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Bharti Airtel Limited Annual Report 2010-11

Table of contents

  • Page 1
    Bharti Airtel Limited Annual Report 2010-11

  • Page 2
    Board of directors Sunil Bharti Mittal Akhil Gupta Chua Sock Koong N. Kumar Ajay Lal Craig Ehrlich Pulak Prasad Rakesh Bharti Mittal Tan Yong Choo Evan Mervyn Davies Rajan Bharti Mittal Hui Weng Cheong Nikesh Arora Salim Ahmed Salim Tsun-yan Hsieh Manoj Kohli

  • Page 3
    ...'s airman's message CEO O (International) (Internation onal) & JMD's message on CEO O (India (Ind dia ia & South Asia)'s message Corporate rp por o ate social responsibility Directors' re ectors' report Management discussion na age gement discuss ssio ss ion & analysis io Report governance port on...

  • Page 4
    ... Phase - II, New Delhi - 110 070, India CEO (India & South Asia) Mr. Sanjay Kapoor Group General Counsel & Company Secretary Ms. Vijaya Sampath Statutory Auditors M/s. S. R. Batliboi & Associates, Chartered Accountants Internal Auditors M/s. PricewaterhouseCoopers Private Limited M/s. ANB Consulting...

  • Page 5
    ... Particulars Total customer base Mobile services Telemedia services Digital TV services Based on statement of operations Revenue EBITDA Cash profit from operations Earnings before taxation Profit after tax Based on balance sheet Stockholders' equity Net debt Capital employed Key ratios EBITDA...

  • Page 6
    ... a new chapter in the history of our Company, when we set foot in Africa, widely referred to as the 'last frontier of growth'. In one sweeping move, we extended our mobile network across 15 new countries in the continent. The move truly heralded the arrival of Bharti Airtel on the global telecom map...

  • Page 7
    ... recently, our group tower company, Bharti Infratel, pioneered a comprehensive energy management programme, the 'P7 Green Towers project'. In recognition of the leadership we continue to provide to our peers globally, Bharti Infratel received the 'Green Mobile Award' at the 2011 GSMA Annual Global...

  • Page 8
    ... Annual Report 2010-11 CEO (International) & JMD's message Dear Shareholders, Bharti Airtel made global telecom history on the 8th of June 2010 when it connected with Africa. The event did not just change the scale of our operations significantly but altered the contours of the global telecom...

  • Page 9
    ...- "Best Mobile Money Product or solution" and "Best Customer Care & Customer Relationship Management (CRM)". Infact, Airtel Africa was the only mobile operator in the world to receive more than one award at this prestigious event. It's a clear testimony of the rising global stature of the group. Any...

  • Page 10
    ... our wide network presence and robust customer service delivery mechanism. In the 3G and BWA auctions closed last year, Airtel won 13 circles in 3G and 4 circles in BWA - with a right mix of Urban and Rural markets, complementing our strategy of focusing on markets with high revenue and high growth...

  • Page 11
    ... of SBI, to offer banking products and services. During the year we also launched airtel money, India's first 'mobile wallet' service by a telecom operator enabling our customers to use the power of the ubiquitous mobile platform to make payments - anytime, anywhere. With Broadband penetration in...

  • Page 12
    Bharti Airtel Annual Report 2010-11 Corporate social responsibility Bharti Airtel believes that business success is not an end in itself; rather it is a means to achieve higher socio-economic goals. The Company is committed to its stakeholders to conduct its business in a responsible manner. To ...

  • Page 13
    ... in Africa Teams in Africa have been renovating some of the existing school buildings and their infrastructure. Countries like Chad, Burkina Faso, Ghana and Tanzania have completed the initial intensive renovation and are looking after the daily management of the schools. Bharti Airtel is providing...

  • Page 14
    ..., SAFETY AND ENVIRONMENT Bharti Airtel follows a comprehensive Health, Safety and Environment Management policy to maintain safe and incidence-free work places. Periodic trainings in first aid, heart care (CPR), fire-fighting and emergency management are provided to employees. All our facilities...

  • Page 15
    ... - an automated queue-management based secure printing solution which has led to an annualised saving of ~ 8 tonnes of paper. THE CHANGING NORMS OF CORPORATE SOCIAL RESPONSIBILITY Cyber Security During the Commonwealth Games of October 2010, in line with the Government's directives, we ensured...

  • Page 16
    ... service provider in India, based on the number of customers as of March 31, 2011. The Company offers an integrated suite of telecom solutions to its enterprise customers, in addition to providing long distance connectivity both nationally and internationally. The Company also offers Digital TV...

  • Page 17
    ... free access to 'Britannica online', the world's most trusted information source. 7ˆÌÂ...Ê Novatium to help expand the broadband market by launching 'Net PC Plus' on airtel broadband for customers in Chennai. 7ˆÌÂ...ÊSavvis to offer managed IT and cloud services in the high growth Indian IT market...

  • Page 18
    ...mobile, the recording facility was extended through internet for airtel digital TV recorder customers. UÊ ˜`ia's first High Definition (HD) box with Dolby digital plus offering 7.1 channels of surround sound for airtel digital TV customers. MAMO (My Airtel My Offer) is Africa's first marketing...

  • Page 19
    ... way the Company conducts its business. Detailed information on the initiatives of the Company towards CSR activities is provided in the Corporate Social Responsibility section of the annual report. DIRECTORS Since the last Directors' Report, Mr. Arun Bharat Ram has retired from the Board in terms...

  • Page 20
    ... partners viz. Bharti Telecom, Singapore Telecommunications Limited and other shareholders for their support and contribution. 7iʏœœŽÊv iˆÀÊVœ˜Ìˆ˜Õi iÊvÕÌÕÀi° For and on behalf of the Board Place : New Delhi Date : May 5, 2011 Sunil Bharti Mittal Chairman & Managing Director

  • Page 21
    ... long distance voice business and believes that its presence and operations in developing markets especially Asia and Africa will further strengthen its position by increasing share of global traffic. International Calling Card Services airtel callhome, the Company's international calling services...

