Page 218 - Interloop Annual Report 2018-2019

NOTES TO THE CONSOLIDATED NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2019 FOR THE YEAR ENDED JUNE 30, 2019

2019 2018 44. REMUNERATION TO CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
2019
41. EARNINGS PER SHARE - BASIC AND DILUTED Chief Executive Directors Executives
Rupees in ‘000
41.1 Earnings per share - basic
Managerial remuneration 24,008 43,442 240,236
Profit for the year (Rupees in '000) 5,060,551 3,718,765 Medical allowance - 170 6,060
Bonus 3,750 4,300 29,924
Weighted average number of ordinary shares outstanding during the year 778,750 189,993 Superannuation fund - 33,825 -
(Numbers in'000) Meetings fee - 2,250 -
Add: Bonus shares issued after the reporting period Staff retirement gratuity - - 14,967
(Numbers in '000) - 571,831 Other allowances - 207 57,356
778,750 761,824 27,758 84,194 348,543
Earnings per share - basic (Rupees) 6.4983 4.8814
Number of persons 1 8 63
41.2 Earnings per share - diluted
There is a dilutive effect on the basic earnings per share of the Company, after taking into the effect of options granted on Company’s shares to employees 2018
of the Company under the Employee share option scheme (ESOS). Such dilution is based on the fair value of the Company’s shares, which is higher than Chief Executive Directors Executives
the respective exercise price of options granted during the year. Rupees in ‘000
Managerial remuneration 21,450 72,870 145,244
Profit for the year (Rupees in ‘000) 5,060,551 3,718,765
Medical allowance - - 3,589
Weighted average number of ordinary shares outstanding during the year (Numbers in '000) 778,750 189,993 Bonus 3,400 13,750 16,003
Staff retirement gratuity - - 7,732
Other allowances - - 21,345
Add: Weighted average adjustment for assumed conversion of employees' share options (Numbers in '000) - 49
24,850 86,620 193,913
Add: Bonus shares issued after the reporting period (Numbers in '000) - 571,831 Number of persons 1 9 45

Weighted average number of shares for determination of diluted earnings per share (Numbers in '000) 778,750 761,873 The chief executive officer and directors are provided with company maintained cars.
45. TRANSACTIONS WITH RELATED PARTIES
Earnings per share - diluted (Rupees) 6.4983 4.8811 Related parties include associated companies and undertakings, entities under common directorship, directors, major shareholders, key management
personnel, employees benefit trust and post employment benefit plans. The Company in the normal course of business carries out transactions with these
2019 2018 related parties. Amounts due from and to related parties are shown under the relevant notes to the financial statements. Remuneration to directors and key
Note Rupees in ‘000 management personnel is disclosed in note 44. Detail of transactions with related parties, other than those which have been specifically disclosed elsewhere
in these financial statements are as follows:
42. CASH AND CASH EQUIVALENTS Name Nature of transaction 2019 2018
Rupees in ‘000
Cash and bank balances 20 1,542,907 195,939
Short term investments - Term Deposit Receipts (TDRs) 18 941,255 - IL Bangla Limited Sale of asset - 7,225
2,484,162 195,939 Expenses paid on behalf of associate - 7,452
Interest on receivables from IL Bangla Limited 5,796 -
43. RECONCILIATION OF MOVEMENT OF LIABILITIES TO CASH FLOWS ARISING FROM FINANCING ACTIVITIES Interloop Holdings (Pvt) Limited Expenses paid on behalf of associate 200 1,295
Balance Balance Finance management services received from Interloop Holdings (Pvt) Ltd 7,500 -
as on July 01, 2018 Non Cash Changes Cash Flows as on June 30, 2019 Sale of assets 22,323 -
Loan obtained during the year 3,000,000 -
Rupees in ‘000 Loan repaid during the year 1,600,000 -
Mark up expense on loan from Interloop Holdings (Pvt) Ltd 83,651 -
Long term financing 3,216,476 - 1,659,460 4,875,936
Liabilities against assets subject to finance lease 1,085 (238) (847) - Interloop Limited ESOS Management Trust Funds transfer for payment to withdrawal cases under ESOS - 500
Payment received on behalf of ESOS Management Trust - net 838 -
Short term borrowings 15,180,937 - (3,325,195) 11,855,742
Interloop Welfare Trust Sale of assets 1,214 -
Dividend to ordinary shareholders 475,276 1,090,247 (1,434,588) 130,935
Texlan Center (Pvt) Limited Sale of assets 58,100 20,766
Issued, subscribed and paid up capital 1,901,104 5,718,313 1,102,558 8,721,975 Sale of yarn 644,549 60,683
Share premium net of transaction cost 30,255 (21,629) 3,782,977 3,791,603
Global Veneer Trading Limited Selling commission 884,278 282,630
20,805,133 6,786,693 1,784,365 29,376,191 Eurosox Plus BV Sale of socks 693,658 15,863 2018 - 19
Interloop Limited Key management personnel and other related parties Reimbursement of expenses 33,250 3,234 Annual Report
5,129
5,551
Sale of vehicle
-
House building finance loan
-
923
Mark up on house building finance loan
Repayment of loan 146,573 -
-
Issuance of bonus shares 5,587,323 -
3,000
216 Issuance of ordinary shares 1,400,733 - 217
Dividend paid