PALESTINE TELECOMMUNICATIONS(PALTEL) disclosed its financial statements for the second quarter of the year 2020.
| Disclosure Year | 2020 | 2019 | ||
| Disclosure Period | End of 3006 | End of 3006 | ||
| Disclosure Start Date | 01/01/2020 | 01/01/2019 | ||
| Disclosure End Date | 29/06/2020 | 29/06/2019 | ||
| Disclosure Type | Financial Disclosure | Financial Disclosure | ||
| Company's Name | PALESTINE TELECOMMUNICATIONS | PALESTINE TELECOMMUNICATIONS | ||
| Company Symbol | PALTEL | PALTEL | ||
| Sector | Service Sector | Service Sector | ||
| Currency | JD | JD | ||
| End date of legal disclosure period | 30/08/2020 | 21/08/2019 | ||
| Actual Disclosure Date | 19/08/2020 10:47:00 AM | 08/08/2019 01:08:00 PM | ||
| Hard Copy Disclosure | ||||
| Consolidation Status | Consolidated | Consolidated | ||
| Notes Display Source | Note ID Only | Note ID Only | ||
| Auditing Status | Reviewed | Reviewed | ||
| Net income in Cash Flow Statement | Income Before Tax | Income Before Tax |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | JD | JD | ||
| - | As a 29/06/2020 | As a 31/12/2019 | ||
| Note | Reviewed | Audited | ||
| Property, plant and equipment | 147,016,000 | 153,987,000 | ||
| Intangible assets | 189,421,000 | 194,752,000 | ||
| Properties Under Development | 75,423,000 | 75,736,000 | ||
| Projects in progress | 2,469,000 | 4,705,000 | ||
| Materials | 11,983,000 | 15,055,000 | ||
| Investment in associates | 22,561,000 | 22,145,000 | ||
| Investment in financial securities | 114,867,000 | 149,045,000 | ||
| Property Investments | 43,748,000 | 43,561,000 | ||
| Other Financial Assets | 32,717,000 | 44,175,000 | ||
| Total Fixed Assets | 640,205,000 | 703,161,000 | ||
| Inventory | 2,137,000 | 2,353,000 | ||
| Accounts Receivable | 90,660,000 | 82,401,000 | ||
| Other Current Assets | 28,851,000 | 26,014,000 | ||
| Investment in financial securities | 20,318,000 | 25,983,000 | ||
| Cash and cash equivalents | 68,965,000 | 38,773,000 | ||
| Total Current Assets | 210,931,000 | 175,524,000 | ||
| Total assets | 851,136,000 | 878,685,000 | ||
| Paid-in Capital | 131,625,000 | 131,625,000 | ||
| Statutory reserve | 32,906,000 | 32,906,000 | ||
| voluntary reserve | 6,756,000 | 6,756,000 | ||
| Special Reserve | 7,950,000 | 7,950,000 | ||
| Foreign currency translation differences | (18,000) | (49,000) | ||
| Fair value reserve | (68,615,000) | (34,290,000) | ||
| Retained earnings | 291,500,000 | 330,280,000 | ||
| Equity attributable to equity holders of the parent | 402,104,000 | 475,178,000 | ||
| Non-controlling interests | 19,057,000 | 19,029,000 | ||
| Total Owners' Equity | 421,161,000 | 494,207,000 | ||
| Long term loans | 76,687,000 | 64,247,000 | ||
| Provision for employees' indemnity | 52,409,000 | 51,611,000 | ||
| Total non-current liabilities | 129,096,000 | 115,858,000 | ||
| Accounts Payable | 71,993,000 | 63,903,000 | ||
| Short term loans | 128,610,000 | 103,396,000 | ||
| Income Tax Provision | 2,416,000 | 5,140,000 | ||
| Other current liabilities | 97,860,000 | 96,181,000 | ||
| Total Current Liabilities | 300,879,000 | 268,620,000 | ||
| Total Liabilities | 429,975,000 | 384,478,000 | ||
| Total Liabilities & Owners' Equity | 851,136,000 | 878,685,000 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | JD | JD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Revenues | 136,975,000 | 149,232,000 | ||
| Cost of sales | (22,976,000) | (28,616,000) | ||
| Operating expenses | (83,570,000) | (93,367,000) | ||
| Investments Gains/ (Losses) | (5,396,000) | 9,913,000 | ||