  • Page 22
    Bharti Airtel Annual Report 2010-11 Annexure C Information regarding the Employees Stock Option Schemes as on March 31, 2011 Sl. Particulars No. 1) Number of stock options granted 2) Pricing formula ESOP Scheme 2005 24,919,874* Exercise Price not less than the par value of equity share and not more...

  • Page 23
    ... Officer Teletech Services India Limited/Sr. Vice President Cargill Foods India/Business Head-India Foods Comsat Max Limited/Area Sales Manager HCL Comnet Ltd/Chief Information Officer Reliance Infocomm Ltd/Head - Sales Operations Total Nature of duties of the employee experience (in years...

  • Page 24
    ... Sr. Vice President Executive Director - Finance Business Head Network Marketing Business Head Business Head-Mobile Services Gujarat Supply Chain Management Finance Business Head Human Resources Business Head Business Head-Enterprise Services General Management Business Head-Telemedia Mumbai...

  • Page 25
    ... 3,037,272 Colt Telecom/Director/IT Head- India 3,558,716 Genpact/Sr. Vice President and Global Controller 6,105,561 Fibcom India Ltd./Chief of Materials 12,871,788 Collettes Group of Companies/Group Business Development Manager 5,235,139 BOC Edwards/GM-South Asia & Country Manager, India 20,721,055...

  • Page 26
    Bharti Airtel Annual Report 2010-11 Management discussion & analysis ECONOMIC OVERVIEW The global economy is on a clear track of revival with a continued dual speed recovery. As per the International Monetary Fund (IMF), the world economy grew by 5% in 2010, led by 7.1% growth of emerging economies...

  • Page 27
    ...for development of new businesses. A larger share of rural customers will experience internet for the first time through mobile phones, heralding a new era in India's internet revolution. Powered by higher browsing speeds through technologies such as 3G, Value Added Services (VAS) offers a new area...

  • Page 28
    ...Bharti Airtel put up a strong performance in the financial year 2010-11. The Company entered the league of global telcos by completing the acquisition of Zain Group's ("Zain") mobile operations in 15 countries across Africa on June 8, 2010. The Company later also acquired Telecom Seychelles Limited...

  • Page 29
    ... Bn). The Company has recently launched 3G services in key cities of the country offering host of innovative services like Mobile TV entertainment, video calls, live streaming of videos, high definition gaming along with access to high speed internet. Airtel Sri Lanka expanded its presence to all...

  • Page 30
    ... enabling the customers' record their favourite TV programmes through mobile and web. The Company continues to expand the distribution, going beyond 9,000 towns and deep into rural India. Passive Infrastructure Services Bharti Infratel Limited, a subsidiary of Bharti Airtel, provides passive...

  • Page 31
    ... people policies and people management framework have been aligned to serve the larger business goals on the global platform. Airtel India and South Asia Long term development of human capital and strategic employment of retention tools remained at the core of the Company's strategy in India. "BLeAP...

  • Page 32
    ... management of the Company with a focus on enhancing Bharti's global image; /Â...iÊ "Ê­˜Ìi iV L>Ãi`Ê in Nairobi, Kenya and responsible for the overall business performance, management and expansion of the international operations. He is also responsible for employee engagement, customer...

  • Page 33
    ... as business requirements. As per the Company's governance policy, the selection of a new board member is the responsibility of the entire Board and all the appointments have been unanimous. The appointment of such directors is also approved by the shareholders at the annual general meeting. While...

  • Page 34
    ... and once a year with the statutory and internal auditors, without the presence of any non-independent director or representatives of management to discuss and form an independent opinion on the agenda items and other board related matters. Board Meeting Schedules and Agenda The calendar for the...

  • Page 35
    ... private limited companies which are considered as public limited companies in terms of Section 3(1)(iv)(c) of the Companies Act, 1956). Committee membership details provided do not include chairmanship of committees as it has been provided separately Attended 2 meetings through alternate director...

  • Page 36
    Bharti Airtel Annual Report 2010-11 Information available to the Board The Board has complete access to all the relevant information within the Company, and to all our employees. The information shared on a regular basis with the Board specifically includes: U i V>«ˆÌ>ÊLÕ`}i ...

  • Page 37
    ... payable to any director Code of Conduct The Board has laid down Code of Conduct for all directors and senior management personnel of the Company, which is available on the website of the Company (www.airtel.com). The Code is applicable to all Board members and executives who directly report to the...

  • Page 38
    ... a practice of regular meetings with the internal and external auditors separately without the presence of the management. Key Responsibilities UÊ "Ûi vÊ ÃŒÂ...iÊ w˜>˜Vˆ>Ê Ài Vi the disclosure of its financial information to ensure that the financial statements are correct, suf...

  • Page 39
    ...LiœÜ\ Member Director Number of meetings attended (total held) 3 (4) 3 (4) 3 (3 4 (4) 4 (4) 4 (4) Number of conference call attended (total conducted Nil (3 4 (4) responsible for reviewing all the operations of the Company to evaluate the risks, internal controls and governance processes...

  • Page 40
    ... management members are also invited to the committee meetings to present reports on the items being discussed at the meeting. Key Responsibilities Besides remuneration packages and other benefits of the executive directors, the HR committee also oversees the functions related to human resource...

  • Page 41
    ... of complaints and redressal status ˜Ê œÀ`i i iÊ `ˆÃVœÃÕÀiÊ ÂœvÊ ÃŒÂ...iÊ ˆ˜ÛiÃ̜ÀÊ complaint, the Company has formed and adopted a policy on classification of investor communications. The Policy endeavours to differentiate between the general shareholders' communications...

  • Page 42
    Bharti Airtel Annual Report 2010-11 To redress investor grievances, the Company has a dedicated e-mail  ]Ê V Vi°œvwViÀJL VÂ...Ê ˆ˜Ûi i˜`Ê complaints. Committee of Directors iÊ>LœÛiÊVÂœÂ"Â"ˆÌÌiiÃ]ÊÌÂ...iÊ vœÀÂ"i`Ê a functional committee known as the Committee of Directors....

  • Page 43
    .... The Board is regularly updated on the key risks and the steps and processes initiated for reducing and if feasible eliminating various risks. Business risk evaluation and management is an ongoing process within the Company. Details of non-compliance with regard to the capital market There have...

