WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS(OOREDOO) discloses its Annual Report 2019
| Disclosure Year | 2019 | 2018 | ||
| Disclosure Period | End of 3112 | End of 3112 | ||
| Disclosure Start Date | 01/01/2019 | 01/01/2018 | ||
| Disclosure End Date | 31/12/2019 | 31/12/2018 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS | WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS | ||
| Company Symbol | OOREDOO | OOREDOO | ||
| Sector | Service Sector | Service Sector | ||
| Currency | USD | USD | ||
| End date of legal disclosure period | 30/03/2020 | 30/03/2019 | ||
| Actual Disclosure Date | 16/02/2020 07:32:00 PM | 27/02/2019 04:13:00 PM | ||
| Hard Copy Disclosure | ||||
| Hard Copy Disclosure-English Version | ||||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Preliminary or Annual? | Annual Report | Annual Report | ||
| Auditing Status | Audited | Audited | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax | ||
| Expected date to disclose the annual report | 16/02/2020 | 04/03/2019 | ||
| Suggested date for the General Assembly meeting for the financial year | 02/03/2020 | 14/03/2019 | ||
| Where the annual report will be placed as shareholders can have access on it | www.ooredoo.ps | مقر الشركة والمعارض - بورصة فلسطين |
The attached notes form part of these financial statements
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | As a 31/12/2019 | As a 31/12/2018 | ||
| Note | Audited | Audited | ||
| Property, plant and equipment | 69,381,072 | 77,605,905 | ||
| Projects in progress | 6,063,468 | 121,189,166 | ||
| Intangible assets | 111,946,255 | 3,659,553 | ||
| Right of use assets | 8,736,392 | - | ||
| Total Fixed Assets | 196,127,187 | 202,454,624 | ||
| Prepaid expenses and other debit balances | 3,329,457 | 2,561,309 | ||
| Inventory | 2,211,100 | 2,688,938 | ||
| Accounts Receivable | 11,015,796 | 13,152,700 | ||
| Cash and cash equivalents | 25,222,593 | 27,937,624 | ||
| Advances to contractors | 0 | 505,686 | ||
| Restricted cash | 0 | 2,260,522 | ||
| Total Current Assets | 41,778,946 | 49,106,779 | ||
| Total assets | 237,906,133 | 251,561,403 | ||
| Paid-in Capital | 293,000,000 | 293,000,000 | ||
| Additional paid-in capital (Share premium) | 11,610,000 | 11,610,000 | ||
| Retained earnings | (208,566,096) | (208,470,697) | ||
| Total Owners' Equity | 96,043,904 | 96,139,303 | ||
| Employees benefits | 6,871,235 | 6,723,380 | ||
| Long term loans | 31,875,000 | 47,500,000 | ||
| Other non-current liabilities | 44,871,337 | 44,871,337 | ||
| Non-current lease liabilities | 5,481,682 | - | ||
| Total non-current liabilities | 89,099,254 | 99,094,717 | ||
| Short term loans | 6,250,000 | 2,500,000 | ||
| Accounts Payable | 8,069,532 | 21,189,650 | ||
| Due to Related Parties | 0 | 145,755 | ||
| Deferred revenues | 5,088,448 | 4,591,660 | ||
| Other current liabilities | 24,789,730 | 17,188,930 | ||
| Accrued project cost | 4,850,409 | 10,711,388 | ||
| Current lease liability | 3,714,856 | - | ||
| Total Current Liabilities | 52,762,975 | 56,327,383 | ||
| Total Liabilities | 141,862,229 | 155,422,100 | ||
| Total Liabilities & Owners' Equity | 237,906,133 | 251,561,403 |
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | End of 31122019 | End of 31122018 | ||
| Note | Audited | Audited | ||
| Revenues | 99,415,166 | 100,419,675 | ||
| Cost of service | (45,135,245) | (40,741,473) | ||
| Interest Income | 538,467 | 1,287,687 | ||
| Gains/Losses of foreign currency translation differences | 126,597 | (21,585) | ||
| General and administrative expenses | (25,763,734) | (33,724,591) | ||
| Depreciation and amortization | (25,321,551) | (24,294,746) | ||
| Finance Expenses | (2,887,435) | (2,947,767) | ||
| Allowance of doubtful accounts | 150,852 | 123,274 | ||
| Net Income before tax | 1,123,117 | 100,474 | ||
| Net Income after tax | 1,123,117 | 100,474 | ||
| Basic and diluted earnings (loss) per share | 0.003 | 0.000 | ||
| Net Comprehensive Income | 1,123,117 | 100,474 |
| - | Paid-in Capital | Additional Paid in capital | Retained Earnings | Total Owners' Equity | |
| Note | USD | USD | USD | USD | |
| 2019 | - | - | - | - | - |
|
Balance - Beginning of the period
|
293,000,000 | 11,610,000 | (208,470,697) | 96,139,303 | |
|
Change in Accounting Policy
|
- | - | (1,218,516) | (1,218,516) | |
|
Total loss and comprehensive income
