PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY - HYDRO ELECTRIC (NEPRA - Regulated Business) FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 EY Ford Rhodes Chartered Accountants 96-B-1, 4th Floor, Pace Mall Building M. M. Alam Road, Gulberg-II P.O. Box 104, Lahore-54660 Tel: +9242 3577 8402-11 Fax: +9242 3577 8412-13 ey.Ihr] pk.ey.corn ey.com/pk EY Ford Rhodes Tel: +9242 3577 8402-11 Chartered Accountants Fax: +9242 3577 8412-13 96-B-1, 4th Floor, Pace Mall Building ey Ihr(hplKey.com IM. M. Alam Roadr Gulberg-1l ey.com/pk beter P.O. Box 104, Lahore-54660 -oko orld INDEPENDENT AUDITOR'S REPORT TO CHAIRMAN OF PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY Opinion We have audited the accompanying financial statements of the Pakistan Water and Power Development Authority - Hydroelectric (NEPRA - Regulated Business) (hereinafter referred as "the Hydroelectric"), which comprise the statement of financial position as at 30 June 2017, and the related income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory notes. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Hydroelectric as at 30 June 2017, and its financial performance and its cash flows for the year then ended in accordance with approved accounting standards as applicable in Pakistan. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Pakistan. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Auditof the Financial Statements section of our report. We are independent of the Hydroelectric in accordance with the International Ethics Standards Board for Accountants'Code of Ethics for Professional Accountants (IESBA Code) as adopted by the Institute of Chartered Accountants of Pakistan, together with the ethical requirements that are relevant to our audit of the financial statements in Pakistan and we have fulfilled our other ethical responsibilities under these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for the other information. The other information comprises the information included in the Hydroelectric's annual accounts and Pakistan Water and Power Development Authority's annual report, but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards as applicable in Pakistan, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Hydroelectric's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Hydroelectric or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Hydroelectric's financial reporting process. 'E Contd...P/2 A member fi- of Erns! & Yo g Global Llrmted Building a better working worid -: 2 Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Hydroelectric's internal control. * Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. * Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Hydroelectric's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Hydroelectric to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Chartered Accountants Engagement Partner: Naseem Akbar Lahore: 05January 2018 A , m of Ern - 8 L un GIobGA Linqed PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017 As at 01 July 2017 2016 2015 ASSETS Restated Restated Non current assets Note --------------------- PKR '000' --------------------- Oprng urre assets Operating fixed assets 5 949,901,719 953,914,291 978,282,734 Capital work in progress 6 194,735,483 127,314,170 74,410,522 Long term advances 7 492,051 453,190 405,749 Long term security deposits 1,489 1,514 Current assets ,5,130742 1,091,683,134 1,053,100,519 Current portion of long term advances 7 55,020 50,962 45,444 Stores, spares and loose tools 8 4,694,212 5,582,791 3,992,86 Trade debts 9 53,472,267 19,477,252 34,87902 Unbilled net hydel profit arrears 10 1,447 24,513,916 3 Short term investments 11 2,000,000 - Loan and advances -19,200 Prepayments 12 4,720,790 808,263 761,571 Accrued interest 13 3,424,480 1,900,061 782,839 Other receivables - 23,387 37,420 Tax refunds due from Government 267,642 308,060 503,365 Tas refndsdue fromner n3,053 65,506 20,935 Cash and bank balances 14 58,085,650 46,939,579 55,776,709 126,724,561 TOTAL ASSET 99,669,777 96,89,391 S 1,191,352,911 1,149,919,910 RESERVES AND LIABILITIES Equity interest Reserves for development works 15 131,375 '21 103,981 104,990278 Government of Pakistan's investment 16 63,000,716 63,000,718 13,000,78 19l,376,437 166,982,000 167,990,994 Revaluation surplus 17 774,135,121 784,514,717 794,865,198 Non current liabilities 68,511,558 951 496,717 962,856,192 Long term financing 18 25,000,000 - Loans and borrowings - Interest bearing 19 198,484,660 140,290,077 119,744,674 Loans for payment of NHP arrears 20 25,000,000 Deferred grants 21 3,852,092 4,948,367 3,915,409 Deferred liabilities 22 32,792,195 31,558,976 28,207,909 Retention money payable 23 1,458,312 1,355,696 780,598 Current liabilities 61,587,259 203,153,116 152,648,590 Trade and other payable 24 14,400,212 8,933,838 9,579,675 Payable to Government of Pakistan 26 580,439 14,437,756 11388,1591 Payable against hydel levies 25 17,406,523 5,248,254 3,709,168 Current portion of loans and borrowings 19 5,679,949 5,476,693 6,205,87 Accrued Interest 27 2,106,930 1,698,755 2,672,935 Other liabilities 28 1,582,433 907,982 859,362 41,756,8 367308 3,112 CONTINGENCIES AND COMMITMENTS 29 ,486 36703,078 34,415,128 TOTAL EQUITY AND LIABILITIES 1,271,855,303 1 3 . 