Annual Annual Financial Statements

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2 Annual Annual Financial CONTENTS General Information... 2 Directors Report Auditors Report... 5 Profit and Loss Account... 6 Balance Sheet... 7 Cash Flow Statement... 8 Statement of Changes in Equity... 9 Notes to the Financial W A T E R S E R V I C E S C O R P O R A T I O N 1 F I N A N C I A L S T A T E M E N T S

3 nnual Annual Financial GENERAL INFORMATION Establishment... Water Services Corporation was established in Malta as a Corporation under the Water Services Corporation Act, Directors... Arch. Michael Falzon (Chairman) Arch. Carm Lino Spiteri (Deputy Chairman) Mr. Ernest Azzopardi Ms. Marion Pace Asciak Mr. Joe Ross Mr. Paul Spiteri Mr. David Stellini Arch. Emanuel Vella Corporation s Secretary... Ms. M. Mallia Registered Office... Qormi Road, Luqa LQA 05, MALTA. Bankers... HSBC Bank Malta plc Commercial Branch, Hexagon House Spencer Gardens, Blata l-bajda, MALTA. Bank of Valletta plc Triq Dun Pawl, Luqa, MALTA. Lombard Bank Malta plc 67, Republic Street, Valletta, MALTA. Auditors... Ernst & Young Regent House, Fifth Floor Bisazza Street, Sliema SLM 15, MALTA. W A T E R S E R V I C E S C O R P O R A T I O N 2 F I N A N C I A L S T A T E M E N T S

4 Annual Annual Financial DIRECTORS REPORT The directors submit their annual report and the audited financial statements for the year ended 30 th September Principal activity The principal activities of the Corporation are to act as the sole and exclusive authority to acquire, produce and distribute water for domestic, industrial and commercial use. Results The results for the year are set out in the profit and loss account on page 6. Directors The directors who held office during the period were: Arch. Michael Falzon (Chairman) Arch. Carm Lino Spiteri (Deputy Chairman) Mr. Ernest Azzopardi Ms. Marion Pace Asciak Mr. Joe Ross Mr. Paul Spiteri Mr. David Stellini Arch. Emanuel Vella In accordance with Section 7 of the Water Services Corporation Act 1991, the appointed members of the Board shall hold office for such period and on such terms and conditions as the Minister may deem fit, and a member shall, on ceasing to be a member, be eligible for re-appointment or re-election as the case may be. Statement of directors responsibilities The Water Services Corporation Act 1991 requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Corporation and of the profit or loss for that year. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently, make judgements and estimates that are reasonable and prudent, state whether applicable International Accounting Standards have been followed, prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Corporation will continue in business. W A T E R S E R V I C E S C O R P O R A T I O N 3 F I N A N C I A L S T A T E M E N T S

5 nnual Annual Financial DIRECTORS REPORT (continued) The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Corporation and to enable them to ensure that the financial statements comply with the Water Services Corporation Act, They are also responsible for safeguarding the assets of the Corporation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditors Our auditors MSD & Co informed us that with effect from 1 st September, 2002 they have combined their practice with Ernst & Young. Ernst & Young have expressed their willingness to continue in office and a resolution for their re-appointment will be proposed at the next Board Meeting. The directors report was approved by the board of directors and was signed on its behalf by: MICHAEL FALZON Chairman CARM LINO SPITERI Deputy Chairman 11 th October 2002 W A T E R S E R V I C E S C O R P O R A T I O N 4 F I N A N C I A L S T A T E M E N T S

6 Annual Annual Financial AUDITORS REPORT To the board of directors We have audited the accompanying balance sheet of Water Services Corporation as of 30 th September 2001 and the related statements of income, cash flows and changes in equity for the year then ended, which are set out on pages 6 to 20. As described in the Directors Report on page 3, these financial statements are the responsibility of the Corporation s directors. Our responsibility is to express an independent opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates and ERNST & YOUNG Certified Public Accountants and Auditors Sliema MALTA 11 th October 2002 judgements made by the directors, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements give a true and fair view of the financial position of the Corporation as of 30 th September 2001 and of the results of its operations, its cash flows and its changes in equity for the year then ended in accordance with International Accounting Standards and have been properly prepared in accordance with the Water Services Corporation Act, Without qualifying our audit opinion above, we draw attention to Note 12 to the financial statements in respect of accrued income. The estimate of accrued income is based on certain assumptions which are reasonable given the information available to the Corporation and which have been applied consistently throughout the accounting periods. W A T E R S E R V I C E S C O R P O R A T I O N 5 F I N A N C I A L S T A T E M E N T S

