Sri Lanka Telecom :: Annual Report 2003

•	Fixed Telephony

•	Mobile Telephony

•	Data and IP

•	Internet

•	International

•	Competitive State-of-the-Art Customer Focused

•	Financial Review

•	Risk Management

•	Report of the Directors

•	Statement of the Directors' Responsibilities in Relation to the Financial Statements

•	Report of the Auditors

•	Consolidated Income Statement

•	Consolidated Balance Sheet

•	Consolidated Statement of Changes in Equity

•	Statement of Changes in Equity

•	Consolidated Cash Flow Statement

•	Accounting Policies

•	Notes to the Financial Statements

•	Five Year Progress

•	Value Addition

•	Investor Information

Consolidated Balance Sheet

(All amounts in Sri Lanka Rupees millions) As at 31 December 2003


		Group		Company
	Notes	2003	2002	2003	2002

ASSETS
Non-current assets
Property, plant & equipment	9	55,763	56,722	51,243	54,977
Intangible assets	10	297	375	–	–
Investments	11	710	710	2,707	2,069
Non-current receivables	12	977	995	977	995
		--------- 57,747 ======	--------- 58,802 ======	--------- 54,927 ======	--------- 58,041 ======
CURRENT ASSETS
Inventories	13	785	665	500	610
Receivables and prepayments	14	9,242	9,324	9,052	9,284
Cash & cash equivalents	15	4,599	5,974	4,348	5,937
		--------- 14,626 ---------	--------- 15,963 ---------	--------- 13,900 ---------	--------- 15,831 ---------
Total assets		72,373 ======	74,765 ======	68,827 ======	73,872 ======
EQUITY AND LIABILITIES
Capital and reserves
Ordinary share capital	23	18,049	18,049	18,049	18,049
Capital reserve	24	188	188	188	188
Hedging reserve	25	(745)	(1,146)	(745)	(1,146)
Insurance reserve	21	95	86	95	86
Retained earnings		13,013	11,847	13,203	11,903
		--------- 30,600 ======	--------- 29,024 ======	--------- 30,790 ======	--------- 29,080 ======

Deferred income	18	7,214	7,132	7,214	7,132

Non-current liabilities
Deferred tax liabilities	17	8,139	7,146	8,139	7,146
Borrowings	16	13,523	18,986	12,276	18,718
Retirement benefit obligations	20	457	429	439	411
		--------- 22,119 ======	--------- 26,561 ======	--------- 20,854 ======	--------- 26,275 ======

Current liabilities
Trade and other payables	19	4,882	5,108	4,755	4,688
Borrowings	16	7,558	6,940	5,214	6,697
		--------- 12,440 ---------	--------- 12,048 ---------	--------- 9,969 ---------	--------- 11,385 ---------
Total equity and liabilities		72,373 ======	74,765 ======	68,827 ======	73,872 ======

These financial statements were approved by the Board of Directors on 6 April 2004 and were signed on its behalf by:

(Sgd.)                                 (Sgd.)
Thilanga Sumathipala       Shuhei Anan
Chairman                            CEO/Director

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