19, Notes-24 8. Income tax- IAS-12, Notes-29 9. Cash flow statement- IAS-7, Notes-12 (1-53) 10. etcThere are many financial elements presented in financial statement in different categories.C.2 Financial Review - 2011Grameenphone has maintained its leadership in the mobile industry once again in the year2011 amidst heavy competition and unprecedented macroeconomic challenges.Whilecompetition opted for price position, GP continued with its quality acquisition andadded 6.5 million subscribers to its subscription base.Macroeconomic factors likedouble digit inflation, currency devaluation, multiple price hikes for fuel and powerbrushed a dent in operating expenditure, however, business performance was strongand still due to impressive revenue performance and operational efficiency measuresin spending areas. Reduction in SIM tax compensated a portion of the escalated opexthrough reduced subsidy.With innovative low cost distribution facilities and customized price plans for economyusers, GP has moved a step closer to the unreachable rural consumers. To promoteinternetusage to the mass, Grameenphone has promoted the ‘Internet Utshob’ with 101nationwide events in collaboration with “Prothom-Alo”, which was attended by morethan 300,000 students across the country. This was the biggest ever internet campaign inBangladesh so far.Grameenphone has successfully completed its network up-gradation. This dramatic networktransformation has resulted in improved service quality, and energy & cost efficiency as wellas future readiness.Subscriptions Subscriber base reached 36.5 million at the end of 2011. During the year, subscription base increased by 22% with 6.5 million additions. Active internet user increased to 5.2 million from 2.6 million of 2010. In a competitive market, GP managed to retain its subscriber market stable at around 43%. 13
  14. 14. Revenue Increment of 19% (BDT 1,433 crore) in total revenue was driven by traffic revenue from subscription growth and revenue from wholesale business. Impressive 24% growth in data revenues against 100% increase in active users was mainly driven by low-cost mini-pack internet packages. New price plan ‘Spondon’ for time-conscious users and segmented micro campaigns designed as per users’ need has given a good uplift in revenue. Stronger distribution network in the deep rural areas has given easy access to affordable telecommunication services to rural subscribersOperating expenditure Total operating expenditure in 2011 increased by 10% (BDT 374 crore) from 2010 against 19% revenue growth reflects the output of cost efficiency measures taken throughout the year. The increase in spending was mainly from revenue driven costs and higher network maintenance expenses resulted from Four-fold fuel price hike. The increase in spending was partly offset by reduced subsidy followed by SIM tax reduction. A total savings of BDT 220 crore has been achieved through the operational excellence initiatives during the year.Net profit after Taxes Net profit margin increased to 21% from 14% of 2010, which was driven by BDT 819 corer increment in profit in 2011 compared to last year. Increase in profit after tax for the year 2011 compared to 2010 was mainly driven by revenue growth and lower depreciation expenses, which was partly offset by higher income taxes and losses on foreign exchange during the year. As a result, EPS for 2011 increased to BDT 13.99 from BDT 7.93 of 2010.Total Assets Total asset base decreased marginally by BDT 60 crore between 2010 and 2011 mainly due to higher depreciation of fixed assets compared to yearly addition and swapping of network equipments with lower book value. Cash balance decreased due to payment of final dividend for the year 2010, interim dividend for the year 2011 and the first installment of renewal fees for 2G License and spectrum. Capital expenditure during 2011 was BDT 1,296 crore compared to BDT 846 crore of 2010, which was mainly spent for network modernization. 14
  15. 15. Total Liabilities Total liabilities increased by BDT 1,089 crore during the year mainly on account of payables against income tax and capital expenditures. The increase was partly offset by settlement of long term borrowings obligation and reduced deferred tax liabilities.Total Equity Total equity decreased by BDT 1,149 crore during the year 2011 due to payment of final dividend for the year 2010 and interim dividend for the year 2011. This was partly offset by BDT 1,889 crore net profit generated from operations during the year.Conclusion:An annual report is the only a pattern of a company which can evaluation a company’scurrent position from all the way. Listed companies of Bangladesh prepare their financialreport or annual report by the guidelines of BFRS (Bangladesh Financial Reporting Standard)and IFRS (International Financial Reporting Standard). In this regards, we think a companymaintain everything of financial instruments to make a standard financial statement. As aresult every company can ensure their stability in the present competition market bycalculation his present financial situation and future cash flow statement. We have learnedmany important points from this report and can realized how it is important for ourdeveloping business at all. If every company expose their annual report per yearly we thinkthose listed company can keep develop day by day by proper calculation of business positionon various environment and economic situation. 15

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