7 nnual Annual Financial PROFIT AND LOSS ACCOUNT Note Turnover 2 12,928,302 11,540,625 12,887,650 11,475,044 Operating costs (13,988,653) (14,063,289) (14,345,361) (14,569,368) Administration costs (4,268,412) (4,382,105) (3,985,632) (3,942,598) Operating loss 3 (5,328,763) (6,904,769) (5,443,343) (7,036,922) Net interest payable 6 (4,079,225) (4,133,914) (3,974,263) (4,013,965) Provision on spare parts stock 7 (650,000) - (650,000) - Loss before taxation (10,057,988) (11,038,683) (10,067,606) (11,050,887) Taxation 8 (3,333) 9, Loss after taxation (10,061,321) (11,029,680) (10,067,606) (11,050,887) Government subsidy 5 10,067,606 11,050,887 10,067,606 11,050,887 Profit for the year 6,285 21, The accounting policies and explanatory notes on pages 10 to 20 form an integral part of the financial statements. W A T E R S E R V I C E S C O R P O R A T I O N 6 F I N A N C I A L S T A T E M E N T S

8 Annual Annual Financial BALANCE SHEET Note ASSETS Fixed assets Tangible assets 9 58,999,892 60,073,427 58,890,650 59,969,541 Investments ,000 50,000 58,999,892 60,073,427 58,940,650 60,019,541 Other assets Deferred taxation 5,670 9, Current assets Stocks 11 3,460,836 5,034,743 2,513,036 3,440,390 Trade and other debtors 12 13,347,608 12,529,988 13,199,658 12,204,069 Cash at bank and in hand , , , ,011 17,025,505 17,945,537 15,929,179 16,014,470 Total assets 76,031,067 78,027,967 74,869,829 76,034,011 EQUITY AND LIABILITIES Capital and reserves Permanent debenture stock 13 31,400,000 31,400,000 31,400,000 31,400,000 Profit and loss account (Page 9) 631, , , ,233 Total shareholders funds 32,031,787 32,025,502 32,036,233 32,036,233 Creditors: Amounts falling due after more than one year Interest bearing loans 14 23,740,903 24,854,811 23,740,636 24,441,596 Non interest bearing loans 14 4,500,000 4,500,000 4,500,000 4,500,000 28,240,903 29,354,811 28,240,636 28,941,596 Creditors - Amounts falling due within one year Interest bearing loans and borrowings 14 11,355,851 10,271,096 9,774,901 8,902,939 Trade and other creditors 15 4,402,526 6,376,558 4,818,059 6,153,243 15,758,377 16,647,654 14,592,960 15,056,182 Total liabilities 43,999,280 46,002,465 42,833,596 43,997,778 Total equity and liabilities 76,031,067 78,027,967 74,869,829 76,034,011 The accounting policies and explanatory notes on pages 10 to 20 form an integral part of the financial statements. The financial statements on pages 6 to 20 have been authorised for issue by the board of directors and were signed on its behalf by: MICHAEL FALZON Chairman CARM LINO SPITERI Deputy Chairman 11 th October 2002 W A T E R S E R V I C E S C O R P O R A T I O N 7 F I N A N C I A L S T A T E M E N T S

9 nnual Annual Financial CASH FLOW STATEMENT Cash flows from operating activities Operating loss (5,328,763) (6,904,769) (5,443,343) (7,036,922) Adjustments for: Depreciation 3,456,237 3,526,561 3,419,351 3,494,844 Profit on disposal of tangible fixed assets (93) (465) - - Provision on spare parts stock (650,000) - (650,000) - Operating loss before working capital changes (2,522,619) (3,378,673) (2,673,992) (3,542,078) Stocks 1,573,907 (754,332) 927,354 (618,721) Debtors (814,494) 1,735,716 (995,589) 1,849,552 Creditors (1,974,032) (2,074,632) (1,335,184) (2,427,482) Cash used in operations (3,737,238) (4,471,921) (4,077,411) (4,738,729) Interest paid (4,079,225) (4,133,914) (3,974,263) (4,013,965) Tax paid (3,126) (3,188) - - NET CASH USED IN OPERATING ACTIVITIES (7,819,589) (8,609,023) (8,051,674) (8,752,694) Cash flows from investing activities Acquisition of tangible fixed assets (2,383,314) (2,132,762) (2,340,460) (2,103,298) Sale of tangible fixed assets , ,000 NET CASH USED IN INVESTING ACTIVITIES (2,382,609) (1,997,962) (2,340,460) (1,969,298) Cash flows from financing activities Movements on long-term borrowings (799,483) (1,427,310) (470,252) (1,233,288) Government subsidy 10,067,606 11,050,887 10,067,606 11,050,887 NET CASH FROM FINANCING ACTIVITIES 9,268,123 9,623,577 9,597,354 9,817,599 NET MOVEMENT IN CASH AND CASH EQUIVALENTS (934,075) (983,408) (794,780) (904,393) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR (6,306,649) (5,323,241) (5,383,640) (4,479,247) CASH AND CASH EQUIVALENTS AT END OF YEAR 18 (7,240,724) (6,306,649) (6,178,420) (5,383,640) The accounting policies and explanatory notes on pages 10 to 20 form an integral part of the financial statements. W A T E R S E R V I C E S C O R P O R A T I O N 8 F I N A N C I A L S T A T E M E N T S