  • Page 44
    ... key industry and company developments, results of operations, stock market highlights, non-GAAP information, ratio analysis, summarised financial statements etc. The quarterly reports are posted on our website and are also submitted to the stock exchanges where the shares of the Company are listed...

  • Page 45
    ...service provider company, Bharti Airtel has no plant locations. œÜiÛiÀ]Ê ˆÀViÊ "vwViÊ >``ÀiÃÃiÃÊ œvÊ the Company are provided at the end of the annual report. Plant Locations Financial Calendar (Tentative Schedule, subject to change) Results for the quarter ending Equity shares...

  • Page 46
    Bharti Airtel Annual Report 2010-11 Share Transfer System ™™°nȯʜvÊÌÂ...iÊi iÃʜvÊÌÂ...iÊ iʈ˜ÊiiVÌÀœ˜ˆVÊv These shares can be transferred through the depositories without any involvement of the Company. Request for transfer of shares in physical form are normally ...

  • Page 47
    ... i`° Communication addresses For corporate governance and other secretarial related matters ðÊ6 i˜iÀ>Ê œÕ˜ÃiÊEÊ iVÀi i i` Bharti Crescent, £]Ê i i>Ê,Âœ>`] 6 iʇÊ iÜÊ i ii«Â...œ˜i V Vi°œvwViÀJL Website: www.airtel.com For queries relating to Investor...

  • Page 48
    ...iV i iÂ"i iëiVÌʜvÊw˜>˜Vˆ>ÊÞi>ÀÊi˜`i`Ê>ÀV Bharti Airtel Limited Sanjay Kapoor CEO (India & South Asia) Place: New Delhi >ÃŒi\Ê>ÞÊx]ÊÃ"䣣 Annexure B Chief Executive Officer (CEO)/Chief Financial Officer (CFO) certification 7i E VÂ...>˜`iÀ]Ê Â...ˆiv...

  • Page 49
    ... Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme), Guidelines, 1999. 6. 7. 8. 9. Service of notice and agenda of board meetings and meetings of the committee of directors. Meeting of the Board and its committees. Holding annual general meeting and production...

  • Page 50
    ...Annual Report 2010-11 Standalone financial statements with Auditors' report Auditors' Report To The Members of Bharti Airtel Limited, 1. We have audited the attached Balance Sheet of Bharti Airtel Limited ('Bharti Airtel' or 'the Company') as at March 31, 2011 and also the Profit and Loss account...

  • Page 51
    ...are accurate or complete. (ix) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees' state insurance, income-tax, sales-tax, wealth-tax, service tax, customs duty and cess...

  • Page 52
    Bharti Airtel Annual Report 2010-11 (c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, wealth-tax, service tax, customs duty and cess on account of any dispute, are as follows: Name of the Statutes Nature of Amount Disputed Period to Which Forum where the ...

  • Page 53
    ..., the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. term basis (primarily represented by capital creditors) have been used for long-term investment (primarily represented by fixed assets). (xviii) The Company has not...

  • Page 54
    ... Notes to the Financial Statements form an integral part of the Balance Sheet For and on behalf of the Board of Directors of Bharti Airtel Limited Sunil Bharti Mittal Chairman & Managing Director Sanjay Kapoor CEO (India & South Asia) Vijaya Sampath Group General Counsel & Company Secretary Akhil...

  • Page 55
    ... to the Financial Statements form an integral part of the Profit and Loss Accounts For and on behalf of the Board of Directors of Bharti Airtel Limited Sunil Bharti Mittal Chairman & Managing Director Sanjay Kapoor CEO (India & South Asia) Vijaya Sampath Group General Counsel & Company Secretary...

  • Page 56
    Bharti Airtel Annual Report 2010-11 Cash Flow Statement for the year ended March 31, 2011 Particulars A. Cash flow from operating activities: Net profit before tax Adjustments for: Depreciation Interest Expense and other finance charges Interest Income (Profit)/Loss on Sale of Assets (Net) (Pro...

  • Page 57
    ... Prashant Singhal Partner Membership No.: 93283 Place: New Delhi Date: May 5, 2011 For and on behalf of the Board of Directors of Bharti Airtel Limited Sunil Bharti Mittal Chairman & Managing Director Sanjay Kapoor CEO (India & South Asia) Vijaya Sampath Group General Counsel & Company Secretary...

  • Page 58
    Bharti Airtel Annual Report 2010-11 Schedules Annexed to and forming part of Financial Statements Particulars SCHEDULE : 1 SHARE CAPITAL Authorised 5,000,000,000 (March 31, 2010 - 5,000,000,000) Equity shares of ` 5 each Issued, Subscribed and Paid-up 3,797,530,096 of ` 5 each fully paid-up (March ...

  • Page 59
    ... forming part of Financial Statements Particulars SCHEDULE : 3 SECURED LOANS (Refer Note 12 on Schedule 21) Debentures Loans and Advances from Banks: - Vehicle Loans Note: Amount repayable within one year SCHEDULE : 4 UNSECURED LOANS Short Term Loans and Advances From Banks From Others* Other Loans...

  • Page 60
    ...4 to 14 years for Unified Access Service Licences, 11 years for Long Distance Licences, 19.5 years for 3G spectrum fees. 5. Licences includes Net Block of 3G spectrum fees of ` 105,795 Mn as on March 31, 2011 (March 31, 2010 ` Nil). 6. Licences and Capital work-in-progress include borrowing cost of...

  • Page 61
    ...than trade, Quoted - Mutual Funds Long-term, other than trade, Unquoted - Government securities Long-Term : Trade, Unquoted Investment in Subsidiaries 1) Bharti Hexacom Limited: 174,999,980 (March 31, 2010 - 174,999,980) Equity shares of ` 10 each fully paid-up 2) Bharti Airtel Services Limited: 100...

  • Page 62
    Bharti Airtel Annual Report 2010-11 Schedules Annexed to and forming part of Financial Statements Particulars 16) Bharti Airtel International (Netherlands) B.V.: 18,735 (March 31, 2010 - 200) Equity shares of EURO 1 each fully paid-up (Refer Note 2 (f) on Schedule 21) Investment in Joint Ventures ...