9 1 121853 1191,352 911 ,101 The annexed notes from 1 to 40 form an integral part of these finan ial statements. MEMBER (FINANCE) MEVI -R. (POWER) Page 1 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRiC - NEPRA REGULATED BUSINESS) STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2017 2017 2016 Restated Note --------------- PKR '000 ----------- Roofe 30 65,235,065 54,773,085 Cost of electricity 31 28,984,789 29,377,154 36,250,276 25,398,93-1 Operating expenses 32 1,887,695 1,309,862 Other income 33 4,001,093 2,232,218 38,363,674 26,321,287 Finance costs Profit17,014,841 7,654,450 The annexed notes from 1 to 40 form an integral part of tb e financiaf statements. MEMBER (FINANCE) MEMBER OWER) Page 2 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2017 2017 2016 Restated ---------- PKR '0000 ------- Profit for the year 17,014,841 7,654450 Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods: Items not to be reclassified to profit or loss in subsequent periods: - Actuarial loss on defined benefit plans - (1,400,683) Total comprehensive income for the year 17,014,841 6,253,76? The annexed notes from I to 40 form an integral part of these financiad statements. 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A/,A-AA-44, MEMBER (FINANCIf) RFIENIBER (POWER) Page 5 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2017 1. LEGAL STATUS AND OPERATIONS 1.1 Pakistan Water And Power Development Authority (WAPDA) is a body, fully owned by the Government of Pakistan (GoP) through Ministry of Water and Power created by virtue of the Pakistan Water And Poci Development Authority Act, 1958 (West Pakistan Act No. XXXI of 1958), commonly known as WAPDA ACT, as amended from time to time. The statutory mandate of WAPDA is to develop and Utilize the water and power resources of Pakistan on a unified and multipurpose basis, WAPDA remainco empowered among others, to powL schemes for the generation, transmission and distribution of power and the construction matrenaoce ame operation of power houses and grids. The registered office of the WAPDA is situated at WAPDA House, Shahran- e-Quaid-e-Azam, Lahore. In line with the Strategic Plan 1992 approved by lie Cabinet Committee, the WAPDA Power Wing has been restructured comprising of the generatiojis, distribution and transmission aclivliies. Assets and liabilities relaling to generation activities (other than hydel generation activities) were transferred to tie 4 Generation Companies (GENCOs) on 1st March 1999 and distribution activities were transferred to the 4 Dstrtion Companies (DISCOs) on 1st July 1998 while transmission activities were transferred to \ational Transmission ano Despatoe Company (NTDC) on 1st March 1999. 1.2 WAPDA Hydroelectric The WAPDA decided to segregate the operation & development of hydel aclivities (WAPDA HydroeJectric- NEPRA regulated business) from its non core activities (non-regulated business) under NEPRA Rules, 2009. The regulated business comprises activities purely relaed to the hydel generat:on & development These financial statement only represents the financial information of WAPDA Hydroelecti-c - NEPRA regulated business. National Electric Power Regulatory Authority (NEPRA) has issued Generation Licenself GL(Hyde!) /05 /2004 to WAPDA on 03 November 2004 valid for Thirty (30) years uto 2034 unde- section 30 of NePRA Act 1090 r its Hydel power stations. As modification-IV vide letter date 09 January 2015 issued by NEtRAo currently WADA is generating power from following hydel power stations: Operational Power Plant 1 Tarbela 11 Dargai 2 Mangla 12 Chitral 3 Warsak 13 Kurram Garhi 4 Ghazi Brotha 14 Gomal Zam 5 Chashma 15 Jinnah Hydel 6 Renala 16 Allai Khawar 7 Chichoki 17 Dubair Khawar 8 Nandipur 18 Khan Khawar 9 Shadiwal 19 Jabban 10 Rasul Development Projects 1 Tarbela, 4th Extension 4 Diamer Basha Dam 2 Keyal Khwar 5 Dasu 3 Golen Got Page 6 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) 1.3 Extracts From -WAPDA ACT 1 958' As laid down in Section 22 of WAPDA Act 1958, the WAPDA Hydroelectric funds shall consist of: a) Grants made by the Governments, b) Loans obtained from the Governments, c) Grants made by the local bodies as required by the Governments d) Sale proceeds of bonds, debentures, commercial paper or other securities issued by the WAPDA Hydroelectric and dividends, e) Loans obtained by the WAPDA Hydroelectric with special or general sanction of the Government f Foreign aid and loans obtained frorn the International Bank for Reconstruction and Development or otherwise, with the sanction and, under guarantee of (and sucJ7 terms ai)d conditions as may be approved by the Government) and, g) All other sums received by the WAPDA Hydroelectric. As provided in Section 24 of WAPDA Act, 1958 the liability of the GoP to the creditors of the WAPDA Hydroelectric shalt be limited to the extent of the grant made by the Government and loans passed by the WAPDA Hydroelectric with sanction of the Government. Regarding fixing rate for sale of power, Section 25 of the WAPDA Act, 195B provides that the Hydroelectric snal ordinarily sell power at bulk. The rate at which the Hydroelectric shaf; sell power be to fixed as to provide for meeting the operating cost, interest charges and depreciation of assets, the redemption at due fime of loans oer than those covered by depreciation, the payment of any taxes and a reasonable return on onvestmen so As provided in Section 26 of WAPDA Act, 1958 the Hydroelectric shall maintain complete and accurate books of accounts in such form as may be prescribed by it, provided that separate accounts shall be acaiained [or alt schemes and transactions relating to power. 1.4 Reference From "Constitution of Islamic Republic of Pakistan 1973" The Article 161 (2) of the Constitution of Islamic Republic of Pakistan provides that the net profits earned by the Federal Government, or any under-taking established or admnristerec by the Federal Governmnent i.e. WAPDA an7 determined by the Presidential Order # 3 of June 1991, fror the bulk generation of power at a hydro-electic station shall be paid to the Province on which the hydro-electric station is situated. For the purpose of this clause "Net Profits" shall be computed by deducting from the revenues acorulog from he bulk supply of power from the bus-bar of a hydro-electric station at a rate to be determined by the Council of Common Interest. Operating expenses of the station wich shall include aty sums payable as taxes, culieS, interest or return on investment, and depreciations and elemert of obsolescence, and over-heads and provision for reserves. 