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Pakistan
Reinsurance Company Limited |
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| Statement of Cash Flow |
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| for
the Half Year ended June 30, 2003 (Unaudited) |
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Rupees '000' |
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Rupees '000' |
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Rupees
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June 30, |
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June 30, |
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December 31, |
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2003 |
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2002 |
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2002 |
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| Operating
Cash Flows: |
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| Underwriting
activities:- |
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| Premium received |
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2,003,022 |
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839,954 |
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3,312,667,979 |
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| Reinsurance
premium paid |
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(1,217,630) |
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(1,690,730,170) |
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| Claims paid |
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(607,029) |
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(430,202) |
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(1,358,107,006) |
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| Reinsurance
and other recoveries received |
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356,232 |
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513,116,734 |
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| Commision
paid |
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(215,245) |
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(259,905) |
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(808,963,998) |
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| Commision received |
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56,941 |
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252,964,207 |
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| Due
from person carrying on insurance business |
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(62,100) |
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(251,800) |
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(458,594,791) |
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| Due
to person carrying on insurance business |
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(142,094) |
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171,857 |
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248,910,715 |
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| Deposits
received from/paid to ceding companies |
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(31,500) |
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40,245 |
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23,550,206 |
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| Expenses
paid |
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(54,930) |
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(65,504) |
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(108,028,031) |
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| Net
cash flows from underwriting activities |
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85,667 |
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44,645 |
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(73,214,155) |
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| Other
Operating Activities |
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| Income tax paid |
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-
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(76,526,872) |
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| General
management expenses paid |
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(10,411) |
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(15,861) |
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(5,623,041) |
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| Interest/dividend/rental
income receipts |
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94,079 |
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57,562 |
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216,813,901 |
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| Loans, advances, deposits and
prepaid |
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(3,926) |
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30,082 |
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50,401,273 |
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| Advance, deposits
received/adjusted |
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-
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1,513 |
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5,715,909 |
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| Premium
reserve net |
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(217,438) |
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6,575 |
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24,116,626 |
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| Reserve
for outstanding claims |
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235,475 |
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(117,035) |
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2,543,251 |
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| Other receipts |
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207 |
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7,979 |
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4,338,103 |
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| Other
payments |
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-
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(86) |
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(32,284,027) |
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| Net
cash flows from other operating activities |
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97,986 |
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(29,271) |
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189,495,123 |
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| Total
cash flow from all operating activities |
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183,653 |
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15,374 |
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116,280,968 |
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| Investment
activities |
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| Fixed
Capital expenditure |
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7,587 |
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8,652 |
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(198,165) |
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| Acquisition
of investments |
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-
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(933) |
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(43,467,684) |
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| Sale
proceeds of investments |
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-
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- |
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-
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| Total Cash Flow from
investment activities |
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7,587 |
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7,719 |
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(43,665,849) |
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| Financing
activities |
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| Dividend paid |
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-
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(16,844,366) |
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| Transfer
of reserves |
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-
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400,000 |
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-
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| Transfer
of share capital |
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-
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(400,000) |
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-
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| Issue
of share capital |
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-
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-
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| Tota
cash flows from financing activities |
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-
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- |
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(16,844,366) |
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| Net cash flow from all activities |
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191,240 |
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23,093 |
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55,770,753 |
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| Cash
and cash equivalents at beginning of the year |
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130,867
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75,096 |
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75,096,643 |
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| Cash
and cash equivalents at end of the quarter |
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322,107
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98,189 |
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130,867,396 |
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Maj (R) Mohammad
Fazal Durrani |
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__________ |
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__________ |
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| Executive
Director (F&A) |
Chief Executive |
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Director |
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Director |
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| Karachi, August 20, 2003 |
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Rupees '000' |
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Rupees '000' |
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June 30, |
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June 30, |
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2003 |
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2002 |
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| Reconciliation
to profit and loss account |
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| Operating
cash flows |
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183,611 |
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15,374 |
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| Depreciation
expense |
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(7,705) |
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(8,710) |
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| Exchange
gain |
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6,932 |
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(5,203) |
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| Rental
income |
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5,877 |
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195,977,849 |
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|
investment incomereceivable |
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| Investment
income |
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81,270 |
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112 |
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785,092 |
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ob |
- |
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| (Decrease)/Increase
in operating assets/liabilities |
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230,809 |
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231,659 |
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196,762,941 |
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|
received |
###### |
100,402,078 |
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500,794 |
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233,232 |
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cb |
###### |
95,475,771 |
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| Other
adjustments: |
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| Decrease
/ (Increase) in provision for diminution in |
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- |
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###### |
195,877,849 |
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| value of investments |
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0 |
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| Rentals
received |
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(7,227) |
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| Investment
income received |
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(34,689) |
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(32,171) |
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#REF! |
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| Income
tax paid |
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(7,720) |
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(41,916) |
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(39,891) |
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| Profit
or (loss) before taxation |
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458,879 |
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193,341 |
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|
investment incomereceivable |
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| Provision
for taxation |
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(155,300) |
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(68,500) |
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458,879 |
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- |
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ob |
0 |
received |
###### |
782,517 |
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income |
785092 |
cb |
2575 |
2575 |
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| Profit
or (loss) after taxation |
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303,579 |
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124,841 |
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785092 |
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785092 |
785092 |
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| Cash
and cash equivalents: |
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Cash and other equivalent |
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53 |
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134 |
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Current and other accounts |
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320,354 |
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96,355 |
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| Deposit maturing within 12 months |
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1,700 |
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1,700 |
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322,107 |
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98,189 |
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Maj (R) Mohammad
Fazal Durrani |
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__________ |
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__________ |
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| Executive Director (F&A) |
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Chief Executive |
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Director |
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Director |
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| Karachi, August 20, 2003 |
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