10 Annual Annual Financial STATEMENT OF CHANGES IN EQUITY Profit & loss Permanent account debenture stock Total Lm Lm Lm Balance at 30 th September ,295 31,400,000 32,004,295 Profit for the year 21,207-21,207 Balance at 30 th September ,502 31,400,000 32,025,502 Profit for the year 6,285-6,285 Balance at 30 th September ,787 31,400,000 32,031,787 Profit & loss Permanent account debenture stock Total Lm Lm Lm Balance at 30 th September ,233 31,400,000 32,036,233 Profit for the year Balance at 30 th September ,233 31,400,000 32,036,233 Profit for the year Balance at 30 th September ,233 31,400,000 32,036,233 The accounting policies and explanatory notes on pages 10 to 20 form an integral part of the financial statements. W A T E R S E R V I C E S C O R P O R A T I O N 9 F I N A N C I A L S T A T E M E N T S

11 nnual Annual Financial NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES These financial statements are prepared in accordance with the requirements of the International Accounting Standards issued by the International Accounting Standards Board. A summary of the more important accounting policies which have been applied consistently, is set out below: Accounting convention The financial statements are prepared under the historical cost convention. Basis of accounting The consolidated financial statements include the accounts of Water Services Corporation and its subsidiary Malta Desalination Services (MDS) Limited made up to 30 th September, Inter-group balances as well as income and expenses between the Corporation and the subsidiary have been eliminated. Turnover Turnover represents the value of the sale of units of water during the year together with other operational income. The value of water revenue during the year includes an estimate of the unbilled sales value of units supplied to customers between the date of their last meter reading and the end of the accounting year. Government subsidy The subsidy received from Government under the recurrent expenditure vote of the Ministry for Economic Services, is taken directly to the profit and loss account. Unaccounted for water The cost of production of unaccounted for water is included as part of the production costs and is not disclosed as a separate item. Tangible fixed assets Tangible fixed assets comprise infrastructure assets (the mains distribution system including reservoirs, underground galleries and boreholes) and other assets (principally reverse osmosis plants, membranes, land and buildings and other assets). i. Infrastructure assets Infrastructure assets comprise a distribution network. The base carrying value of the infrastructure assets taken over from Government is the value agreed upon between the Corporation and the Government. All expenditure on infrastructure assets is capitalised at cost, while the planned element incurred in maintaining the operating capability of the network in accordance with service standards, is expensed as depreciation. W A T E R S E R V I C E S C O R P O R A T I O N 10 F I N A N C I A L S T A T E M E N T S

12 Annual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) ii. Other assets Other assets are depreciated on cost in equal annual instalments over the estimated economic useful lives of the assets which are principally as follows: Years Buildings and operational structures 50 Plant, machinery, equipment, furniture and fittings, computer hardware and software and transport vehicles 5-25 Stocks Stocks are stated at the lower of cost or net realisable value. In general, cost includes the expenses involved in bringing the stocks to their present location and condition. Provision is made where necessary for obsolete, slow moving and defective stocks. Cash and cash equivalents Cash in hand and at banks and short-term deposits which are held to maturity, are carried at cost. For the purposes of the Cash Flow Statement, cash and cash equivalents consist of cash in hand and deposits at banks, net of outstanding bank overdrafts. Borrowings Borrowing costs are recognised as an expense in the period in which they are incurred. Foreign currency Foreign currency balances are translated into Maltese liri at the rates of exchange ruling at the balance sheet date. Exchange differences arising from conversion of foreign currency transactions relating to settled amounts or amounts outstanding at year end are dealt with through the profit and loss account. Investments Investments held as fixed assets are stated at cost. Provisions are made to reflect any permanent diminution in their value. Deferred tax Deferred income tax is provided using the liability method, for all temporary differences arising between the tax base of assets and liabilities and their carrying values for financial reporting purposes. A deferred tax asset is only recognised when it is probable that taxable profits will be available against which the deductible temporary differences can be utilised. W A T E R S E R V I C E S C O R P O R A T I O N 11 F I N A N C I A L S T A T E M E N T S