2. STATEMENT OF COMPLIANCE These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International FinanciaJ Reporting Standards (IFRSs) issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Pakistan (ICAP) and directives issued by NEPRA and WAPDA Hydrodlectr1c. 3. BASIS OF MEASUREMENT 3.1 Basis of preparation These financial statements have been prepared under the historical cost convention except for recognition of certain employee retirement benefits at present value and recog ition of land, building p civil works, powei generation plant assets and dams & reservoir that have been measured at revalued amount c 3.2 Use of estimates and judgments The preparation uf financial statements in conformity with IERSs requires management to make judgmenis estimates and assumptions ttiat affect the application of policles and reported amounts of assets and I abi7ios, income and expenses. Page 7 of 51I PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) The estimates and associated assumptions are based or historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgment alicut carrying value of assets and liabilities that are not readily apparent fror other sources, Actual results may differ from these estimates. The estimates and underlying assumplions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which estimates are -evised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods Judgments made by the management in the application of IFRSs that have signficant effect on the financial statements arnd estimates with a significant risk of material adjustment in the next year are discussed in the ensuing paragraphs. 3.2.1 Useful life, residual values, impairment and method of depreciation of property, plant and equipment The WAPDA Hydroelectric reviews the useful lives of property, plant aiid equipment on regular basis. Any change in the estimates in future years might affect the carrying amnounts of the respective itemns of property, pIlaN anc equipment with a corresponding effect on the depreciation charge arid impairmrent The carrying amounts of the WAPDA Hydroelectric assets are reviewed at each year to determine whether lie is any indication of impairment. If such indication exists, the recoverab,e amount of such asset is estiwetedr 3.2.2 Employees' retirement benefits The cost of employees defined benefit plan is determined using actuarial valuations. An actuaral valuation involves making various assumptions that may differ from actuai deveiopierts in the future. These includes rhe determination of the discount rate, future salary increases, mortality rates, future pensorr increases. future increase in medical costs and future increase in electricity costs. Due to the complexit:es involved ii the valfulE and its long term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date. WAPDA Hydroelectric uses the valuaton performed by an independent actuary as the present value of its retiraeren oenefit obligations. The valuationi is based on assumptions as mentioned in note 22.2.1 to these financial stalements. 3.2.3 Allowance of financial assets The WAPDA Hydroelectric regularly reviews its financial assets for impairment, if any. The allowances in this regard is made, based on management's best estimate, where the prospects of recovery are doubtful. 3.2.4 Allowance of stores and spares The WAPDA Hydroelectric regularly reviews the its stores and spares for impairment. Allowance for obsolesce and damaged items are incorporated (if any). 4 SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies which have been adopted in the preparation of financial statements of WAPDA Hydroelectric are consistent with previous year except as discussed in Note 4.1 to these financial statements anld are as follows: 4.1 NEW AND AMENDED STANDARDS AND INTERPRETATIONS BECOME EFFECTIVE The WAPDA hydroelectric has adopted the following accounting standard and the armendrents and interpretalion of IFRSs which became effective for the current year. Standard or Interpretation IFRS 10 Consolidated Financial Statements, IFRS 12 Disclosure of .nterests in Other Entities and IAS 27 Separate Financial Statements - Investment Entities: Applying the Consolidation Exception (Amendment) IFRS 11 Joint Arrangements - Accounting for Acquisition of Interest in Joint Operation (Amendment) Page 8 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) Standard or Interpretation IAS 1 - Presentation of Financial Statements - Disclosure lrtiative (Amendment) lAS 16 Property, Plant and Equipment and lAS 38 intangible assets - Clarificaton of Acceptable Melhod of Depreciation and Amortization. (Amendment) lAS 16 Property, Plant and Equipment IAS 41 Agriculture - Agriculture: Hearer Plants (Anendment) lAS 27 - Separate Financial Statements - Equity Method in Separate Financial Statements (Amendment) Improvements to Accounting Standards Issued by the IAStS in Septenber 2014 IFRS Non-current Assets Held for Sale and Discontinued Operations - Changes in methods of disposai IFIRS 7 Financial Instruments: Disclosures - Servicing contracts IFRS 7 Financial Instruments: Disclosures - Applicability of the offsetting disclosures to condensed interim Nancial statements IAS 19 Employee Benefits - Discount rate: regional market issue IAS 34 Interim Financial Reporting - Disclosure of information 'elsewhere in the interim financial report The adoption of the above standards, amendments, interpretations and improvements did not have any materia effect on the financial statemnents. 