  • Page 63
    ... 31, 2010 ` 1 Mn)] Advance Fringe Benefit Tax [Net of provision for tax ` 921 Mn (March 31, 2010 ` 921 Mn)] MAT Credit Note: Amounts due from companies under the same management within the meaning of Section 370(1B) Bharti Airtel International (Netherlands) B.V. Maximum amount outstanding during...

  • Page 64
    ... Total outstanding dues of Micro and Small Enterprises* Total outstanding dues of Creditors other than Micro and Small Enterprises** Advance Billing and Prepaid Card Revenue Interest accrued but not due on loans Other Liabilities Advance Received from customers Investor Education and Protection Fund...

  • Page 65
    ... Annexed to and forming part of Financial Statements Particulars SCHEDULE : 13 NETWORK OPERATING EXPENDITURE Interconnect and Port charges Installation Power and Fuel Rent Insurance Repairs and Maintenance - Plant and Machinery - Others Leased Line and Gateway charges Internet access and bandwidth...

  • Page 66
    Bharti Airtel Annual Report 2010-11 Schedules Annexed to and forming part of Financial Statements Particulars SCHEDULE : 17 ADMINISTRATIVE AND OTHER EXPENDITURE Legal and Professional Rates and Taxes Power and Fuel IT and Call Center Outsourcing Traveling and Conveyance Rent Repairs and Maintenance...

  • Page 67
    ...basic circles, upon migration to the National Telecom Policy (NTP 1999), i.e. Entry Fee, has been capitalised as an asset and the one time license fee paid by the Company for acquiring new licences (post NTP 1999) (basic, cellular, national long distance and international long distance services) has...

  • Page 68
    ... is of the view that the amounts from these operators are not recoverable. Accrued Billing revenue Accrued billing revenue represent revenue recognized in respect of Mobile, Broadband and Telephone, and Long Distance services provided from the bill cycle date to the end of each month. These are...

  • Page 69
    ... to the plan at a predetermined rate (presently 12%) of the employees' basic salary. These contributions are made to the fund administered and managed by the Government of India. In addition, some employees of the Company are covered under the employees' state insurance schemes, which are...

  • Page 70
    ...date of acquisition of license for a new circle or from the date of start-up of new venture or business, up to the date of commencement of commercial operations of the circle or the new venture or business, not directly attributable to fixed assets are charged to the Profit and Loss account in the...

  • Page 71
    ... Segment The Company operates in three primary business segments viz. Mobile Services, Telemedia Services and Enterprise Services. b) Secondary Segment The Company has operations within India as well as in other countries through entities located outside India. The operations in India constitute the...

  • Page 72
    ..., is a Company promoted by Bharti Telecom Limited ('BTL'), a Company incorporated under the laws of India. 2. New operations a) During the quarter ended June 30, 2010, the Company has won the bids for spectrum for Third Generation of Wireless Technologies (3G) and Broadband & Wireless Access (BWA...

  • Page 73
    ... subsidiary of Zap Mobile Commerce B.V. a wholly owned subsidiary of Bharti Airtel International (Netherlands) BV. The newly incorporated company has an authorised capital of 1,000 Ordinary shares of 10,000 CFA Francs each. On November 2, 2010, Airtel DTH Services Ghana Limited has been incorporated...

  • Page 74
    Bharti Airtel Annual Report 2010-11 ab) On January 27, 2011, Airtel DTH Services Tanzania Limited had been incorporated as a subsidiary of Bharti Airtel DTH Holdings B.V. (a wholly owned subsidiary of Bharti Airtel Africa B.V). Bharti Airtel DTH holdings B.V., had invested Tanzanian Shillings 999,...

  • Page 75
    .../broadband connectivity services; the applicability of sales tax on sale of SIM cards, SIM replacements, VAS, Handsets and Modem rentals; imposition of VAT on sale of artificially created light energy; and In the State of J&K, the Company has disputed the levy of General Sales Tax on its telecom...

  • Page 76
    ... of award to date of payment. The Company has filed an appeal against the said award. The matter is listed for arguments on July 13, 2011. DSS has also filed a suit against a previous shareholder of BMNL and Bharti Airtel challenging the transfer of shares by that shareholder to Bharti Airtel. In...

  • Page 77
    ... Year ended March 31, 2011: Particulars Discount Rate Expected Rate of increase in Compensation levels Expected Rate of Return on Plan Assets Expected Average remaining working lives of employees (years) 6. a) i) Employee benefits During the year, the Company has recognised the following amounts...

  • Page 78
    ... Airtel Annual Report 2010-11 c) Reconciliation of opening and closing balances of benefit obligations and plan assets is as follows: For the Year ended March 31, 2011: Particulars Change in Projected Benefit Obligation (PBO) Projected benefit obligation at beginning of year Current service...

  • Page 79
    ... Less: Utilised during the year Closing Balance ii) 7. Investment in Joint Ventures/Jointly owned assets: Jointly owned assets a) Long-term service award provided by the Company as at March 31, 2011 is ` 97 Mn (March 31, 2010 ` 115 Mn). The Company has participated in various consortiums towards...

  • Page 80
    ... 31, 2010 ` 6,184 Mn) (c) Loan and advance in the nature of loan given to Bharti Airtel International (Netherlands) B.V at LIBOR + 1.1% interest rate is ` 11,654 Mn (March 31, 2010 ` Nil) (d) Loan and advance in the nature of loan given to AlcatelLucent Network Management Services India Limited at...

  • Page 81
    ... Training and Others Network Services Annual Maintenance Bandwidth Charges Access Charges Software Marketing Upfront fee on borrowings Content Charges Others Directors Commission and Sitting Fees Agency Fees and Premium fees Income Tax Total Earnings Service Revenue Management Charges Total 768 50...

  • Page 82
    ... of the Micro, Small and Medium Enterprise Development Act, 2006. (` Millions) March 31, March 31, 2011 2010 22 38 - - (ii) company law matters; (iii) management services; and in any other manner * Reimbursement of Expenses * - - Total *Excluding Service Tax 0.25 0.14 - - 17. Amounts due...