13 nnual Annual Financial 2. TURNOVER Turnover comprises the following: NOTES TO THE FINANCIAL STATEMENTS (continued) Sale of water - Billed for the year 7,015,146 6,755,713 7,015,146 6,755,713 - Accrued income 4,770,000 3,600,000 4,770,000 3,600,000 11,785,146 10,355,713 11,785,146 10,355,713 Service bills 271, , , ,799 Other income 871,657 1,002, , ,532 12,928,302 11,540,625 12,887,650 11,475, OPERATING LOSS The loss on operations is stated after charging: Directors remuneration 38,037 38,943 35,079 35,901 Depreciation 3,456,237 3,526,561 3,419,351 3,494,844 Auditors remuneration 10,500 10,500 8,000 8, EMPLOYEE INFORMATION The average number of employees during the year was: 1,265 1,342 1,167 1,220 W A T E R S E R V I C E S C O R P O R A T I O N 12 F I N A N C I A L S T A T E M E N T S

14 Annual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) 4. EMPLOYEE INFORMATION - continued The total employment costs were as follows: Directors remuneration 38,037 38,943 35,079 35,901 Wages and salaries 6,691,900 6,629,352 6,003,987 5,844,183 Social security costs 592, , , ,030 7,322,530 7,218,354 6,579,799 6,378, GOVERNMENT SUBSIDY This represents the contribution by Government towards subsidising the cost of providing water to the consumer calculated as the difference between turnover and total costs, including the interest charge on Government interest and debenture stock. 6. NET INTEREST PAYABLE This is made up as follows: Charge on debenture interest/ Government interest 1,883,000 1,883,000 1,883,000 1,883,000 Interest payable on bank loans / overdraft 2,203,189 2,260,945 2,097,978 2,140,727 Interest receivable (6,964) (10,031) (6,715) (9,762) 4,079,225 4,133,914 3,974,263 4,013,965 W A T E R S E R V I C E S C O R P O R A T I O N 13 F I N A N C I A L S T A T E M E N T S

15 nnual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) 7. PROVISION ON SPARE PARTS STOCK During the year under review the Corporation took over Lm650,000 worth of spare part stocks from its subsidiary (Malta Desalination Services (MDS) Limited). The stock items transferred have been identified by management to be in excess of current and future operating requirements. Accordingly, full provision has been made in these financial statements on these stock items. 8. TAXATION No provision for Malta income tax has been made in these financial statements since the Corporation does not have any taxable profits. No recognition has been given in the Corporation s financial statements for any deferred tax asset since it is not likely that the Corporation will be profitable in the foreseeable future. The deferred tax asset recognised relates to the subsidiary company and arises on unabsorbed capital allowances. 9. TANGIBLE FIXED ASSETS Land & Infrastructure Reverse buildings assets osmosis plants Other assets Total Lm Year ended 30 th September, 2001 Opening net book amount 5,943,292 42,342,563 10,216,082 1,571,490 60,073,427 Additions 57,121 1,925, , ,508 2,383,314 Disposals (1,690) (1,690) Depreciation charge (139,711) (1,241,079) (1,621,349) (454,098) (3,456,237) Depreciation released on disposals ,078 1,078 Closing net book amount 5,860,702 43,027,128 8,847,774 1,264,288 58,999,892 At 30 th September, 2001 Cost 7,214,231 45,333,631 38,423,877 4,853,530 95,825,269 Accumulated depreciation (1,353,529) (2,306,503) (29,576,103) (3,589,242) (36,825,377) Net book amount 5,860,702 43,027,128 8,847,774 1,264,288 58,999,892 At 30 th September, 2000 Cost 7,157,110 43,407,987 38,170,836 4,707,712 93,443,645 Accumulated depreciation (1,213,818) (1,065,424) (27,954,754) (3,136,222) (33,370,218) Net book amount 5,943,292 42,342,563 10,216,082 1,571,490 60,073,427 W A T E R S E R V I C E S C O R P O R A T I O N 14 F I N A N C I A L S T A T E M E N T S