4.1,1 Standards, Interpretations and Amendments to Published Approved Accounting Standards that a-e not yet effective The following revised standards, amendments and interpretations with respect to the approved accounting standards as applicable in Pakistan would be effective from the dates mentioned below against the respectve standard or interpretation: Effective date Standardo intqypyejatj0 (Ann Iua periods beginning on or after) IFa 2 Share-based Payments - Classifrcation and Measurement of Share-based 01 January 2018 Payments Transactions (Amendments) IFRS 10 Consolidated Financial Statements and IAS 28 Investment in Associates Not yet finalized and Joint Ventures - Sale or Contribution of Assets between an Investor and INs Associate or Joint Venture (Amendment) IAS 7 Financial Instruments - Disclosures - Disclosure Initiative - (Amendment) 01 January 2017 [AS 12 Income Taxes - Recognition of Deferred Tax Assets for Unrealzed losses 01 January 2017 (Amendments) IIRS 4 Insurance Contracts - Applying IFRS 9 Financial nstruments with IFRS 4 01 January 2018 Insurance Contracts - (Amendments) IAS 40 Investment Property -- Transfers of Investment Property (Amendments) 01 January 2018 IFRIC 22 Foreign Currency Transactions and Advance Consideration 01 January 2018 IFRIC 23 Uncertainty over Income Tax Treatments 01 January 2019 IFRS 9 Financial instruments: classification and measurement 01 January 2018 FRS 15 - Revenue from Contracts with Customers 01 January 2018 The above standards and amendments are not expected to have any material impact on the WAPDA Hydroelectric's financial statements in the period of initial adoption except forJ FRS-15 and IFRS-9, for- which management is currently accessing its impact for the next reporting peiod Page 9 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) In addition to the above, the following new standards have been issued by ASB wh[ch are yet to be noUfied by the SECP for the Purpose of applicability in Pakistan. Effective date Standard or Interpretation (Annual periods beginning on or after) IFRS 14 - Regulatory Deferral Accounts 01 January 2016 IFRS 16 - Leases 01 January 2019 IFRS 17 - Insurance Contracts 01 January 2021 4.2 Property, plant and equipment 4.2.1 Cost Property, plant and equipment are stated at cost or revalued amount less accumulated depreciation and any identified impairment loss. All the asset of WAPDA Hydroelectric are measured at cost except for land, building and civil works, darn and reservoir and power generation plant assets. Subsequent costs are included in the asset's carrying amrount or recognized as a separate asset, as appropriate, only when it is probable that future econoeic benefits associated with the item will flow to the WAPDA Hydroelectric and the cost of the item can be measured reliably. All other repair and maintenance costs are charged to income statement during the period ni which they are inc A red. Land building & dvil works, dam & reservoir and power generation plants &l assets are subsequently measured a( revalued amount. Surplus arising on revaluation of oan, oulding & civil works dam & reservoir and power generation plant assets is credited to surplus on revaluatlor of fixed assets account. Deficit arising on subsequent revaluation of fixed assets is adjusted against the balance in the above mentioned surplus account. The surpus on revaluation of fixed assets to the extent of Incremental depreciation charged on the related assets, is transf -red 4.2.2 Impairment loss An impairment loss is recognized wherever the carrying amount of the separately identified cash Operating unit exceeds its recoverable amount. Impairment losses are recognized in income statemnent, A previously recognized impairment loss is reversed only if there has been a change in the estiates used to deternine t e asset's recoverable amount since the last impairment loss was recognized. If tht is the case, the carrying amount of the asset is increased to its recoverable amount. That increased aMOunt cannot exceed the carrying amount ote would have been determnined, net of depreciation, had no impairment loss been recognized for the asset n prior years. Such reversal is recognized in income statement. 4.2.3 Derecognition An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and carrying amount of the asset) is included in the income statement in the year the asset is derecognized. 4.2.4 Depreciation Depreciation is charged to income statement on stright-line rnethod so as to write off the cost of property, plan and equipment over their estimated remaining usefU lives at the rates specified below. However, depieciaion charged on assets that directly relates to construction and acquisition of other assets is included i] the cost of such assets, Depreciation on addition to property, plant and equipment is oharged from the month in which the asset is available for use and continued till the month of disposal. The revalued assets are depreciated over the irnaininrg useful lives of the assets from the date of revaluation. Depreciation for the year is based on economic useful lIfe of individual assets No depreciation is to be charged when an asset is fully depreciated, Page 10 of 51 PAKISTAN WATER AND POWER DEVELOPMIT AUTHORITY (HYDROELECTRIC NEPRA REGULATED BUSINESS) Following depreciation and residual value rates are appI ed: Sr. # Description of Assets Depreciation Residual 1Rate V/alue 1 Civil Wor-ks/buildings 2%t 2%ue D5ams &Reservoirs2%% 2% 2% 2 2% 29% 2 Generation Plant & Equipment a. Turbines 2,285% 520% h. F100% k 0%1.00% I. 19050%1/ e.