  • Page 83
    ...Growth Plan JP Morgan India Treasury Fund - Super Institutional Growth Plan Templeton India Ultra Short Bond Fund Super Institutional Plan - Growth Birla Sun Life Floating Rate - Long Term - INSTL - Growth Kotak Quarterly Interval Plan Series 6 - Growth DWS Insta Cash Fund - Super Institutional Plan...

  • Page 84
    ... Fund - Institutional Growth Axis Liquid Fund UTI Money Market Mutual Fund - Institutional Growth Plan Tata Liquid Super High Inv. Fund - Appreciation Bharti Axa Treasury Advantage Fund - Institutional Plan - Growth Templeton India Treasury Management Account Super Institutional Plan - Growth...

  • Page 85
    ... providers of cellular or fixed line services. Internet and broadband services are used to provide bandwidth and other network solutions to corporate customers. This segment previously included the captive long distance networks which has now been reported under Mobile Services. Other operations...

  • Page 86
    ... at March 31, 2010 339,041 17,952 356,993 524,576 22,653 547,229 63,684 7,005 70,689 1. 'Others' represents the unallocated revenue, assets and acquisition of segment assets of the Company. 2. Assets include Fixed Assets, Capital Work-in-Progress, Investments, Deferred Tax Asset, Current Assets and...

  • Page 87
    ... of Bharti Airtel International (Netherlands) B.V.)* Other subsidiaries of Bharti Airtel Africa B.V. : Africa Towers N.V. (incorporated on October 5, 2010)* Airtel (Ghana) Limited (formerly Bharti Airtel (Ghana) Limited) Airtel (SL) Limited (formerly Celtel Sierra Leone Limited) Airtel Burkina Faso...

  • Page 88
    ... B.V. Zap Mobile Commerce B.V. 86 Zap Niger S.A. (Niger) Zap Trust Burkina Faso S.A. (incorporated on September 27, 2010)* Zap Trust Company (SL) Ltd. (Sierra Leone) Zap Trust Company Ltd. (Ghana) Zap Trust Company Ltd. (Kenya) Zap Trust Company Ltd. (Malawi) Zap Trust Company Nigeria Limited Zap...

  • Page 89
    ... of Investments Sale of Investments Rendering of services 5,375 Receiving of services (1,536) Reimbursement of energy expenses Management fee 699 Fund transferred/Expenses incurred on behalf of others 6,541 Fund received/Expenses incurred on behalf of the Company (5,647) Employee related expenses...

  • Page 90
    ... Bharti Bharti Airtel International International International (Mauritius) (Singapore) (Netherlands) Limited Pte Limited B.V. (**) Telecom Seychelles Limited Airtel (Ghana) Limited Airtel Networks Limited Other African Subsidiaries Related Party Transaction for 2010-11 Bharti Airtel Annual Report...

  • Page 91
    ...xed assets/retirement of bandwidth Purchase of Investments Sale of Investments Rendering of services Receiving of services Reimbursement of energy expenses Management fee Fund transferred/Expenses incurred on behalf of others Fund received/Expenses incurred on behalf of the Company Employee related...

  • Page 92
    ... inï¬,uence/Group Companies Bharti Bharti Bharti Airtel Jersey Airtel Centum Bharti Bharti AXA Bharti AXA FoundaEmployees Limited Enterprises Learning Retail General Insurance Investment tion Welfare Trust Limited Limited Limited Company Managers Limited Private Limited - Related Party Transaction...

  • Page 93
    ... assets/ retirement of bandwidth Purchase of Investments Sale of Investments Rendering of services Receiving of services Reimbursement of energy expenses Management fee Fund transferred/Expenses incurred on behalf of others Fund received/Expenses incurred on behalf of the Company Employee...

  • Page 94
    ...) 399 21 (221) Bharti Telemedia Limited Related Party Transaction for 2009-10 Bharti Airtel Annual Report 2010-11 Nature of transaction Purchase of fixed assets/bandwidth Sale of fixed assets/retirement of bandwidth Purchase of Investments Sale of Investments Rendering of services Receiving of...

  • Page 95
    ... Subscription to share capital Interest paid Interest received Dividend paid Outstanding balances at year end Unsecured Loan Creditors Loans and Advances Debtors Total Balance Maximum Loans and Advance Outstanding during the year Guarantees and Collaterals Bharti Airtel Lanka (Private) Limited 49...

  • Page 96
    ...Bharti Retail Private Limited) 31 (1) 12 2 Bharti Axa General Insurance Company Limited (7) Bharti Axa Investment Managers Private Limited (190) 264 (23) 85 85 Related Party Transaction for 2009-10 Bharti Airtel Annual Report 2010-11 Nature of transaction Purchase of fixed assets/bandwidth Sale...

  • Page 97
    ...xed assets/retirement of bandwidth Purchase of Investments Sale of Investments Rendering of services Receiving of services Reimbursement of energy expenses Management fee Fund transferred/Expenses incurred on behalf of others Fund received/Expenses incurred on behalf of the Company Employee related...

  • Page 98
    ...) Key Management Personnel Related Party Transaction for 2009-10 Bharti Airtel Annual Report 2010-11 Nature of transaction Entities where key management personnel and its relatives exercise significant inï¬,uence/Group Companies Telecom Bharti (Seychelles) Wal-Mart Private Limited Limited 41...

  • Page 99
    ... rate for Indian companies under the Income Tax Act, 1961. 26. Employee stock compensation (i) Pursuant to the shareholders' resolutions dated February 27, 2001 and September 25, 2001, the Company introduced the "Bharti Tele-Ventures Employees' Stock Option Plan" (hereinafter called "the Old Scheme...

  • Page 100
    Bharti Airtel Annual Report 2010-11 Scheme (hereinafter called "the New Scheme") under which the maximum quantum of options was determined at 9,367,276 (face value ` 10 each) options to be granted to the employees from time to time on the basis of their performance and other eligibility criteria. (...

  • Page 101
    (v) The information concerning stock options granted, exercised, forfeited and outstanding at the year-end is as follows: (Shares in Thousands) Number of stock options 2001 Plan Number of shares under option: Outstanding at beginning of year Granted Exercised* Cancelled or expired Outstanding at the...