16 Annual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) 9. TANGIBLE FIXED ASSETS (continued) Land & Infrastructure Reverse buildings assets Osmosis plants Other assets Total Lm Year ended 30 th September, 2001 Opening net book amount 5,943,292 42,342,563 10,216,082 1,467,604 59,969,541 Additions 57,121 1,925, , ,654 2,340,460 Depreciation charge (139,711) (1,241,079) (1,621,349) (417,212) (3,419,351) Closing net book amount 5,860,702 43,027,128 8,847,774 1,155,046 58,890,650 At 30 th September, 2001 Cost 7,214,231 45,333,631 38,423,877 4,597,563 95,569,302 Accumulated depreciation (1,353,529) (2,306,503) (29,576,103) (3,442,517) (36,678,652) Net book amount 5,860,702 43,027,128 8,847,774 1,155,046 58,890,650 At 30 th September, 2000 Cost 7,157,110 43,407,987 38,170,836 4,492,909 93,228,842 Accumulated depreciation (1,213,818) (1,065,424) (27,954,754) (3,025,305) (33,259,301) Net book amount 5,943,292 42,342,563 10,216,082 1,467,604 59,969, INVESTMENTS Malta Desalination Services (MDS) Limited ,000 50,000 Malta Desalination Services (MDS) Limited was incorporated in Malta on 5 th May, 1997 and is a fully owned subsidiary of Water Services Corporation. W A T E R S E R V I C E S C O R P O R A T I O N 15 F I N A N C I A L S T A T E M E N T S

17 nnual Annual Financial 11. STOCKS NOTES TO THE FINANCIAL STATEMENTS (continued) Stocks are stated net of a provision for obsolete and slow moving stocks and are made up as follows: Mains and pipes 918,236 1,825, ,236 1,825,935 Consumable stores and spare parts 2,312,066 2,938,600 1,448,220 1,411,036 Meters and other stock 230, , , ,419 3,460,836 5,034,743 2,513,036 3,440,390 The provisions included in the above figures are as follows: Mains and pipes 602, ,000 - Consumable stores and spare parts 832, , , ,348 Meters and other stock 78,394 78,394 78,394 78,394 1,512, ,742 1,512, , TRADE AND OTHER DEBTORS Trade debtors 5,569,034 7,263,370 5,496,392 7,206,500 Other debtors 1,344,339 1,102,502 1,333, ,577 Accrued income 4,770,000 3,600,000 4,770,000 3,600,000 Prepayments 28,433 33,008-3,992 Government subsidy 1,600, ,000 1,600, ,000 Advance payments 29,488 27, Tax recoverable 6,314 3, ,347,608 12,529,988 13,199,658 12,204,069 W A T E R S E R V I C E S C O R P O R A T I O N 16 F I N A N C I A L S T A T E M E N T S

18 Annual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) 12. TRADE AND OTHER DEBTORS (continued) Debtors are being shown net of a specific and general provision for bad and doubtful debts of Lm1,290,840 ( Lm848,616). Accrued income represents the estimate of unbilled sales value of units supplied to customers between the date of their last billing and the end of the accounting year, and represents 40% of the sale of water for the year ended 30 th September, PERMANENT DEBENTURE STOCK In accordance with section 35 (i) of the Water Services Corporation Act, a Board resolution was taken on 24 th March, 2001 creating and issuing in favour of the Government of Malta permanent debenture stock to the value of Lm31.4 million bearing interest at 6% per annum. As agreed between the Government and the Corporation, this amount represents the estimated net asset position of the Corporation, previously represented by Government interests and accumulated losses. Permanent debenture stock has been accounted for as an equity instrument since in substance it represents Government s stake in the Corporation. 14. CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR At 30 th September, 2001 the Group / Corporation enjoyed the following banking facilities: INTEREST RATE % Lm Lm Bank loan ,507,975 4,507,975 Bank loan ,437,450 3,437,450 Bank loan ,192,101 4,192,101 Bank loan ,645,600 5,645,600 Bank loan ,166,595 1,166,595 Bank loan ,300,000 6,300,000 Bank loan ,905,358 5,905,358 Bank loan ,500,000 3,500,000 General banking facilities ,009 50,000 Bank overdraft facilities 6.00/6.20 6,561,000 5,561,000 41,670,088 40,266,079 W A T E R S E R V I C E S C O R P O R A T I O N 17 F I N A N C I A L S T A T E M E N T S