| Finance Expenses | (3,910,000) | (5,203,000) | ||
| Other revenues (expenses) | (684,000) | 11,347,000 | ||
| Net Income before tax | 20,439,000 | 43,306,000 | ||
| Income tax expense | (6,525,000) | (7,622,000) | ||
| Non controlling interest | (28,000) | (233,000) | ||
| Net Income after tax | 13,886,000 | 35,451,000 | ||
| Basic and diluted earnings (loss) per share | 0.105 | 0.269 | ||
| Net gain (loss) on financial assets at fair value through other comprehensive income | (34,298,000) | (4,855,000) | ||
| Company's share from other comprehensive income of Associates | (43,000) | 0 | ||
| Foreign currency translation differences | 31,000 | 42,000 | ||
| Total Other Comprehensive Income | (34,310,000) | (4,813,000) | ||
| Net Comprehensive Income | (20,424,000) | 30,638,000 |
The attached notes form part of these financial statements
| Paid-in Capital | Statutory Reserve | Voluntary Reserve | Special Reserve | Available-for-sale financial assets reserve | Change in Translation Difference | Retained Earnings | Owners' Equity | Non-controlling interests | Total Owners' Equity | ||
| Note | JD | JD | JD | JD | JD | JD | JD | JD | JD | JD | |
| 2020 | - | - | - | - | - | - | - | - | - | - | - |
|
Balance - Beginning of the period
|
131,625,000 | 32,906,000 | 6,756,000 | 7,950,000 | (34,290,000) | (49,000) | 330,280,000 | 475,178,000 | 19,029,000 | 494,207,000 | |
|
Net profit or (loss) for the period after tax
|
- | - | - | - | - | - | 13,886,000 | 13,886,000 | 0 | 13,886,000 | |
|
Other Comprehensive Income
|
- | - | - | - | (34,325,000) | 31,000 | (16,000) | (34,310,000) | 28,000 | (34,282,000) | |
|
Total Comprehensive Income for the Period
|
0 | 0 | 0 | 0 | (34,325,000) | 31,000 | 13,870,000 | (20,424,000) | 28,000 | (20,396,000) | |
|
Cash Dividends Paid
|
- | - | - | - | - | - | (52,650,000) | (52,650,000) | 0 | (52,650,000) | |
|
Balance - End of the period
|
131,625,000 | 32,906,000 | 6,756,000 | 7,950,000 | (68,615,000) | (18,000) | 291,500,000 | 402,104,000 | 19,057,000 | 421,161,000 | |
| 2019 | - | - | - | - | - | - | - | - | - | - | - |
| Balance - Beginning of the period | 131,625,000 | 32,906,000 | 6,756,000 | 7,950,000 | (17,681,000) | (74,000) | 321,535,000 | 483,017,000 | 0 | 483,017,000 | |
| Effect of new IFRS application | - | - | - | - | 0 | - | (2,274,000) | (2,274,000) | 0 | (2,274,000) | |
| Comprehensive income | - | - | - | - | - | - | - | 0 | 233,000 | 233,000 | |
| Net profit or (loss) for the period after tax | - | - | - | - | - | - | 35,451,000 | 35,451,000 | 0 | 35,451,000 | |
| Other Comprehensive Income | - | - | - | - | (4,837,000) | 42,000 | (18,000) | (4,813,000) | 19,111,000 | 14,298,000 | |
| Total Comprehensive Income for the Period | 0 | 0 | 0 | 0 | (4,837,000) | 42,000 | 33,159,000 | 28,364,000 | 19,344,000 | 47,708,000 | |
| Cash Dividends Paid | - | - | - | - | - | - | (52,650,000) | (52,650,000) | 0 | (52,650,000) | |
| Balance - End of the period | 131,625,000 | 32,906,000 | 6,756,000 | 7,950,000 | (22,518,000) | (32,000) | 302,044,000 | 458,731,000 | 19,344,000 | 478,075,000 |
The attached notes form part of these financial statements
| - | 2020 | 2019 | ||
| - | JD | JD | ||
| - | End of 30062020 | End of 30062019 | ||
| Note | Reviewed | Reviewed | ||
| Net Income before/after tax | 20,439,000 | 43,306,000 | ||
| Depreciation and Amortization expense | 25,923,000 | 25,249,000 | ||
| Allowance of doubtful accounts | 6,608,000 | 5,883,000 | ||
| Gains/Losses of investments | 5,396,000 | (9,913,000) | ||
| Interest Income | (2,799,000) | (3,077,000) | ||
| Impairment Loss of assets | 0 | 6,248,000 | ||