  • Page 102
    ... of the share price since the Company's equity shares became publicly traded, which may be shorter than the term of the options. (vii) The Company has granted stock options to the employees of the subsidiaries i.e. Bharti Hexacom Limited, Bharti Infratel Limited (BIL) and Bharti Airtel International...

  • Page 103
    ... Annual General Meeting of the Company. 32. The Company has undertaken to provide financial support, to its subsidiaries Bharti Airtel Services Limited, Bharti Airtel (USA) Limited, Bharti Airtel (Canada) Limited, Bharti Airtel (Hongkong) Limited, Bharti Telemedia Limited, Bharti Airtel Lanka (Pvt...

  • Page 104
    ...,029 Profit / (Loss) After Tax 77,169 Dividend Rate 20% Basic and Cellular Telephone Services, Broadband & Long Distance Communication Services For and on behalf of the Board of Directors of Bharti Airtel Limited Sunil Bharti Mittal Chairman & Managing Director Sanjay Kapoor CEO (India & South Asia...

  • Page 105
    ... with Auditors' report Report of Independent Auditors To the Board of Directors of Bharti Airtel Limited We have audited the accompanying consolidated statement of financial position of Bharti Airtel Limited ("the Company") and its subsidiaries (together referred to as "the Group") and its...

  • Page 106
    ... of these consolidated financial statements. For S. R. Batliboi & Associates Firm Registration No.: 101049W Chartered Accountants per Prashant Singhal Partner Membership No.: 93283 Place: New Delhi Date: May 5, 2011 For and on behalf of the Board of Directors of Bharti Airtel Limited 38 15.93 15.93...

  • Page 107
    ... Singhal Partner Membership No.: 93283 Place: New Delhi Date: May 5, 2011 For and on behalf of the Board of Directors of Bharti Airtel Limited Sunil Bharti Mittal Chairman & Managing Director Sanjay Kapoor CEO (India & South Asia) Vijaya Sampath Group General Counsel & Company Secretary Akhil...

  • Page 108
    ... Sunil Bharti Mittal Chairman & Managing Director Sanjay Kapoor CEO (India & South Asia) Akhil Gupta Director Vijaya Sampath Group General Counsel & Company Secretary Srikanth Balachander Chief Financial Officer per Prashant Singhal Partner Membership No.: 93283 Place: New Delhi Date: May 5, 2011

  • Page 109
    ...per Prashant Singhal Sunil Bharti Mittal Akhil Gupta Partner Chairman & Managing Director Director Membership No.: 93283 Place: New Delhi Date: May 5, 2011 Sanjay Kapoor CEO (India & South Asia) Vijaya Sampath Group General Counsel & Company Secretary Srikanth Balachander Chief Financial Officer 107

  • Page 110
    ... otherwise) 1. Corporate information 3. Summary of significant accounting policies Bharti Airtel Limited ('Bharti Airtel' or "Company" or "Parent") is domiciled and incorporated in India and publicly traded on the National Stock Exchange ('NSE') and the Mumbai Stock Exchange ('BSE'), India. The...

  • Page 111
    ... prepared for the same reporting period as the parent company. Adjustments are made where necessary to bring the accounting policies in line with those of the Group. Adjustments are made in the Group's consolidated financial statements to eliminate the Group's share of balances, income and expenses...

  • Page 112
    ..., customer relationships and distribution networks, are capitalised at fair values on the date of acquisition. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date they are available for use or placed in service...

  • Page 113
    ... units are the lowest level at which management monitors the return on investment on assets. Impairment is determined for goodwill by assessing the recoverable amount of each cash-generating unit (or group of cash-generating units) to which the goodwill relates. The recoverable amount of an...

  • Page 114
    ... Financial Assets Financial assets - Recognition and measurement Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market-place (regular way trades) are recognised on the trade date, i.e. the date that the Group...

  • Page 115
    ... assumptions as at the date of statement of financial position. Plan assets are assets that are held by a long-term employee benefit fund or qualifying insurance policies. All expenses in respect of defined benefit plans, including actuarial gains and losses, are recognised in the profit or...

  • Page 116
    ... fees for value added services ('VAS'). Service revenues also include revenues associated with access and interconnection for usage of the telephone network of other operators for local, domestic long distance and international calls. Service revenues are recognised as the services are rendered and...

  • Page 117
    ...the reporting date, in the countries where the Group operates and generates taxable income. Current income tax relating to items recognised directly in equity is recognised in equity and not in the statement of comprehensive income. The Group periodically evaluates positions taken in the tax returns...

  • Page 118
    Bharti Airtel Annual Report 2010-11 3.20 Borrowing costs Borrowing costs consist of interest and other costs that the Group incurs in connection with the borrowing of funds. Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a ...

  • Page 119
    ... of highly uncertain matters, including management's expectations of growth in EBITDA, timing and quantum of future capital expenditure; long term growth rates; and the selection of discount rates to reï¬,ect the risks involved. The Group prepares and internally approves formal 5-10 year plans for...

  • Page 120
    Bharti Airtel Annual Report 2010-11 market for the assets exists. The use of different assumptions for the expectations of future cash ï¬,ows and the discount rate would change the valuation of the intangible assets. The relative size of the Group's intangible assets, excluding goodwill, makes the ...

  • Page 121
    ...Telecom international LLC to acquire 70% equity interest in Airtel Bangladesh Limited on January 12, 2010 for ` 13,912. The transaction was closed on February 25, 2010. With this acquisition, the Group has made an additional step towards its objective to expand its position in the south Asian market...

  • Page 122
    ...From the date of acquisition till March 31, 2010, Airtel Bangladesh Limited has contributed revenue of ` 407 and loss before tax of ` 231 to the consolidated revenue and net profit before tax of the Group, respectively. The details of receivables acquired through business combination are as follows...

  • Page 123
    ...2010 44,806 40,875 89,316 19,028 56,814 250,839 Access charges Licence fees, revenue share and spectrum charges ` ` Nil 2,850 Network operations cost Employee costs Selling, general and adminstrative expenses Total consolidated revenue of the Group and its joint ventures and net profit before tax...

  • Page 124
    ... to directors, officers and employees is presented below: (Shares in Thousands) As of March 31, 2011 As of March 31, 2010 As of April 1, 2009 Number of Weighted Number of Weighted Number of Weighted stock options average exercise stock options average exercise stock options average exercise price...

