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Notes to the Financial Statements
 
    (a) The investment in the Subsidiary Company consists of 2,500,000 ordinary shares, representing a 100% holding in the         issued share capital of Sri Lanka Telecom (Services) Limited.
 

    (b) The investment in the Associate Company represents a 40% shareholding (22,170,640 ordinary shares of Rs. 10 each) in a          cellular telephone company, Mobitel (Private) Limited at 31 December 1999. Of the investment in Mobitel (Private) Limited          15,170,640 ordinary shares were initially allotted, in consideration of SLTL signing a Joint Venture Agreement with Telstra          Holdings (Pty) Limited, Australia and discontinuing a Build Own Transfer (BOT) Agreement they had entered into in 1992.          For the purposes of preparing these financial statements this investment of 15,170,640 shares was valued at 40% of the Net          Assets of Mobitel (Private) Limited as at 30 June 1996 (the date on which Mobitel (Private) Limited effected such issue of          shares in its accounts), according to its audited accounts at that date. As at that date the 15,170,640 ordinary shares          represented 40% of the issued share capital of Mobitel (Private) Limited and its value was Rs. 188 million. Since SLTL did          not pay cash for the 15,170,640 ordinary shares, the consideration was credited to capital reserve (note 21).

        In 1996, Mobitel (Private) Limited increased its issued share capital and SLTL made a cash investment of Rs. 70 million in         another 7,000,000 ordinary shares of Rs. 10 each, so as to maintain a 40% shareholding in Mobitel (Private) Limited.

        The investment in others represent unlisted investments in Intelsat and Inmarsat, the international satellite consortia..

             
  10. Non-Current Receivables    
         
 
                     Group
               Company
 
    ---------------- ---------------- ---------------- ----------------  
  1999 1998 1999 1998  
    Rs.million Rs.million Rs.million Rs.million  
    ---------------- ---------------- ---------------- ----------------  
  Employee loans [note (a)]
509
397
509
397
 
  Deferred expenses 374 412 374 412  
    ---------------- ---------------- ---------------- ----------------  
 
Amounts due after one year
883
809
883
809
 
    ---------------- ---------------- ---------------- ----------------  
  (a) Employee loans are repayable in equal monthly instalments over five years.  
             
  11. Inventories
                 
                
 
             
  Inventories consist of engineering stores andconsumables and office equipment.  
             
             
  12. Receivables and Prepayments          
   
                   Group
                Company
 
    ---------------- ---------------- ---------------- ----------------  
    1999 1998 1999 1998  
    Rs.million Rs.million Rs.million Rs.million  
    ---------------- ---------------- ---------------- ----------------  
 
Domestic trade receivables
5,213
3,857
5,213
3,857
 
 
Foreign trade receivables [note (b)]
2,266
4,175
2,266
4,175
 
 
Advances and prepayments
893
553
892
552
 
 
Employee loans [note (a)]
127
100
127
100
 
 
Deferred expenses
37
37
37
37
 
 
---------------- ---------------- ---------------- ----------------  
 
Amounts due within one year
8,536
8,722
8,535
8,721
 
    ---------------- ---------------- ---------------- ----------------  
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Notes to the Financial Statements                              
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