ICICI Bank 2003 Annual Report Download - page 133

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F69
Continued
notes to the consolidated financial statements
Pro forma information (unaudited)
Unaudited pro forma results of the operations for the years ended March 31, 2002 and 2003 as if the acquisitions
had been made at the beginning of the periods is given below. The pro forma results include estimates and
assumptions which management believes are reasonable. However, these do not reflect any benefits from economies
or synergies, which might be achieved from combining the operations. The pro forma consolidated results of
operations include adjustments to give effect to amortization of acquired intangible assets other than goodwill. The
pro forma information is not necessarily indicative of the operating results that would have occurred had the
purchase been made at the beginning of the periods presented.
Year ended March 31,
2002 2003
Revenues (Rs. in millions) 87,274 111,421
Net income / (loss) (Rs. in millions) 1,231 (8,017)
EPS (Basic and Diluted) (in Rs.) 3.13 (14.24)
4. Sale of stock of ICICI Infotech Services Limited
During the year ended March31,2001, the Company diluted its interest in ICICI Infotech Services Limited to 92%
through sale of an 8% interest to a strategic investor for a consideration of Rs. 576million. The gain on sale of
Rs.511million is included in the statement of operations.
5. Cash and cash equivalents
Cash and cash equivalents as of March 31, 2003, includes deposits with Reserve Bank of India of Rs. 45,506 million
(2002: Nil) (including Rs. 39,805 million (2002: Nil) in accordance with the guidelines governing minimum cash
reserve requirements) and interest-bearing deposits with other banks of Rs. 6,919 million (2002: Rs. 35,508million).
The balance maintained with the Reserve Bank of India towards cash reserve requirements are subject to withdrawal
and usage restrictions.
6. Trading assets
A listing of the trading assets is set out below:
(Rs. in millions)
Year ended March 31,
2002 2003
Government of India securities 15,602 26,658
Securities purchased under agreements to resell 21,399 5,399
Corporate debt securities 4,627 6,704
Equity securities 742 187
Fair value of derivative and foreign exchange contracts 6686
Total 42,376 39,634
As of March 31, 2003, trading assets include Government of India (GOI) securities amounting to Rs. 8,050million
(2002: Rs. 11,866million), which are pledged for the purpose of collateralizing short- term borrowings.