____ Swthade 95% 10 MV/LV Switch gear Control & Protection Equipment 3,6% 1.00% 3.96% 1.00% 3 gMo qeecm ucto p n SCAALupet497 -- - i. Trash Rack and Cleaning Machines p r3 e0s s- 0 j. Truck Trailer 495% 1.00% a t c t m kp HV Circuit Breaker Air Blast fTypeions o th6 W D d 1f 00ao I. HV Circuit Breaker SF-6 Type 3.30% 1.00%/ the Transmission line equipment 3.96% 1 00% n. Rehabilitation assets dvope p 3 Mobile Plant & Eupets20% 1 4 Other Equipment's (All others except computer accessories) 10% 5 Computer Accessories25 /100 6 Vehicles 20% 5% 4. Capital work in progress Capital work in progress is stated at cost less accimulated impairment losses, If any Projects of capital work in progress are transferred to operational formations of the oAPDA Hydroelectric when 100% progress is certiFed by the consultants and verified by the WAPDA Hydroelectric's own engineers. Capita, work in progress mainy includes direct cost incurred on the development projects and mobilization advances given to designaei contractors & consultants, 4.4 Borrowing cost Interest during construction directly attributable to the construction of qualfyicg assets, which are assets tol necessarily take a substantial period of time to go: ready for their intended use or sale, are adde to the cost o those assets, until such time as the assets are suostantially ready for their intended use. Investment incom. eaned on the temporary investment of specific borrowings pendgg their expenditure on qualifying sses is deducted fron the borrowing costs eligible for capitalIzation. 4.4.1 Upto the last year ended 30 June, 2016, the interest cost incurred on Fiancing of projects under development wer considered as a borrowing cost and was being capitalized as pai of the cost of capital work in progress. Concurrently, the same finance cost was also allowed by NEPRA as part of tariff which was bWled and recognized as revenue. During the year, the management has reviewed the aforesaid practice and ha2s considered that the finance costs which are also allowed under tariff as revenue don't meet the criteria of borrowing cost to be capitalized as part of the CWIP. Accordingly, the aforesaid finace cost has neon charge to profit or loss aCCO38 during the year. The impact of prior year has afso been corrected by restating the corresponding figures i the financial statements. The effect of this restatement is as follows: 2016 20115 Impact on statement of financial position ------PKR1 '000'- --- Decrease in operating fixed assets 55205 538i7 Decrease in capital work in progress 22,964,551 -10,6303,462 Decrease in reserve for development works 28,506,596 16,231,638 Page 11 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) Impact on income statement 2016 PKR '000' Increase in finance cost 12,361,089 Decrease in depreciation 86,131 Decrease in profit for the year 12,274 958 Decrease in total comprehensive income 12,274,958 4.5 Stores, spare parts and loose tools Stores aTe valued at moving average cost method, except items In transit which are stated at cost comprising invoice value plus incidental charges thereon. 4.6 Trade debts Trade debts and other receivables are carried at original invoice amount less an estimate for doubtful trade debts and other receivablle based on review of outstanding amounts at the year end. Balaiices considered bad and irrecoverable are written off when identified, 4.7 Cash and cash equivalents For the purpose of cash flow statement, cash and cash equivalents cornprise of cash in hand, cash at bank and short term highly liquid investments / borrowing facilllies, that are readily convertible to known amount of cash and which are subject to an insignificant risk of change in value. 4.8 Financial assets 4.8.1 Initial recognition Financial assets are recognized initially at original invoice amount / fai value plus directly attributable transaction costs. The WAPDA Hydroelectric financial assets include cas & banks baanc s trade debts, rceivable agains third party payments, held-to-maturity investments, oans, advances and other receivables. 4.8.2 Subsequent measurement The subsequent measurement of financial assets depends on their classification as falows: 4.8.2.1 Loan and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such financial assets are carried at amortized cost usng the effective interest rate nthod. Gains and losses are recognized in the income statement when the loans and receivables are derecogeizod o impaired, as well as through the amortization process 4.8.2.2 Held-to-maturity investments Non-derivative financl assets with fixed or determinable payments and fixed maturities are classified as held-lo- maturity when the Hydroelectric has the positive intention ajid ability to hold it to maturity. After initial measuremeil held to-maturity investments are measured at amortized cost using the effective interest method. This method uses an effective interest rate that exactly discounts estimated future cash receipts tirogh the expected life u th financial asset to the net carrying amount of the financial asset. Gains and losses are recognized in the income statement when the investments are derecognized or impaiied, as well as through the amoitization p 1icess Page 12 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) 4.9 Non-financial assets The carrying amounts of non-financial assets, are assessed at each reporting date to ascertain whether there is any indication of impairment, If any such indication exists, then the assets recoverable amount is estirratd. Anl impairment loss is recognized as an expense in the profit and loss account for the anount by wich the asset's carrying amount exceeds its recoverable amount. The recoverable acnount is be higher of an asset's fair value less cost to sell and value in use. Value in use is ascertained through discounting of the estimated futuir cash flows using a discount rate that reflects current market assessmeit of tle tm value of toney and the rsk specific to the assets. