Etisalat UAE which owns 27.46% of Etihad Etisalat Company (Mobily), said that Mobily’s adjustments are of a limited effect on its financials as both companies are affiliates which doesn’t require preparing consolidated financial statements.
The adjustments will impact investments in affiliates line item on
Etisalat’s Q4 financials with a very limited effect on revenue and expenses.
|
Summary of restatements impact |
||
|
December 2013 |
September 2014 |
Summary of restatements impact |
|
5937 |
2496 |
Mobily’s Net Profit after restatements (SAR Million) |
|
1175 |
469 |
Etisalat’s share of Mobily’s profit after royalty and before restatements (AED Million) |
|
1045 |
438 |
Etisalat’s share of Mobily’s profit after royalty and after restatements (AED Million) |
|
( 130 ) |
( 32 ) |
Financial impact on Etisalat group’s net profit after royalty (AED Million) |
|
7078 |
6751 |
Etisalat’s consolidated net profit after royalty (AED Million) |
|
1.84 % |
0.47 % |
Financial impact on Etisalat’s consolidated net profit after royalty (%) |
According to Argaam; Mobily restated its financial statements for the periods: Q3-2013, the first nine months of 2013 and Q1 &Q2 of 2014 to correct its revenue recognition of one of its programs which impacted revenue and net income of 2013.
Mobily also recognized revenue of SAR 1232m and a net profit of SAR 1227m in Q2-2014 related to a capital lease contract of the optic fibers network’s ports where those ports were not ready which led to realizing a revenue of only SAR 72m of this contract in Q2 after adjustments.
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