|
- | - | 1,123,117 | 1,123,117 | |
|
Total Comprehensive Income for the Period
|
0 | 0 | (95,399) | (95,399) | |
|
Balance - End of the period
|
293,000,000 | 11,610,000 | (208,566,096) | 96,043,904 | |
| 2018 | - | - | - | - | - |
| Balance - Beginning of the period | 258,000,000 | 11,610,000 | (200,090,504) | 69,519,496 | |
| Advance payments on capital | - | - | (8,000,000) | (8,000,000) | |
| Change in Accounting Policy | - | - | (480,667) | (480,667) | |
| Total loss and comprehensive income | - | - | 100,474 | 100,474 | |
| Total Comprehensive Income for the Period | 0 | 0 | (8,380,193) | (8,380,193) | |
| Increase of paid-in capital | 35,000,000 | - | - | 35,000,000 | |
| Balance - End of the period | 293,000,000 | 11,610,000 | (208,470,697) | 96,139,303 |
| - | 2019 | 2018 | ||
| - | USD | USD | ||
| - | End of 31122019 | End of 31122018 | ||
| Note | Audited | Audited | ||
| Net Income before/after tax | 1,123,117 | 100,474 | ||
| Depreciation and Amortization expense | 12,867,381 | 13,590,066 | ||
| Change in Allowance of employees benefits | 1,653,383 | 1,783,053 | ||
| Allowance of doubtful accounts | (150,852) | (123,274) | ||
| Gain/Loss of sale of Property, Plant and Equipment | (47,278) | 2,877 | ||
| Interest Income | (554,939) | (1,287,687) | ||
| Impairment loss of property and equipment | 267,463 | 0 | ||
| Right of use assets depreciation | 2,297,297 | - | ||
| Finance Expenses | 2,312,741 | 2,947,767 | ||
| Finance cost on lease liability | 574,694 | - | ||
| Amortization expense | 10,156,873 | 10,704,680 | ||
| Other non-cash items | 737,985 | (480,667) | ||
| Change in prepaid expenses and other debit balances | (940,034) | 1,484,178 | ||
| Change in inventory | 477,838 | 1,541,070 | ||
| Change in Accounts Receivable | 1,760,590 | (756,917) | ||
| Change in Accounts Payable | (13,120,118) | 14,967,424 | ||
| Deferred revenue | 496,788 | 907,032 | ||
| Change in Other Liabilities | 7,432,328 | (577,296) | ||
| Transfers to provident fund | 0 | (930,469) | ||
| Employees benefits Payments | (1,562,060) | (524,363) | ||
| Due to Related Parties | 0 | (107,101) | ||
| Net Cash Flow from Operating Activities | 25,783,197 | 43,240,847 | ||
| Purchase of Property, Plant and Equipment | (4,023,963) | (36,725,811) | ||
| Proceeds from sale of Property, Plant and Equipment | 47,278 | 3,343,083 | ||
| Purchase of intangible assets | (913,962) | (1,412,103) | ||
| Change in Projects in Progress | (9,150,942) | 803,229 | ||
| Advances to contractors | 0 | (58,166) | ||
| Interest revenue received | 554,939 | 1,288,713 | ||
| Net Cash Flow from Investing Activities | (13,486,650) | (32,761,055) | ||
| Repayments of syndicated loan | (11,875,000) | (90,000,000) | ||
| Long term loans | 0 | 50,000,000 | ||
| Syndicated loan transaction costs paid | 0 | (21,377) | ||
| Principal elements of lease payments | (2,952,789) | - | ||
| Interest paid | (2,444,311) | (7,060,059) | ||
| Increase of paid-in capital | 0 | 27,000,000 | ||
| Change in restricted cash | 0 | 3,780,992 | ||
| Net Cash Flow from Financing Activities | (17,272,100) | (16,300,444) | ||
| Net change in cash and cash equivalents | (4,975,553) | (5,820,652) | ||
| Cash and cash equivalents, beginning of Period | 30,198,146 | 33,758,276 | ||
| Cash and cash equivalents, end of period | 25,222,593 | 27,937,624 |
Palestine Exchange: Received Final Financial Statement of WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS(OOREDOO) for the year 2019
The Palestine Exchange (PEX) received the Annual Report that includes the Audited financial statements of 2019 from WATANIYA PALESTINE MOBILE TELECOMMUNICATIONS(OOREDOO).
According to financial statements for year 2019, Net profit after tax of the period reached 1,123,117 USD Compared with Net profit after tax 100,474 USD for 2018, a net increase in profit of 1017.82%.Total assets of the company reached 237,906,133 USD compared with total assets of 251,561,403 USD at the end of year 2018, a net decrease of 5.43%.Total liabilities of the company reached 141,862,229 USD compared with total liabilities of 155,422,100 USD at the end of year 2018, a net decrease of 8.72%. Net ownership equity of the company reached 96,043,904 USD compared with total owner equity of 96,139,303 USD at the end of year 2018, a net decrease of 0.10%.
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