  • Page 125
    ... of year Scheme 2005 - PSP 2009 plan Number of shares under option: Outstanding at beginning of year Granted Exercised Expired Forfeited Outstanding at year end Exercisable at end of year As of March 31, 2011 As of March 31, 2010 As of April 1, 2009 Number of Weighted Number of Weighted Number of...

  • Page 126
    Bharti Airtel Annual Report 2010-11 (Shares in Thousands) As of March 31, 2011 As of March 31, 2010 As of April 1, 2009 Number of Weighted Number of Weighted Number of Weighted stock options average exercise stock options average exercise stock options average exercise price (`) price (`) price ...

  • Page 127
    ... the share price since the Group's equity shares became publicly traded. During the year ended March 31, 2011, Bharti Airtel Employee Welfare Trust ('trust') (a trust set up for administration of ESOP Schemes of the Company) has acquired 1,157,025 Bharti Airtel equity shares from the open market at...

  • Page 128
    ...reconciliation between tax expense and product of net income before tax multiplied by enacted tax rates in India is summarized below: Year ended March 31, 2011 2010 Net Income before taxes Enacted tax rates in India Computed tax expense Increase/(reduction) in taxes on account of: Share of losses in...

  • Page 129
    ... profits will be available in future. The tax rates applicable to these unused losses and deductible temporary differences vary from 3% to 45% depending on the jurisdiction in which the respective Group entities operate. Of the above balance as of March 31, 2011, losses and deductible temporary...

  • Page 130
    ...Advance payments and construction in progress 40,100 97,934 393 (116) (113,634) 24,677 24,677 130,976 11,994 (1) (874) (118,538) 48,234 Total Cost As of April 1, 2009 Additions Acquisition through Business Combinations Disposals Currency translation Reclassification/adjustment As of March 31, 2010...

  • Page 131
    ... taken borrowings from banks and financial institutions (refer note 26 for details towards security and pledge). During the year, one of the Group company have revised the useful life of customer premises equipments from 3 years to 5 years effective April 1, 2010. The change in estimate resulted...

  • Page 132
    Bharti Airtel Annual Report 2010-11 None of the intangible assets reported above are under pledge or held as security for any liability of the Group and its joint ventures. During the year ended March 31, 2011, the Company successfully bid for "Third Generation" licence (3G) for a sum of ` 122,982 ...

  • Page 133
    ...March 31, 2011 Share in joint ventures' revenue and profit: Revenue Total expense Net finance cost Profit before income tax Income tax expense Profit for the year As of March 31, 2011 Share in joint ventures' statement of financial position: Current assets Non-current assets Current liabilities...

  • Page 134
    ... for business purposes. Other taxes receivables include customs duty, excise duty, service tax, sales tax and other recoverable. 23. Short-term investments As of March 31, 2011 Held for trading securities quoted Loans and receivables fixed deposits with banks 6,125 99 6,224 As of March 31, 2010 47...

  • Page 135
    ... its acquisition and working capital requirements. The borrowings comprise of funding arrangements with various banks and FIIs taken by parent, subsidiaries and joint ventures. The details of security provided by the Group and its joint venture in various countries, to various banks on the assets of...

  • Page 136
    Bharti Airtel Annual Report 2010-11 Entity Relation Bharti Airtel Ltd. Parent Bharti Infratel Ltd. Indus Towers Ltd. Subsidiary Joint Venture Subsidiary Airtel Bangladesh Ltd. Subsidiary Bharti Airtel Africa BV and its subsidiaries Outstanding loan amount As of As of As of Security Detail ...

  • Page 137
    Details of debt covenant for BAABV (erstwhile ZAIN) acquisition related borrowing: Pursuant to a share sale agreement dated March 30, 2010, Bharti Airtel International (Netherlands) B.V., a subsidiary of the Company has acquired 100% equity stake in Bharti Airtel Africa B.V. (earlier known as Zain ...

  • Page 138
    ...31, 2011 Current service cost Interest cost Expected return on plan assets Recognised actuarial (gain)/loss March 31, 2010 255 75 (6) 174 498 231 58 (6) 131 414 215 53 163 431 206 46 146 398 Plan Assets - (loss)/gain Actuarial valuation of other long-term employee benefits: Deferred incentive plan...

  • Page 139
    ... customers and dealers to be refunded on the termination of the respective service or sales agreement. "Others" also include ` 35,763 (USD 801 mn) as on March 31, 2011 towards the amount payable to Zain International B.V. for acquisition of 100% interest in Bharti Airtel Africa B.V. (erstwhile Zain...

  • Page 140
    ...Held for trading securities - quoted - mutual funds - certificate of deposits Assets carried at amortised cost Fixed deposits with banks Cash and bank balances Trade and other receivables Other financial assets Financial Liabilities Liabilities carried at fair value through profit or loss Currency...

  • Page 141
    ...ended March 31, 2011 and March 31, 2010, respectively are described below: Relationship Purchase of Assets Sale of Assets Sale of Investment Sale of Services Purchase of Services Loans to Related Party Expenses (Other than Employees related) incurred by the group on behalf of Related Party Expenses...

  • Page 142
    ... and administrative expenses. Expenses incurred for the Group - included expenses in general and administrative nature. Sale of services - represents billing for broadband, international long distance services, mobile, access and roaming services. *Transactions above have not been proportionate...

  • Page 143
    ...offered to retail and small business customers. Enterprise Services: These services cover domestic and international long distance services and internet and broadband services. Long distance services are intermediary services provided to the non-group international/domestic telecom service providers...

  • Page 144
    Bharti Airtel Annual Report 2010-11 Summary of the segmental information as of and for the year ended March 31, 2011, is as follows: Description Revenue from external customers Inter segment revenue Total revenues Segment result Share of profits/(loss) in associates Interest income (net) Interest ...

  • Page 145
    ... Intangible assets) by geographic area: As of March 31, 2011 707,754 552,765 28,224 1,288,743 As of March 31, 2010 519,374 23,145 542,519 India Africa Rest of the World Total (ii) Finance lease obligation of the Group as at 31 March, 2010 is as follows: Particulars Future minimum lease payments 49...