| Gain from valuation of share in associate before acquisition | 0 | (12,919,000) | ||
| Change in end of service allowance payments | 1,642,000 | 5,729,000 | ||
| Finance Expenses | 3,910,000 | 5,203,000 | ||
| Other non-cash items | 210,000 | 4,779,000 | ||
| Change in Accounts Receivable | (15,755,000) | (8,830,000) | ||
| Change in inventory | 216,000 | (196,000) | ||
| Change in Other Current Assets | 23,000 | 4,350,000 | ||
| Change in Accounts Payable | 8,090,000 | 3,082,000 | ||
| Properties under development | 1,866,000 | 5,412,000 | ||
| Change in Other Current Liabilities | (702,000) | (5,581,000) | ||
| Income tax paid | (9,368,000) | (13,072,000) | ||
| Employees' indemnity paid | (400,000) | (2,141,000) | ||
| Net Cash Flow from Operating Activities | 45,299,000 | 53,512,000 | ||
| Purchase of available-for-sale financial assets through other comprehensive income | (107,000) | 0 | ||
| Net Financial Assets | 0 | (5,297,000) | ||
| Cash Dividends received | 55,000 | 10,649,000 | ||
| Investment in associates | (275,000) | 0 | ||
| Settlements of loans payable | 11,562,000 | 6,473,000 | ||
| Investment in subsidiaries | 0 | (26,000,000) | ||
| Interest revenue received | 586,000 | 333,000 | ||
| Purchase of intangible assets | (284,000) | 0 | ||
| License renewal fees repayments | 0 | (22,156,000) | ||
| Properties under development | (1,553,000) | (3,044,000) | ||
| Purchase of investment properties | (187,000) | 0 | ||
| Cash from acquisition of subsidiaries | 0 | 143,000 | ||
| Change in Projects in Progress, property, plant, and equipment and materials | (7,450,000) | (22,565,000) | ||
| Net Cash Flow from Investing Activities | 2,347,000 | (61,464,000) | ||
| Cash dividend paid | (50,187,000) | (50,691,000) | ||
| Long term loans | 49,226,000 | 2,942,000 | ||
| Credit Facilities | (6,411,000) | 52,711,000 | ||
| Lease payments | (1,213,000) | (934,000) | ||
| Settlement of Long term loans payable | (5,161,000) | (14,276,000) | ||
| Finance Expenses paid | (3,708,000) | (4,970,000) | ||
| Net Cash Flow from Financing Activities | (17,454,000) | (15,218,000) | ||
| Net change in cash and cash equivalents | 30,192,000 | (23,170,000) | ||
| Cash and cash equivalents, beginning of Period | 38,773,000 | 56,895,000 | ||
| Cash and cash equivalents, end of period | 68,965,000 | 33,725,000 |
The attached notes form part of these financial statements
Palestine Exchange: Received Disclosed Interim Financial Statements of PALESTINE TELECOMMUNICATIONS(PALTEL) for the First Half of 2020
The Palestine Exchange (PEX) received the Reviewed & Consolidated interim financial statements for first half of 2020 from PALESTINE TELECOMMUNICATIONS(PALTEL).
According to financial statements for first half of 2020, Net profit after tax of the period reached 13,886,000 JD Compared with Net profit after tax 35,451,000 JD for 2019, a net decrease in profit of 60.83%.Total assets of the company reached 851,136,000 JD compared with total assets of 878,685,000 JD at the end of year 2019, a net decrease of 3.14%.Total liabilities of the company reached 429,975,000 JD compared with total liabilities of 384,478,000 JD at the end of year 2019, a net increase of 11.83%. Net ownership equity of the company reached 421,161,000 JD (Including None-Controlling Interests of 19,057,000 JD) compared with total owner equity of 494,207,000 JD (Including None-Controlling Interests of 19,029,000 JD) at the end of year 2019, a net decrease of 14.78%.
The attached notes form part of these financial statements
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