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there ale separately identifiable cash flows (cash-generating units). An impairment loss is reversed if there has been a change in the estmates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's Ma1-ying amount does not exceced the carrying amount that would have been determined, net of depreciation or amortization t if n impairment loss had been recognized. Prior impairments of non-financial assets (othier than goodwill) aie reviewed for possible reversal at each reporting date. 4.10 Reserves for development works Reserve for development works is recognized in accordaice with the provisions available in the Constitution of the Islamic Republc of Pakistan. This reserve would be used for the construction of new/onigoing hydel power development projects through Annual Development Plans of the GoP. Sucioeserves are created from retained earnings. Payment on behalf of non-core business is a so charged against such reserve, 4.11 Grants WAPDA Hydroelectric receives two type of grants: against speciFfc expenses or for specific assets. When the grant relates to an expense item, it is recognized as income over the period necessary to match the costs that kt is intended to compensate. Where the grant relates to an asset, it is recognized as deferred income and chargcd Ic income in equal amounts over the expected useful life of the related asset. Where the WAPDA Hydroelectric receives non-monetary grants, the asset and the grant are recorded at nominal amounts and released to the statement of profit and loss over the expected useful life of the relevan assot Iy equal annual installments. 4.12 Staff retirement benefits 4.12.1 Defined benefit plans The WAPDA Hydroelectric operates its own unfunded defined benefit plan for medical, free electricity and pension benefits schemes for its active and former employees. Due to materially different risks associated with each benefit plan the entity has disaggregated the plan for disclosure purposes. The entiy unoerwrites the actuarial s associated with the plan. The entity has determined the net defined benefit liability by consulting a qualified actuary. The entity recognizes the net defined benefit liability in the statement of financial position. The cost of proving benefits under the defined benefit plan is determined by a independent qualify actuary using the projected unit credit method. Re-measurements, comprise of actuarial gains and losses from changes in actuarial and experience assumptions are recognized immediately in the statements of flancial position with a corresponding debit or credit to retained earnings through Other Comprehensive income in the period In which they occur Re- measurement of net defined benefit liability recognzed in Oeier Comprehensive Income snad not be eclassiieu to statement of Profit or Loss in subsequent periods. Past service costs are recognized in the profit or loss on earlier of;,t.ie date of the plan amendment or curtailment, and the date when entity recognizes rated reStrUCtUring Cost. Net interest is calculated by appying the discount rate to the net defined benefit liability. The estity recognizes he current service cost, past service cost, gains and losses on curtailments, non..routine settlements end net 11terest expense Or income changes in the net defii7ed benefit obligation in the statement of financial position es Page 13 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORITY (HYDROELECTRIC - NEPRA REGULATED BUSINESS) 4.12.2 Leave encashment Employees of the WAPDA Hydroelectric are entitlied to accumulate the unutilized Privilege leaves up to 365 days which are encashable only at the time of retirement or leaving the service of the VVAPiDA Hlydroeeciric 4.12.3 General provident fund and WAPDA welfare fund WAPDA Hydroelectric operates self contributed general provident fund and iWAPDA Welfare fo for ils employees. Deductions are mnade from the salaries of the employees and remitted to the funds and afteiward utilized as per standard operating procedures approved by WAPIDA. 4.13 Foreign currencies Foreign currency transactions are recorded using the rate of conversion applicable on the date of transaction Al monetary assets and liabilities in foreign currenci es are transiated at exchange rates prevailing at the statement of financial position date except in the case of foreign currency loans covered by the State Bank of Pakistan's Exchange Risk Coverage Scheme which are translated at he rates provided under the scheme Exchange differences for the period up to the date of commissioning of assets financed out of foreign currency loans are capitalized to the extent they are eligible for capitalization. All other exchange differences are charged to statement of profit or loss. 4.14 Revenue recognition Revenue is recognized to the extent it is probable that the economic benefits will flow to the Hydroelectrc and revenue can be measured reliably. The specific accounting polices are: Sale of energy - Revenue from the sale of electricity is recognized net of hydel evies on transmission of electricity lo the power infrastructure (transmi ssion system) of the Natioiial Transmission and Dispatch Coimpany imited (NTDCL). Grant income Grant related to fixed assets are taken to income over the useful life of the fixed assets in order to match with the corresponding depreciation expense. - Grant for operating expenditures are amortized on the basis of expenditure incui-red in accordance witl the terms attached to the respective grants. Profit on bank deposits and investment income - Profit on deposit accounts and investments is recognized using effective interest rate. Sale of scrap and store Revenue from sale of scrap and sto e items is recognized when title of items passes to buyeis which is generally onl dispatch of goods. Page 14 of 51 PAKISTAN WATER AND POWER DEVELOPMENT AUTHORiTY (HYDROELECTRiC -NEPRA REGULATED BUSINESS) 4.15 Hydel levies Hydel levies include net hydel profit payable (NHP) to the provinces as per instructions of the Federal Govermmeni water usage charges payable to the Government of Azad Jammu & Kashmir; and water management ciiarges payable to the Indus River System Authority (IRSA), levied by the GoP. These leves are med to [e Central Power Purchasing Agency (CPPA-G) and recognized in statement of financial posiion as receivable and u npa.a amount of levies is recognized as payable against hydel levies. 