  • Page 146
    Bharti Airtel Annual Report 2010-11 (ii) Contingencies As of March 31, 2011 Taxes, Duties and Other demands (under adjudication/ appeal/ dispute) - Sales Tax and Service Tax - Income Tax - Access Charges/Port Charges - Customs Duty - Entry Tax - Stamp Duty - Municipal Taxes - DoT demands - Other ...

  • Page 147
    ... in Nigeria contesting the acquisition. The company's indirect subsidiary that is the current owner of 65.7% of the equity in Airtel Networks Limited has been defending these cases vigorously and Management believes that it has meritorious defenses. The cases relating to the acquisition of Airtel...

  • Page 148
    Bharti Airtel Annual Report 2010-11 The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below:UÊ >ÀŽi Market risk is the risk that the fair value of future cash ï¬,ows of a financial instrument will ï¬,uctuate because of changes in market ...

  • Page 149
    ... is managed by each business unit subject to the Group's established policy, procedures and control relating to customer credit risk management. Trade receivables are non-interest bearing and are generally on 14-day to 30-day terms except in case of balances due from trade receivables in Enterprise...

  • Page 150
    ..., Zap Trust Burkina Faso S.A. has been incorporated as wholly owned subsidiary of Zap Mobile Commerce B.V. (a wholly owned subsidiary of Bharti Airtel International (Netherlands) B.V.) with issued share capital of 40. New Companies a) On April 1 2010, Airtel M Commerce Services Limited (AMSL) has...

  • Page 151
    ... March 7, 2011, Towers Support Nigeria Ltd. had been incorporated. The newly incorporated company is jointly controlled by Africa Towers N.V. (a wholly owned subsidiary of Bharti Airtel International (Netherlands) BV) and Bharti Airtel International (Netherlands) B.V. The Group had invested Nigerian...

  • Page 152
    ...to offer banking products and services. aq) During the year, the Company has further invested ` 227 in its wholly owned subsidiary, Bharti Airtel Holdings (Singapore) Pte. Ltd. for additional equity shares. 41. Bharti Infratel Limited, in the Board Meeting held on January 20, 2009, approved a scheme...

  • Page 153
    ... Sea Management Company (Mauritius) Ltd. Zain IP (Mauritius) Ltd. Montana International S.A. Airtel Madagascar S.A. (Formerly Celtel Madagascar S.A.) Bharti Airtel Nigeria Holdings B.V. MSI-Celtel Nigeria Limited Bharti Airtel Nigeria Holdings II B.V. Bharti Airtel Nigeria B.V. Bharti Airtel Ghana...

  • Page 154
    ... Limited Airtel Towers S.L. Limited Burkina Faso Towers S.A. Congo Towers S.A. Kenya Towers Limited Madagascar Towers S.A. Mobile Commerce Congo S.A. Niger Towers S.A. Tanzania Towers Limited Tchad Towers S.A. Towers Support Nigeria Limited Zain Developers Form Zambia Towers Limited Airtel Money...

  • Page 155
    .... Country of incorporation Principal activities 1 Bharti Teleports Limited India 2 Alcatel Lucent Network Management Services India India Ltd. 3 Tanzania Telecommunications Company Limited Netherlands Sr. Name of joint ventures No. Uplinking channels for broadcasters Telecommunication services...

  • Page 156
    ... tax asset Current assets Inventories Trade and other receivable Derivative financial assets Prepayments and other assets Income tax recoverable Short-term investments Other financial assets Cash and cash equivalents Total assets Equity and liabilities Equity Issued capital Treasury shares Share...

  • Page 157
    .... In IFRS goodwill relating to acquisition of foreign operations is held in the currency of the acquired entity and revalued to the closing rate at each date of statement of financial position. The Company opted to retrospectively apply IFRS 3 (revised) "Business Combination". Accordingly, it...

  • Page 158
    ... in a business combination are recognised at fair value. Intangible assets recognised comprise of brands, customer relationships and distribution networks. They are capitalised at fair value on the date of acquisition and subsequently amortised in accordance with the Group's accounting policy. III...

  • Page 159
    ... tax asset Current assets Inventories Trade and other receivable Derivative financial assets Prepayments and other assets Income tax recoverable Short-term investments Other financial assets Cash and cash equivalents Total assets Equity and liabilities Equity Issued capital Treasury shares Share...

  • Page 160
    Bharti Airtel Annual Report 2010-11 Particulars Current liabilities Borrowing Deferred revenue Provisions Other non-financial liabilities Derivative financial liabilities Trade and other payables Total liabilities Total equity and liabilities Notes Regrouped I GAAP 20,424 19,027 881 5,399 415 ...

  • Page 161
    ... Holdings B.V. 44 Bharti Airtel Kenya Holdings B.V. 45 Bharti Airtel Kenya B.V. United States of America India Hongkong Pte Singapore Srilanka Japan France India Mauritius Netherlands Burkina Faso Chad Congo B DRC Gabon Ghana Kenya Madagascar Malawi Niger Nigeria Sierra Leone Tanzania Uganda Zambia...

  • Page 162
    ...) Kenya Towers Limited (aq) Madagascar Towers S.A. (ar) Mobile Commerce Congo S.A. (as) Niger Towers S.A. (at) Tanzania Towers Limited (au) Tchad Towers S.A. (av) Towers Support Nigeria Limited (aw) Zain Developers Form (ax) Zambia Towers Limited (ay) Airtel Money RDC S.p.r.l. (az) Zap Trust Burkina...

  • Page 163
    ... 064 Rajasthan K - 21, Malviya Marg, C - Scheme, Jaipur - 302 001 Tamil Nadu & Kerela Oceanic Towers, 101, Santhome High Road, Santhome, Chennai - 600 028 Uttar Pradesh & Uttaranchal Airtel Towers, 12, Rani Laxmi Bai Marg, Hazratganj, Lucknow - 226 001 West Bengal & Orrisa 2 Infinity Building, 7th...

  • Page 164
    Bharti Airtel Limited, Bharti Crescent, 1 Nelson Mandela Road, Vasant Kunj, Phase II, New Delhi - 110 070, India. www.airtel.com