19 nnual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) 14. CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continued) These loans are repayable as follows: i. Loan No. 1 Repayable at Lm155,460 per quarter exclusive of interest and is to be settled in full by 18 th December, ii. Loan No. 2 Repayable at Lm104,170 per quarter exclusive of interest and is to be settled in full by 15 th December, iii. Loan No. 3 Repayable at Lm119,780 per quarter exclusive of interest and is to be settled in full by 12 th May, iv. Loan No. 4 Repayable at Lm141,200 per quarter exclusive of interest and is to be settled in full by 8 th June, v. Loan No. 5 Repayable at Lm55,560 per quarter exclusive of interest and is to be settled in full by 14 th November, vi. Loan No. 6 Repayable at Lm121,154 per quarter with a two year moratorium on capital repayments subsequently in full by 31 st October, vii. Loan No. 7 Repayable at Lm147,635 per quarter exclusive of interest and is to be settled in full by January, viii.loan No. 8 Repayable at Lm87,500 per quarter exclusive of interest over a period of ten years. First instalment to become due three months after drawdown. Loan was not drawn by 30 th September, These facilities are secured by guarantees issued by the Government of Malta and are shown in the financial statements as follows: a. Falling due within one year Bank overdraft 7,457,785 6,687,455 6,394,905 5,753,651 Bank loans 3,898,066 3,583,641 3,379,996 3,149,288 11,355,851 10,271,096 9,774,901 8,902,939 b. Falling due after more than one year Bank loans 23,740,903 24,854,811 23,740,636 24,441,596 Government loan (note c) 4,500,000 4,500,000 4,500,000 4,500,000 (note d) 28,240,903 29,354,811 28,240,636 28,941,596 W A T E R S E R V I C E S C O R P O R A T I O N 18 F I N A N C I A L S T A T E M E N T S

20 Annual Annual Financial NOTES TO THE FINANCIAL STATEMENTS (continued) 14. CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR (continued) c. This loan is unsecured and interest free. d. The amounts falling due after more than one year are repayable as follows: From 2 to 5 years 13,352,607 14,467,298 13,352,340 14,054,083 After more than 5 years 14,888,296 14,887,513 14,888,296 14,887,513 28,240,903 29,354,811 28,240,636 28,941, TRADE AND OTHER CREDITORS Trade creditors 1,174,087 3,234,043 1,057,479 3,144,643 Other creditors 685, , , ,008 Other advances from Government 1,295,789 1,480,395 1,295,789 1,480,395 Accruals 1,201,623 1,331, ,760 1,165,818 Amounts due to subsidiary ,616 96,379 Advance deposits 45,679 64, ,402,526 6,376,558 4,818,059 6,153, CONTINGENT LIABILITY In terms of the Water Services Corporation Act 1991 section 40 (5), the Corporation shall pay to the Government of Malta, contributions as may from time to time be determined by the Minister responsible for finance in respect of cost of pensions and gratuities earned by an officer who has accepted permanent employment with the Corporation, from the date of acceptance. W A T E R S E R V I C E S C O R P O R A T I O N 19 F I N A N C I A L S T A T E M E N T S

21 nnual Annual Financial 17. CAPITAL COMMITMENTS NOTES TO THE FINANCIAL STATEMENTS (continued) The Group/Corporation have long term investment plans which include expenditure to improve the performance and condition of its assets and to provide for new demand and growth. Authorised but not contracted for 3,500,000 2,383,314 3,500,000 2,340, CASH AND CASH EQUIVALENTS Lm Lm Cash at bank and in hand 217, ,806 Bank overdraft (7,457,785) (6,687,455) (7,240,724) (6,306,649) Lm Lm Cash at bank and in hand 216, ,011 Bank overdraft (6,394,905) (5,753,651) (6,178,420) (5,383,640) 19. FINANCIAL INSTRUMENTS Credit risk Financial assets which potentially subject the group/corporation to concentrations of credit risk consist principally of debtors. Trade debtors are presented net of the allowance for doubtful debts. Credit risk with respect to debtors is limited due to the large number of customers comprising the Group/Corporation s customer base. Fair values At 30 th September, 2001 the fair values of all financial assets and liabilities are not materially different from the carrying amounts. Interest rates risk The interest rates of the Group/Corporation s overdrafts and bank loans in issue are presented on page 17. W A T E R S E R V I C E S C O R P O R A T I O N 20 F I N A N C I A L S T A T E M E N T S

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