4.16 Taxation Any income of the WAPDA established under the WAPDA Act 1958 is exempt from income tax uroer clause-66 (xvi) of the Second Schedule of (Part-1) to the income Tax Ordnance, 2001. Income of the WAPDA Hydroelectric is exempt from income tax as pe: provisions of Clause 66 (xvi) Part-F of Second Schedule to the Income Tax Ordinance, 2001. Interest income under section (u/s) 151, Property ircomie uls 155, and cash withdrawals from bank u/s 231A of the Income Tax Orsnance 2001 is also exempt and in this connection exemption certificates are issued by Commissioner Income Tax on yearly basis o 4.17 Financial liabilities 4.17.1 Initial recognition Financial liabilities are recognized initially at fair value plus any directly attribulable transaction costs The WAPDA Hydroelectric financial liabilities mainly includes loans & borrowings, trade arid other payables, retenJlio,nmoile7, debt service liability, payable in respect of third parties and accrucd interest. 4.17.2 Subsequent measurement I Financial liabilities are subsequently measured at amortized cost using the Effective Interest Rate (EIR) method less impairment (if any). EIR is calculated by takirg into account any discount or premium. The ElR charge is recognized in the statement of profit or loss. Due to shod term natre of te financia i2miities the arEortized cost close approximate of fair value. 4.17.2.1 Loan and borrowings After initial recognition, interest bearing loans and borrowings are subsequently measured at amortized cost usiq the effective interest rate method. Gains and losses are recognizea in the income statement when the liabilities are de recognized. 4.17.3 Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. 417.4 Offsetting of financial assets and financial liabilities: A financial asset and a financial liability is offset and the net amount is reported in the statement of fnancial position if the WAPDA Hydroelectric regulated business has legal enforceable right to set off thie rcgnized amount and intends either to settle on a net basis or to realize te assets and settle the liability si ultneously Corresponding income on assets and charge on liabilrty are reported at net amrount. 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" л с � Q❑ � т С'- о со й ш `�° и .- гv rn и м о со й о со N `� о о о пi W о и� N гд о о м м пi � r- ш и пэ м м со м гv v_ и м rv гп cFl ~ F- р г� м � rn м � � " г r) о oi м Ш ¢ т �- v cn � � сл rn а � � д' г� � о �� � `у й � � й ш й ш й � аCOо `ут о�о м ro м й � � .- и, о� о о м rn со м rn о� iд � м м_ ш с� 7 м г� г"i п� м ,- а� �� ro С� г� �- со � о �+ м о �rл v и �- г� ,- о ai ,- rn ц} � , �.� и rn rn w rn rn о и rn � и и г� гn г� оо ш ,л � Ш и-�i о j� � о сд а мi м м v_ о v � с� г� о� г� са �г ои г�v г� гл а N �� c�f � �Л lO iff М f� N Г N г .- т- г с- nq nг Ш т' о � ' м гh n- � СО О [D (D сп 4 iг) гд г� � Ш � N б- � � 00 � � � v � � � � (О О � , � О ц) t0 м g� 0� V Г Г _ ci} гn г� о Ш " са ш -г � � й . гч ш � � т � Q р о ❑ � � _ .U Q z т w � ц� ао rn о� rn rn v м г� [v nl сл и м n и о v ~ т гИ-. ш о й ш т ° ° rиi � м �.�n `г�° ш a�i ш о i м rn ч) о и Q �� ш о h � й й ai й гri й м о а м о ri м � м `-� ` м сп а 1° .с �} v ш ti .- о Г '- r- � о rn о г� т � д. а " а о д' и ni � � г v г� о_ о) О (fJ и} О - - Г� � о У пг а о �cr ro с� г� а гv и ti т и о с] _м � пь г, г� N У О � д' <} и7 Са lf3 (D N N � О [h с'} й N U1 С7 � У� О с'� N 6) О N г N 4f7 о со д' SЛ СО 1� 1` гР д' га а� ср � С ip г 7 '�h М о Сл д [О о 'С N С7 N � f1 с0 cJ V а7 N 'cF � г] д" СС ,- � м а0 f� д� lП tЛ `г1 CU Q СО С5) и СО �Л с7 и� О Iti Ф N ц7 6} М tV г7 д' Q �t ,- N V 7 �л г N N г� tn ш а О � а � гV са и N г пэ ч- � �- � г tV ш м ,- О W м N и т� о м ш т nt ео и .- м с оо г� м rn о ш г� с� оо с� со м и _ о т и г v с� N с� м ао и г° ы, с� ао о_ М v_ и о ш rn о v i� i� С{� i t� N о} и f� гЛ ш а N 1� б) V +- N �1' Q N о:) м О и г ct <п в� р г � cv n а со э� со г � Сп м ао и со о г� г� о] м .- м и� о cv м ш м т со и rn � cn гд а и ш =-" о пi о т и ш`и°� ¢ о nr � v ti г о cr пi м пi � - - - " n°'i й n`ri "} w й оо" г� �r о � ги [� ш cn г�г nг ' о м т г� � v rn v о ш и м й cv со г� г� ro rn ui <- �,- ��о �л +� i г� N[О 1� D� О М т И N а0 Ol N С9 N�� М 11 N� г` N �г7 О м о д- I� гt] г") :1� � С � м и v с.г и �-- сд ч� о.- м� о�� м гд аэ ro.- �л � �� � м о � v' v� оо � rn г� г-� и о г] n. ш о р о - м д' � й м ai - - " " rт гд � м i� " м г� ai ui i� о ��� ��� v� о� ч М `" r} г м ц Г " сп г у м гv .-- �-- о � �� U °L3 и� .� ��- о ш й 7 Ш [Ч аао � д' rn м и rn о о и с� tv ti г�l о г� и со ш ,� �- �г, � и м с� и ,- г ti и оо ti гд ш � �} о о �� _и nr со an м 4s ! д' ь�" N N �п N и t� и N и г� г�- � N и rn сд м г 1Л ro С �р и � ц] 3� (� N V 61 N сд cV м ,- С} О о со � О � т �1' �fi о (О п1 V СО ,-� О г с'7 М ц] l0 т- д- 1` Ln О !� с4 [U а-=j � N а6 г N � (О гЛ Ch N [D СО V [п iD .-- О N О W V и7 т о Ql h д' N о д' N г'7 N �- (л tг N [� б О ш ci� си Ct} со м сч �n r.i - СИ (Ч 1 С а ,� � `т �. с О Q t7 0. i'.r а � `� � [Л г- rn и L г ш Ш � И � с�� и о ц� � Ш О � (V ы �! � . _ � � L а' - � (4 L31 � сб L � � � � ? (� � т CQ � У Е . Q �_ О � гD - х � N Т с У т ro г _ - L � � N СТ ` И 7 � ТУ 'ZJ L (Ъ � 14 С У !О � гр � 9 П1 С � [i1 И � С [0 . U �... С +� [р '[б Е С д .С] О 1� С7 � � т т т s L � т r_ � о С N � _ � U � С] Z И U У � () У Q С7 � � ❑ Q N цi PAKISTAN WATER AND POWER DEVELOPMENT AUTHORF'ITY (HYDROELECTRIC - NFPRA REGULATED BUSINESS) 5.3 The land, buildings & c vil works and dams & reservo i were revalued at 30 June 2015 Uy an independent vcll reputed valuer, M/s National Engineering Services Pakistan (Pvt) Ltd (NESPAK) resulting in a surp us of Rs. 758,zl30 million over the written down value of Rs. 127,535 millbn. The power generation plant assets were revalued at 30 JLine 2012 by an indepci)dert valuer M/s lqbal A Nanjee & Company (Pvt.) Limited and resulted in a surplus of Rs 58,259 million over the written down value of Rs. 20,9,50 million. 5.3.1 Had the assets beer carried under the cost model the carrying arnounts wou d be as fol ows: 2017 2016 --------------- PKR '000 ----------------- Land (5 34) G,728,780 !3,685.500 Buildings and civi'l works (53.5. 1) 37,914,6B1 38.657.509 Power generation pl@nt assets (5.3.6 1) 16, 1 50 114 Dams and reservoir (5.3.7.1) 63,247 653 64,465,W 123,041,228 124,707,625 5.3.2 Revaluation surplus on the revalued class of assets are as follows: Pc---- Land Buildings & gonerat.", plant Dains anci (Note 5.3.4) Civil Works assets reservoir Tetal (Note 5.3.5) (Note 5.3.6) (Note 5.3.7) 2017 -------------------- ---------------- I ------------------ PKP 1000, ----------------------- I -------------------------------- Revalued VVDV 442,196,189 117,431,950 48,042,556 289,505,654 897,176,349 Historical cost WDV 5,728,780 37,914,681 16,150 1 14 63,247,653 123,041,228 Revaluation surplus 436,467,409 79,51 Y,269 31,892,442 --2-6258,001 774,135,121 2016 Revalued WDV 442,152,909 120,6Y3,894 50,078,435 296,317,103 909,222.3 1'1 H storica cost VVDV 5.685,500 38,657,509 15,898.754 64,465,862 124,707,625 Revaluation surplus 436,467,409 82,016,385 34,179,681 231,851,241 784,51zl,716 5.3.3 Difference in yearly depreciation charge of revalued assets Building & P wor Dams and Civil Works generation plant reservoir Total assets 2017 --------------------------------------------- PKR -000 ---------------------------------------------- Revalued depreciation 3,477,801 3,209,093 7,199,051 13,8n,q45 Historical depreciation 978,685 921,853 1,605,811 3.506,349 Incremental depreciation 2,499,116 2,287,240 5.593.240 10,379,596 2016 Revalued depreciation 3,465,165 3,539,295 7,195,043 14,299,506 Historical depreciation 965,7BO 1,383,317 '1.599,928 3,9,19,025 Incremental depreciation 2,499,388 2.255,978 5,595,115 10,350,461 5.3.4 Land at cost and revalued amount Cost as at Revalued WDV Liditiont Cost as at Povalued WMI as Power Statioris I July 2016 as at (Disposal 30 June 2017 at 30 June 2D17 I July 2016 fAdjustrnont) - ------- --------------- ----------- - PKR '000 ---------------------------------- Tarbela 406,554 23,447,870 406,654 23,44 ,870 Margla 162,703 115,774,000 - 152,703 115,774,000 Ghazi Barotha 4,456,599 296,558,077 43,676 4.500,275 296.(311,753 Warsak 1,306 685,000 - 1 306 5M.000 Chashma 2,256 960,000 2.256 980,000 Rasul 917 654,790 917 654,790 Dargai 250 832.400 - 250 832,Z100 Nandipur 873 1.159,940 (396) 477 1, 159. 54 Shadiwal 228 452,000 - 228 452.000 Chichoki 120 414,000 - 120 414,000 Kurram Garhi 23 163,000 - 23 163,000 Renala Khurd 110 270,900 - 110 270,900 Chitral 5,895 103.366 - 5,895 103'3( () Allai Khwar 47,597 47.597 - 47,597 47,59-i Khan Khwar 102,028 102,028 - 102,028 102,W8 Dubair Khwar 18,990 18,990 '18,990 18,990 Gomal Zam 161 151 161 161 Jabban 84,759 84,759 84,759 84'15 Jinnah Hydel 394,031 394,031 394,C31 394,031 Total 5 685'500 442,152,909 431280 6,720,780 442,196,189 Page 19 of 51 � � � � _ � I�,- Ш Q !., о� cv г� м со со сд о оо rn о� г г� и i� �л о ` � Z � r г М V 1� СО М М с- цJ � 1� г Е� о0 М (.б О _ о к-- О N_ 6� О 6? 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It also includes the expenses of the office of GM Hydro-plarining ircurred during the year. 2017 20,16 33. OTHER INCOME Note -- rKR '000 ---------------- 33.1 Income from financial assets Profit on bank balances 2,348 016 1,718.998 Interest income - Investments =306,086 2= 1 3. 55 CO) J9 2,654,102 1,932.507 33,2 Income frorn assets other than finan6al assets Amortization of grant (21) 1,125,969 112.105 Income from lease of other property 82,822 82,853 Miscellaneous income 113,333 99,905 Income from rion-utility operatfon 3,471 1,371 Interest income - advance to staff 1,C72 1,059 Sale of scrap -1 5 587 51 Sale of stores 1,737 1,863 1 1 i46,991 299,711 4,001,093 2.232,218 20'i 7 20,16 ----------- PKR '000 --------------- 34. FINANCE COSTS Restated Development hydel projects Interest on foreign relent loans (6.2) [-7-,, L5 IT 79 -22 3,540,120 Interest on cash development loans (6.2) 7,696,591 5, 8= 2 O , 9 7 00 15,445,383 12.36-1,090 Operational hydel stations Interest on forefgn relent loans (19.1) 2, 86 1.d 13 3.419,107 Interest on foreign diFoCt loans (19,2) 220,166 283,776 Interest on cash development oans (19 3) 793.556 2.392,76 Interest on bilateral Islamic finance facility - musharak@h (20.1) 1,442,898 4,000 51318,033 6,099,650 Bank charges 4 , 9 33 2 Other charges = 7 7,4 8 5 5,634 4 1= 9 , '6 63 0 3 582,417 206,09? 21,348,833 18,G66,837 35. FINANCIAL RISK MANAGEMENT 35.1 Financial risk factors The VVAPDA Hydroelectric financia liabilities comprise of interest bearing loans and borrowings, trade and other payables, accrued interest, retention money, debt service liaNlity and payable in respect of third parties. The main purpose of these financial liabilities is to ra se ffnancesz fcr tie Hydroelectric operations The Hydroelectric has trade debts, loan and advances, other receivables and cash and shor-l. term deposits that arrive directly fvom its operations. The VVAPDA Hydroelectric also holds ong tenii advances and deposits. The WAPDA Hydroelectft activities expose it to a variety of financial risks: market i-isk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The VVAPDA I-lydroelectrIc overall I sk management programmed focuses on the liqui6ty crisis and seel